Norway: Aluminium Market 2024

Aluminium Market Size in Norway

The Norwegian aluminium market dropped to $X in 2022, declining by -14.8% against the previous year. Over the period under review, consumption continues to indicate a pronounced slump. Over the period under review, the market attained the peak level at $X in 2014; however, from 2015 to 2022, consumption remained at a lower figure.

Aluminium Production in Norway

In value terms, aluminium production skyrocketed to $X in 2022 estimated in export price. Overall, production, however, continues to indicate a abrupt decline. Aluminium production peaked at $X in 2020; however, from 2021 to 2022, production stood at a somewhat lower figure.

Aluminium Exports

Exports from Norway

Aluminium exports from Norway surged to X tons in 2022, increasing by 17% compared with the previous year. In general, exports, however, recorded a relatively flat trend pattern. The most prominent rate of growth was recorded in 2020 with an increase of 273% against the previous year. As a result, the exports attained the peak of X tons. From 2021 to 2022, the growth of the exports failed to regain momentum.

In value terms, aluminium exports surged to $X in 2022. Over the period under review, exports continue to indicate a temperate expansion. The most prominent rate of growth was recorded in 2020 with an increase of 184%. As a result, the exports reached the peak of $X. From 2021 to 2022, the growth of the exports failed to regain momentum.

Exports by Country

Germany (X tons) was the main destination for aluminium exports from Norway, accounting for a 60% share of total exports. Moreover, aluminium exports to Germany exceeded the volume sent to the second major destination, Belgium (X tons), fourfold. Spain (X tons) ranked third in terms of total exports with a 6.4% share.

From 2012 to 2022, the average annual rate of growth in terms of volume to Germany amounted to -2.1%. Exports to the other major destinations recorded the following average annual rates of exports growth: Belgium (-1.8% per year) and Spain (+63.6% per year).

In value terms, Germany ($X) remains the key foreign market for aluminum (unwrought, not alloyed) exports from Norway, comprising 60% of total exports. The second position in the ranking was held by Belgium ($X), with a 13% share of total exports. It was followed by France, with a 6.1% share.

From 2012 to 2022, the average annual rate of growth in terms of value to Germany stood at +1.6%. Exports to the other major destinations recorded the following average annual rates of exports growth: Belgium (+1.5% per year) and France (+15.5% per year).

Export Prices by Country

The average aluminium export price stood at $X per ton in 2022, rising by 18% against the previous year. In general, export price indicated pronounced growth from 2012 to 2022: its price increased at an average annual rate of +3.8% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, aluminium export price increased by +91.2% against 2020 indices. The pace of growth was the most pronounced in 2021 an increase of 62%. The export price peaked in 2022 and is expected to retain growth in years to come.

There were significant differences in the average prices for the major export markets. In 2022, amid the top suppliers, the country with the highest price was Japan ($X per ton), while the average price for exports to the Netherlands ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to France (+6.2%), while the prices for the other major destinations experienced more modest paces of growth.

Aluminium Imports

Imports into Norway

Aluminium imports into Norway shrank rapidly to X tons in 2022, reducing by -21.6% on the previous year. Overall, imports saw a abrupt decline. The most prominent rate of growth was recorded in 2021 when imports increased by 63% against the previous year. Imports peaked at X tons in 2014; however, from 2015 to 2022, imports stood at a somewhat lower figure.

In value terms, aluminium imports reduced to $X in 2022. Over the period under review, imports continue to indicate a slight shrinkage. The most prominent rate of growth was recorded in 2021 with an increase of 131% against the previous year. Imports peaked at $X in 2012; however, from 2013 to 2022, imports failed to regain momentum.

Imports by Country

In 2022, Russia (X tons) constituted the largest supplier of aluminium to Norway, accounting for a 66% share of total imports. Moreover, aluminium imports from Russia exceeded the figures recorded by the second-largest supplier, the United Arab Emirates (X tons), fivefold. South Africa (X tons) ranked third in terms of total imports with a 5% share.

From 2012 to 2022, the average annual growth rate of volume from Russia was relatively modest. The remaining supplying countries recorded the following average annual rates of imports growth: the United Arab Emirates (+170.8% per year) and South Africa (-13.3% per year).

In value terms, Russia ($X) constituted the largest supplier of aluminum (unwrought, not alloyed) to Norway, comprising 63% of total imports. The second position in the ranking was taken by the United Arab Emirates ($X), with a 12% share of total imports. It was followed by South Africa, with a 4.9% share.

From 2012 to 2022, the average annual growth rate of value from Russia stood at +4.0%. The remaining supplying countries recorded the following average annual rates of imports growth: the United Arab Emirates (+176.2% per year) and South Africa (-10.0% per year).

Import Prices by Country

In 2022, the average aluminium import price amounted to $X per ton, picking up by 25% against the previous year. In general, import price indicated a pronounced expansion from 2012 to 2022: its price increased at an average annual rate of +4.1% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, aluminium import price increased by +77.3% against 2020 indices. The pace of growth appeared the most rapid in 2021 an increase of 42% against the previous year. Over the period under review, average import prices hit record highs in 2022 and is likely to continue growth in the immediate term.

Average prices varied somewhat amongst the major supplying countries. In 2022, amid the top importers, the highest price was recorded for prices from China ($X per ton) and Singapore ($X per ton), while the price for Oman ($X per ton) and Kazakhstan ($X per ton) were amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Canada (+5.1%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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