Turkey: Industrial Stearic Acid Market 2024

Industrial Stearic Acid Market Size in Turkey

In 2021, the Turkish industrial stearic acid market increased by 97% to $X, rising for the second year in a row after seven years of decline. Overall, consumption posted a notable expansion. As a result, consumption attained the peak level and is likely to continue growth in the immediate term.

Industrial Stearic Acid Production in Turkey

In value terms, industrial stearic acid production totaled $X in 2021 estimated in export price. In general, production faced a dramatic downturn. The pace of growth appeared the most rapid in 2015 with an increase of 49%. Over the period under review, production attained the peak level at $X in 2013; however, from 2014 to 2021, production remained at a lower figure.

Industrial Stearic Acid Exports

Exports from Turkey

Industrial stearic acid exports from Turkey skyrocketed to X tons in 2021, increasing by 60% against the previous year. Overall, exports recorded a resilient expansion. The most prominent rate of growth was recorded in 2018 when exports increased by 205%. Over the period under review, the exports reached the maximum in 2021 and are likely to continue growth in years to come.

In value terms, industrial stearic acid exports surged to $X in 2021. In general, exports posted a prominent increase. The most prominent rate of growth was recorded in 2018 when exports increased by 169%. The exports peaked in 2021 and are likely to continue growth in the immediate term.

Exports by Country

Algeria (X tons), Jordan (X tons) and Uzbekistan (X tons) were the main destinations of industrial stearic acid exports from Turkey, together comprising 58% of total exports. Cote d'Ivoire, Serbia, Tunisia, Romania, Ukraine, Bulgaria, Russia, Azerbaijan, Israel and Lebanon lagged somewhat behind, together comprising a further 33%.

From 2012 to 2021, the biggest increases were recorded for Russia (with a CAGR of +215.6%), while shipments for the other leaders experienced more modest paces of growth.

In value terms, the largest markets for industrial stearic acid exported from Turkey were Algeria ($X), Jordan ($X) and Cote d'Ivoire ($X), with a combined 56% share of total exports. Uzbekistan, Serbia, Tunisia, Ukraine, Russia, Azerbaijan, Bulgaria, Israel, Romania and Lebanon lagged somewhat behind, together comprising a further 34%.

Among the main countries of destination, Russia, with a CAGR of +384.3%, recorded 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 industrial stearic acid export price stood at $X per ton in 2021, picking up by 45% against the previous year. In general, the export price continues to indicate a relatively flat trend pattern. As a result, the export price reached the peak level and is likely to continue growth in the immediate term.

There were significant differences in the average prices for the major overseas markets. In 2021, the country with the highest price was Jordan ($X per ton), while the average price for exports to Uzbekistan ($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 Russia (+53.6%), while the prices for the other major destinations experienced more modest paces of growth.

Industrial Stearic Acid Imports

Imports into Turkey

In 2021, the amount of industrial stearic acid imported into Turkey skyrocketed to X tons, with an increase of 44% against the previous year's figure. In general, total imports indicated a remarkable increase from 2012 to 2021: its volume increased at an average annual rate of +6.4% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, imports increased by +79.3% against 2015 indices. As a result, imports reached the peak and are likely to continue growth in the immediate term.

In value terms, industrial stearic acid imports surged to $X in 2021. Over the period under review, imports enjoyed a buoyant increase. As a result, imports attained the peak and are likely to continue growth in the immediate term.

Imports by Country

Malaysia (X tons), Indonesia (X tons) and Italy (X tons) were the main suppliers of industrial stearic acid imports to Turkey, with a combined 97% share of total imports.

From 2012 to 2021, the most notable rate of growth in terms of purchases, amongst the main suppliers, was attained by Malaysia (with a CAGR of +15.2%), while imports for the other leaders experienced more modest paces of growth.

In value terms, Malaysia ($X), Indonesia ($X) and Italy ($X) were the largest industrial stearic acid suppliers to Turkey, together comprising 97% of total imports.

Malaysia, with a CAGR of +16.9%, recorded the highest growth rate of the value of imports, in terms of 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 2021, the average industrial stearic acid import price amounted to $X per ton, increasing by 60% against the previous year. Over the period under review, import price indicated a modest increase from 2012 to 2021: its price increased at an average annual rate of +1.4% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, industrial stearic acid import price increased by +90.5% against 2019 indices. As a result, import price reached the peak level and is likely to continue growth in the immediate term.

Average prices varied noticeably amongst the major supplying countries. In 2021, the country with the highest price was Italy ($X per ton), while the price for Indonesia ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Malaysia (+1.5%), while the prices for the other major suppliers experienced mixed trend patterns.

Source: IndexBox Platform

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