Singapore: Market for Industrial Tall Oil Fatty Acids 2024

Market Size for Industrial Tall Oil Fatty Acids in Singapore

The Singaporean tall oil fatty acids market skyrocketed to $X in 2021, jumping by 75% against the previous year. This figure reflects the total revenues of producers and importers (excluding logistics costs, retail marketing costs, and retailers' margins, which will be included in the final consumer price). Overall, consumption, however, showed a noticeable slump. Tall oil fatty acids consumption peaked at $X in 2012; however, from 2013 to 2021, consumption stood at a somewhat lower figure.

Exports of Industrial Tall Oil Fatty Acids

Exports from Singapore

In 2021, exports of industrial tall oil fatty acids from Singapore surged to X tons, picking up by 54% compared with 2020 figures. In general, exports posted a moderate expansion. The pace of growth appeared the most rapid in 2019 when exports increased by 68%. As a result, the exports reached the peak of X tons; afterwards, it flattened through to 2021.

In value terms, tall oil fatty acids exports surged to $X in 2021. Over the period under review, exports saw a measured increase. The most prominent rate of growth was recorded in 2019 with an increase of 71%. As a result, the exports reached the peak of $X. From 2020 to 2021, the growth of the exports remained at a somewhat lower figure.

Exports by Country

Vietnam (X tons), China (X tons) and Malaysia (X tons) were the main destinations of tall oil fatty acids exports from Singapore, together comprising 97% of total exports.

From 2012 to 2021, the biggest increases were recorded for Vietnam (with a CAGR of +88.1%), while shipments for the other leaders experienced mixed trend patterns.

In value terms, China ($X), Vietnam ($X) and Malaysia ($X) were the largest markets for tall oil fatty acids exported from Singapore worldwide, with a combined 96% share of total exports.

Vietnam, with a CAGR of +87.9%, saw the highest growth rate of the value of exports, in terms of the main countries of destination over the period under review, while shipments for the other leaders experienced mixed trend patterns.

Export Prices by Country

The average tall oil fatty acids export price stood at $X per ton in 2021, dropping by -11.3% against the previous year. In general, the export price recorded a relatively flat trend pattern. The pace of growth was the most pronounced in 2014 when the average export price increased by 12% against the previous year. Over the period under review, the average export prices reached the maximum at $X per ton in 2015; however, from 2016 to 2021, the export prices stood at a somewhat lower figure.

Average prices varied somewhat for the major export markets. In 2021, the country with the highest price was China ($X per ton), while the average price for exports to Malaysia ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was recorded for supplies to China (+1.0%), while the prices for the other major destinations experienced a decline.

Imports of Industrial Tall Oil Fatty Acids

Imports into Singapore

After two years of decline, overseas purchases of industrial tall oil fatty acids increased by 45% to X tons in 2021. In general, imports, however, saw a noticeable setback. Imports peaked at X tons in 2012; however, from 2013 to 2021, imports remained at a lower figure.

In value terms, tall oil fatty acids imports surged to $X in 2021. Over the period under review, imports, however, showed a slight contraction. Imports peaked at $X in 2012; however, from 2013 to 2021, imports remained at a lower figure.

Imports by Country

In 2021, the United States (X tons) constituted the largest tall oil fatty acids supplier to Singapore, with a 64% share of total imports. Moreover, tall oil fatty acids imports from the United States exceeded the figures recorded by the second-largest supplier, Japan (X tons), fourfold. Sweden (X tons) ranked third in terms of total imports with a 6.6% share.

From 2012 to 2021, the average annual rate of growth in terms of volume from the United States amounted to +1.8%. The remaining supplying countries recorded the following average annual rates of imports growth: Japan (+27.3% per year) and Sweden (+23.8% per year).

In value terms, the United States ($X) constituted the largest supplier of industrial tall oil fatty acids to Singapore, comprising 63% of total imports. The second position in the ranking was held by Japan ($X), with a 14% share of total imports. It was followed by Finland, with a 7.4% share.

From 2012 to 2021, the average annual growth rate of value from the United States amounted to +4.2%. The remaining supplying countries recorded the following average annual rates of imports growth: Japan (+28.2% per year) and Finland (+98.7% per year).

Import Prices by Country

The average tall oil fatty acids import price stood at $X per ton in 2021, growing by 34% against the previous year. Over the period under review, import price indicated a tangible expansion from 2012 to 2021: its price increased at an average annual rate of +2.3% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. The most prominent rate of growth was recorded in 2013 an increase of 50% against the previous year. As a result, import price reached the peak level of $X per ton. From 2014 to 2021, the average import prices failed to regain momentum.

Prices varied noticeably country of origin: the country with the highest price was China ($X per ton), while the price for the Netherlands ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by China (+8.4%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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