ECOWAS: Non-Electric Industrial Furnace Market 2024

Non-Electric Industrial Furnace Market Size in ECOWAS

The ECOWAS non-electric industrial furnace market reached $X in 2022, increasing by 12% against the previous year. Overall, consumption, however, recorded a slight reduction. As a result, consumption reached the peak level of $X. From 2020 to 2022, the growth of the market remained at a somewhat lower figure.

Non-Electric Industrial Furnace Production in ECOWAS

In value terms, non-electric industrial furnace production declined slightly to $X in 2022 estimated in export price. In general, production saw a noticeable reduction. The pace of growth was the most pronounced in 2018 when the production volume increased by 43% against the previous year. The level of production peaked at $X in 2013; however, from 2014 to 2022, production stood at a somewhat lower figure.

Non-Electric Industrial Furnace Exports

Exports in ECOWAS

In 2022, the amount of non-electric industrial or laboratory furnaces and ovens exported in ECOWAS reduced dramatically to X units, falling by -41.6% on the previous year's figure. Overall, exports faced a abrupt setback. The pace of growth was the most pronounced in 2021 with an increase of 438% against the previous year. Over the period under review, the exports hit record highs at X units in 2014; however, from 2015 to 2022, the exports failed to regain momentum.

In value terms, non-electric industrial furnace exports contracted notably to $X in 2022. Over the period under review, exports recorded a noticeable shrinkage. The pace of growth appeared the most rapid in 2021 when exports increased by 1,285%. Over the period under review, the exports reached the peak figure at $X in 2014; however, from 2015 to 2022, the exports remained at a lower figure.

Exports by Country

Nigeria represented the key exporter of non-electric industrial or laboratory furnaces and ovens in ECOWAS, with the volume of exports accounting for X units, which was approx. 73% of total exports in 2022. It was distantly followed by Ghana (X units), creating a 20% share of total exports. The following exporters - Senegal (X units), Cote d'Ivoire (X units) and Togo (X units) - together made up 6.4% of total exports.

Nigeria was also the fastest-growing in terms of the non-electric industrial or laboratory furnaces and ovens exports, with a CAGR of +62.2% from 2012 to 2022. Cote d'Ivoire (-11.3%), Ghana (-14.2%), Senegal (-17.2%) and Togo (-36.4%) illustrated a downward trend over the same period. Nigeria (+73 p.p.) significantly strengthened its position in terms of the total exports, while Senegal, Ghana and Togo saw its share reduced by -3%, -8.3% and -47.3% from 2012 to 2022, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Nigeria ($X) remains the largest non-electric industrial furnace supplier in ECOWAS, comprising 91% of total exports. The second position in the ranking was held by Ghana ($X), with a 3.8% share of total exports. It was followed by Senegal, with a 3.1% share.

From 2012 to 2022, the average annual rate of growth in terms of value in Nigeria totaled +85.5%. The remaining exporting countries recorded the following average annual rates of exports growth: Ghana (-13.8% per year) and Senegal (-19.2% per year).

Export Prices by Country

In 2022, the export price in ECOWAS amounted to $X per unit, declining by -8.8% against the previous year. In general, the export price, however, showed a remarkable increase. The pace of growth appeared the most rapid in 2021 when the export price increased by 157%. As a result, the export price attained the peak level of $X per unit, and then fell in the following year.

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 Nigeria ($X per unit), while Ghana ($X per unit) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Nigeria (+14.4%), while the other leaders experienced more modest paces of growth.

Non-Electric Industrial Furnace Imports

Imports in ECOWAS

In 2022, overseas purchases of non-electric industrial or laboratory furnaces and ovens increased by 17% to X units for the first time since 2019, thus ending a two-year declining trend. In general, imports saw a resilient expansion. The most prominent rate of growth was recorded in 2019 when imports increased by 212% against the previous year. As a result, imports reached the peak of X units. From 2020 to 2022, the growth of imports failed to regain momentum.

In value terms, non-electric industrial furnace imports skyrocketed to $X in 2022. Over the period under review, imports enjoyed strong growth. The most prominent rate of growth was recorded in 2019 with an increase of 211% against the previous year. As a result, imports reached the peak of $X. From 2020 to 2022, the growth of imports remained at a somewhat lower figure.

Imports by Country

Nigeria (X units) and Ghana (X units) dominates imports structure, together mixing up 83% of total imports. The following importers - Cote d'Ivoire (X units), Mali (X units), Guinea (X units) and Senegal (X units) - together made up 14% of total imports.

From 2012 to 2022, the most notable rate of growth in terms of purchases, amongst the main importing countries, was attained by Ghana (with a CAGR of +39.4%), while imports for the other leaders experienced more modest paces of growth.

In value terms, the largest non-electric industrial furnace importing markets in ECOWAS were Nigeria ($X), Ghana ($X) and Mali ($X), together comprising 87% of total imports.

Among the main importing countries, Ghana, with a CAGR of +30.1%, recorded the highest rates of growth with regard to the value of imports, over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

In 2022, the import price in ECOWAS amounted to $X per unit, surging by 24% against the previous year. Import price indicated pronounced growth from 2012 to 2022: its price increased at an average annual rate of +4.2% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, non-electric industrial furnace import price increased by +36.4% against 2020 indices. The most prominent rate of growth was recorded in 2014 an increase of 47%. Over the period under review, import prices attained the peak figure at $X per unit in 2016; however, from 2017 to 2022, import prices failed to regain momentum.

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 Guinea ($X per unit), while Cote d'Ivoire ($X per unit) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Nigeria (+9.6%), while the other leaders experienced mixed trends in the import price figures.

Source: IndexBox Platform