Spain: Linseed Oil Market 2024

Linseed Oil Market Size in Spain

In 2022, the Spanish linseed oil market decreased by -87.6% to $X for the first time since 2018, thus ending a three-year rising trend. Overall, consumption showed a abrupt contraction. Linseed oil consumption peaked at $X in 2021, and then fell rapidly in the following year.

Linseed Oil Production in Spain

In value terms, linseed oil production contracted modestly to $X in 2022 estimated in export price. The total output value increased at an average annual rate of +2.0% over the period from 2012 to 2022; however, the trend pattern remained relatively stable, with somewhat noticeable fluctuations in certain years. The most prominent rate of growth was recorded in 2013 with an increase of 36%. Linseed oil production peaked at $X in 2018; however, from 2019 to 2022, production remained at a lower figure.

Linseed Oil Exports

Exports from Spain

In 2022, the amount of linseed oil exported from Spain soared to X tons, increasing by 54% compared with the previous year's figure. Over the period under review, exports continue to indicate resilient growth. The pace of growth appeared the most rapid in 2016 when exports increased by 203%. Over the period under review, the exports reached the maximum in 2022 and are likely to see gradual growth in the near future.

In value terms, linseed oil exports soared to $X in 2022. In general, exports continue to indicate a buoyant increase. The growth pace was the most rapid in 2016 when exports increased by 170% against the previous year. The exports peaked in 2022 and are likely to see steady growth in years to come.

Exports by Country

Portugal (X tons) was the main destination for linseed oil exports from Spain, with a 57% share of total exports. Moreover, linseed oil exports to Portugal exceeded the volume sent to the second major destination, France (X tons), threefold. Poland (X tons) ranked third in terms of total exports with a 6.2% share.

From 2012 to 2022, the average annual rate of growth in terms of volume to Portugal stood at +121.4%. Exports to the other major destinations recorded the following average annual rates of exports growth: France (-1.4% per year) and Poland (+98.1% per year).

In value terms, the largest markets for linseed oil exported from Spain were Portugal ($X), France ($X) and Hungary ($X), with a combined 77% share of total exports.

Hungary, with a CAGR of +133.1%, recorded 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 more modest paces of growth.

Export Prices by Country

In 2022, the average linseed oil export price amounted to $X per ton, growing by 16% against the previous year. Over the period under review, the export price recorded a relatively flat trend pattern. The pace of growth appeared the most rapid in 2013 an increase of 27% against the previous year. As a result, the export price attained the peak level of $X per ton. From 2014 to 2022, the average export prices remained at a somewhat lower figure.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was Hungary ($X per ton), while the average price for exports to Portugal ($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 Hungary (+7.3%), while the prices for the other major destinations experienced more modest paces of growth.

Linseed Oil Imports

Imports into Spain

For the third year in a row, Spain recorded growth in purchases abroad of linseed oil, which increased by 14% to X tons in 2022. Overall, imports posted a strong expansion. The pace of growth was the most pronounced in 2020 with an increase of 51%. Imports peaked in 2022 and are likely to continue growth in the immediate term.

In value terms, linseed oil imports skyrocketed to $X in 2022. Over the period under review, imports showed a strong expansion. The most prominent rate of growth was recorded in 2020 with an increase of 143% against the previous year. Over the period under review, imports attained the maximum in 2022 and are likely to see steady growth in years to come.

Imports by Country

Portugal (X tons), Belgium (X tons) and Germany (X tons) were the main suppliers of linseed oil imports to Spain, with a combined 92% share of total imports.

From 2012 to 2022, the biggest increases were recorded for Portugal (with a CAGR of +33.5%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, Portugal ($X), Belgium ($X) and Italy ($X) appeared to be the largest linseed oil suppliers to Spain, together comprising 85% of total imports.

Among the main suppliers, Portugal, with a CAGR of +38.5%, recorded the highest rates of growth with regard to the value of imports, over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

The average linseed oil import price stood at $X per ton in 2022, with an increase of 39% against the previous year. Overall, the import price recorded a strong increase. The pace of growth appeared the most rapid in 2020 when the average import price increased by 61%. Over the period under review, average import prices reached the maximum in 2022 and is likely to see steady growth in years to come.

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 the Netherlands ($X per ton), while the price for Belgium ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Germany (+7.3%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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