Scandinavia: Market for Conveyor Or Transmission Belts Or Belting 2024

Market Size for Conveyor Or Transmission Belts Or Belting in Scandinavia

After two years of decline, the Scandinavia conveyor or transmission belt market increased by 11% to $X in 2021. The market value increased at an average annual rate of +1.1% from 2012 to 2021; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. The level of consumption peaked at $X in 2018; however, from 2019 to 2021, consumption stood at a somewhat lower figure.

Production of Conveyor Or Transmission Belts Or Belting in Scandinavia

In value terms, conveyor or transmission belt production dropped to $X in 2021 estimated in export price. Overall, production, however, continues to indicate a perceptible expansion. The pace of growth was the most pronounced in 2017 when the production volume increased by 151% against the previous year. The level of production peaked at $X in 2018; however, from 2019 to 2021, production remained at a lower figure.

Exports of Conveyor Or Transmission Belts Or Belting

Exports in Scandinavia

In 2021, shipments abroad of conveyor or transmission belts or belting increased by 19% to X tons for the first time since 2018, thus ending a two-year declining trend. Over the period under review, exports, however, recorded a noticeable shrinkage. Over the period under review, the exports attained the maximum at X tons in 2012; however, from 2013 to 2021, the exports remained at a lower figure.

In value terms, conveyor or transmission belt exports soared to $X in 2021. In general, exports continue to indicate a relatively flat trend pattern. As a result, the exports attained the peak and are likely to continue growth in the immediate term.

Exports by Country

Sweden (X tons) and Denmark (X tons) represented the main exporters of conveyor or transmission belts or belting in 2021, recording near 50% and 36% of total exports, respectively. It was distantly followed by Finland (X tons), constituting an 11% share of total exports. Norway (X tons) followed a long way behind the leaders.

From 2012 to 2021, the biggest increases were recorded for Norway (with a CAGR of +7.1%), while shipments for the other leaders experienced mixed trends in the exports figures.

In value terms, Sweden ($X) remains the largest conveyor or transmission belt supplier in Scandinavia, comprising 61% of total exports. The second position in the ranking was held by Denmark ($X), with a 24% share of total exports. It was followed by Finland, with a 13% share.

In Sweden, conveyor or transmission belt exports expanded at an average annual rate of +1.8% over the period from 2012-2021. In the other countries, the average annual rates were as follows: Denmark (+4.4% per year) and Finland (-6.8% per year).

Export Prices by Country

In 2021, the export price in Scandinavia amounted to $X per ton, rising by 7.7% against the previous year. Export price indicated a buoyant increase from 2012 to 2021: its price increased at an average annual rate of +5.3% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, conveyor or transmission belt export price increased by +53.5% against 2018 indices. The pace of growth appeared the most rapid in 2020 when the export price increased by 23% against the previous year. Over the period under review, the export prices hit record highs in 2021 and is likely to see gradual growth in years to come.

There were significant differences in the average prices amongst the major exporting countries. In 2021, amid the top suppliers, the country with the highest price was Finland ($X per ton), while Norway ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Finland (+11.8%), while the other leaders experienced more modest paces of growth.

Imports of Conveyor Or Transmission Belts Or Belting

Imports in Scandinavia

Conveyor or transmission belt imports surged to X tons in 2021, growing by 19% compared with 2020 figures. The total import volume increased at an average annual rate of +3.1% over the period from 2012 to 2021; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. The most prominent rate of growth was recorded in 2018 with an increase of 19% against the previous year. Over the period under review, imports attained the peak figure in 2021 and are expected to retain growth in years to come.

In value terms, conveyor or transmission belt imports skyrocketed to $X in 2021. Overall, imports, however, saw a relatively flat trend pattern. The level of import peaked at $X in 2013; however, from 2014 to 2021, imports stood at a somewhat lower figure.

Imports by Country

Sweden (X tons) and Finland (X tons) represented roughly 69% of total imports in 2021. It was distantly followed by Denmark (X tons) and Norway (X tons), together constituting a 30% share of total imports.

From 2012 to 2021, the most notable rate of growth in terms of purchases, amongst the main importing countries, was attained by Finland (with a CAGR of +8.3%), while imports for the other leaders experienced more modest paces of growth.

In value terms, Sweden ($X), Finland ($X) and Denmark ($X) constituted the countries with the highest levels of imports in 2021, together accounting for 85% of total imports.

In terms of the main importing countries, Finland, with a CAGR of +3.4%, saw the highest rates of growth with regard to the value of imports, over the period under review, while purchases for the other leaders experienced mixed trends in the imports figures.

Import Prices by Country

In 2021, the import price in Scandinavia amounted to $X per ton, rising by 2.5% against the previous year. In general, the import price, however, continues to indicate a perceptible setback. The most prominent rate of growth was recorded in 2017 when the import price increased by 3.7%. Over the period under review, import prices hit record highs at $X per ton in 2012; however, from 2013 to 2021, import prices remained at a lower figure.

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

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Sweden (-1.7%), while the other leaders experienced a decline in the import price figures.

Source: IndexBox Platform