HS Code:
Oleic acid (HS Code: 2916.15) is a fatty acid that occurs naturally in various animal and vegetable fats and oils. It is an odorless, colorless oil, although commercial samples may be yellowish. Oleic acid is widely used in the production of soaps, cosmetics, pharmaceuticals, and as a chemical intermediate in various industrial processes. It is a key component in the manufacture of surfactants, emulsifiers, and plasticizers. The global trade of oleic acid is driven by demand in industries such as personal care, food processing, and industrial applications.
Total Trade Volume
USD 1.2 billion
Data from 2022
Source
UN Comtrade Database, International Trade Centre (ITC)
USD 320 million
26.7% of total trade of total trade
Increasing
USD 280 million
23.3% of total trade of total trade
Increasing
USD 150 million
12.5% of total trade of total trade
Stable
USD 100 million
8.3% of total trade of total trade
Stable
USD 90 million
7.5% of total trade of total trade
Increasing
Average Rate
5.2%
Highest Rate
12% (applied by certain developing countries)
Lowest Rate
0% (under free trade agreements like EU Single Market or USMCA)
Rising demand for bio-based chemicals
Increased use of oleic acid in sustainable products drives market growth, especially in cosmetics and biodegradable plastics.
2021-2023
Fluctuations in palm oil prices
As a primary raw material, palm oil price volatility directly affects oleic acid production costs and trade margins.
2020-2022
Shift towards green certifications
Exporters with certifications like RSPO (Roundtable on Sustainable Palm Oil) gain competitive advantage in eco-conscious markets like the EU.
2019-2023
The European Union introduced new regulations targeting deforestation-free supply chains, impacting oleic acid derived from palm oil.
June 2023
Exporters from Indonesia and Malaysia may face higher compliance costs, potentially reducing their market share in the EU.
Government incentives for bio-based chemical production have led to new oleic acid manufacturing facilities in the United States.
March 2023
This could reduce US reliance on imports and shift trade dynamics in North America.
Rapid growth in Chinaโs surfactant and lubricant industries has boosted demand for imported oleic acid.
September 2022
Increased imports from Southeast Asia, strengthening trade ties with Indonesia and Malaysia.