U.S.: Chemically Modified Oils Market 2024

Chemically Modified Oils Market Size in the U.S.

The U.S. chemically modified oils market surged to $X in 2022, growing by 33% against the previous year. Overall, consumption posted a prominent expansion. Chemically modified oils consumption peaked in 2022 and is likely to see steady growth in the immediate term.

Chemically Modified Oils Production in the U.S.

In value terms, chemically modified oils production totaled $X in 2022. Overall, production recorded a remarkable increase. The pace of growth appeared the most rapid in 2019 with an increase of 42%. Chemically modified oils production peaked at $X in 2020; afterwards, it flattened through to 2022.

Chemically Modified Oils Exports

Exports from the U.S.

After two years of growth, overseas shipments of animal or vegetable fats and oils chemically modified decreased by -24.9% to X tons in 2022. Over the period under review, exports, however, recorded a relatively flat trend pattern. The pace of growth appeared the most rapid in 2021 with an increase of 75% against the previous year. As a result, the exports attained the peak of X tons, and then declined remarkably in the following year.

In value terms, chemically modified oils exports fell to $X in 2022. In general, exports, however, posted moderate growth. The growth pace was the most rapid in 2021 when exports increased by 132% against the previous year. As a result, the exports attained the peak of $X, and then dropped in the following year.

Exports by Country

Singapore (X tons), Mexico (X tons) and Canada (X tons) were the main destinations of chemically modified oils exports from the United States, together comprising 83% of total exports. The Netherlands, the UK, the Dominican Republic, Ecuador, Germany and Venezuela lagged somewhat behind, together comprising a further 12%.

From 2012 to 2022, the most notable rate of growth in terms of shipments, amongst the main countries of destination, was attained by Ecuador (with a CAGR of +68.6%), while the other leaders experienced more modest paces of growth.

In value terms, Singapore ($X) remains the key foreign market for animal or vegetable fats and oils chemically modified exports from the United States, comprising 54% of total exports. The second position in the ranking was held by Mexico ($X), with a 21% share of total exports. It was followed by the Netherlands, with a 5.1% share.

From 2012 to 2022, the average annual rate of growth in terms of value to Singapore stood at +56.0%. Exports to the other major destinations recorded the following average annual rates of exports growth: Mexico (+3.4% per year) and the Netherlands (-10.0% per year).

Export Prices by Country

The average chemically modified oils export price stood at $X per ton in 2022, rising by 13% against the previous year. Overall, export price indicated a tangible expansion from 2012 to 2022: its price increased at an average annual rate of +3.2% 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 +100.0% against 2017 indices. The most prominent rate of growth was recorded in 2021 when the average export price increased by 33% against the previous year. The export price peaked in 2022 and is expected to retain growth in the immediate term.

There were significant differences in the average prices for the major export markets. In 2022, amid the top suppliers, the country with the highest price was Venezuela ($X per ton), while the average price for exports to Germany ($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 Venezuela (+12.4%), while the prices for the other major destinations experienced more modest paces of growth.

Chemically Modified Oils Imports

Imports into the U.S.

Chemically modified oils imports into the United States soared to X tons in 2022, with an increase of 205% against 2021. Overall, imports continue to indicate significant growth. As a result, imports reached the peak and are likely to continue growth in the immediate term.

In value terms, chemically modified oils imports skyrocketed to $X in 2022. In general, imports continue to indicate a significant expansion. As a result, imports reached the peak and are likely to continue growth in the immediate term.

Imports by Country

In 2022, Canada (X tons) constituted the largest chemically modified oils supplier to the United States, with a 59% share of total imports. Moreover, chemically modified oils imports from Canada exceeded the figures recorded by the second-largest supplier, Australia (X tons), twofold. The third position in this ranking was taken by New Zealand (X tons), with an 8.8% share.

From 2012 to 2022, the average annual growth rate of volume from Canada totaled +41.9%. The remaining supplying countries recorded the following average annual rates of imports growth: Australia (+189.3% per year) and New Zealand (+114.6% per year).

In value terms, Canada ($X), Australia ($X) and New Zealand ($X) constituted the largest chemically modified oils suppliers to the United States, with a combined 90% share of total imports.

Australia, with a CAGR of +219.1%, recorded the highest rates of growth with regard to 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 50% against the previous year. Overall, the import price recorded a modest increase. As a result, import price attained the peak level and is likely to continue growth in the immediate term.

Prices varied noticeably by country of origin: amid the top importers, the country with the highest price was Brazil ($X per ton), while the price for Canada ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Australia (+10.3%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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