Ghana: Non-Electric Industrial Furnace Market 2024

Non-Electric Industrial Furnace Market Size in Ghana

The Ghanian non-electric industrial furnace market fell to $X in 2022, waning by -5.1% against the previous year. Over the period under review, consumption recorded a deep contraction. Over the period under review, the market reached the maximum level at $X in 2013; however, from 2014 to 2022, consumption failed to regain momentum.

Non-Electric Industrial Furnace Production in Ghana

In value terms, non-electric industrial furnace production contracted remarkably to $X in 2022 estimated in export price. Overall, production showed a abrupt slump. The pace of growth was the most pronounced in 2013 with an increase of 22% against the previous year. As a result, production attained the peak level of $X. From 2014 to 2022, production growth remained at a somewhat lower figure.

Non-Electric Industrial Furnace Exports

Exports from Ghana

In 2022, shipments abroad of non-electric industrial or laboratory furnaces and ovens was finally on the rise to reach X units after five years of decline. Over the period under review, exports, however, faced a deep setback. The growth pace was the most rapid in 2016 when exports increased by 553% against the previous year. As a result, the exports attained the peak of X units. From 2017 to 2022, the growth of the exports failed to regain momentum.

In value terms, non-electric industrial furnace exports expanded notably to $X in 2022. Overall, exports, however, recorded a drastic downturn. The most prominent rate of growth was recorded in 2014 when exports increased by 196%. The exports peaked at $X in 2015; however, from 2016 to 2022, the exports remained at a lower figure.

Exports by Country

Cote d'Ivoire (X units) was the main destination for non-electric industrial furnace exports from Ghana, accounting for a 94% share of total exports. Moreover, non-electric industrial furnace exports to Cote d'Ivoire exceeded the volume sent to the second major destination, Burkina Faso (X units), more than tenfold.

From 2012 to 2022, the average annual rate of growth in terms of volume to Cote d'Ivoire stood at +6.5%.

In value terms, Cote d'Ivoire ($X) remains the key foreign market for non-electric industrial or laboratory furnaces and ovens exports from Ghana, comprising 98% of total exports. The second position in the ranking was held by Burkina Faso ($X), with a 1.8% share of total exports.

From 2012 to 2022, the average annual growth rate of value to Cote d'Ivoire stood at +4.8%.

Export Prices by Country

The average non-electric industrial furnace export price stood at $X per unit in 2022, growing by 10% against the previous year. Overall, the export price showed a relatively flat trend pattern. The pace of growth was the most pronounced in 2015 an increase of 961%. As a result, the export price reached the peak level of $X per unit. From 2016 to 2022, the average export prices failed to regain momentum.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was Cote d'Ivoire ($X per unit), while the average price for exports to Burkina Faso stood at $X per unit.

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to Cote d'Ivoire (-1.6%), while the prices for the other major destinations experienced a decline.

Non-Electric Industrial Furnace Imports

Imports into Ghana

In 2022, overseas purchases of non-electric industrial or laboratory furnaces and ovens decreased by -4.6% to X units, falling for the second consecutive year after four years of growth. In general, imports, however, recorded a significant increase. The growth pace was the most rapid in 2014 with an increase of 655% against the previous year. Imports peaked at X units in 2020; however, from 2021 to 2022, imports failed to regain momentum.

In value terms, non-electric industrial furnace imports skyrocketed to $X in 2022. Over the period under review, imports, however, posted significant growth. The pace of growth was the most pronounced in 2014 when imports increased by 470%. Over the period under review, imports hit record highs at $X in 2020; however, from 2021 to 2022, imports failed to regain momentum.

Imports by Country

In 2022, Spain (X units) constituted the largest non-electric industrial furnace supplier to Ghana, accounting for a 65% share of total imports. Moreover, non-electric industrial furnace imports from Spain exceeded the figures recorded by the second-largest supplier, China (X units), fourfold. South Africa (X units) ranked third in terms of total imports with a 4.9% share.

From 2012 to 2022, the average annual growth rate of volume from Spain stood at +22.1%. The remaining supplying countries recorded the following average annual rates of imports growth: China (+43.1% per year) and South Africa (+33.1% per year).

In value terms, Spain ($X) constituted the largest supplier of non-electric industrial or laboratory furnaces and ovens to Ghana, comprising 69% of total imports. The second position in the ranking was taken by Italy ($X), with a 4.1% share of total imports. It was followed by South Africa, with a 2.7% share.

From 2012 to 2022, the average annual growth rate of value from Spain totaled +35.3%. The remaining supplying countries recorded the following average annual rates of imports growth: Italy (+19.2% per year) and South Africa (+20.1% per year).

Import Prices by Country

The average non-electric industrial furnace import price stood at $X per unit in 2022, rising by 22% against the previous year. Over the period under review, the import price, however, saw a abrupt contraction. The growth pace was the most rapid in 2018 when the average import price increased by 32%. The import price peaked at $X per unit in 2012; however, from 2013 to 2022, import prices stood at a somewhat lower figure.

Prices varied noticeably by country of origin: amid the top importers, the country with the highest price was Spain ($X per unit), while the price for China ($X per unit) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Spain (+10.8%), while the prices for the other major suppliers experienced a decline.

Source: IndexBox Platform

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