Norway: Steel Railway Material Market 2024

Steel Railway Material Market Size in Norway

In 2022, the Norwegian steel railway material market increased by 11% to $X, rising for the fourth year in a row after two years of decline. Overall, consumption recorded a strong increase. Over the period under review, the market attained the peak level in 2022 and is expected to retain growth in the immediate term.

Steel Railway Material Exports

Exports from Norway

For the third consecutive year, Norway recorded decline in overseas shipments of railway material of steel, which decreased by -75.1% to X tons in 2022. In general, exports recorded a deep setback. The most prominent rate of growth was recorded in 2014 with an increase of 153% against the previous year. Over the period under review, the exports reached the peak figure at X tons in 2016; however, from 2017 to 2022, the exports remained at a lower figure.

In value terms, steel railway material exports expanded significantly to $X in 2022. Overall, exports, however, enjoyed a temperate expansion. The growth pace was the most rapid in 2020 with an increase of 359% against the previous year. Over the period under review, the exports attained the peak figure at $X in 2015; however, from 2016 to 2022, the exports remained at a lower figure.

Exports by Country

Sweden (X tons) was the main destination for steel railway material exports from Norway, with a 40% share of total exports. Moreover, steel railway material exports to Sweden exceeded the volume sent to the second major destination, Israel (X tons), twofold. New Zealand (X tons) ranked third in terms of total exports with a 14% share.

From 2012 to 2022, the average annual rate of growth in terms of volume to Sweden amounted to -13.5%. Exports to the other major destinations recorded the following average annual rates of exports growth: Israel (0.0% per year) and New Zealand (0.0% per year).

In value terms, New Zealand ($X) emerged as the key foreign market for railway material of steel exports from Norway, comprising 78% of total exports. The second position in the ranking was taken by the United States ($X), with a 4.7% share of total exports. It was followed by Germany, with a 2.4% share.

From 2012 to 2022, the average annual growth rate of value to New Zealand was relatively modest. Exports to the other major destinations recorded the following average annual rates of exports growth: the United States (+2.6% per year) and Germany (+19.1% per year).

Export Prices by Country

In 2022, the average steel railway material export price amounted to $X per ton, surging by 345% against the previous year. In general, the export price posted strong growth. The most prominent rate of growth was recorded in 2020 an increase of 378% against the previous year. 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 foreign markets. In 2022, amid the top suppliers, the country with the highest price was Taiwan (Chinese) ($X per ton), while the average price for exports to Denmark ($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 Taiwan (Chinese) (+247.0%), while the prices for the other major destinations experienced more modest paces of growth.

Steel Railway Material Imports

Imports into Norway

In 2022, steel railway material imports into Norway expanded modestly to X tons, with an increase of 3.8% compared with 2021 figures. Overall, imports recorded a buoyant expansion. The pace of growth appeared the most rapid in 2014 when imports increased by 117%. Over the period under review, imports attained the peak figure at X tons in 2020; however, from 2021 to 2022, imports remained at a lower figure.

In value terms, steel railway material imports expanded remarkably to $X in 2022. In general, imports showed buoyant growth. The growth pace was the most rapid in 2014 when imports increased by 144%. Imports peaked in 2022 and are expected to retain growth in the near future.

Imports by Country

In 2022, Austria (X tons) constituted the largest steel railway material supplier to Norway, with a 68% share of total imports. Moreover, steel railway material imports from Austria exceeded the figures recorded by the second-largest supplier, Sweden (X tons), fourfold. The UK (X tons) ranked third in terms of total imports with a 7.3% share.

From 2012 to 2022, the average annual growth rate of volume from Austria stood at +15.0%. The remaining supplying countries recorded the following average annual rates of imports growth: Sweden (+19.0% per year) and the UK (+11.5% per year).

In value terms, the largest steel railway material suppliers to Norway were Austria ($X), Sweden ($X) and the UK ($X), together accounting for 86% of total imports.

Sweden, with a CAGR of +14.6%, 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 2022, the average steel railway material import price amounted to $X per ton, increasing by 7.7% against the previous year. Over the period under review, the import price, however, recorded a relatively flat trend pattern. The most prominent rate of growth was recorded in 2021 when the average import price increased by 29%. The import price peaked at $X per ton in 2012; however, from 2013 to 2022, import prices stood at a somewhat 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 ($X per ton), while the price for Austria ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Germany (+6.4%), while the prices for the other major suppliers experienced a decline.

Source: IndexBox Platform

Frequently Asked Questions (FAQ) :