GCC: Furnace Burner Market 2024

Furnace Burner Market Size in GCC

The GCC furnace burner market shrank markedly to $X in 2021, with a decrease of -16.5% against the previous year. Overall, consumption saw a deep contraction. Over the period under review, the market hit record highs at $X in 2013; however, from 2014 to 2021, consumption failed to regain momentum.

Furnace Burner Production in GCC

In value terms, furnace burner production expanded sharply to $X in 2021 estimated in export price. In general, production enjoyed significant growth. The most prominent rate of growth was recorded in 2017 when the production volume increased by 104,557% against the previous year. Over the period under review, production reached the peak level at $X in 2019; however, from 2020 to 2021, production remained at a lower figure.

Furnace Burner Exports

Exports in GCC

In 2021, approx. X tons of furnace burners, mechanical stokers, mechanical grates and mechanical ash dischargers were exported in GCC; rising by 68% on the previous year. Over the period under review, exports enjoyed a buoyant increase. The growth pace was the most rapid in 2019 when exports increased by 279%. Over the period under review, the exports hit record highs in 2021 and are expected to retain growth in the immediate term.

In value terms, furnace burner exports rose to $X in 2021. Overall, exports posted a resilient increase. The most prominent rate of growth was recorded in 2019 with an increase of 377% 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 lower figure.

Exports by Country

The United Arab Emirates prevails in exports structure, accounting for X tons, which was near 90% of total exports in 2021. It was distantly followed by Bahrain (X tons), committing a 5.3% share of total exports. The following exporters - Saudi Arabia (X tons) and Oman (X tons) - each reached a 4.3% share of total exports.

The United Arab Emirates was also the fastest-growing in terms of the furnace burners, mechanical stokers, mechanical grates and mechanical ash dischargers exports, with a CAGR of +11.8% from 2012 to 2021. At the same time, Bahrain (+10.2%) displayed positive paces of growth. Saudi Arabia experienced a relatively flat trend pattern. By contrast, Oman (-4.1%) illustrated a downward trend over the same period. The United Arab Emirates (+8.5 p.p.) significantly strengthened its position in terms of the total exports, while Saudi Arabia and Oman saw its share reduced by -3.4% and -5.4% from 2012 to 2021, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, the United Arab Emirates ($X) remains the largest furnace burner supplier in GCC, comprising 74% of total exports. The second position in the ranking was held by Bahrain ($X), with a 21% share of total exports. It was followed by Saudi Arabia, with a 2.6% share.

In the United Arab Emirates, furnace burner exports expanded at an average annual rate of +7.5% over the period from 2012-2021. In the other countries, the average annual rates were as follows: Bahrain (+39.5% per year) and Saudi Arabia (-5.5% per year).

Export Prices by Country

In 2021, the export price in GCC amounted to $X per ton, shrinking by -39.2% against the previous year. In general, the export price saw a slight decline. The growth pace was the most rapid in 2014 when the export price increased by 34% against the previous year. The level of export peaked at $X per ton in 2020, and then dropped sharply in the following year.

Prices varied noticeably by country of origin: amid the top suppliers, the country with the highest price was Bahrain ($X per ton), while Oman ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Bahrain (+26.6%), while the other leaders experienced mixed trends in the export price figures.

Furnace Burner Imports

Imports in GCC

In 2021, purchases abroad of furnace burners, mechanical stokers, mechanical grates and mechanical ash dischargers increased by 0.8% to X tons, rising for the second consecutive year after three years of decline. Overall, imports, however, showed a drastic downturn. The pace of growth was the most pronounced in 2016 when imports increased by 75%. Over the period under review, imports attained the maximum at X tons in 2013; however, from 2014 to 2021, imports stood at a somewhat lower figure.

In value terms, furnace burner imports fell modestly to $X in 2021. Over the period under review, imports, however, showed a noticeable descent. The most prominent rate of growth was recorded in 2016 with an increase of 66%. Over the period under review, imports attained the peak figure at $X in 2017; however, from 2018 to 2021, imports stood at a somewhat lower figure.

Imports by Country

The United Arab Emirates represented the key importing country with an import of about X tons, which recorded 64% of total imports. Saudi Arabia (X tons) held the second position in the ranking, followed by Oman (X tons), Qatar (X tons) and Bahrain (X tons). All these countries together held approx. 32% share of total imports. Kuwait (X tons) took a relatively small share of total imports.

From 2012 to 2021, average annual rates of growth with regard to furnace burner imports into the United Arab Emirates stood at -2.1%. At the same time, Bahrain (+6.6%) displayed positive paces of growth. Moreover, Bahrain emerged as the fastest-growing importer imported in GCC, with a CAGR of +6.6% from 2012-2021. By contrast, Oman (-1.3%), Qatar (-9.0%), Kuwait (-9.8%) and Saudi Arabia (-26.9%) illustrated a downward trend over the same period. The United Arab Emirates (+38 p.p.), Oman (+6.5 p.p.) and Bahrain (+4.3 p.p.) significantly strengthened its position in terms of the total imports, while Saudi Arabia saw its share reduced by -50.2% from 2012 to 2021, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, the United Arab Emirates ($X) constitutes the largest market for imported furnace burners, mechanical stokers, mechanical grates and mechanical ash dischargers in GCC, comprising 66% of total imports. The second position in the ranking was taken by Saudi Arabia ($X), with a 13% share of total imports. It was followed by Oman, with a 7.2% share.

From 2012 to 2021, the average annual rate of growth in terms of value in the United Arab Emirates totaled +3.2%. The remaining importing countries recorded the following average annual rates of imports growth: Saudi Arabia (-16.7% per year) and Oman (-4.5% per year).

Import Prices by Country

The import price in GCC stood at $X per ton in 2021, shrinking by -4.9% against the previous year. Over the period under review, the import price, however, posted a buoyant increase. The pace of growth was the most pronounced in 2014 when the import price increased by 49% against the previous year. The level of import peaked at $X per ton in 2020, and then reduced slightly in the following year.

Prices varied noticeably by country of destination: amid the top importers, the country with the highest price was Saudi Arabia ($X per ton), while Bahrain ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Saudi Arabia (+13.9%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform