Norway: Cranks And Crankshafts Market 2024

Cranks And Crankshafts Market Size in Norway

In 2022, the Norwegian cranks and crankshafts market increased by 1.8% to $X, rising for the second consecutive year after two years of decline. In general, consumption showed a pronounced downturn. Cranks and crankshafts consumption peaked at $X in 2013; however, from 2014 to 2022, consumption remained at a lower figure.

Cranks And Crankshafts Exports

Exports from Norway

After two years of decline, shipments abroad of cranks and crankshafts increased by 21% to X tons in 2022. In general, exports, however, saw a deep slump. The most prominent rate of growth was recorded in 2019 when exports increased by 33%. The exports peaked at X tons in 2013; however, from 2014 to 2022, the exports stood at a somewhat lower figure.

In value terms, cranks and crankshafts exports contracted to $X in 2022. Overall, exports, however, faced a abrupt shrinkage. The most prominent rate of growth was recorded in 2013 when exports increased by 41%. As a result, the exports attained the peak of $X. From 2014 to 2022, the growth of the exports remained at a somewhat lower figure.

Exports by Country

Denmark (X tons) was the main destination for cranks and crankshafts exports from Norway, accounting for a 44% share of total exports. Moreover, cranks and crankshafts exports to Denmark exceeded the volume sent to the second major destination, Poland (X tons), fourfold. The third position in this ranking was taken by Germany (X tons), with an 8.9% share.

From 2012 to 2022, the average annual growth rate of volume to Denmark stood at +2.9%. Exports to the other major destinations recorded the following average annual rates of exports growth: Poland (+22.9% per year) and Germany (-16.8% per year).

In value terms, the UK ($X), Denmark ($X) and Poland ($X) were the largest markets for cranks and crankshafts exported from Norway worldwide, together comprising 44% of total exports. The Netherlands, Germany, Sweden, Kazakhstan, the United States, China, Belgium, Finland, South Korea and Romania lagged somewhat behind, together accounting for a further 25%.

Kazakhstan, with a CAGR of +86.9%, recorded the highest growth rate of the value of exports, among 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 cranks and crankshafts export price amounted to $X per ton, which is down by -17.4% against the previous year. Overall, export price indicated measured growth from 2012 to 2022: its price increased at an average annual rate of +3.5% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. The pace of growth appeared the most rapid in 2020 when the average export price increased by 39%. Over the period under review, the average export prices hit record highs at $X per ton in 2021, and then dropped remarkably in the following year.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was South Korea ($X per ton), while the average price for exports to Finland ($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 South Korea (+36.1%), while the prices for the other major destinations experienced more modest paces of growth.

Cranks And Crankshafts Imports

Imports into Norway

In 2022, overseas purchases of cranks and crankshafts increased by 1.7% to X tons, rising for the second consecutive year after two years of decline. Overall, imports, however, showed a drastic downturn. The growth pace was the most rapid in 2018 with an increase of 52%. Imports peaked at X tons in 2013; however, from 2014 to 2022, imports failed to regain momentum.

In value terms, cranks and crankshafts imports rose markedly to $X in 2022. In general, imports, however, recorded a perceptible contraction. The most prominent rate of growth was recorded in 2018 when imports increased by 35% against the previous year. Imports peaked at $X in 2013; however, from 2014 to 2022, imports failed to regain momentum.

Imports by Country

In 2022, Germany (X tons) constituted the largest cranks and crankshafts supplier to Norway, accounting for a 56% share of total imports. Moreover, cranks and crankshafts imports from Germany exceeded the figures recorded by the second-largest supplier, Italy (X tons), fourfold. The third position in this ranking was taken by Denmark (X tons), with a 6.2% share.

From 2012 to 2022, the average annual rate of growth in terms of volume from Germany amounted to -3.2%. The remaining supplying countries recorded the following average annual rates of imports growth: Italy (-4.3% per year) and Denmark (-4.5% per year).

In value terms, Germany ($X) constituted the largest supplier of cranks and crankshafts to Norway, comprising 52% of total imports. The second position in the ranking was taken by Italy ($X), with a 7.9% share of total imports. It was followed by France, with a 5.8% share.

From 2012 to 2022, the average annual rate of growth in terms of value from Germany totaled -3.7%. The remaining supplying countries recorded the following average annual rates of imports growth: Italy (-0.0% per year) and France (+18.1% per year).

Import Prices by Country

The average cranks and crankshafts import price stood at $X per ton in 2022, increasing by 5.6% against the previous year. Over the period from 2012 to 2022, it increased at an average annual rate of +4.2%. The most prominent rate of growth was recorded in 2014 an increase of 40% against the previous year. The import price peaked in 2022 and is likely to see steady growth in years to come.

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 France ($X per ton), while the price for South Korea ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Sweden (+15.9%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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