Norway: Carbon Dioxide Market 2024

Carbon Dioxide Market Size in Norway

The Norwegian carbon dioxide market soared to $X in 2022, surging by 34% against the previous year. In general, consumption recorded a remarkable increase. Over the period under review, the market hit record highs in 2022 and is expected to retain growth in the immediate term.

Carbon Dioxide Production in Norway

In value terms, carbon dioxide production shrank to $X in 2022 estimated in export price. Over the period under review, production, however, showed a mild decline. The growth pace was the most rapid in 2018 with an increase of 367%. Carbon dioxide production peaked at $X in 2013; however, from 2014 to 2022, production failed to regain momentum.

Carbon Dioxide Exports

Exports from Norway

In 2022, after three years of decline, there was significant growth in overseas shipments of carbon dioxide, when their volume increased by 90% to X tons. Overall, exports showed a remarkable increase. The pace of growth appeared the most rapid in 2018 with an increase of 139% against the previous year. Over the period under review, the exports reached the maximum in 2022 and are expected to retain growth in years to come.

In value terms, carbon dioxide exports skyrocketed to $X in 2022. In general, exports showed a prominent increase. The most prominent rate of growth was recorded in 2018 when exports increased by 144%. Over the period under review, the exports hit record highs in 2022 and are likely to see gradual growth in years to come.

Exports by Country

Denmark (X tons), Germany (X tons) and the UK (X tons) were the main destinations of carbon dioxide exports from Norway, together comprising 90% of total exports.

From 2012 to 2022, the most notable rate of growth in terms of shipments, amongst the main countries of destination, was attained by the UK (with a CAGR of +12.9%), while the other leaders experienced more modest paces of growth.

In value terms, Denmark ($X), Germany ($X) and the UK ($X) were the largest markets for carbon dioxide exported from Norway worldwide, with a combined 87% share of total exports.

The UK, with a CAGR of +10.3%, saw the highest growth rate of the value of exports, in terms of the main countries of destination over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Export Prices by Country

In 2022, the average carbon dioxide export price amounted to $X per ton, almost unchanged from the previous year. In general, the export price, however, continues to indicate a relatively flat trend pattern. The pace of growth was the most pronounced in 2021 when the average export price increased by 10% against the previous year. The export price peaked at $X per ton in 2013; however, from 2014 to 2022, the export prices remained at a lower figure.

Average prices varied somewhat for the major overseas markets. In 2022, amid the top suppliers, the highest price was recorded for prices to Sweden ($X per ton) and the UK ($X per ton), while the average price for exports to Denmark ($X per ton) and Germany ($X per ton) were amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to Sweden (+3.7%), while the prices for the other major destinations experienced a decline.

Carbon Dioxide Imports

Imports into Norway

After two years of growth, supplies from abroad of carbon dioxide decreased by -55.4% to X tons in 2022. In general, imports, however, enjoyed a slight increase. The growth pace was the most rapid in 2016 with an increase of 70% against the previous year. Over the period under review, imports hit record highs at X tons in 2021, and then shrank dramatically in the following year.

In value terms, carbon dioxide imports shrank remarkably to $X in 2022. Over the period under review, imports, however, saw a resilient increase. The pace of growth was the most pronounced in 2020 with an increase of 53%. As a result, imports attained the peak of $X. From 2021 to 2022, the growth of imports failed to regain momentum.

Imports by Country

Sweden (X tons), Estonia (X tons) and the Netherlands (X tons) were the main suppliers of carbon dioxide imports to Norway, together accounting for 72% of total imports.

From 2012 to 2022, the most notable rate of growth in terms of purchases, amongst the main suppliers, was attained by Estonia (with a CAGR of +256.9%), while imports for the other leaders experienced more modest paces of growth.

In value terms, Sweden ($X) constituted the largest supplier of carbon dioxide to Norway, comprising 47% of total imports. The second position in the ranking was taken by Estonia ($X), with a 23% share of total imports. It was followed by Denmark, with an 8.8% share.

From 2012 to 2022, the average annual growth rate of value from Sweden stood at +9.2%. The remaining supplying countries recorded the following average annual rates of imports growth: Estonia (+172.7% per year) and Denmark (+4.7% per year).

Import Prices by Country

In 2022, the average carbon dioxide import price amounted to $X per ton, growing by 45% against the previous year. In general, import price indicated a tangible increase 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. Over the period under review, average import prices reached the maximum at $X per ton in 2014; however, from 2015 to 2022, import prices remained at a lower figure.

There were significant differences in the average prices amongst the major supplying countries. In 2022, amid the top importers, the country with the highest price was Sweden ($X per ton), while the price for Finland ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Finland (+9.3%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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