Spain: Chemically Modified Oils Market 2024

Chemically Modified Oils Market Size in Spain

The Spanish chemically modified oils market surged to $X in 2022, picking up by 76% against the previous year. Overall, consumption posted significant growth. Chemically modified oils consumption peaked in 2022 and is expected to retain growth in years to come.

Chemically Modified Oils Production in Spain

In value terms, chemically modified oils production soared to $X in 2022 estimated in export price. Over the period under review, production, however, showed prominent growth. The pace of growth appeared the most rapid in 2016 with an increase of 259% against the previous year. Over the period under review, production attained the peak level at $X in 2017; however, from 2018 to 2022, production stood at a somewhat lower figure.

Chemically Modified Oils Exports

Exports from Spain

For the eighth consecutive year, Spain recorded growth in overseas shipments of animal or vegetable fats and oils chemically modified, which increased by 4.3% to X tons in 2022. In general, exports posted a significant expansion. The growth pace was the most rapid in 2013 when exports increased by 227% against the previous year. The exports peaked in 2022 and are expected to retain growth in years to come.

In value terms, chemically modified oils exports surged to $X in 2022. Over the period under review, exports saw a significant increase. The pace of growth appeared the most rapid in 2013 with an increase of 278% against the previous year. Over the period under review, the exports hit record highs in 2022 and are expected to retain growth in the near future.

Exports by Country

The Netherlands (X tons) was the main destination for chemically modified oils exports from Spain, with a 55% share of total exports. Moreover, chemically modified oils exports to the Netherlands exceeded the volume sent to the second major destination, Portugal (X tons), twofold. Italy (X tons) ranked third in terms of total exports with a 7.2% share.

From 2012 to 2022, the average annual growth rate of volume to the Netherlands stood at +101.7%. Exports to the other major destinations recorded the following average annual rates of exports growth: Portugal (+79.3% per year) and Italy (+40.6% per year).

In value terms, the Netherlands ($X), Portugal ($X) and Italy ($X) constituted the largest markets for chemically modified oils exported from Spain worldwide, with a combined 87% share of total exports. Belgium, Singapore and France lagged somewhat behind, together comprising a further 8.8%.

Among the main countries of destination, Singapore, with a CAGR of +478.0%, saw the highest rates of growth with regard to the value of exports, over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Export Prices by Country

The average chemically modified oils export price stood at $X per ton in 2022, surging by 16% against the previous year. Overall, export price indicated a strong expansion from 2012 to 2022: its price increased at an average annual rate of +5.9% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, chemically modified oils export price increased by +103.9% against 2018 indices. The growth pace was the most rapid in 2019 an increase of 56%. Over the period under review, the average export prices attained the peak figure in 2022 and is expected to retain growth in the near future.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was France ($X per ton), while the average price for exports to Italy ($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 Belgium (+10.5%), while the prices for the other major destinations experienced more modest paces of growth.

Chemically Modified Oils Imports

Imports into Spain

In 2022, approx. X tons of animal or vegetable fats and oils chemically modified were imported into Spain; with an increase of 31% compared with 2021. Over the period under review, imports showed a significant expansion. The growth pace was the most rapid in 2021 with an increase of 68% against the previous year. Over the period under review, imports attained the maximum in 2022 and are likely to see steady growth in the immediate term.

In value terms, chemically modified oils imports surged to $X in 2022. In general, imports saw a significant increase. The pace of growth was the most pronounced in 2021 when imports increased by 134% against the previous year. Over the period under review, imports hit record highs in 2022 and are expected to retain growth in the immediate term.

Imports by Country

In 2022, China (X tons) constituted the largest supplier of chemically modified oils to Spain, accounting for a 62% share of total imports. Moreover, chemically modified oils imports from China exceeded the figures recorded by the second-largest supplier, Belgium (X tons), ninefold. Indonesia (X tons) ranked third in terms of total imports with a 6.1% share.

From 2012 to 2022, the average annual rate of growth in terms of volume from China stood at +90.9%. The remaining supplying countries recorded the following average annual rates of imports growth: Belgium (+48.0% per year) and Indonesia (+64.4% per year).

In value terms, China ($X) constituted the largest supplier of animal or vegetable fats and oils chemically modified to Spain, comprising 63% of total imports. The second position in the ranking was held by Belgium ($X), with a 7.2% share of total imports. It was followed by Indonesia, with a 6.5% share.

From 2012 to 2022, the average annual rate of growth in terms of value from China totaled +108.9%. The remaining supplying countries recorded the following average annual rates of imports growth: Belgium (+54.6% per year) and Indonesia (+73.0% per year).

Import Prices by Country

In 2022, the average chemically modified oils import price amounted to $X per ton, jumping by 26% against the previous year. In general, the import price showed a pronounced expansion. The most prominent rate of growth was recorded in 2021 when the average import price increased by 39% against the previous year. The import price peaked in 2022 and is likely to see gradual growth in the near future.

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 Malaysia ($X per ton), while the price for France ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by China (+9.4%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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