GCC: Market for Furnace Burners For Liquid Fuel 2024

Market Size for Furnace Burners For Liquid Fuel in GCC

In 2021, after two years of growth, there was significant decline in the GCC liquid fuel furnace burner market, when its value decreased by -11.9% to $X. Over the period under review, consumption, however, continues to indicate a strong increase. Over the period under review, the market attained the peak level at $X in 2020, and then reduced in the following year.

Production of Furnace Burners For Liquid Fuel in GCC

In value terms, liquid fuel furnace burner production reduced dramatically to $X in 2021 estimated in export price. Over the period under review, production, however, continues to indicate a resilient increase. The most prominent rate of growth was recorded in 2014 when the production volume increased by 451%. Over the period under review, production reached the maximum level at $X in 2020, and then contracted markedly in the following year.

Exports of Furnace Burners For Liquid Fuel

Exports in GCC

In 2021, liquid fuel furnace burner exports in GCC shrank rapidly to X tons, with a decrease of -88.2% compared with the previous year's figure. In general, exports faced a abrupt descent. The most prominent rate of growth was recorded in 2019 when exports increased by 553%. As a result, the exports attained the peak of X tons. From 2020 to 2021, the growth of the exports failed to regain momentum.

In value terms, liquid fuel furnace burner exports declined rapidly to $X in 2021. Over the period under review, exports recorded a abrupt decrease. The pace of growth was the most pronounced in 2019 with an increase of 212% against the previous year. As a result, the exports reached the peak of $X. From 2020 to 2021, the growth of the exports remained at a somewhat lower figure.

Exports by Country

The United Arab Emirates was the key exporter of furnace burners for liquid fuel in GCC, with the volume of exports finishing at X tons, which was near 63% of total exports in 2021. It was distantly followed by Kuwait (X tons), Oman (X tons) and Saudi Arabia (X tons), together mixing up a 36% share of total exports.

From 2012 to 2021, average annual rates of growth with regard to liquid fuel furnace burner exports from the United Arab Emirates stood at -18.9%. At the same time, Kuwait (+20.9%) and Oman (+14.2%) displayed positive paces of growth. Moreover, Kuwait emerged as the fastest-growing exporter exported in GCC, with a CAGR of +20.9% from 2012-2021. By contrast, Saudi Arabia (-4.0%) illustrated a downward trend over the same period. From 2012 to 2021, the share of Kuwait, Oman and Saudi Arabia increased by +17, +8.9 and +6.1 percentage points, respectively.

In value terms, the United Arab Emirates ($X) remains the largest liquid fuel furnace burner supplier in GCC, comprising 78% of total exports. The second position in the ranking was held by Kuwait ($X), with a 12% share of total exports. It was followed by Saudi Arabia, with a 9% share.

From 2012 to 2021, the average annual growth rate of value in the United Arab Emirates stood at -9.9%. In the other countries, the average annual rates were as follows: Kuwait (+23.0% per year) and Saudi Arabia (+0.9% per year).

Export Prices by Country

The export price in GCC stood at $X per ton in 2021, with an increase of 262% against the previous year. Overall, the export price saw a resilient increase. 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 amongst the major exporting countries. In 2021, the country with the highest price was the United Arab Emirates ($X per ton), while Oman ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by the United Arab Emirates (+11.1%), while the other leaders experienced more modest paces of growth.

Imports of Furnace Burners For Liquid Fuel

Imports in GCC

In 2021, supplies from abroad of furnace burners for liquid fuel decreased by -8.2% to X tons, falling for the third year in a row after two years of growth. In general, imports showed a abrupt curtailment. The pace of growth was the most pronounced in 2018 with an increase of 172%. The volume of import peaked at X tons in 2013; however, from 2014 to 2021, imports failed to regain momentum.

In value terms, liquid fuel furnace burner imports totaled $X in 2021. Overall, imports continue to indicate a deep downturn. The pace of growth was the most pronounced in 2018 when imports increased by 91% against the previous year. The level of import peaked at $X in 2013; however, from 2014 to 2021, imports failed to regain momentum.

Imports by Country

The United Arab Emirates represented the main importer of furnace burners for liquid fuel in GCC, with the volume of imports finishing at X tons, which was near 84% of total imports in 2021. It was distantly followed by Kuwait (X tons), mixing up a 10% share of total imports. Qatar (X tons) followed a long way behind the leaders.

The United Arab Emirates was also the fastest-growing in terms of the furnace burners for liquid fuel imports, with a CAGR of +2.9% from 2012 to 2021. Kuwait (-5.3%) and Qatar (-16.9%) illustrated a downward trend over the same period. The United Arab Emirates (+54 p.p.) and Kuwait (+2.5 p.p.) significantly strengthened its position in terms of the total imports, while Qatar saw its share reduced by -5.4% from 2012 to 2021, respectively.

In value terms, the United Arab Emirates ($X) constitutes the largest market for imported furnace burners for liquid fuel in GCC, comprising 81% of total imports. The second position in the ranking was held by Kuwait ($X), with a 16% share of total imports.

From 2012 to 2021, the average annual rate of growth in terms of value in the United Arab Emirates stood at +2.5%. In the other countries, the average annual rates were as follows: Kuwait (-2.9% per year) and Qatar (-29.4% per year).

Import Prices by Country

In 2021, the import price in GCC amounted to $X per ton, surging by 15% against the previous year. Import price indicated a slight increase from 2012 to 2021: its price increased at an average annual rate of +1.6% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, liquid fuel furnace burner import price increased by +57.2% against 2018 indices. The most prominent rate of growth was recorded in 2016 an increase of 91% against the previous year. As a result, import price attained the peak level of $X per ton. From 2017 to 2021, the import prices failed to regain momentum.

Prices varied noticeably country of destination: the country with the highest price was Kuwait ($X per ton), while Qatar ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Kuwait (+2.5%), while the other leaders experienced a decline in the import price figures.

Source: IndexBox Platform