Scandinavia: Linseed Oil Market 2024

Linseed Oil Market Size in Scandinavia

The Scandinavia linseed oil market soared to $X in 2022, with an increase of 117% against the previous year. In general, consumption saw strong growth. As a result, consumption reached the peak level and is likely to continue growth in the immediate term.

Linseed Oil Production in Scandinavia

In value terms, linseed oil production expanded rapidly to $X in 2022 estimated in export price. In general, production recorded a noticeable increase. The pace of growth was the most pronounced in 2014 when the production volume increased by 131%. The level of production peaked at $X in 2016; however, from 2017 to 2022, production remained at a lower figure.

Linseed Oil Exports

Exports in Scandinavia

In 2022, shipments abroad of linseed oil increased by 12% to X tons, rising for the third year in a row after two years of decline. Over the period under review, exports, however, showed a sharp slump. The most prominent rate of growth was recorded in 2020 with an increase of 56%. Over the period under review, the exports attained the peak figure at X tons in 2012; however, from 2013 to 2022, the exports remained at a lower figure.

In value terms, linseed oil exports expanded notably to $X in 2022. In general, exports, however, saw a dramatic curtailment. The most prominent rate of growth was recorded in 2017 with an increase of 40% against the previous year. Over the period under review, the exports reached the maximum at $X in 2012; however, from 2013 to 2022, the exports remained at a lower figure.

Exports by Country

In 2022, Sweden (X tons) was the largest exporter of linseed oil, generating 68% of total exports. It was distantly followed by Finland (X tons), achieving a 28% share of total exports. Norway (X tons) took a minor share of total exports.

Exports from Sweden decreased at an average annual rate of -31.1% from 2012 to 2022. At the same time, Finland (+73.7%) and Norway (+5.7%) displayed positive paces of growth. Moreover, Finland emerged as the fastest-growing exporter exported in Scandinavia, with a CAGR of +73.7% from 2012-2022. Finland (+28 p.p.) and Norway (+3.7 p.p.) significantly strengthened its position in terms of the total exports, while Sweden saw its share reduced by -31.7% from 2012 to 2022, respectively.

In value terms, Sweden ($X) remains the largest linseed oil supplier in Scandinavia, comprising 76% of total exports. The second position in the ranking was taken by Finland ($X), with a 14% share of total exports.

In Sweden, linseed oil exports plunged by an average annual rate of -26.1% over the period from 2012-2022. The remaining exporting countries recorded the following average annual rates of exports growth: Finland (+46.6% per year) and Norway (+18.1% per year).

Export Prices by Country

The export price in Scandinavia stood at $X per ton in 2022, approximately mirroring the previous year. Overall, the export price, however, recorded strong growth. The pace of growth appeared the most rapid in 2014 when the export price increased by 72% against the previous year. The level of export peaked at $X per ton in 2015; however, from 2016 to 2022, the export prices remained at a lower figure.

There were significant differences in the average prices amongst the major exporting countries. In 2022, amid the top suppliers, the country with the highest price was Norway ($X per ton), while Finland ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Norway (+11.7%), while the other leaders experienced mixed trends in the export price figures.

Linseed Oil Imports

Imports in Scandinavia

In 2022, approx. X tons of linseed oil were imported in Scandinavia; growing by 109% compared with the year before. Overall, imports recorded significant growth. The most prominent rate of growth was recorded in 2014 when imports increased by 134% against the previous year. Over the period under review, imports hit record highs in 2022 and are likely to see steady growth in the immediate term.

In value terms, linseed oil imports surged to $X in 2022. In general, imports showed a significant increase. As a result, imports attained the peak and are likely to continue growth in the immediate term.

Imports by Country

Norway dominates imports structure, resulting at X tons, which was approx. 97% of total imports in 2022. Sweden (X tons) took a little share of total imports.

Norway was also the fastest-growing in terms of the linseed oil imports, with a CAGR of +64.1% from 2012 to 2022. Sweden (-13.1%) illustrated a downward trend over the same period. Norway (+91 p.p.) significantly strengthened its position in terms of the total imports, while Sweden saw its share reduced by -85.5% from 2012 to 2022, respectively.

In value terms, Norway ($X) constitutes the largest market for imported linseed oil in Scandinavia, comprising 96% of total imports. The second position in the ranking was held by Sweden ($X), with a 3.5% share of total imports.

From 2012 to 2022, the average annual growth rate of value in Norway amounted to +57.5%.

Import Prices by Country

The import price in Scandinavia stood at $X per ton in 2022, with an increase of 20% against the previous year. Import price indicated a mild expansion from 2012 to 2022: its price increased at an average annual rate of +1.5% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. The growth pace was the most rapid in 2017 when the import price increased by 45%. The level of import peaked at $X per ton in 2018; however, from 2019 to 2022, import prices stood at a somewhat lower figure.

Average prices varied somewhat amongst the major importing countries. In 2022, amid the top importers, the country with the highest price was Sweden ($X per ton), while Norway totaled $X per ton.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Sweden (+5.6%).

Source: IndexBox Platform