Estonia: Non-Electric Industrial Furnace Market 2024

Non-Electric Industrial Furnace Market Size in Estonia

In 2022, the Estonian non-electric industrial furnace market increased by 51% to $X, rising for the second year in a row after two years of decline. In general, the total consumption indicated slight growth from 2012 to 2022: its value increased at an average annual rate of +1.7% 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 +115.1% against 2020 indices. As a result, consumption attained the peak level of $X. From 2017 to 2022, the growth of the market remained at a lower figure.

Non-Electric Industrial Furnace Production in Estonia

In value terms, non-electric industrial furnace production declined slightly to $X in 2022 estimated in export price. Overall, production showed a abrupt contraction. The growth pace was the most rapid in 2016 when the production volume increased by 51% against the previous year. Non-electric industrial furnace production peaked at $X in 2012; however, from 2013 to 2022, production stood at a somewhat lower figure.

Non-Electric Industrial Furnace Exports

Exports from Estonia

Non-electric industrial furnace exports from Estonia soared to X units in 2022, growing by 2,400% against 2021. Overall, exports, however, saw a deep slump. The exports peaked at X units in 2020; however, from 2021 to 2022, the exports remained at a lower figure.

In value terms, non-electric industrial furnace exports skyrocketed to $X in 2022. Over the period under review, exports posted a prominent expansion. Over the period under review, the exports reached the maximum at $X in 2020; however, from 2021 to 2022, the exports remained at a lower figure.

Exports by Country

Latvia (X units) was the main destination for non-electric industrial furnace exports from Estonia, with a 75% share of total exports. Moreover, non-electric industrial furnace exports to Latvia exceeded the volume sent to the second major destination, Lithuania (X units), fourfold. The third position in this ranking was held by Germany (X units), with a 2.7% share.

From 2012 to 2022, the average annual growth rate of volume to Latvia stood at +49.6%. Exports to the other major destinations recorded the following average annual rates of exports growth: Lithuania (+5.0% per year) and Germany (-11.8% per year).

In value terms, Lithuania ($X), Thailand ($X) and Latvia ($X) appeared to be the largest markets for non-electric industrial furnace exported from Estonia worldwide, together comprising 50% of total exports. Germany and Russia lagged somewhat behind, together comprising a further 17%.

Germany, with a CAGR of +86.1%, recorded the highest growth rate of the value of exports, in terms of the main countries of destination 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, with an increase of 497% against the previous year. Over the period under review, the export price recorded a significant expansion. As a result, the export price attained the peak level and is likely to continue growth in the immediate term.

There were significant differences in the average prices for the major external markets. In 2022, the country with the highest price was Russia ($X per unit), while the average price for exports to Latvia ($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 Germany (+113.8%), while the prices for the other major destinations experienced more modest paces of growth.

Non-Electric Industrial Furnace Imports

Imports into Estonia

In 2022, approx. X units of non-electric industrial or laboratory furnaces and ovens were imported into Estonia; with an increase of 324% on 2021. In general, imports, however, showed a noticeable curtailment. The growth pace was the most rapid in 2020 with an increase of 1,684% against the previous year. As a result, imports reached the peak of X units. From 2021 to 2022, the growth of imports remained at a lower figure.

In value terms, non-electric industrial furnace imports skyrocketed to $X in 2022. Overall, imports, however, continue to indicate a abrupt curtailment. The most prominent rate of growth was recorded in 2020 with an increase of 1,927%. Over the period under review, imports attained the peak figure at $X in 2012; however, from 2013 to 2022, imports failed to regain momentum.

Imports by Country

In 2022, the Netherlands (X units) constituted the largest non-electric industrial furnace supplier to Estonia, with a 56% share of total imports. Moreover, non-electric industrial furnace imports from the Netherlands exceeded the figures recorded by the second-largest supplier, China (X units), fivefold. The United States (X units) ranked third in terms of total imports with an 8.5% share.

From 2012 to 2022, the average annual rate of growth in terms of volume from the Netherlands totaled +67.6%. The remaining supplying countries recorded the following average annual rates of imports growth: China (+41.9% per year) and the United States (+11.4% per year).

In value terms, the Netherlands ($X) constituted the largest supplier of non-electric industrial or laboratory furnaces and ovens to Estonia, comprising 70% of total imports. The second position in the ranking was taken by Norway ($X), with an 8.7% share of total imports. It was followed by the United States, with a 5% share.

From 2012 to 2022, the average annual growth rate of value from the Netherlands totaled +73.6%. The remaining supplying countries recorded the following average annual rates of imports growth: Norway (+53.3% per year) and the United States (+6.1% per year).

Import Prices by Country

In 2022, the average non-electric industrial furnace import price amounted to $X per unit, falling by -12.5% against the previous year. Overall, the import price continues to indicate a pronounced curtailment. The pace of growth was the most pronounced in 2017 when the average import price increased by 211%. Over the period under review, average import prices attained the maximum at $X per unit in 2013; however, from 2014 to 2022, import prices remained at a lower figure.

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

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Norway (+13.0%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform