Scandinavia: Oxygen Market 2024

Oxygen Market Size in Scandinavia

The Scandinavia oxygen market shrank slightly to $X in 2022, reducing by -2.5% against the previous year. The total consumption indicated a measured increase from 2012 to 2022: its value increased at an average annual rate of +2.8% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, consumption increased by +2.0% against 2020 indices. Over the period under review, the market attained the maximum level at $X in 2019; however, from 2020 to 2022, consumption failed to regain momentum.

Oxygen Production in Scandinavia

In value terms, oxygen production shrank modestly to $X in 2022 estimated in export price. Over the period under review, production continues to indicate a relatively flat trend pattern. The most prominent rate of growth was recorded in 2018 when the production volume increased by 43% against the previous year. The level of production peaked at $X in 2012; however, from 2013 to 2022, production remained at a lower figure.

Oxygen Exports

Exports in Scandinavia

In 2022, overseas shipments of oxygen were finally on the rise to reach X cubic meters after three years of decline. Overall, exports showed a relatively flat trend pattern. Over the period under review, the exports reached the maximum at X cubic meters in 2018; however, from 2019 to 2022, the exports stood at a somewhat lower figure.

In value terms, oxygen exports soared to $X in 2022. Over the period under review, exports, however, recorded a slight contraction. The most prominent rate of growth was recorded in 2017 when exports increased by 41%. Over the period under review, the exports reached the maximum at $X in 2012; however, from 2013 to 2022, the exports stood at a somewhat lower figure.

Exports by Country

Sweden was the largest exporter of oxygen in Scandinavia, with the volume of exports reaching X cubic meters, which was approx. 67% of total exports in 2022. Finland (X cubic meters) held a 27% share (based on physical terms) of total exports, which put it in second place, followed by Norway (5.8%).

Sweden was also the fastest-growing in terms of the oxygen exports, with a CAGR of +5.7% from 2012 to 2022. Finland experienced a relatively flat trend pattern. Norway (-15.0%) illustrated a downward trend over the same period. While the share of Sweden (+26 p.p.) increased significantly in terms of the total exports from 2012-2022, the share of Norway (-26 p.p.) displayed negative dynamics. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Sweden ($X) remains the largest oxygen supplier in Scandinavia, comprising 68% of total exports. The second position in the ranking was held by Finland ($X), with a 24% share of total exports.

In Sweden, oxygen exports increased at an average annual rate of +4.0% over the period from 2012-2022. In the other countries, the average annual rates were as follows: Finland (-5.9% per year) and Norway (-11.8% per year).

Export Prices by Country

In 2022, the export price in Scandinavia amounted to $X per cubic meter, with a decrease of -7.6% against the previous year. In general, the export price recorded a pronounced contraction. The pace of growth was the most pronounced in 2017 when the export price increased by 33% against the previous year. Over the period under review, the export prices attained the maximum at $X per cubic meter in 2012; however, from 2013 to 2022, the export prices failed to regain momentum.

Average prices varied somewhat amongst the major exporting countries. In 2022, amid the top suppliers, the country with the highest price was Norway ($X per cubic meter), while Finland ($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 Norway (+3.6%), while the other leaders experienced a decline in the export price figures.

Oxygen Imports

Imports in Scandinavia

In 2022, after three years of decline, there was significant growth in purchases abroad of oxygen, when their volume increased by 27% to X cubic meters. In general, imports, however, showed a abrupt decrease. Over the period under review, imports hit record highs at X cubic meters in 2012; however, from 2013 to 2022, imports remained at a lower figure.

In value terms, oxygen imports rose sharply to $X in 2022. Over the period under review, imports, however, continue to indicate a abrupt slump. The pace of growth appeared the most rapid in 2018 with an increase of 19% against the previous year. The level of import peaked at $X in 2012; however, from 2013 to 2022, imports remained at a lower figure.

Imports by Country

In 2022, Norway (X cubic meters) was the main importer of oxygen, committing 52% of total imports. Finland (X cubic meters) took the second position in the ranking, distantly followed by Sweden (X cubic meters). All these countries together held approx. 48% share of total imports.

From 2012 to 2022, the most notable rate of growth in terms of purchases, amongst the key importing countries, was attained by Finland (with a CAGR of +6.8%), while imports for the other leaders experienced a decline in the imports figures.

In value terms, Norway ($X), Sweden ($X) and Finland ($X) constituted the countries with the highest levels of imports in 2022.

Finland, with a CAGR of -4.1%, saw the highest growth rate of the value of imports, in terms of the main importing countries over the period under review, while purchases for the other leaders experienced a decline in the imports figures.

Import Prices by Country

In 2022, the import price in Scandinavia amounted to $X per cubic meter, shrinking by -15.5% against the previous year. In general, the import price, however, showed a relatively flat trend pattern. The pace of growth was the most pronounced in 2013 when the import price increased by 21% against the previous year. The level of import peaked at $X per cubic meter in 2021, and then reduced markedly in the following year.

There were significant differences in the average prices amongst the major importing countries. In 2022, amid the top importers, the country with the highest price was Sweden ($X per cubic meter), while Finland ($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 Sweden (+6.2%), while the other leaders experienced mixed trends in the import price figures.

Source: IndexBox Platform