Scandinavia: Aluminum Market 2025

Aluminum Market Size in Scandinavia

In 2021, the Scandinavia aluminum market increased by 25% to $X, rising for the second year in a row after two years of decline. Overall, consumption, however, recorded noticeable growth. The level of consumption peaked in 2021 and is likely to see gradual growth in years to come.

Aluminum Production in Scandinavia

In value terms, aluminum production soared to $X in 2021 estimated in export price. The total output value increased at an average annual rate of +3.9% from 2012 to 2021; the trend pattern indicated some noticeable fluctuations being recorded in certain years. As a result, production reached the peak level and is likely to continue growth in the immediate term.

Aluminum Exports

Exports in Scandinavia

In 2021, shipments abroad of aluminum was finally on the rise to reach X tons for the first time since 2018, thus ending a two-year declining trend. Total exports indicated pronounced growth from 2012 to 2021: its volume increased at an average annual rate of +2.2% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, exports decreased by -17.1% against 2018 indices. The growth pace was the most rapid in 2016 when exports increased by 48% against the previous year. Over the period under review, the exports reached the peak figure at X tons in 2018; however, from 2019 to 2021, the exports remained at a lower figure.

In value terms, aluminum exports surged to $X in 2021. Total exports indicated a noticeable increase from 2012 to 2021: its value increased at an average annual rate of +3.6% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. The pace of growth appeared the most rapid in 2018 when exports increased by 53%. As a result, the exports attained the peak of $X. From 2019 to 2021, the growth of the exports failed to regain momentum.

Exports by Country

Norway was the key exporting country with an export of about X tons, which amounted to 77% of total exports. Sweden (X tons) ranks second in terms of the total exports with a 16% share, followed by Iceland (5.2%).

Norway experienced a relatively flat trend pattern with regard to volume of exports of aluminum. At the same time, Iceland (+30.9%) and Sweden (+5.6%) displayed positive paces of growth. Moreover, Iceland emerged as the fastest-growing exporter exported in Scandinavia, with a CAGR of +30.9% from 2012-2021. While the share of Iceland (+4.7 p.p.) and Sweden (+4.2 p.p.) increased significantly in terms of the total exports from 2012-2021, the share of Norway (-9.4 p.p.) displayed negative dynamics.

In value terms, Norway ($X) remains the largest aluminum supplier in Scandinavia, comprising 78% of total exports. The second position in the ranking was held by Sweden ($X), with a 16% share of total exports.

In Norway, aluminum exports increased at an average annual rate of +2.3% over the period from 2012-2021. The remaining exporting countries recorded the following average annual rates of exports growth: Sweden (+7.0% per year) and Iceland (+32.7% per year).

Export Prices by Country

In 2021, the export price in Scandinavia amounted to $X per ton, picking up by 1.7% against the previous year. Over the period from 2012 to 2021, it increased at an average annual rate of +1.4%. The pace of growth was the most pronounced in 2020 an increase of 29%. Over the period under review, the export prices attained the peak figure in 2021 and is likely to continue growth in the near future.

Average prices varied noticeably amongst the major exporting countries. In 2021, the country with the highest price was Norway ($X per ton), while Iceland ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Norway (+1.5%), while the other leaders experienced more modest paces of growth.

Aluminum Imports

Imports in Scandinavia

In 2021, after two years of decline, there was significant growth in overseas purchases of aluminum, when their volume increased by 68% to X tons. Total imports indicated mild growth from 2012 to 2021: its volume increased at an average annual rate of +1.8% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. As a result, imports reached the peak and are likely to continue growth in the immediate term.

In value terms, aluminum imports surged to $X in 2021. In general, imports saw a moderate expansion. As a result, imports reached the peak and are likely to continue growth in the immediate term.

Imports by Country

Sweden (X tons) and Norway (X tons) represented the major importers of aluminum in 2021, finishing at near 46% and 36% of total imports, respectively. Denmark (X tons) held the next position in the ranking, followed by Finland (X tons). All these countries together took near 16% share of total imports. Iceland (X tons) took a relatively small share of total imports.

From 2012 to 2021, the biggest increases were recorded for Iceland (with a CAGR of +28.7%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, Sweden ($X), Norway ($X) and Denmark ($X) were the countries with the highest levels of imports in 2021, together accounting for 92% of total imports. Finland and Iceland lagged somewhat behind, together comprising a further 8.3%.

Among the main importing countries, Iceland, with a CAGR of +23.1%, recorded 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 import price in Scandinavia stood at $X per ton in 2021, rising by 38% against the previous year. Over the period from 2012 to 2021, it increased at an average annual rate of +1.9%. As a result, import price reached the peak level and is likely to continue growth in the immediate term.

Average prices varied noticeably amongst the major importing countries. In 2021, major importing countries recorded the following prices: in Finland ($X per ton) and Sweden ($X per ton), while Iceland ($X per ton) and Norway ($X per ton) were amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Finland (+2.2%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform