Global Linseed Oil Market 2024

Linseed Oil Market Size

In 2022, the global linseed oil market increased by 4.8% to $X, rising for the second consecutive year after three years of decline. The market value increased at an average annual rate of +1.3% over the period from 2012 to 2022; the trend pattern indicated some noticeable fluctuations being recorded in certain years. As a result, consumption attained the peak level of $X. From 2014 to 2022, the growth of the global market remained at a somewhat lower figure.

Linseed Oil Production

In value terms, linseed oil production stood at $X in 2022 estimated in export price. The total output value increased at an average annual rate of +2.6% over the period from 2012 to 2022; the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The most prominent rate of growth was recorded in 2017 with an increase of 36%. Global production peaked at $X in 2018; however, from 2019 to 2022, production failed to regain momentum.

Linseed Oil Exports

Exports

Global linseed oil exports expanded markedly to X tons in 2022, with an increase of 6.4% against 2021. Overall, exports, however, continue to indicate a relatively flat trend pattern. The pace of growth appeared the most rapid in 2017 with an increase of 12% against the previous year. The global exports peaked at X tons in 2012; however, from 2013 to 2022, the exports stood at a somewhat lower figure.

In value terms, linseed oil exports rose remarkably to $X in 2022. In general, total exports indicated pronounced growth from 2012 to 2022: its value increased at an average annual rate of +2.1% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, exports increased by +78.9% against 2019 indices. The most prominent rate of growth was recorded in 2021 when exports increased by 30% against the previous year. Over the period under review, the global exports hit record highs in 2022 and are likely to continue growth in the immediate term.

Exports by Country

Belgium was the largest exporting country with an export of about X tons, which accounted for 47% of total exports. Russia (X tons) ranks second in terms of the total exports with a 15% share, followed by the UK (8.5%), Kazakhstan (7.1%) and Germany (5.1%). Spain (X tons) and Turkey (X tons) followed a long way behind the leaders.

Belgium experienced a relatively flat trend pattern with regard to volume of exports of linseed oil. At the same time, Russia (+63.4%), Kazakhstan (+62.6%), the UK (+34.0%), Turkey (+12.2%) and Spain (+11.9%) displayed positive paces of growth. Moreover, Russia emerged as the fastest-growing exporter exported in the world, with a CAGR of +63.4% from 2012-2022. By contrast, Germany (-7.2%) illustrated a downward trend over the same period. While the share of Russia (+15 p.p.), the UK (+8 p.p.), Kazakhstan (+7 p.p.), Belgium (+5.9 p.p.), Spain (+2.5 p.p.) and Turkey (+1.7 p.p.) increased significantly in terms of the global exports from 2012-2022, the share of Germany (-5.2 p.p.) displayed negative dynamics.

In value terms, Belgium ($X) remains the largest linseed oil supplier worldwide, comprising 47% of global exports. The second position in the ranking was taken by Russia ($X), with a 9.7% share of global exports. It was followed by the UK, with a 7.6% share.

In Belgium, linseed oil exports expanded at an average annual rate of +4.9% over the period from 2012-2022. The remaining exporting countries recorded the following average annual rates of exports growth: Russia (+48.9% per year) and the UK (+25.1% per year).

Export Prices by Country

The average linseed oil export price stood at $X per ton in 2022, growing by 5% against the previous year. Overall, export price indicated a pronounced increase from 2012 to 2022: its price increased at an average annual rate of +2.5% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, linseed oil export price increased by +69.6% against 2019 indices. The growth pace was the most rapid in 2021 when the average export price increased by 36% against the previous year. The global export price peaked in 2022 and is expected to retain growth in years to come.

Prices varied noticeably by country of origin: amid the top suppliers, the country with the highest price was Turkey ($X per ton), while Russia ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Turkey (+8.6%), while the other global leaders experienced more modest paces of growth.

Linseed Oil Imports

Imports

In 2022, global linseed oil imports dropped slightly to X tons, remaining relatively unchanged against the year before. Over the period under review, imports showed a slight descent. The pace of growth was the most pronounced in 2019 with an increase of 13% against the previous year. Global imports peaked at X tons in 2014; however, from 2015 to 2022, imports failed to regain momentum.

In value terms, linseed oil imports expanded notably to $X in 2022. Overall, total imports indicated noticeable growth from 2012 to 2022: its value increased at an average annual rate of +2.1% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, imports increased by +68.2% against 2018 indices. The pace of growth was the most pronounced in 2021 with an increase of 35% against the previous year. Over the period under review, global imports reached the maximum in 2022 and are likely to see gradual growth in years to come.

Imports by Country

In 2022, Gambia (X tons), distantly followed by Norway (X tons), China (X tons), Germany (X tons), the Netherlands (X tons) and Ireland (X tons) represented the largest importers of linseed oil, together committing 64% of total imports. The following importers - Japan (X tons), the United States (X tons), Ethiopia (X tons), France (X tons), Belgium (X tons), Spain (X tons) and the UK (X tons) - together made up 17% of total imports.

From 2012 to 2022, the biggest increases were recorded for Norway (with a CAGR of +64.1%), while purchases for the other global leaders experienced more modest paces of growth.

In value terms, Norway ($X), Germany ($X) and the Netherlands ($X) constituted the countries with the highest levels of imports in 2022, together accounting for 32% of global imports.

Norway, with a CAGR of +57.5%, recorded the highest rates of growth with regard to the value of imports, among the main importing countries over the period under review, while purchases for the other global leaders experienced more modest paces of growth.

Import Prices by Country

The average linseed oil import price stood at $X per ton in 2022, rising by 15% against the previous year. Over the period under review, import price indicated a moderate increase 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, linseed oil import price increased by +75.3% against 2019 indices. The pace of growth was the most pronounced in 2021 when the average import price increased by 36% against the previous year. Global import price peaked in 2022 and is expected to retain growth in years to come.

Prices varied noticeably by country of destination: amid the top importers, the country with the highest price was the United States ($X per ton), while Gambia ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Spain (+7.1%), while the other global leaders experienced more modest paces of growth.

Source: IndexBox Platform

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