GCC: Tall Oil Market 2024

Tall Oil Market Size in GCC

The GCC tall oil market rose to $X in 2022, with an increase of X% against the previous year. The market value increased at an average annual rate of X% from 2012 to 2022; however, the trend pattern remained relatively stable, with only minor fluctuations being observed throughout the analyzed period. The level of consumption peaked at $X in 2018; however, from 2019 to 2022, consumption remained at a lower figure.

Tall Oil Production in GCC

In value terms, tall oil production amounted to $X in 2022 estimated in export price. The total output value increased at an average annual rate of X% over the period from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The most prominent rate of growth was recorded in 2014 with an increase of X% against the previous year. Over the period under review, production reached the maximum level at $X in 2018; however, from 2019 to 2022, production remained at a lower figure.

Tall Oil Exports

Exports in GCC

In 2022, after three years of growth, there was significant decline in overseas shipments of tall oil, when their volume decreased by X% to X tons. Overall, exports recorded a slight setback. The most prominent rate of growth was recorded in 2017 when exports increased by X%. As a result, the exports reached the peak of X tons. From 2018 to 2022, the growth of the exports remained at a lower figure.

In value terms, tall oil exports contracted sharply to $X in 2022. In general, exports, however, continue to indicate modest growth. The pace of growth was the most pronounced in 2017 when exports increased by X%. As a result, the exports attained the peak of $X. From 2018 to 2022, the growth of the exports remained at a lower figure.

Exports by Country

The United Arab Emirates prevails in exports structure, reaching X tons, which was near X% of total exports in 2022. Bahrain (X tons) took a relatively small share of total exports.

Exports from the United Arab Emirates decreased at an average annual rate of X% from 2012 to 2022. At the same time, Bahrain (X%) displayed positive paces of growth. Moreover, Bahrain emerged as the fastest-growing exporter exported in GCC, with a CAGR of X% from 2012-2022. Bahrain (X p.p.) significantly strengthened its position in terms of the total exports, while the United Arab Emirates saw its share reduced by X% from 2012 to 2022, respectively.

In value terms, the United Arab Emirates ($X) remains the largest tall oil supplier in GCC, comprising X% of total exports. The second position in the ranking was held by Bahrain ($X), with a X% share of total exports.

In the United Arab Emirates, tall oil exports remained relatively stable over the period from 2012-2022.

Export Prices by Country

In 2022, the export price in GCC amounted to $X per ton, growing by X% against the previous year. Overall, the export price enjoyed a measured expansion. The most prominent rate of growth was recorded in 2017 when the export price increased by X% against the previous year. Over the period under review, the export prices reached the maximum in 2022 and is likely to continue growth in the immediate term.

Prices varied noticeably by country of origin: amid the top suppliers, the country with the highest price was Bahrain ($X per ton), while the United Arab Emirates totaled $X per ton.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Bahrain (X%).

Tall Oil Imports

Imports in GCC

After two years of decline, purchases abroad of tall oil increased by X% to X tons in 2022. In general, imports, however, recorded a deep contraction. The growth pace was the most rapid in 2019 with an increase of X%. As a result, imports reached the peak of X tons. From 2020 to 2022, the growth of imports remained at a lower figure.

In value terms, tall oil imports soared to $X in 2022. Overall, imports showed a relatively flat trend pattern. Over the period under review, imports hit record highs at $X in 2013; however, from 2014 to 2022, imports failed to regain momentum.

Imports by Country

Kuwait represented the major importing country with an import of around X tons, which finished at X% of total imports. It was distantly followed by the United Arab Emirates (X tons), creating a X% share of total imports. Oman (X tons) took a relatively small share of total imports.

Kuwait was also the fastest-growing in terms of the tall oil imports, with a CAGR of X% from 2012 to 2022. The United Arab Emirates (X%) and Oman (X%) illustrated a downward trend over the same period. While the share of Kuwait (X p.p.) increased significantly in terms of the total imports from 2012-2022, the share of Oman (X p.p.) and the United Arab Emirates (X p.p.) displayed negative dynamics.

In value terms, Kuwait ($X) constitutes the largest market for imported tall oil in GCC, comprising X% of total imports. The second position in the ranking was held by the United Arab Emirates ($X), with a X% share of total imports.

From 2012 to 2022, the average annual rate of growth in terms of value in Kuwait stood at X%. The remaining importing countries recorded the following average annual rates of imports growth: the United Arab Emirates (X% per year) and Oman (X% per year).

Import Prices by Country

The import price in GCC stood at $X per ton in 2022, jumping by X% against the previous year. Import price indicated prominent growth from 2012 to 2022: its price increased at an average annual rate of X% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, tall oil import price increased by X% against 2019 indices. As a result, import price reached the peak level and is likely to continue growth in the immediate term.

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

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Kuwait (X%), while the other leaders experienced mixed trends in the import price figures.

Source: IndexBox Platform

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