Norway: Silicone Market 2024

Silicone Market Size in Norway

The Norwegian silicone market skyrocketed to $X in 2021, with an increase of 41% against the previous year. The market value increased at an average annual rate of +5.6% over the period from 2012 to 2021; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. As a result, consumption reached the peak level and is likely to continue growth in the immediate term.

Silicone Production in Norway

In value terms, silicone production skyrocketed to $X in 2021 estimated in export price. In general, production, however, continues to indicate a abrupt curtailment. Silicone production peaked at $X in 2019; however, from 2020 to 2021, production remained at a lower figure.

Silicone Exports

Exports from Norway

Silicone exports from Norway surged to X tons in 2021, jumping by 18% compared with the previous year. Overall, exports, however, showed a deep setback. The growth pace was the most rapid in 2018 with an increase of 632%. Over the period under review, the exports attained the maximum at X tons in 2019; however, from 2020 to 2021, the exports failed to regain momentum.

In value terms, silicone exports surged to $X in 2021. Over the period under review, exports, however, saw a precipitous descent. The pace of growth was the most pronounced in 2016 with an increase of 485% against the previous year. The exports peaked at $X in 2012; however, from 2013 to 2021, the exports stood at a somewhat lower figure.

Exports by Country

Sweden (X tons) was the main destination for silicone exports from Norway, accounting for a 62% share of total exports. Moreover, silicone exports to Sweden exceeded the volume sent to the second major destination, the Netherlands (X tons), tenfold. The third position in this ranking was held by the UK (X tons), with a 4.7% share.

From 2012 to 2021, the average annual growth rate of volume to Sweden totaled -6.9%. Exports to the other major destinations recorded the following average annual rates of exports growth: the Netherlands (+55.6% per year) and the UK (+39.9% per year).

In value terms, Sweden ($X) remains the key foreign market for silicones (in primary forms) exports from Norway, comprising 34% of total exports. The second position in the ranking was held by the United States ($X), with a 15% share of total exports. It was followed by the UK, with a 6.4% share.

From 2012 to 2021, the average annual rate of growth in terms of value to Sweden totaled -10.3%. Exports to the other major destinations recorded the following average annual rates of exports growth: the United States (+21.2% per year) and the UK (+30.0% per year).

Export Prices by Country

The average silicone export price stood at $X per ton in 2021, increasing by 2.8% against the previous year. In general, the export price, however, saw a abrupt decline. The growth pace was the most rapid in 2016 when the average export price increased by 266% against the previous year. Over the period under review, the average export prices hit record highs at $X per ton in 2012; however, from 2013 to 2021, the export prices stood at a somewhat lower figure.

There were significant differences in the average prices for the major export markets. In 2021, amid the top suppliers, the country with the highest price was Azerbaijan ($X per ton), while the average price for exports to Iceland ($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 Azerbaijan (+9.3%), while the prices for the other major destinations experienced a decline.

Silicone Imports

Imports into Norway

In 2021, after three years of decline, there was significant growth in supplies from abroad of silicones (in primary forms), when their volume increased by 14% to X tons. Overall, imports, however, saw a pronounced reduction. Imports peaked at X tons in 2014; however, from 2015 to 2021, imports remained at a lower figure.

In value terms, silicone imports rose significantly to $X in 2021. In general, imports, however, saw a perceptible contraction. The growth pace was the most rapid in 2013 with an increase of 28%. Over the period under review, imports hit record highs at $X in 2014; however, from 2015 to 2021, imports stood at a somewhat lower figure.

Imports by Country

In 2021, France (X tons) constituted the largest supplier of silicone to Norway, with a 75% share of total imports. Moreover, silicone imports from France exceeded the figures recorded by the second-largest supplier, Germany (X tons), tenfold. The third position in this ranking was held by the UK (X tons), with a 4.8% share.

From 2012 to 2021, the average annual rate of growth in terms of volume from France amounted to +1.8%. The remaining supplying countries recorded the following average annual rates of imports growth: Germany (-16.3% per year) and the UK (+4.3% per year).

In value terms, France ($X) constituted the largest supplier of silicones (in primary forms) to Norway, comprising 43% of total imports. The second position in the ranking was taken by the United States ($X), with a 20% share of total imports. It was followed by Germany, with a 14% share.

From 2012 to 2021, the average annual growth rate of value from France stood at +1.1%. The remaining supplying countries recorded the following average annual rates of imports growth: the United States (+16.9% per year) and Germany (-12.8% per year).

Import Prices by Country

The average silicone import price stood at $X per ton in 2021, reducing by -2.4% against the previous year. Overall, the import price, however, continues to indicate a relatively flat trend pattern. The most prominent rate of growth was recorded in 2013 an increase of 16% against the previous year. The import price peaked at $X per ton in 2019; however, from 2020 to 2021, import prices stood at a somewhat lower figure.

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

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Denmark (+7.7%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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