Scandinavia: Silicone Market 2024

Silicone Market Size in Scandinavia

In 2021, after two years of decline, there was significant growth in the Scandinavia silicone market, when its value increased by 30% to $X. The total consumption indicated a prominent increase from 2012 to 2021: its value increased at an average annual rate of +5.7% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. As a result, consumption attained the peak level and is likely to continue growth in the immediate term.

Silicone Production in Scandinavia

In value terms, silicone production skyrocketed to $X in 2021 estimated in export price. In general, production posted a significant increase. The pace of growth appeared the most rapid in 2018 when the production volume increased by 123% against the previous year. The level of production peaked at $X in 2019; however, from 2020 to 2021, production stood at a somewhat lower figure.

Silicone Exports

Exports in Scandinavia

Silicone exports surged to X tons in 2021, growing by 42% compared with 2020 figures. Overall, exports, however, recorded a pronounced decrease. The most prominent rate of growth was recorded in 2018 when exports increased by 160% against the previous year. The volume of export peaked at X tons in 2019; however, from 2020 to 2021, the exports stood at a somewhat lower figure.

In value terms, silicone exports skyrocketed to $X in 2021. In general, exports, however, showed a mild slump. The most prominent rate of growth was recorded in 2016 when exports increased by 65% against the previous year. As a result, the exports attained the peak of $X. From 2017 to 2021, the growth of the exports remained at a somewhat lower figure.

Exports by Country

In 2021, Sweden (X tons) was the main exporter of silicones (in primary forms), comprising 67% of total exports. Norway (X tons) held a 20% share (based on physical terms) of total exports, which put it in second place, followed by Finland (13%).

Sweden was also the fastest-growing in terms of the silicones (in primary forms) exports, with a CAGR of +3.6% from 2012 to 2021. Finland (-7.1%) and Norway (-9.2%) illustrated a downward trend over the same period. Sweden (+27 p.p.) significantly strengthened its position in terms of the total exports, while Finland and Norway saw its share reduced by -7.6% and -19.3% from 2012 to 2021, respectively.

In value terms, Sweden ($X) remains the largest silicone supplier in Scandinavia, comprising 89% of total exports. The second position in the ranking was taken by Norway ($X), with a 6.6% share of total exports.

In Sweden, silicone exports increased at an average annual rate of +8.0% over the period from 2012-2021. The remaining exporting countries recorded the following average annual rates of exports growth: Norway (-22.5% per year) and Finland (-1.0% per year).

Export Prices by Country

In 2021, the export price in Scandinavia amounted to $X per ton, reducing by -10.8% against the previous year. Over the period under review, the export price, however, continues to indicate a relatively flat trend pattern. The most prominent rate of growth was recorded in 2020 an increase of 214%. The level of export peaked at $X per ton in 2016; however, from 2017 to 2021, the export prices remained at a lower figure.

Prices varied noticeably by country of origin: amid the top suppliers, the country with the highest price was Sweden ($X per ton), while Norway ($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 (+6.6%), while the other leaders experienced mixed trends in the export price figures.

Silicone Imports

Imports in Scandinavia

In 2021, after two years of decline, there was significant growth in supplies from abroad of silicones (in primary forms), when their volume increased by 32% to X tons. The total import volume increased at an average annual rate of +4.7% from 2012 to 2021; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. As a result, imports attained the peak and are likely to continue growth in the immediate term.

In value terms, silicone imports surged to $X in 2021. The total import value increased at an average annual rate of +3.1% from 2012 to 2021; however, the trend pattern remained relatively stable, with somewhat noticeable fluctuations being observed in certain years. As a result, imports attained the peak and are likely to continue growth in the immediate term.

Imports by Country

Sweden (X tons) and Finland (X tons) were the key importers of silicones (in primary forms) in 2021, amounting to approx. 46% and 38% of total imports, respectively. It was distantly followed by Norway (X tons), comprising a 15% share of total imports.

From 2012 to 2021, the most notable rate of growth in terms of purchases, amongst the key importing countries, was attained by Finland (with a CAGR of +7.4%), while imports for the other leaders experienced mixed trends in the imports figures.

In value terms, the largest silicone importing markets in Scandinavia were Sweden ($X), Finland ($X) and Norway ($X).

In terms of the main importing countries, Sweden, with a CAGR of +4.8%, saw the highest growth rate of 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, dropping by -7.3% against the previous year. In general, the import price saw a slight downturn. The most prominent rate of growth was recorded in 2019 when the import price increased by 14%. The level of import peaked at $X per ton in 2014; however, from 2015 to 2021, import prices remained at a lower figure.

Average prices varied noticeably amongst the major importing countries. In 2021, amid the top importers, the country with the highest price was Sweden ($X per ton), while Norway ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Norway (+0.7%), while the other leaders experienced a decline in the import price figures.

Source: IndexBox Platform