Norway: Insulating Fittings Market 2024

Insulating Fittings Market Size in Norway

In 2021, the Norwegian insulating fittings market decreased by -28.2% to $X for the first time since 2018, thus ending a two-year rising trend. In general, consumption recorded a abrupt descent. As a result, consumption attained the peak level of $X. From 2014 to 2021, the growth of the market remained at a somewhat lower figure.

Insulating Fittings Exports

Exports from Norway

In 2021, shipments abroad of insulating fittings for electrical purposes increased by 53% to X tons, rising for the second consecutive year after six years of decline. Overall, exports, however, recorded a deep downturn. The most prominent rate of growth was recorded in 2013 when exports increased by 115% against the previous year. As a result, the exports attained the peak of X tons. From 2014 to 2021, the growth of the exports remained at a lower figure.

In value terms, insulating fittings exports soared to $X in 2021. In general, exports, however, showed a abrupt slump. The pace of growth appeared the most rapid in 2014 with an increase of 111%. As a result, the exports attained the peak of $X. From 2015 to 2021, the growth of the exports remained at a lower figure.

Exports by Country

Malta (X tons) was the main destination for insulating fittings exports from Norway, with a 42% share of total exports. Moreover, insulating fittings exports to Malta exceeded the volume sent to the second major destination, Denmark (X tons), fivefold. The third position in this ranking was held by Poland (X tons), with a 5.8% share.

From 2012 to 2021, the average annual rate of growth in terms of volume to Malta stood at -8.6%. Exports to the other major destinations recorded the following average annual rates of exports growth: Denmark (-7.6% per year) and Poland (+69.4% per year).

In value terms, Malta ($X) emerged as the key foreign market for insulating fittings for electrical purposes exports from Norway, comprising 35% of total exports. The second position in the ranking was taken by Denmark ($X), with an 11% share of total exports. It was followed by the United States, with a 6.1% share.

From 2012 to 2021, the average annual rate of growth in terms of value to Malta amounted to -9.4%. Exports to the other major destinations recorded the following average annual rates of exports growth: Denmark (+7.5% per year) and the United States (+8.5% per year).

Export Prices by Country

The average insulating fittings export price stood at $X per ton in 2021, rising by 32% against the previous year. Overall, the export price continues to indicate buoyant growth. The most prominent rate of growth was recorded in 2014 when the average export price increased by 215%. As a result, the export price attained the peak level of $X per ton. From 2015 to 2021, the average export prices failed to regain momentum.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was the United States ($X per ton), while the average price for exports to Singapore ($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 Vietnam (+27.4%), while the prices for the other major destinations experienced more modest paces of growth.

Insulating Fittings Imports

Imports into Norway

In 2021, purchases abroad of insulating fittings for electrical purposes decreased by -25.9% to X tons for the first time since 2015, thus ending a five-year rising trend. Overall, imports, however, continue to indicate a buoyant increase. The most prominent rate of growth was recorded in 2014 with an increase of 132% against the previous year. Imports peaked at X tons in 2020, and then dropped rapidly in the following year.

In value terms, insulating fittings imports contracted dramatically to $X in 2021. In general, imports, however, recorded resilient growth. The most prominent rate of growth was recorded in 2017 when imports increased by 126% against the previous year. As a result, imports attained the peak of $X. From 2018 to 2021, the growth of imports remained at a lower figure.

Imports by Country

China (X tons), Sweden (X tons) and Estonia (X tons) were the main suppliers of insulating fittings imports to Norway, with a combined 91% share of total imports.

From 2012 to 2021, the biggest increases were recorded for Estonia (with a CAGR of +91.7%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, the largest insulating fittings suppliers to Norway were China ($X), Sweden ($X) and Estonia ($X), with a combined 80% share of total imports.

Estonia, with a CAGR of +88.0%, recorded the highest growth rate of the value of imports, among 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 insulating fittings import price amounted to $X per ton, leveling off at the previous year. Overall, the import price, however, recorded a deep downturn. The most prominent rate of growth was recorded in 2013 when the average import price increased by 20% against the previous year. As a result, import price reached the peak level of $X per ton. From 2014 to 2021, the average import prices failed to regain momentum.

There were significant differences in the average prices amongst the major supplying countries. In 2021, amid the top importers, the country with the highest price was Germany ($X per ton), while the price for Sweden ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Singapore (+21.9%), while the prices for the other major suppliers experienced mixed trend patterns.

Source: IndexBox Platform

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