GCC: Non-Electric Industrial Furnace Market 2024

Non-Electric Industrial Furnace Market Size in GCC

The GCC non-electric industrial furnace market expanded notably to $X in 2022, surging by 14% against the previous year. In general, consumption continues to indicate a remarkable increase. Over the period under review, the market hit record highs at $X in 2020; however, from 2021 to 2022, consumption stood at a somewhat lower figure.

Non-Electric Industrial Furnace Production in GCC

In value terms, non-electric industrial furnace production rose markedly to $X in 2022 estimated in export price. Over the period under review, production, however, saw a resilient expansion. The most prominent rate of growth was recorded in 2017 when the production volume increased by 192%. The level of production peaked at $X in 2020; however, from 2021 to 2022, production stood at a somewhat lower figure.

Non-Electric Industrial Furnace Exports

Exports in GCC

In 2022, after two years of growth, there was significant decline in overseas shipments of non-electric industrial or laboratory furnaces and ovens, when their volume decreased by -37.8% to X units. In general, exports recorded a pronounced decline. The growth pace was the most rapid in 2021 when exports increased by 260% against the previous year. Over the period under review, the exports attained the peak figure at X units in 2013; however, from 2014 to 2022, the exports remained at a lower figure.

In value terms, non-electric industrial furnace exports contracted notably to $X in 2022. Over the period under review, exports recorded a deep setback. The growth pace was the most rapid in 2021 with an increase of 168% against the previous year. The level of export peaked at $X in 2013; however, from 2014 to 2022, the exports stood at a somewhat lower figure.

Exports by Country

The United Arab Emirates prevails in exports structure, recording X units, which was near 96% of total exports in 2022. Bahrain (X units) held a little share of total exports.

From 2012 to 2022, average annual rates of growth with regard to non-electric industrial furnace exports from the United Arab Emirates stood at -1.8%. At the same time, Bahrain (+35.3%) displayed positive paces of growth. Moreover, Bahrain emerged as the fastest-growing exporter exported in GCC, with a CAGR of +35.3% from 2012-2022. The United Arab Emirates (+7 p.p.) and Bahrain (+3.2 p.p.) significantly strengthened its position in terms of the total exports, while the shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, the United Arab Emirates ($X) remains the largest non-electric industrial furnace supplier in GCC, comprising 86% of total exports. The second position in the ranking was taken by Bahrain ($X), with a 9.2% share of total exports.

In the United Arab Emirates, non-electric industrial furnace exports shrank by an average annual rate of -5.0% over the period from 2012-2022.

Export Prices by Country

The export price in GCC stood at $X per unit in 2022, picking up by 10% against the previous year. In general, the export price, however, continues to indicate a noticeable setback. The most prominent rate of growth was recorded in 2018 an increase of 106% against the previous year. As a result, the export price reached the peak level of $X per unit. From 2019 to 2022, the export prices remained at a lower figure.

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 Bahrain ($X per unit), while the United Arab Emirates amounted to $X per unit.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Bahrain (+1.3%).

Non-Electric Industrial Furnace Imports

Imports in GCC

In 2022, approx. X units of non-electric industrial or laboratory furnaces and ovens were imported in GCC; jumping by 25% against 2021. In general, imports showed a resilient increase. The most prominent rate of growth was recorded in 2016 when imports increased by 145% against the previous year. Over the period under review, imports reached the peak figure at X units in 2020; however, from 2021 to 2022, imports remained at a lower figure.

In value terms, non-electric industrial furnace imports declined to $X in 2022. Over the period under review, imports, however, continue to indicate a perceptible decrease. The most prominent rate of growth was recorded in 2020 with an increase of 60% against the previous year. The level of import peaked at $X in 2014; however, from 2015 to 2022, imports failed to regain momentum.

Imports by Country

The United Arab Emirates represented the main importer of non-electric industrial or laboratory furnaces and ovens in GCC, with the volume of imports accounting for X units, which was approx. 74% of total imports in 2022. Oman (X units) held a 16% share (based on physical terms) of total imports, which put it in second place, followed by Kuwait (8%).

The United Arab Emirates was also the fastest-growing in terms of the non-electric industrial or laboratory furnaces and ovens imports, with a CAGR of +21.8% from 2012 to 2022. At the same time, Kuwait (+18.7%) and Oman (+4.6%) displayed positive paces of growth. The United Arab Emirates (+43 p.p.) and Kuwait (+3.7 p.p.) significantly strengthened its position in terms of the total imports, while Oman saw its share reduced by -14.8% from 2012 to 2022, respectively.

In value terms, the United Arab Emirates ($X) constitutes the largest market for imported non-electric industrial or laboratory furnaces and ovens in GCC, comprising 23% of total imports. The second position in the ranking was taken by Oman ($X), with an 8.2% share of total imports.

From 2012 to 2022, the average annual growth rate of value in the United Arab Emirates amounted to +7.2%. The remaining importing countries recorded the following average annual rates of imports growth: Oman (+3.8% per year) and Kuwait (+12.9% per year).

Import Prices by Country

In 2022, the import price in GCC amounted to $X per unit, which is down by -29.7% against the previous year. Over the period under review, the import price showed a drastic downturn. The pace of growth appeared the most rapid in 2018 an increase of 103%. Over the period under review, import prices reached the peak figure at $X per unit in 2012; however, from 2013 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 Oman ($X per unit), while the United Arab Emirates ($X per unit) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Oman (-0.8%), while the other leaders experienced a decline in the import price figures.

Source: IndexBox Platform