Norway: Wood Fuel Market 2024

Wood Fuel Market Size in Norway

The Norwegian wood fuel market shrank to $X in 2022, which is down by -9.8% against the previous year. In general, consumption, however, continues to indicate a perceptible shrinkage. Wood fuel consumption peaked at $X in 2013; however, from 2014 to 2022, consumption failed to regain momentum.

Wood Fuel Production in Norway

In value terms, wood fuel production reduced rapidly to $X in 2022 estimated in export price. Overall, production continues to indicate a perceptible curtailment. The pace of growth appeared the most rapid in 2018 with an increase of 77%. Over the period under review, production reached the peak level at $X in 2019; however, from 2020 to 2022, production failed to regain momentum.

Wood Fuel Exports

Exports from Norway

In 2022, the amount of wood fuel exported from Norway skyrocketed to X cubic meters, picking up by 71% on the year before. Overall, exports posted significant growth. The most prominent rate of growth was recorded in 2019 when exports increased by 264%. Over the period under review, the exports hit record highs in 2022 and are likely to see gradual growth in the immediate term.

In value terms, wood fuel exports surged to $X in 2022. In general, exports continue to indicate a significant increase. The pace of growth was the most pronounced in 2021 when exports increased by 205% against the previous year. The exports peaked in 2022 and are likely to continue growth in years to come.

Exports by Country

Denmark (X cubic meters) was the main destination for wood fuel exports from Norway, with a 77% share of total exports. Moreover, wood fuel exports to Denmark exceeded the volume sent to the second major destination, Sweden (X cubic meters), threefold.

From 2012 to 2022, the average annual growth rate of volume to Denmark totaled +123.1%. Exports to the other major destinations recorded the following average annual rates of exports growth: Sweden (+9.1% per year) and Germany (-47.2% per year).

In value terms, the largest markets for wood fuel exported from Norway were Sweden ($X), Denmark ($X) and Germany ($X), with a combined 95% share of total exports.

Among the main countries of destination, Denmark, with a CAGR of +77.3%, recorded the highest rates of growth with regard to the value of exports, over the period under review, while shipments for the other leaders experienced mixed trend patterns.

Export Prices by Country

In 2022, the average wood fuel export price amounted to $X per cubic meter, almost unchanged from the previous year. Overall, the export price, however, posted a perceptible increase. The pace of growth appeared the most rapid in 2018 when the average export price increased by 82% against the previous year. The export price peaked at $X per cubic meter in 2021, and then contracted slightly in the following year.

There were significant differences in the average prices for the major overseas markets. In 2022, amid the top suppliers, the country with the highest price was Sweden ($X per cubic meter), while the average price for exports to Denmark ($X per cubic meter) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to Sweden (+12.5%), while the prices for the other major destinations experienced mixed trend patterns.

Wood Fuel Imports

Imports into Norway

Wood fuel imports into Norway soared to X cubic meters in 2022, picking up by 23% compared with the previous year's figure. In general, imports continue to indicate a resilient increase. The pace of growth was the most pronounced in 2021 with an increase of 61%. Imports peaked in 2022 and are likely to continue growth in years to come.

In value terms, wood fuel imports soared to $X in 2022. Over the period under review, imports continue to indicate a strong expansion. The pace of growth was the most pronounced in 2021 when imports increased by 86%. Over the period under review, imports attained the maximum in 2022 and are likely to continue growth in years to come.

Imports by Country

Latvia (X cubic meters), Estonia (X cubic meters) and Sweden (X cubic meters) were the main suppliers of wood fuel imports to Norway, with a combined 82% share of total imports.

From 2012 to 2022, the biggest increases were recorded for Latvia (with a CAGR of +20.3%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, Latvia ($X), Estonia ($X) and Lithuania ($X) constituted the largest wood fuel suppliers to Norway, together accounting for 86% of total imports.

Among the main suppliers, Latvia, with a CAGR of +27.0%, saw the highest growth rate of the value of imports, over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

The average wood fuel import price stood at $X per cubic meter in 2022, rising by 49% against the previous year. Overall, import price indicated temperate growth from 2012 to 2022: its price increased at an average annual rate of +4.0% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, wood fuel import price increased by +72.3% against 2020 indices. As a result, import price reached the peak level and is likely to continue growth in the immediate term.

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 Lithuania ($X per cubic meter), while the price for Sweden ($X per cubic meter) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Latvia (+5.6%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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