Slovakia: Chemically Modified Oils Market 2024

Chemically Modified Oils Market Size in Slovakia

In 2022, after five years of growth, there was significant decline in the Slovak chemically modified oils market, when its value decreased by -21.5% to $X. Over the period under review, consumption, however, saw a prominent increase. As a result, consumption attained the peak level of $X, and then dropped rapidly in the following year.

Chemically Modified Oils Production in Slovakia

In value terms, chemically modified oils production dropped remarkably to $X in 2022 estimated in export price. Over the period under review, production showed a slight shrinkage. The pace of growth was the most pronounced in 2021 with an increase of 77% against the previous year. Over the period under review, production hit record highs at $X in 2018; however, from 2019 to 2022, production remained at a lower figure.

Chemically Modified Oils Exports

Exports from Slovakia

In 2022, overseas shipments of animal or vegetable fats and oils chemically modified increased by 115% to X tons, rising for the second year in a row after three years of decline. Overall, exports, however, recorded a noticeable decline. Over the period under review, the exports attained the peak figure at X tons in 2017; however, from 2018 to 2022, the exports remained at a lower figure.

In value terms, chemically modified oils exports soared to $X in 2022. Over the period under review, exports saw a relatively flat trend pattern. The growth pace was the most rapid in 2021 when exports increased by 102%. Over the period under review, the exports hit record highs at $X in 2017; however, from 2018 to 2022, the exports stood at a somewhat lower figure.

Exports by Country

Austria (X tons) was the main destination for chemically modified oils exports from Slovakia, accounting for a 72% share of total exports. Moreover, chemically modified oils exports to Austria exceeded the volume sent to the second major destination, Germany (X tons), fivefold. The Czech Republic (X tons) ranked third in terms of total exports with a 9.5% share.

From 2012 to 2022, the average annual growth rate of volume to Austria totaled +46.0%. Exports to the other major destinations recorded the following average annual rates of exports growth: Germany (-6.8% per year) and the Czech Republic (-4.4% per year).

In value terms, Austria ($X) emerged as the key foreign market for animal or vegetable fats and oils chemically modified exports from Slovakia, comprising 57% of total exports. The second position in the ranking was taken by Germany ($X), with a 26% share of total exports. It was followed by the Czech Republic, with a 12% share.

From 2012 to 2022, the average annual rate of growth in terms of value to Austria stood at +47.3%. Exports to the other major destinations recorded the following average annual rates of exports growth: Germany (+2.5% per year) and the Czech Republic (+1.8% per year).

Export Prices by Country

In 2022, the average chemically modified oils export price amounted to $X per ton, shrinking by -10.1% against the previous year. Over the period under review, the export price, however, enjoyed a moderate expansion. The growth pace was the most rapid in 2021 when the average export price increased by 99%. As a result, the export price attained the peak level of $X per ton, and then dropped in the following year.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was Germany ($X per ton), while the average price for exports to Austria ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to Germany (+10.0%), while the prices for the other major destinations experienced more modest paces of growth.

Chemically Modified Oils Imports

Imports into Slovakia

In 2022, purchases abroad of animal or vegetable fats and oils chemically modified decreased by -17.7% to X tons, falling for the second consecutive year after four years of growth. Over the period under review, imports, however, continue to indicate a resilient expansion. The growth pace was the most rapid in 2020 with an increase of 72%. As a result, imports reached the peak of X tons. From 2021 to 2022, the growth of imports failed to regain momentum.

In value terms, chemically modified oils imports stood at $X in 2022. In general, imports, however, recorded a resilient increase. The growth pace was the most rapid in 2020 with an increase of 89%. Over the period under review, imports reached the maximum in 2022 and are expected to retain growth in the immediate term.

Imports by Country

Estonia (X tons), Poland (X tons) and Bulgaria (X tons) were the main suppliers of chemically modified oils imports to Slovakia, with a combined 72% share of total imports. Ukraine, Romania, the Czech Republic, Russia, Austria, Italy and Belgium lagged somewhat behind, together comprising a further 20%.

From 2012 to 2022, the most notable rate of growth in terms of purchases, amongst the main suppliers, was attained by Russia (with a CAGR of +100.4%), while imports for the other leaders experienced more modest paces of growth.

In value terms, the largest chemically modified oils suppliers to Slovakia were Estonia ($X), Poland ($X) and Bulgaria ($X), together accounting for 66% of total imports. Ukraine, Romania, the Czech Republic, Austria, Russia, Italy and Belgium lagged somewhat behind, together accounting for a further 16%.

Russia, with a CAGR of +218.1%, saw the highest growth rate of the value of imports, among the main suppliers over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

In 2022, the average chemically modified oils import price amounted to $X per ton, surging by 33% against the previous year. In general, the import price saw a prominent increase. The growth pace was the most rapid in 2021 when the average import price increased by 48%. The import price peaked in 2022 and is likely to continue growth in the immediate term.

There were significant differences in the average prices amongst the major supplying countries. In 2022, amid the top importers, the country with the highest price was Belgium ($X per ton), while the price for Russia ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Russia (+58.7%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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