Turkey: Market for Industrial Tall Oil Fatty Acids 2024

Market Size for Industrial Tall Oil Fatty Acids in Turkey

In 2021, the Turkish tall oil fatty acids market increased by 47% to $X, rising for the third year in a row after two years of decline. Overall, the total consumption indicated a perceptible expansion from 2012 to 2021: its value increased at an average annual rate of +2.6% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, consumption increased by +89.6% against 2018 indices. As a result, consumption reached the peak level and is likely to continue growth in the immediate term.

Exports of Industrial Tall Oil Fatty Acids

Exports from Turkey

In 2021, shipments abroad of industrial tall oil fatty acids increased by 185% to X tons, rising for the third year in a row after three years of decline. Overall, exports continue to indicate a significant increase. The most prominent rate of growth was recorded in 2013 when exports increased by 9,190% against the previous year. Over the period under review, the exports reached the peak figure at X tons in 2015; however, from 2016 to 2021, the exports stood at a somewhat lower figure.

In value terms, tall oil fatty acids exports surged to $X in 2021. In general, exports enjoyed a significant increase. The most prominent rate of growth was recorded in 2013 with an increase of 6,568% against the previous year. Over the period under review, the exports hit record highs at $X in 2015; however, from 2016 to 2021, the exports stood at a somewhat lower figure.

Exports by Country

Qatar (X tons) was the main destination for tall oil fatty acids exports from Turkey, with a 62% share of total exports. Moreover, tall oil fatty acids exports to Qatar exceeded the volume sent to the second major destination, Marshall Islands (X tons), threefold. Liberia (X tons) ranked third in terms of total exports with a 3.6% share.

From 2012 to 2021, the average annual growth rate of volume to Qatar stood at +171.5%. Exports to the other major destinations recorded the following average annual rates of exports growth: Marshall Islands (0.0% per year) and Liberia (0.0% per year).

In value terms, Qatar ($X) remains the key foreign market for industrial tall oil fatty acids exports from Turkey, comprising 58% of total exports. The second position in the ranking was taken by Marshall Islands ($X), with a 21% share of total exports. It was followed by Liberia, with a 4.9% share.

From 2012 to 2021, the average annual growth rate of value to Qatar amounted to +190.1%. Exports to the other major destinations recorded the following average annual rates of exports growth: Marshall Islands (0.0% per year) and Liberia (0.0% per year).

Export Prices by Country

The average tall oil fatty acids export price stood at $X per ton in 2021, surging by 12% against the previous year. In general, the export price, however, saw a relatively flat trend pattern. The most prominent rate of growth was recorded in 2017 when the average export price increased by 38% against the previous year. Over the period under review, the average export prices reached the maximum at $X per ton in 2012; however, from 2013 to 2021, the export prices stood at a somewhat lower figure.

Average prices varied somewhat for the major overseas markets. In 2021, the highest price was recorded for prices to Greece ($X per ton) and Liberia ($X per ton), while the average price for exports to Russia ($X per ton) and Qatar ($X per ton) were amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was recorded for supplies to Greece (+13.5%), while the prices for the other major destinations experienced more modest paces of growth.

Imports of Industrial Tall Oil Fatty Acids

Imports into Turkey

In 2021, overseas purchases of industrial tall oil fatty acids increased by 36% to X tons, rising for the third consecutive year after three years of decline. Overall, total imports indicated a noticeable increase from 2012 to 2021: its volume increased at an average annual rate of +4.3% 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 +72.8% against 2018 indices. As a result, imports reached the peak and are likely to continue growth in the immediate term.

In value terms, tall oil fatty acids imports surged to $X in 2021. In general, total imports indicated a slight expansion from 2012 to 2021: its value increased at an average annual rate of +1.8% 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 +101.3% against 2019 indices. As a result, imports attained the peak and are likely to continue growth in the immediate term.

Imports by Country

Finland (X tons), the United States (X tons) and France (X tons) were the main suppliers of tall oil fatty acids imports to Turkey, together comprising 93% of total imports.

From 2012 to 2021, the most notable rate of growth in terms of purchases, amongst the main suppliers, was attained by the United States (with a CAGR of +22.7%), while imports for the other leaders experienced mixed trend patterns.

In value terms, the largest tall oil fatty acids suppliers to Turkey were Finland ($X), the United States ($X) and France ($X), with a combined 91% share of total imports.

In terms of the main suppliers, the United States, with a CAGR of +18.6%, saw the highest rates of growth with regard to the value of imports, over the period under review, while purchases for the other leaders experienced mixed trend patterns.

Import Prices by Country

The average tall oil fatty acids import price stood at $X per ton in 2021, rising by 13% against the previous year. Over the period under review, the import price, however, recorded a noticeable downturn. Over the period under review, average import prices hit record highs at $X per ton in 2012; however, from 2013 to 2021, import prices remained at a lower figure.

Average prices varied somewhat amongst the major supplying countries. In 2021, the highest price was recorded for prices from Sweden ($X per ton) and Finland ($X per ton), while the price for the United States ($X per ton) and France ($X per ton) were amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by India (+6.1%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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