Kuwait: Non-Electric Industrial Furnace Market 2024

Non-Electric Industrial Furnace Exports

Exports from Kuwait

In 2022, after five years of decline, there was significant growth in shipments abroad of non-electric industrial or laboratory furnaces and ovens, when their volume increased by 156% to X units. In general, exports, however, saw a abrupt setback. The pace of growth appeared the most rapid in 2015 with an increase of 1,550% against the previous year. The exports peaked at X units in 2016; however, from 2017 to 2022, the exports failed to regain momentum.

In value terms, non-electric industrial furnace exports skyrocketed to $X in 2022. Over the period under review, exports, however, showed a noticeable contraction. The most prominent rate of growth was recorded in 2015 when exports increased by 4,234%. Over the period under review, the exports reached the maximum at $X in 2016; however, from 2017 to 2022, the exports stood at a somewhat lower figure.

Exports by Country

Saudi Arabia (X units), the United Arab Emirates (X units) and Egypt (X units) were the main destinations of non-electric industrial furnace exports from Kuwait, together accounting for 96% of total exports.

From 2012 to 2022, the most notable rate of growth in terms of shipments, amongst the main countries of destination, was attained by Saudi Arabia (with a CAGR of +6.2%), while the other leaders experienced a decline.

In value terms, the largest markets for non-electric industrial furnace exported from Kuwait were Saudi Arabia ($X), the United Arab Emirates ($X) and Egypt ($X), together comprising 100% of total exports.

In terms of the main countries of destination, Saudi Arabia, with a CAGR of +9.3%, recorded the highest rates of growth with regard to the value of exports, over the period under review, while shipments for the other leaders experienced a decline.

Export Prices by Country

The average non-electric industrial furnace export price stood at $X per unit in 2022, shrinking by -13.7% against the previous year. Over the period under review, export price indicated a mild expansion from 2012 to 2022: its price increased at an average annual rate of +1.1% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, non-electric industrial furnace export price decreased by -27.2% against 2020 indices. The pace of growth was the most pronounced in 2015 when the average export price increased by 166%. As a result, the export price attained the peak level of $X per unit. From 2016 to 2022, the average export prices failed to regain momentum.

There were significant differences in the average prices for the major export markets. In 2022, amid the top suppliers, the country with the highest price was Egypt ($X per unit), while the average price for exports to Saudi Arabia ($X per unit) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to Egypt (+14.6%), while the prices for the other major destinations experienced mixed trend patterns.

Non-Electric Industrial Furnace Imports

Imports into Kuwait

In 2022, after three years of decline, there was significant growth in purchases abroad of non-electric industrial or laboratory furnaces and ovens, when their volume increased by 130% to X units. Overall, imports enjoyed resilient growth. The pace of growth was the most pronounced in 2016 with an increase of 652%. As a result, imports attained the peak of X units. From 2017 to 2022, the growth of imports remained at a lower figure.

In value terms, non-electric industrial furnace imports soared to $X in 2022. Over the period under review, imports posted a buoyant increase. The most prominent rate of growth was recorded in 2016 with an increase of 656%. Over the period under review, imports reached the peak figure at $X in 2018; however, from 2019 to 2022, imports remained at a lower figure.

Imports by Country

In 2022, India (X units) constituted the largest supplier of non-electric industrial furnace to Kuwait, accounting for a 53% share of total imports. Moreover, non-electric industrial furnace imports from India exceeded the figures recorded by the second-largest supplier, Italy (X units), fivefold. Sweden (X units) ranked third in terms of total imports with an 11% share.

From 2012 to 2022, the average annual rate of growth in terms of volume from India stood at +50.5%. The remaining supplying countries recorded the following average annual rates of imports growth: Italy (+36.3% per year) and Sweden (+39.5% per year).

In value terms, Sweden ($X) constituted the largest supplier of non-electric industrial or laboratory furnaces and ovens to Kuwait, comprising 34% of total imports. The second position in the ranking was taken by India ($X), with a 16% share of total imports. It was followed by Italy, with a 15% share.

From 2012 to 2022, the average annual growth rate of value from Sweden totaled +50.2%. The remaining supplying countries recorded the following average annual rates of imports growth: India (+33.6% per year) and Italy (+37.7% per year).

Import Prices by Country

In 2022, the average non-electric industrial furnace import price amounted to $X per unit, which is down by -33.4% against the previous year. Overall, the import price showed a pronounced shrinkage. The growth pace was the most rapid in 2020 when the average import price increased by 68% against the previous year. 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 Germany ($X per unit), while the price for India ($X per unit) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by China (+18.4%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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