Norway: Safety Valve Market 2024

Safety Valve Market Size in Norway

In 2021, after two years of growth, there was significant decline in the Norwegian safety valve market, when its value decreased by -33.8% to $X. Over the period under review, consumption, however, continues to indicate a remarkable increase. As a result, consumption reached the peak level of $X, and then contracted remarkably in the following year.

Safety Valve Production in Norway

In value terms, safety valve production dropped significantly to $X in 2021 estimated in export price. Over the period under review, production recorded a significant contraction. The pace of growth appeared the most rapid in 2017 with a decrease of -46.7%. Over the period under review, production hit record highs at $X in 2016; however, from 2017 to 2021, production failed to regain momentum.

Safety Valve Exports

Exports from Norway

In 2021, overseas shipments of safety or relief valves for pipes, boiler shells, tanks and vats decreased by -60.7% to X units, falling for the fifth year in a row after two years of growth. Overall, exports faced a abrupt setback. The most prominent rate of growth was recorded in 2016 when exports increased by 361%. As a result, the exports reached the peak of X units. From 2017 to 2021, the growth of the exports remained at a lower figure.

In value terms, safety valve exports shrank notably to $X in 2021. In general, exports saw a abrupt decline. The growth pace was the most rapid in 2016 when exports increased by 233% against the previous year. As a result, the exports attained the peak of $X. From 2017 to 2021, the growth of the exports remained at a somewhat lower figure.

Exports by Country

The UK (X units) was the main destination for safety valve exports from Norway, with a 38% share of total exports. Moreover, safety valve exports to the UK exceeded the volume sent to the second major destination, Romania (X units), fivefold. The United Arab Emirates (X units) ranked third in terms of total exports with a 6.9% share.

From 2012 to 2021, the average annual growth rate of volume to the UK totaled +5.6%. Exports to the other major destinations recorded the following average annual rates of exports growth: Romania (+30.9% per year) and the United Arab Emirates (+30.2% per year).

In value terms, the UK ($X), the United Arab Emirates ($X) and Germany ($X) were the largest markets for safety valve exported from Norway worldwide, with a combined 50% share of total exports. The United States, Turkey, Brazil, Sweden, Romania, Denmark, the Netherlands, Trinidad and Tobago, Russia and Italy lagged somewhat behind, together accounting for a further 30%.

Trinidad and Tobago, with a CAGR of +59.7%, saw the highest rates of growth with regard to 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

The average safety valve export price stood at $X per unit in 2021, with a decrease of -12.7% against the previous year. In general, the export price recorded a slight decrease. The most prominent rate of growth was recorded in 2020 when the average export price increased by 50%. Over the period under review, the average export prices reached the maximum at $X per unit in 2015; however, from 2016 to 2021, the export prices failed to regain momentum.

Prices varied noticeably country of destination: the country with the highest price was Germany ($X per unit), while the average price for exports to Romania ($X per unit) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was recorded for supplies to Turkey (+30.9%), while the prices for the other major destinations experienced more modest paces of growth.

Safety Valve Imports

Imports into Norway

In 2021, after two years of growth, there was significant decline in overseas purchases of safety or relief valves for pipes, boiler shells, tanks and vats, when their volume decreased by -39.4% to X units. Over the period under review, imports saw a abrupt downturn. The most prominent rate of growth was recorded in 2020 when imports increased by 38% against the previous year. Over the period under review, imports hit record highs at X units in 2015; however, from 2016 to 2021, imports remained at a lower figure.

In value terms, safety valve imports shrank markedly to $X in 2021. In general, imports continue to indicate a relatively flat trend pattern. The pace of growth appeared the most rapid in 2019 when imports increased by 46% against the previous year. Over the period under review, imports hit record highs at $X in 2015; however, from 2016 to 2021, imports remained at a lower figure.

Imports by Country

The UK (X units), France (X units) and the United States (X units) were the main suppliers of safety valve imports to Norway, with a combined 54% share of total imports.

From 2012 to 2021, the most notable rate of growth in terms of purchases, amongst the main suppliers, was attained by France (with a CAGR of +14.0%), while imports for the other leaders experienced a decline.

In value terms, the largest safety valve suppliers to Norway were the UK ($X), the United States ($X) and Germany ($X), together accounting for 71% of total imports. These countries were followed by France, Italy, China, Sweden, the Netherlands and Denmark, which together accounted for a further 22%.

France, with a CAGR of +7.3%, recorded the highest rates of growth with regard to 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 safety valve import price amounted to $X per unit, rising by 2.9% against the previous year. Overall, import price indicated a resilient increase from 2012 to 2021: its price increased at an average annual rate of +7.4% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, safety valve import price decreased by -3.7% against 2019 indices. The pace of growth appeared the most rapid in 2014 when the average import price increased by 39%. The import price peaked at $X per unit in 2019; however, from 2020 to 2021, import prices remained at a lower figure.

Prices varied noticeably country of origin: the country with the highest price was the United States ($X per unit), while the price for Denmark ($X per unit) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by China (+13.4%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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