Scandinavia: Market for Synthetic Organic Tanning Substances 2024

Market Size for Synthetic Organic Tanning Substances in Scandinavia

In 2021, the Scandinavia synthetic organic tanning substances market decreased by -27.5% to $X, falling for the third consecutive year after three years of growth. In general, consumption continues to indicate a noticeable downturn. Over the period under review, the market hit record highs at $X in 2018; however, from 2019 to 2021, consumption failed to regain momentum.

Production of Synthetic Organic Tanning Substances in Scandinavia

In value terms, synthetic organic tanning substances production soared to $X in 2021 estimated in export price. Over the period under review, production saw a relatively flat trend pattern. The most prominent rate of growth was recorded in 2019 with an increase of 71% against the previous year. The level of production peaked at $X in 2014; however, from 2015 to 2021, production remained at a lower figure.

Exports of Synthetic Organic Tanning Substances

Exports in Scandinavia

In 2021, the amount of synthetic organic tanning substances exported in Scandinavia soared to X tons, jumping by 18% compared with the previous year. Total exports indicated a pronounced expansion from 2012 to 2021: its volume increased at an average annual rate of +3.3% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, exports decreased by -36.9% against 2019 indices. The most prominent rate of growth was recorded in 2019 when exports increased by 24%. As a result, the exports attained the peak of X tons. From 2020 to 2021, the growth of the exports remained at a somewhat lower figure.

In value terms, synthetic organic tanning substances exports rose markedly to $X in 2021. Overall, exports showed prominent growth. The pace of growth was the most pronounced in 2018 when exports increased by 90%. Over the period under review, the exports attained the peak figure at $X in 2019; however, from 2020 to 2021, the exports failed to regain momentum.

Exports by Country

Norway represented the major exporting country with an export of around X tons, which accounted for 68% of total exports. It was distantly followed by Denmark (X tons), creating a 31% share of total exports.

Norway was also the fastest-growing in terms of the synthetic organic tanning substances exports, with a CAGR of +63.0% from 2012 to 2021. At the same time, Denmark (+12.7%) displayed positive paces of growth. While the share of Norway (+67 p.p.) and Denmark (+17 p.p.) increased significantly, the shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, the largest synthetic organic tanning substances supplying countries in Scandinavia were Norway ($X) and Denmark ($X).

Norway, with a CAGR of +65.2%, saw the highest growth rate of the value of exports, among the main exporting countries over the period under review.

Export Prices by Country

In 2021, the export price in Scandinavia amounted to $X per ton, falling by -6% against the previous year. Overall, the export price, however, continues to indicate a remarkable increase. The pace of growth was the most pronounced in 2018 an increase of 53% against the previous year. As a result, the export price reached the peak level of $X per ton. From 2019 to 2021, the export prices failed to regain momentum.

There were significant differences in the average prices amongst the major exporting countries. In 2021, the country with the highest price was Denmark ($X per ton), while Norway stood at $X per ton.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Norway (+1.4%).

Imports of Synthetic Organic Tanning Substances

Imports in Scandinavia

In 2021, supplies from abroad of synthetic organic tanning substances decreased by -24.5% to X tons, falling for the third consecutive year after three years of growth. Overall, imports showed a perceptible decline. The pace of growth was the most pronounced in 2016 when imports increased by 162%. Over the period under review, imports reached the maximum at X tons in 2018; however, from 2019 to 2021, imports stood at a somewhat lower figure.

In value terms, synthetic organic tanning substances imports declined markedly to $X in 2021. In general, imports recorded a perceptible curtailment. The growth pace was the most rapid in 2016 when imports increased by 146%. Over the period under review, imports reached the maximum at $X in 2019; however, from 2020 to 2021, imports stood at a somewhat lower figure.

Imports by Country

Sweden (X tons) and Norway (X tons) represented roughly 75% of total imports in 2021. It was distantly followed by Denmark (X tons), making up a 23% share of total imports. Finland (X tons) followed a long way behind the leaders.

From 2012 to 2021, the biggest increases were recorded for Denmark (with a CAGR of +14.6%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, Sweden ($X), Denmark ($X) and Norway ($X) were the countries with the highest levels of imports in 2021, together accounting for 97% of total imports.

Denmark, with a CAGR of +16.2%, saw the highest rates of growth with regard to the value of imports, in terms of the main importing countries over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

In 2021, the import price in Scandinavia amounted to $X per ton, with an increase of 7.7% against the previous year. Over the period under review, the import price continues to indicate a relatively flat trend pattern. The most prominent rate of growth was recorded in 2019 when the import price increased by 27%. The level of import peaked in 2021 and is expected to retain growth in the immediate term.

Prices varied noticeably country of destination: the country with the highest price was Denmark ($X per ton), while Norway ($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 (+2.3%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform