Hong Kong SAR, China: Non-Electric Industrial Furnace Market 2024

Non-Electric Industrial Furnace Market Size in Hong Kong SAR, China

The Hong Kong non-electric industrial furnace market dropped to $X in 2022, shrinking by -13.4% against the previous year. In general, consumption continues to indicate a abrupt slump. Over the period under review, the market reached the peak level at $X in 2013; however, from 2014 to 2022, consumption remained at a lower figure.

Non-Electric Industrial Furnace Production in Hong Kong SAR, China

In value terms, non-electric industrial furnace production declined to $X in 2022 estimated in export price. Overall, production showed a deep reduction. The pace of growth appeared the most rapid in 2018 when the production volume increased by 46%. Over the period under review, production attained the peak level at $X in 2012; however, from 2013 to 2022, production remained at a lower figure.

Non-Electric Industrial Furnace Exports

Exports from Hong Kong SAR, China

In 2022, shipments abroad of non-electric industrial or laboratory furnaces and ovens was finally on the rise to reach X units for the first time since 2018, thus ending a three-year declining trend. Overall, exports, however, faced a sharp downturn. The growth pace was the most rapid in 2018 with an increase of 233% against the previous year. The exports peaked at X units in 2012; however, from 2013 to 2022, the exports failed to regain momentum.

In value terms, non-electric industrial furnace exports rose remarkably to $X in 2022. Over the period under review, exports, however, showed a dramatic downturn. The most prominent rate of growth was recorded in 2018 when exports increased by 284% against the previous year. Over the period under review, the exports attained the maximum at $X in 2014; however, from 2015 to 2022, the exports remained at a lower figure.

Exports by Country

China (X units) was the main destination for non-electric industrial furnace exports from Hong Kong SAR, accounting for a 89% share of total exports. Moreover, non-electric industrial furnace exports to China exceeded the volume sent to the second major destination, Japan (X units), tenfold.

From 2012 to 2022, the average annual rate of growth in terms of volume to China totaled -37.8%.

In value terms, China ($X) remains the key foreign market for non-electric industrial or laboratory furnaces and ovens exports from Hong Kong SAR, comprising 90% of total exports. The second position in the ranking was held by Japan ($X), with a 10% share of total exports.

From 2012 to 2022, the average annual rate of growth in terms of value to China totaled -37.4%.

Export Prices by Country

The average non-electric industrial furnace export price stood at $X per unit in 2022, falling by -2.9% against the previous year. Overall, the export price, however, saw a relatively flat trend pattern. The growth pace was the most rapid in 2021 when the average export price increased by 31% against the previous year. As a result, the export price reached the peak level of $X per unit, and then fell in the following year.

Average prices varied noticeably for the major overseas markets. In 2022, amid the top suppliers, the country with the highest price was China ($X per unit), while the average price for exports to Japan totaled $X per unit.

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to Japan (+4.7%).

Non-Electric Industrial Furnace Imports

Imports into Hong Kong SAR, China

In 2022, imports of non-electric industrial or laboratory furnaces and ovens into Hong Kong SAR fell notably to X units, dropping by -81.9% on the previous year. In general, imports continue to indicate a dramatic downturn. The most prominent rate of growth was recorded in 2021 when imports increased by 239% against the previous year. Over the period under review, imports reached the maximum at X units in 2016; however, from 2017 to 2022, imports stood at a somewhat lower figure.

In value terms, non-electric industrial furnace imports declined markedly to $X in 2022. Over the period under review, imports faced a precipitous contraction. The most prominent rate of growth was recorded in 2021 when imports increased by 237%. Over the period under review, imports attained the maximum at $X in 2012; however, from 2013 to 2022, imports stood at a somewhat lower figure.

Imports by Country

In 2022, China (X units) constituted the largest non-electric industrial furnace supplier to Hong Kong SAR, accounting for a 83% share of total imports. Moreover, non-electric industrial furnace imports from China exceeded the figures recorded by the second-largest supplier, Spain (X units), sixfold. The third position in this ranking was held by Vietnam (X units), with a 2.7% share.

From 2012 to 2022, the average annual rate of growth in terms of volume from China stood at -25.3%. The remaining supplying countries recorded the following average annual rates of imports growth: Spain (-17.9% per year) and Vietnam (0.0% per year).

In value terms, China ($X) constituted the largest supplier of non-electric industrial or laboratory furnaces and ovens to Hong Kong SAR, comprising 83% of total imports. The second position in the ranking was taken by Spain ($X), with a 14% share of total imports. It was followed by Vietnam, with a 2.7% share.

From 2012 to 2022, the average annual growth rate of value from China totaled -23.6%. The remaining supplying countries recorded the following average annual rates of imports growth: Spain (-6.8% per year) and Vietnam (0.0% per year).

Import Prices by Country

In 2022, the average non-electric industrial furnace import price amounted to $X per unit, surging by 9.9% against the previous year. Over the last decade, it increased at an average annual rate of +2.1%. The pace of growth appeared the most rapid in 2020 an increase of 35%. Over the period under review, average import prices hit record highs in 2022 and is likely to see gradual growth in years to come.

Average prices varied noticeably amongst the major supplying countries. In 2022, amid the top importers, the countries with the highest prices were Germany ($X per unit) and Vietnam ($X per unit), while the price for Spain ($X per unit) and China ($X per unit) were amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Spain (+13.7%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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