Costa Rica: Non-Electric Industrial Furnace Market 2024

Non-Electric Industrial Furnace Market Size in Costa Rica

In 2022, the Costa Rican non-electric industrial furnace market increased by 3.5% to $X, rising for the second consecutive year after two years of decline. In general, consumption, however, recorded a deep reduction. Non-electric industrial furnace consumption peaked at $X in 2012; however, from 2013 to 2022, consumption stood at a somewhat lower figure.

Non-Electric Industrial Furnace Production in Costa Rica

In value terms, non-electric industrial furnace production totaled $X in 2022 estimated in export price. Overall, production saw a perceptible decrease. The pace of growth appeared the most rapid in 2018 with an increase of 52% against the previous year. Non-electric industrial furnace production peaked at $X in 2012; however, from 2013 to 2022, production remained at a lower figure.

Non-Electric Industrial Furnace Exports

Exports from Costa Rica

In 2022, approx. X units of non-electric industrial or laboratory furnaces and ovens were exported from Costa Rica; almost unchanged from 2021 figures. Overall, exports showed a significant expansion. The pace of growth was the most pronounced in 2018 when exports increased by 353% against the previous year. Over the period under review, the exports reached the maximum at X units in 2020; however, from 2021 to 2022, the exports failed to regain momentum.

In value terms, non-electric industrial furnace exports fell slightly to $X in 2022. In general, exports showed a significant increase. The pace of growth appeared the most rapid in 2018 when exports increased by 293% against the previous year. Over the period under review, the exports reached the maximum at $X in 2021, and then dropped in the following year.

Exports by Country

Honduras (X units) was the main destination for non-electric industrial furnace exports from Costa Rica, accounting for a 70% share of total exports. Moreover, non-electric industrial furnace exports to Honduras exceeded the volume sent to the second major destination, Mexico (X units), sixfold. Nicaragua (X units) ranked third in terms of total exports with an 8.2% share.

From 2012 to 2022, the average annual rate of growth in terms of volume to Honduras stood at +44.4%. Exports to the other major destinations recorded the following average annual rates of exports growth: Mexico (+10.0% per year) and Nicaragua (+36.8% per year).

In value terms, the largest markets for non-electric industrial furnace exported from Costa Rica were Honduras ($X), Mexico ($X) and Nicaragua ($X), with a combined 91% share of total exports.

In terms of the main countries of destination, Mexico, with a CAGR of +237.0%, recorded the highest growth rate of the value of exports, over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Export Prices by Country

In 2022, the average non-electric industrial furnace export price amounted to $X per unit, remaining stable against the previous year. In general, the export price, however, saw a relatively flat trend pattern. The growth pace was the most rapid in 2013 when the average export price increased by 47% against the previous year. As a result, the export price reached the peak level of $X per unit. From 2014 to 2022, the average export prices remained at a lower figure.

Prices varied noticeably country of destination: the country with the highest price was Mexico ($X per unit), while the average price for exports to Panama ($X per unit) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to Mexico (+15.1%), while the prices for the other major destinations experienced more modest paces of growth.

Non-Electric Industrial Furnace Imports

Imports into Costa Rica

In 2022, supplies from abroad of non-electric industrial or laboratory furnaces and ovens increased by 19% to X units, rising for the third year in a row after three years of decline. In general, imports, however, continue to indicate a pronounced slump. The growth pace was the most rapid in 2016 with an increase of 353% against the previous year. As a result, imports attained the peak of X units. From 2017 to 2022, the growth of imports failed to regain momentum.

In value terms, non-electric industrial furnace imports amounted to $X in 2022. Over the period under review, imports, however, continue to indicate a deep contraction. The most prominent rate of growth was recorded in 2016 when imports increased by 264%. As a result, imports reached the peak of $X. From 2017 to 2022, the growth of imports remained at a somewhat lower figure.

Imports by Country

In 2022, the United States (X units) constituted the largest non-electric industrial furnace supplier to Costa Rica, with a 61% share of total imports. Moreover, non-electric industrial furnace imports from the United States exceeded the figures recorded by the second-largest supplier, Colombia (X units), fivefold. The third position in this ranking was taken by Italy (X units), with a 5.6% share.

From 2012 to 2022, the average annual rate of growth in terms of volume from the United States stood at -1.3%. The remaining supplying countries recorded the following average annual rates of imports growth: Colombia (-2.4% per year) and Italy (+3.5% per year).

In value terms, the United States ($X) constituted the largest supplier of non-electric industrial or laboratory furnaces and ovens to Costa Rica, comprising 37% of total imports. The second position in the ranking was taken by Germany ($X), with a 15% share of total imports. It was followed by Italy, with a 12% share.

From 2012 to 2022, the average annual rate of growth in terms of value from the United States stood at -12.3%. The remaining supplying countries recorded the following average annual rates of imports growth: Germany (+8.2% per year) and Italy (+8.4% per year).

Import Prices by Country

In 2022, the average non-electric industrial furnace import price amounted to $X per unit, dropping by -15.9% against the previous year. Overall, the import price continues to indicate a noticeable downturn. The pace of growth appeared the most rapid in 2017 an increase of 55%. As a result, import price attained the peak level of $X per unit. From 2018 to 2022, the average import prices remained at a somewhat lower figure.

There were significant differences in the average prices amongst the major supplying countries. In 2022, the country with the highest price was the UK ($X per unit), while the price for Colombia ($X per unit) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by the UK (+34.6%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform