Norway: Ship Propeller Market 2024

Ship Propeller Market Size in Norway

The Norwegian ship propeller market surged to $X in 2022, with an increase of 602% against the previous year. Overall, consumption showed buoyant growth. As a result, consumption attained the peak level and is likely to continue growth in the immediate term.

Ship Propeller Production in Norway

In value terms, ship propeller production reached $X in 2022 estimated in export price. In general, production, however, showed a mild setback. The pace of growth appeared the most rapid in 2013 with an increase of 130%. As a result, production reached the peak level of $X. From 2014 to 2022, production growth failed to regain momentum.

Ship Propeller Exports

Exports from Norway

In 2022, shipments abroad of ships’ or boats’ propellers and blades therefor decreased by -13.8% to X tons, falling for the second consecutive year after four years of growth. Overall, exports, however, recorded a relatively flat trend pattern. The most prominent rate of growth was recorded in 2013 with an increase of 88%. As a result, the exports attained the peak of X tons. From 2014 to 2022, the growth of the exports remained at a somewhat lower figure.

In value terms, ship propeller exports contracted dramatically to $X in 2022. Over the period under review, exports showed a pronounced setback. The most prominent rate of growth was recorded in 2013 when exports increased by 86% against the previous year. 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

Poland (X tons), Denmark (X tons) and Italy (X tons) were the main destinations of ship propeller exports from Norway, with a combined 36% share of total exports. Singapore, Sweden, South Korea, Vietnam, China, Romania, Turkey, the United States, the Netherlands and Finland lagged somewhat behind, together accounting for a further 49%.

From 2012 to 2022, the most notable rate of growth in terms of shipments, amongst the main countries of destination, was attained by Singapore (with a CAGR of +80.3%), while the other leaders experienced more modest paces of growth.

In value terms, Poland ($X), Vietnam ($X) and South Korea ($X) appeared to be the largest markets for ship propeller exported from Norway worldwide, together comprising 31% of total exports. Singapore, Denmark, China, Turkey, the United States, Sweden, Romania, Italy, the Netherlands and Finland lagged somewhat behind, together accounting for a further 49%.

Singapore, with a CAGR of +49.6%, recorded the highest growth rate of the value of exports, in terms of 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 ship propeller export price amounted to $X per ton, reducing by -9.9% against the previous year. Overall, the export price continues to indicate a deep contraction. The growth pace was the most rapid in 2016 an increase of 11%. Over the period under review, the average export prices reached the peak figure at $X per ton in 2012; however, from 2013 to 2022, the export prices failed to regain momentum.

There were significant differences in the average prices for the major external markets. In 2022, amid the top suppliers, the country with the highest price was the United States ($X per ton), while the average price for exports to Finland ($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 Vietnam (+2.8%), while the prices for the other major destinations experienced a decline.

Ship Propeller Imports

Imports into Norway

Ship propeller imports into Norway fell modestly to X tons in 2022, standing approx. at the previous year. Over the period under review, imports, however, saw a relatively flat trend pattern. The most prominent rate of growth was recorded in 2014 with an increase of 33%. Imports peaked at X tons in 2015; however, from 2016 to 2022, imports failed to regain momentum.

In value terms, ship propeller imports shrank to $X in 2022. In general, imports recorded a mild shrinkage. The most prominent rate of growth was recorded in 2014 with an increase of 25% against the previous year. As a result, imports attained the peak of $X. From 2015 to 2022, the growth of imports remained at a somewhat lower figure.

Imports by Country

Poland (X tons), Singapore (X tons) and Spain (X tons) were the main suppliers of ship propeller imports to Norway, with a combined 42% share of total imports.

From 2012 to 2022, the biggest increases were recorded for Singapore (with a CAGR of +144.0%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, Spain ($X), Poland ($X) and the UK ($X) were the largest ship propeller suppliers to Norway, together accounting for 39% of total imports. The United States, Sweden, Portugal, Italy, China, Denmark, Finland, Singapore, the Netherlands and Germany lagged somewhat behind, together comprising a further 44%.

Singapore, with a CAGR of +112.5%, saw the highest growth rate of the value of imports, in terms of 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 ship propeller import price amounted to $X per ton, waning by -6.5% against the previous year. Over the period under review, the import price continues to indicate a noticeable descent. The pace of growth was the most pronounced in 2020 an increase of 22%. The import price peaked at $X per ton in 2012; however, from 2013 to 2022, import prices failed to regain momentum.

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 the United States ($X per ton), while the price for Singapore ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Finland (+7.2%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

Frequently Asked Questions (FAQ) :