Norway: Synthetic Latex Rubber Market 2024

Synthetic Latex Rubber Market Size in Norway

The Norwegian synthetic latex rubber market was finally on the rise to reach $X in 2021, after two years of decline. Overall, consumption recorded a noticeable setback. As a result, consumption reached the peak level of $X. From 2014 to 2021, the growth of the market remained at a lower figure.

Synthetic Latex Rubber Production in Norway

In value terms, synthetic latex rubber production expanded notably to $X in 2021 estimated in export price. Over the period under review, production recorded a slight contraction. The pace of growth appeared the most rapid in 2013 when the production volume increased by 20%. As a result, production attained the peak level of $X. From 2014 to 2021, production growth failed to regain momentum.

Synthetic Latex Rubber Exports

Exports from Norway

In 2021, overseas shipments of synthetic latex rubber increased by 37% to X tons, rising for the second consecutive year after three years of decline. In general, total exports indicated a strong expansion from 2012 to 2021: its volume increased at an average annual rate of +9.4% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, exports increased by +58.3% against 2019 indices. As a result, the exports reached the peak and are likely to continue growth in the immediate term.

In value terms, synthetic latex rubber exports skyrocketed to $X in 2021. Overall, total exports indicated perceptible growth from 2012 to 2021: its value increased at an average annual rate of +3.2% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. The exports peaked at $X in 2017; however, from 2018 to 2021, the exports remained at a lower figure.

Exports by Country

Finland (X tons) was the main destination for synthetic latex rubber exports from Norway, with a 57% share of total exports. Moreover, synthetic latex rubber exports to Finland exceeded the volume sent to the second major destination, Sweden (X tons), twofold. The third position in this ranking was held by Denmark (X tons), with a 9% share.

From 2012 to 2021, the average annual rate of growth in terms of volume to Finland amounted to +16.0%. Exports to the other major destinations recorded the following average annual rates of exports growth: Sweden (+3.8% per year) and Denmark (+48.4% per year).

In value terms, Finland ($X), Sweden ($X) and Denmark ($X) were the largest markets for synthetic latex rubber exported from Norway worldwide, with a combined 84% share of total exports. Latvia, Lithuania and Iceland lagged somewhat behind, together accounting for a further 13%.

Lithuania, with a CAGR of +69.9%, recorded 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 synthetic latex rubber export price stood at $X per ton in 2021, rising by 4.9% against the previous year. In general, the export price, however, saw a deep slump. The pace of growth was the most pronounced in 2013 when the average export price increased by 18%. As a result, the export price attained the peak level of $X per ton. From 2014 to 2021, the average export prices remained at a lower figure.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was Iceland ($X per ton), while the average price for exports to Finland ($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 Iceland (-1.9%), while the prices for the other major destinations experienced a decline.

Synthetic Latex Rubber Imports

Imports into Norway

In 2021, overseas purchases of synthetic latex rubber increased by 13% to X tons for the first time since 2018, thus ending a two-year declining trend. In general, imports, however, showed a deep reduction. Imports peaked at X tons in 2012; however, from 2013 to 2021, imports remained at a lower figure.

In value terms, synthetic latex rubber imports surged to $X in 2021. Over the period under review, imports, however, continue to indicate a abrupt contraction. Imports peaked at $X in 2012; however, from 2013 to 2021, imports failed to regain momentum.

Imports by Country

In 2021, Sweden (X tons) constituted the largest supplier of synthetic latex rubber to Norway, with a 59% share of total imports. Moreover, synthetic latex rubber imports from Sweden exceeded the figures recorded by the second-largest supplier, Germany (X tons), fourfold. The third position in this ranking was held by Finland (X tons), with a 13% share.

From 2012 to 2021, the average annual growth rate of volume from Sweden totaled +11.5%. The remaining supplying countries recorded the following average annual rates of imports growth: Germany (-11.6% per year) and Finland (-8.9% per year).

In value terms, Sweden ($X) constituted the largest supplier of synthetic latex rubber to Norway, comprising 50% of total imports. The second position in the ranking was held by Germany ($X), with an 18% share of total imports. It was followed by Finland, with a 12% share.

From 2012 to 2021, the average annual rate of growth in terms of value from Sweden stood at +10.3%. The remaining supplying countries recorded the following average annual rates of imports growth: Germany (-9.0% per year) and Finland (-10.6% per year).

Import Prices by Country

The average synthetic latex rubber import price stood at $X per ton in 2021, with an increase of 12% against the previous year. Over the period under review, the import price, however, saw a relatively flat trend pattern. The pace of growth appeared the most rapid in 2017 when the average import price increased by 16% against the previous year. Over the period under review, average import prices reached the maximum at $X per ton in 2013; however, from 2014 to 2021, import prices remained at a 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 Italy ($X per ton), while the price for Sweden ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Italy (+5.5%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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