U.S.: Linseed Oil Market 2024

Linseed Oil Market Size in the U.S.

The U.S. linseed oil market rose significantly to $X in 2022, growing by 8.6% against the previous year. In general, consumption showed buoyant growth. As a result, consumption attained the peak level of $X. From 2017 to 2022, the growth of the market failed to regain momentum.

Linseed Oil Production in the U.S.

In value terms, linseed oil production fell to $X in 2022. Over the period under review, the total production indicated a pronounced expansion from 2012 to 2022: its value increased at an average annual rate of +4.4% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, production decreased by -2.1% against 2019 indices. The pace of growth appeared the most rapid in 2016 when the production volume increased by 36%. As a result, production reached the peak level of $X. From 2017 to 2022, production growth remained at a lower figure.

Linseed Oil Exports

Exports from the U.S.

In 2022, approx. X tons of linseed oil were exported from the United States; declining by -38.5% on 2021 figures. Overall, exports faced a sharp decline. The growth pace was the most rapid in 2020 with an increase of 171%. The exports peaked at X tons in 2012; however, from 2013 to 2022, the exports remained at a lower figure.

In value terms, linseed oil exports reduced remarkably to $X in 2022. In general, exports showed a abrupt setback. The pace of growth appeared the most rapid in 2020 when exports increased by 145%. Over the period under review, the exports attained the maximum at $X in 2012; however, from 2013 to 2022, the exports stood at a somewhat lower figure.

Exports by Country

Mexico (X tons), Canada (X tons) and Italy (X tons) were the main destinations of linseed oil exports from the United States, with a combined 66% share of total exports. Costa Rica, Panama, Nigeria, Colombia, Taiwan (Chinese), the Dominican Republic, Guatemala, Malaysia, China and Chile lagged somewhat behind, together accounting for a further 20%.

From 2012 to 2022, the most notable rate of growth in terms of shipments, amongst the main countries of destination, was attained by Nigeria (with a CAGR of +78.6%), while the other leaders experienced more modest paces of growth.

In value terms, Canada ($X), Mexico ($X) and Costa Rica ($X) appeared to be the largest markets for linseed oil exported from the United States worldwide, together accounting for 64% of total exports. Panama, Italy, Colombia, Nigeria, the Dominican Republic, Guatemala, Taiwan (Chinese), Malaysia, China and Chile lagged somewhat behind, together comprising a further 19%.

Nigeria, with a CAGR of +82.9%, saw 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

The average linseed oil export price stood at $X per ton in 2022, growing by 13% against the previous year. Over the period under review, the export price posted a strong expansion. The most prominent rate of growth was recorded in 2016 an increase of 39% against the previous year. The export price peaked in 2022 and is likely to see steady growth in years to come.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was Chile ($X per ton), while the average price for exports to Taiwan (Chinese) ($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 Chile (+16.4%), while the prices for the other major destinations experienced more modest paces of growth.

Linseed Oil Imports

Imports into the U.S.

Linseed oil imports into the United States surged to X tons in 2022, picking up by 211% against 2021 figures. Over the period under review, imports showed strong growth. As a result, imports reached the peak and are likely to continue growth in the immediate term.

In value terms, linseed oil imports soared to $X in 2022. In general, imports posted resilient growth. As a result, imports attained the peak and are likely to continue growth in the immediate term.

Imports by Country

In 2022, Turkey (X tons) constituted the largest linseed oil supplier to the United States, accounting for a 61% share of total imports. Moreover, linseed oil imports from Turkey exceeded the figures recorded by the second-largest supplier, Canada (X tons), threefold. China (X tons) ranked third in terms of total imports with a 13% share.

From 2012 to 2022, the average annual rate of growth in terms of volume from Turkey stood at +627.2%. The remaining supplying countries recorded the following average annual rates of imports growth: Canada (-0.6% per year) and China (+12.5% per year).

In value terms, Turkey ($X) constituted the largest supplier of linseed oil to the United States, comprising 53% of total imports. The second position in the ranking was taken by Canada ($X), with a 26% share of total imports. It was followed by China, with a 12% share.

From 2012 to 2022, the average annual growth rate of value from Turkey stood at +742.9%. The remaining supplying countries recorded the following average annual rates of imports growth: Canada (+1.8% per year) and China (+12.3% per year).

Import Prices by Country

The average linseed oil import price stood at $X per ton in 2022, falling by -2.6% against the previous year. Over the period under review, the import price saw a relatively flat trend pattern. The pace of growth appeared the most rapid in 2018 when the average import price increased by 38%. As a result, import price reached the peak level of $X per ton. From 2019 to 2022, the average import prices remained at a lower figure.

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

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Mexico (+21.8%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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