Finland: Interchangeable Tool Market 2024

Interchangeable Tool Market Size in Finland

The Finnish interchangeable tool market fell slightly to $X in 2021, remaining constant against the previous year. Overall, consumption showed a deep setback. Interchangeable tool consumption peaked at $X in 2016; however, from 2017 to 2021, consumption failed to regain momentum.

Interchangeable Tool Production in Finland

In value terms, interchangeable tool production contracted sharply to $X in 2021 estimated in export price. Over the period under review, the total production indicated a moderate increase from 2012 to 2021: its value increased at an average annual rate of +2.3% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, production increased by +34.8% against 2019 indices. The growth pace was the most rapid in 2020 with an increase of 80%. As a result, production reached the peak level of $X, and then fell markedly in the following year.

Interchangeable Tool Exports

Exports from Finland

In 2021, shipments abroad of interchangeable tools for hand tools increased by 25% to X tons, rising for the second consecutive year after two years of decline. Over the period under review, exports continue to indicate a resilient increase. The growth pace was the most rapid in 2016 when exports increased by 64%. Over the period under review, the exports reached the peak figure in 2021 and are likely to continue growth in the immediate term.

In value terms, interchangeable tool exports skyrocketed to $X in 2021. In general, total exports indicated a prominent increase from 2012 to 2021: its value increased at an average annual rate of +6.5% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, exports increased by +35.2% against 2019 indices. As a result, the exports attained the peak and are likely to continue growth in the immediate term.

Exports by Country

The United States (X tons), Sweden (X tons) and Norway (X tons) were the main destinations of interchangeable tool exports from Finland, with a combined 39% share of total exports. Russia, Canada, the Netherlands, Lithuania, Belgium, Australia, South Africa, South Korea, Germany and Spain lagged somewhat behind, together comprising a further 38%.

From 2012 to 2021, the biggest increases were recorded for Belgium (with a CAGR of +85.4%), while shipments for the other leaders experienced more modest paces of growth.

In value terms, Sweden ($X), the United States ($X) and Norway ($X) appeared to be the largest markets for interchangeable tool exported from Finland worldwide, with a combined 37% share of total exports. Russia, Canada, Lithuania, South Africa, South Korea, the Netherlands, Australia, Belgium, Germany and Spain lagged somewhat behind, together comprising a further 35%.

Among the main countries of destination, Belgium, with a CAGR of +55.5%, recorded the highest growth rate of the value of exports, over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Export Prices by Country

In 2021, the average interchangeable tool export price amounted to $X per ton, increasing by 5.9% against the previous year. In general, the export price, however, saw a abrupt downturn. Over the period under review, the average export prices hit record highs at $X per ton in 2013; however, from 2014 to 2021, the export prices failed to regain momentum.

Prices varied noticeably country of destination: the country with the highest price was Russia ($X per ton), while the average price for exports to Belgium ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was recorded for supplies to South Korea (+0.1%), while the prices for the other major destinations experienced a decline.

Interchangeable Tool Imports

Imports into Finland

Interchangeable tool imports into Finland rose significantly to X tons in 2021, picking up by 11% against 2020 figures. The total import volume increased at an average annual rate of +4.8% from 2012 to 2021; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The most prominent rate of growth was recorded in 2016 with an increase of 23% against the previous year. Imports peaked in 2021 and are expected to retain growth in the near future.

In value terms, interchangeable tool imports reached $X in 2021. The total import value increased at an average annual rate of +2.3% from 2012 to 2021; however, 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 16% against the previous year. Imports peaked in 2021 and are expected to retain growth in the immediate term.

Imports by Country

South Korea (X tons), China (X tons) and Germany (X tons) were the main suppliers of interchangeable tool imports to Finland, together accounting for 51% of total imports. These countries were followed by Sweden, the Netherlands, Italy, Austria, Taiwan (Chinese), Russia and the Czech Republic, which together accounted for a further 36%.

From 2012 to 2021, the most notable rate of growth in terms of purchases, amongst the main suppliers, was attained by Austria (with a CAGR of +26.2%), while imports for the other leaders experienced more modest paces of growth.

In value terms, the largest interchangeable tool suppliers to Finland were Germany ($X), Sweden ($X) and Austria ($X), with a combined 51% share of total imports.

Austria, with a CAGR of +22.2%, recorded the highest growth rate of the value of imports, in terms of the main suppliers over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

In 2021, the average interchangeable tool import price amounted to $X per ton, with an increase of 2.4% against the previous year. In general, the import price, however, continues to indicate a pronounced setback. The most prominent rate of growth was recorded in 2015 when the average import price increased by 11% against the previous year. Over the period under review, average import prices hit record highs at $X per ton in 2012; however, from 2013 to 2021, import prices remained at a lower figure.

There were significant differences in the average prices amongst the major supplying countries. In 2021, the country with the highest price was the Czech Republic ($X per ton), while the price for South Korea ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by the Czech Republic (+23.2%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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