Latin America and the Caribbean: Non-Electric Industrial Furnace Market 2024

Non-Electric Industrial Furnace Market Size in Latin America and the Caribbean

The Latin American non-electric industrial furnace market surged to $X in 2022, growing by 41% against the previous year. Overall, consumption, however, saw a noticeable decrease. Over the period under review, the market hit record highs at $X in 2013; however, from 2014 to 2022, consumption remained at a lower figure.

Non-Electric Industrial Furnace Production in Latin America and the Caribbean

In value terms, non-electric industrial furnace production totaled $X in 2022 estimated in export price. Over the period under review, production showed a perceptible reduction. The growth pace was the most rapid in 2018 when the production volume increased by 86% against the previous year. Over the period under review, production attained the maximum level at $X in 2013; however, from 2014 to 2022, production stood at a somewhat lower figure.

Non-Electric Industrial Furnace Exports

Exports in Latin America and the Caribbean

In 2022, the amount of non-electric industrial or laboratory furnaces and ovens exported in Latin America and the Caribbean skyrocketed to X units, jumping by 19% against the previous year's figure. In general, exports posted a slight expansion. The growth pace was the most rapid in 2019 with an increase of 36% against the previous year. Over the period under review, the exports hit record highs 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 shrank to $X in 2022. Overall, exports, however, showed a relatively flat trend pattern. The pace of growth appeared the most rapid in 2019 when exports increased by 49%. Over the period under review, the exports attained the maximum at $X in 2014; however, from 2015 to 2022, the exports failed to regain momentum.

Exports by Country

Brazil represented the main exporter of non-electric industrial or laboratory furnaces and ovens in Latin America and the Caribbean, with the volume of exports accounting for X units, which was approx. 60% of total exports in 2022. Colombia (X units) held the second position in the ranking, followed by Mexico (X units), Argentina (X units) and Costa Rica (X units). All these countries together took approx. 34% share of total exports. The Dominican Republic (X units) held a relatively small share of total exports.

Exports from Brazil increased at an average annual rate of +2.4% from 2012 to 2022. At the same time, the Dominican Republic (+57.6%), Costa Rica (+37.8%) and Colombia (+4.8%) displayed positive paces of growth. Moreover, the Dominican Republic emerged as the fastest-growing exporter exported in Latin America and the Caribbean, with a CAGR of +57.6% from 2012-2022. By contrast, Argentina (-3.2%) and Mexico (-7.7%) illustrated a downward trend over the same period. From 2012 to 2022, the share of Brazil, Costa Rica, Colombia and the Dominican Republic increased by +7.2, +5.8, +3.6 and +1.8 percentage points, respectively.

In value terms, Brazil ($X) emerged as the largest non-electric industrial furnace supplier in Latin America and the Caribbean, comprising 44% of total exports. The second position in the ranking was taken by Mexico ($X), with a 16% share of total exports. It was followed by Colombia, with a 14% share.

From 2012 to 2022, the average annual growth rate of value in Brazil was relatively modest. In the other countries, the average annual rates were as follows: Mexico (-7.6% per year) and Colombia (+3.2% per year).

Export Prices by Country

In 2022, the export price in Latin America and the Caribbean amounted to $X per unit, with a decrease of -21.1% against the previous year. Overall, the export price showed a noticeable descent. The pace of growth appeared the most rapid in 2014 an increase of 14%. Over the period under review, the export prices hit record highs at $X per unit in 2020; however, from 2021 to 2022, the export prices failed to regain momentum.

Prices varied noticeably by country of origin: amid the top suppliers, the country with the highest price was the Dominican Republic ($X per unit), while Brazil ($X per unit) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Costa Rica (+0.4%), while the other leaders experienced mixed trends in the export price figures.

Non-Electric Industrial Furnace Imports

Imports in Latin America and the Caribbean

In 2022, imports of non-electric industrial or laboratory furnaces and ovens in Latin America and the Caribbean surged to X units, jumping by 156% on 2021. In general, imports recorded a relatively flat trend pattern. Over the period under review, imports reached the peak figure at X units in 2013; however, from 2014 to 2022, 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, however, continue to indicate a relatively flat trend pattern. Over the period under review, imports reached the peak figure at $X in 2014; however, from 2015 to 2022, imports stood at a somewhat lower figure.

Imports by Country

Brazil was the key importer of non-electric industrial or laboratory furnaces and ovens in Latin America and the Caribbean, with the volume of imports finishing at X units, which was near 70% of total imports in 2022. It was distantly followed by Mexico (X units) and Venezuela (X units), together mixing up a 16% share of total imports. The following importers - Argentina (X units) and Bolivia (X units) - each finished at a 4.1% share of total imports.

From 2012 to 2022, average annual rates of growth with regard to non-electric industrial furnace imports into Brazil stood at +2.9%. At the same time, Venezuela (+3.5%) and Bolivia (+3.1%) displayed positive paces of growth. Moreover, Venezuela emerged as the fastest-growing importer imported in Latin America and the Caribbean, with a CAGR of +3.5% from 2012-2022. By contrast, Mexico (-1.1%) and Argentina (-6.9%) illustrated a downward trend over the same period. From 2012 to 2022, the share of Brazil increased by +15 percentage points. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Brazil ($X), Mexico ($X) and Venezuela ($X) were the countries with the highest levels of imports in 2022, with a combined 80% share of total imports.

Among the main importing countries, Brazil, with a CAGR of +2.1%, saw the highest growth rate of the value of imports, over the period under review, while purchases for the other leaders experienced mixed trends in the imports figures.

Import Prices by Country

The import price in Latin America and the Caribbean stood at $X per unit in 2022, declining by -32.6% against the previous year. In general, the import price showed a mild descent. The growth pace was the most rapid in 2014 when the import price increased by 30% against the previous year. The level of import peaked at $X per unit in 2017; however, from 2018 to 2022, import prices stood at a somewhat lower figure.

Prices varied noticeably by country of destination: amid the top importers, the country with the highest price was Mexico ($X per unit), while Bolivia ($X per unit) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Argentina (+4.7%), while the other leaders experienced mixed trends in the import price figures.

Source: IndexBox Platform

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