Industrial Monocarboxylic Fatty Acids Market

The global market for industrial monocarboxylic fatty acids is projected to witness growth in consumption, production, imports, and exports over the next decade. China leads both the consumption and production rankings, followed by the United States and India. The market value is expected to reach $35.7B by 2030, with a forecasted CAGR of +4.1%. Import and export prices are also on the rise, indicating a healthy market outlook for the industry.

Market Forecast

Driven by increasing demand for industrial monocarboxylic fatty acids worldwide, the market is expected to continue an upward consumption trend over the next eight-year period. Market performance is forecast to decelerate, expanding with an anticipated CAGR of +1.7% for the period from 2022 to 2030, which is projected to bring the market volume to 28M tons by the end of 2030.

In value terms, the market is forecast to increase with an anticipated CAGR of +4.1% for the period from 2022 to 2030, which is projected to bring the market value to $35.7B (in nominal prices) by the end of 2030.

Consumption

World Consumption of Industrial Monocarboxylic Fatty Acids

In 2022, the amount of industrial monocarboxylic fatty acids consumed worldwide rose rapidly to 24M tons, increasing by 5.3% against 2021. The total consumption volume increased at an average annual rate of +2.6% from 2012 to 2022; the trend pattern remained relatively stable, with somewhat noticeable fluctuations being observed in certain years. The pace of growth was the most pronounced in 2020 when the consumption volume increased by 9% against the previous year. Global consumption peaked in 2022 and is expected to retain growth in years to come.

The global industrial monocarboxylic fatty acids market revenue expanded remarkably to $25.9B in 2022, with an increase of 8.8% against the previous year. This figure reflects the total revenues of producers and importers (excluding logistics costs, retail marketing costs, and retailers' margins, which will be included in the final consumer price). The market value increased at an average annual rate of +1.6% from 2012 to 2022; the trend pattern remained relatively stable, with somewhat noticeable fluctuations being recorded in certain years. Over the period under review, the global market attained the maximum level in 2022 and is expected to retain growth in the immediate term.

Consumption By Country

China (5.4M tons) remains the largest industrial monocarboxylic fatty acids consuming country worldwide, comprising approx. 22% of total volume. Moreover, industrial monocarboxylic fatty acids consumption in China exceeded the figures recorded by the second-largest consumer, the United States (2.3M tons), twofold. The third position in this ranking was taken by India (1.7M tons), with a 6.9% share.

From 2012 to 2022, the average annual rate of growth in terms of volume in China amounted to +5.2%. The remaining consuming countries recorded the following average annual rates of consumption growth: the United States (+5.5% per year) and India (+1.7% per year).

In value terms, the largest industrial monocarboxylic fatty acids markets worldwide were China ($6B), the United States ($3.5B) and India ($2.4B), with a combined 46% share of the global market. Brazil, Italy, the Netherlands, Bangladesh, Russia, Indonesia and France lagged somewhat behind, together comprising a further 18%.

Among the main consuming countries, the Netherlands, with a CAGR of +17.1%, recorded the highest rates of growth with regard to market size over the period under review, while market for the other global leaders experienced more modest paces of growth.

In 2022, the highest levels of industrial monocarboxylic fatty acids per capita consumption was registered in the Netherlands (41 kg per person), followed by Italy (11 kg per person), the United States (6.9 kg per person) and Russia (6.2 kg per person), while the world average per capita consumption of industrial monocarboxylic fatty acids was estimated at 3.1 kg per person.

From 2012 to 2022, the average annual rate of growth in terms of the industrial monocarboxylic fatty acids per capita consumption in the Netherlands totaled +17.4%. The remaining consuming countries recorded the following average annual rates of per capita consumption growth: Italy (+16.2% per year) and the United States (+4.7% per year).

Production

World Production of Industrial Monocarboxylic Fatty Acids

In 2022, global industrial monocarboxylic fatty acids production expanded slightly to 24M tons, increasing by 3% against the previous year. The total output volume increased at an average annual rate of +2.3% from 2012 to 2022; the trend pattern remained consistent, with somewhat noticeable fluctuations in certain years. The pace of growth appeared the most rapid in 2018 when the production volume increased by 6.8%. Over the period under review, global production hit record highs in 2022 and is likely to see gradual growth in years to come.

In value terms, industrial monocarboxylic fatty acids production expanded modestly to $21B in 2022 estimated in export price. Over the period under review, production, however, saw a relatively flat trend pattern. The growth pace was the most rapid in 2017 with an increase of 16%. Global production peaked at $21.6B in 2020; however, from 2021 to 2022, production remained at a lower figure.

Production By Country

The countries with the highest volumes of production in 2022 were Indonesia (4.2M tons), China (3.7M tons) and the United States (2.1M tons), with a combined 42% share of global production.

From 2012 to 2022, the most notable rate of growth in terms of production, amongst the key producing countries, was attained by Indonesia (with a CAGR of +9.0%), while production for the other global leaders experienced more modest paces of growth.

Imports

World Imports of Industrial Monocarboxylic Fatty Acids

In 2022, the amount of industrial monocarboxylic fatty acids imported worldwide rose sharply to 8M tons, with an increase of 14% on 2021 figures. Overall, total imports indicated a resilient increase from 2012 to 2022: its volume increased at an average annual rate of +8.1% 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 +58.7% against 2014 indices. The growth pace was the most rapid in 2014 with an increase of 22% against the previous year. Over the period under review, global imports hit record highs in 2022 and are likely to see steady growth in the near future.

In value terms, industrial monocarboxylic fatty acids imports surged to $10.7B in 2022. In general, imports saw a resilient expansion. The most prominent rate of growth was recorded in 2021 with an increase of 70%. Global imports peaked in 2022 and are likely to continue growth in years to come.

Imports By Country

China (1.7M tons) and the Netherlands (1.2M tons) represented roughly 36% of total imports in 2022. It was distantly followed by Italy (655K tons), Malaysia (531K tons), India (518K tons) and South Korea (367K tons), together creating a 26% share of total imports. The United States (288K tons), Germany (284K tons), Sweden (272K tons), Spain (267K tons), Singapore (243K tons), the UK (181K tons) and Chile (169K tons) followed a long way behind the leaders.

From 2012 to 2022, the most notable rate of growth in terms of purchases, amongst the key importing countries, was attained by Chile (with a CAGR of +22.2%), while imports for the other global leaders experienced more modest paces of growth.

In value terms, China ($2B), the Netherlands ($1.2B) and Malaysia ($981M) constituted the countries with the highest levels of imports in 2022, together comprising 39% of global imports. Italy, India, the United States, Germany, South Korea, Spain, Sweden, Singapore, the UK and Chile lagged somewhat behind, together accounting for a further 41%.

Among the main importing countries, Chile, with a CAGR of +23.2%, saw the highest growth rate of the value of imports, over the period under review, while purchases for the other global leaders experienced more modest paces of growth.

Import Prices By Country

The average industrial monocarboxylic fatty acids import price stood at $1,332 per ton in 2022, growing by 23% against the previous year. Overall, import price indicated a noticeable expansion from 2012 to 2022: its price 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, industrial monocarboxylic fatty acids import price increased by +102.9% against 2019 indices. The most prominent rate of growth was recorded in 2021 an increase of 43%. Global import price peaked in 2022 and is expected to retain growth in the near future.

There were significant differences in the average prices amongst the major importing countries. In 2022, amid the top importers, the country with the highest price was Germany ($1,862 per ton), while Chile ($849 per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Malaysia (+5.7%), while the other global leaders experienced more modest paces of growth.

Exports

World Exports of Industrial Monocarboxylic Fatty Acids

In 2022, global industrial monocarboxylic fatty acids exports rose remarkably to 7.4M tons, with an increase of 6.3% against the previous year. Over the period under review, total exports indicated buoyant growth from 2012 to 2022: its volume increased at an average annual rate of +6.9% 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 +28.9% against 2020 indices. The most prominent rate of growth was recorded in 2021 when exports increased by 21% against the previous year. The global exports peaked in 2022 and are likely to see steady growth in the immediate term.

In value terms, industrial monocarboxylic fatty acids exports surged to $9.1B in 2022. Overall, exports recorded buoyant growth. The most prominent rate of growth was recorded in 2021 when exports increased by 81% against the previous year. Over the period under review, the global exports attained the maximum in 2022 and are likely to continue growth in years to come.

Exports By Country

Indonesia represented the key exporting country with an export of around 3.4M tons, which amounted to 46% of total exports. Malaysia (1.7M tons) held a 23% share (based on physical terms) of total exports, which put it in second place, followed by the Netherlands (6.6%). Argentina (301K tons), Belgium (191K tons), India (171K tons) and Germany (164K tons) held a relatively small share of total exports.

From 2012 to 2022, the most notable rate of growth in terms of shipments, amongst the leading exporting countries, was attained by India (with a CAGR of +19.2%), while the other global leaders experienced more modest paces of growth.

In value terms, Indonesia ($3.8B) remains the largest industrial monocarboxylic fatty acids supplier worldwide, comprising 42% of global exports. The second position in the ranking was held by Malaysia ($1.9B), with a 21% share of global exports. It was followed by the Netherlands, with a 9.3% share.

From 2012 to 2022, the average annual growth rate of value in Indonesia stood at +14.3%. In the other countries, the average annual rates were as follows: Malaysia (+7.3% per year) and the Netherlands (+2.5% per year).

Export Prices By Country

In 2022, the average industrial monocarboxylic fatty acids export price amounted to $1,236 per ton, growing by 14% against the previous year. Over the period under review, export price indicated a modest expansion from 2012 to 2022: its price increased at an average annual rate of +1.7% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, industrial monocarboxylic fatty acids export price increased by +102.7% against 2019 indices. The most prominent rate of growth was recorded in 2021 an increase of 49%. Over the period under review, the average export prices attained 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 Belgium ($2,303 per ton), while Argentina ($645 per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Belgium (+6.4%), while the other global leaders experienced more modest paces of growth.