Norway: Market for Conveyor Or Transmission Belts Or Belting 2024

Market Size for Conveyor Or Transmission Belts Or Belting in Norway

For the third year in a row, the Norwegian conveyor or transmission belt market recorded decline in sales value, which decreased by -4.1% to $X in 2021. Over the period under review, consumption showed a slight downturn. Conveyor or transmission belt consumption peaked at $X in 2014; however, from 2015 to 2021, consumption remained at a lower figure.

Exports of Conveyor Or Transmission Belts Or Belting

Exports from Norway

In 2021, approx. X tons of conveyor or transmission belts or belting were exported from Norway; increasing by 164% against 2020 figures. Overall, exports recorded strong growth. As a result, the exports reached the peak and are likely to continue growth in the immediate term.

In value terms, conveyor or transmission belt exports soared to $X in 2021. Over the period under review, total exports indicated strong growth from 2012 to 2021: its value increased at an average annual rate of +5.9% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. The pace of growth was the most pronounced in 2018 when exports increased by 85%. Over the period under review, the exports reached the maximum in 2021 and are expected to retain growth in the near future.

Exports by Country

Sweden (X tons) was the main destination for conveyor or transmission belt exports from Norway, with a 61% share of total exports. Moreover, conveyor or transmission belt exports to Sweden exceeded the volume sent to the second major destination, Denmark (X tons), eightfold. Germany (X tons) ranked third in terms of total exports with a 5.2% share.

From 2012 to 2021, the average annual rate of growth in terms of volume to Sweden stood at +11.4%. Exports to the other major destinations recorded the following average annual rates of exports growth: Denmark (-3.0% per year) and Germany (+7.8% per year).

In value terms, Sweden ($X), Russia ($X) and the Netherlands ($X) were the largest markets for conveyor or transmission belt exported from Norway worldwide, together comprising 43% of total exports.

In terms of the main countries of destination, Russia, with a CAGR of +75.1%, saw 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 conveyor or transmission belt export price amounted to $X per ton, declining by -40.6% against the previous year. In general, the export price continues to indicate a mild setback. The most prominent rate of growth was recorded in 2018 an increase of 67%. As a result, the export price attained the peak level of $X per ton. From 2019 to 2021, the average export prices remained at a somewhat lower figure.

There were significant differences in the average prices for the major overseas markets. In 2021, amid the top suppliers, the country with the highest price was Russia ($X per ton), while the average price for exports to Sweden ($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 Denmark (+8.9%), while the prices for the other major destinations experienced mixed trend patterns.

Imports of Conveyor Or Transmission Belts Or Belting

Imports into Norway

In 2021, supplies from abroad of conveyor or transmission belts or belting decreased by -14.2% to X tons, falling for the third year in a row after two years of growth. In general, imports, however, recorded a relatively flat trend pattern. The most prominent rate of growth was recorded in 2014 when imports increased by 14%. Over the period under review, imports reached the peak figure at X tons in 2018; however, from 2019 to 2021, imports stood at a somewhat lower figure.

In value terms, conveyor or transmission belt imports expanded slightly to $X in 2021. Over the period under review, imports showed a perceptible decrease. The pace of growth appeared the most rapid in 2018 when imports increased by 13% against the previous year. Over the period under review, imports attained the maximum at $X in 2012; however, from 2013 to 2021, imports remained at a lower figure.

Imports by Country

Germany (X tons), the Netherlands (X tons) and Poland (X tons) were the main suppliers of conveyor or transmission belt imports to Norway, with a combined 49% share of total imports. These countries were followed by Sweden, Spain, China, Denmark, Italy, Romania, the United States, Slovenia, India and Hungary, which together accounted for a further 42%.

From 2012 to 2021, the most notable rate of growth in terms of purchases, amongst the main suppliers, was attained by Spain (with a CAGR of +48.7%), while imports for the other leaders experienced more modest paces of growth.

In value terms, Germany ($X) constituted the largest supplier of conveyor or transmission belts or belting to Norway, comprising 25% of total imports. The second position in the ranking was held by Denmark ($X), with a 9.8% share of total imports. It was followed by the United States, with an 8.6% share.

From 2012 to 2021, the average annual rate of growth in terms of value from Germany was relatively modest. The remaining supplying countries recorded the following average annual rates of imports growth: Denmark (-0.2% per year) and the United States (+6.1% per year).

Import Prices by Country

The average conveyor or transmission belt import price stood at $X per ton in 2021, jumping by 22% against the previous year. Overall, the import price, however, showed a perceptible shrinkage. Over the period under review, average import prices reached the maximum at $X per ton in 2012; however, from 2013 to 2021, import prices remained at a lower figure.

Prices varied noticeably by country of origin: amid the top importers, the country with the highest price was the United States ($X per ton), while the price for Hungary ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Slovenia (+14.7%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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