Latvia: Non-Electric Industrial Furnace Market 2024

Non-Electric Industrial Furnace Market Size in Latvia

The Latvian non-electric industrial furnace market reduced remarkably to $X in 2022, with a decrease of -65.5% against the previous year. In general, consumption recorded a drastic downturn. As a result, consumption attained the peak level of $X. From 2016 to 2022, the growth of the market remained at a lower figure.

Non-Electric Industrial Furnace Production in Latvia

In value terms, non-electric industrial furnace production declined markedly to $X in 2022 estimated in export price. In general, production, however, saw a relatively flat trend pattern. The most prominent rate of growth was recorded in 2021 when the production volume increased by 74%. Over the period under review, production attained the peak level at $X in 2019; however, from 2020 to 2022, production remained at a lower figure.

Non-Electric Industrial Furnace Exports

Exports from Latvia

In 2022, non-electric industrial furnace exports from Latvia surged to X units, rising by 39% compared with the previous year's figure. In general, exports recorded a resilient increase. The pace of growth appeared the most rapid in 2017 with an increase of 566% against the previous year. The exports peaked at X units in 2020; however, from 2021 to 2022, the exports stood at a somewhat lower figure.

In value terms, non-electric industrial furnace exports surged to $X in 2022. Overall, exports continue to indicate buoyant growth. The most prominent rate of growth was recorded in 2017 when exports increased by 496% against the previous year. Over the period under review, the exports reached the peak figure at $X in 2020; however, from 2021 to 2022, the exports remained at a lower figure.

Exports by Country

Lithuania (X units), Russia (X units) and Ukraine (X units) were the main destinations of non-electric industrial furnace exports from Latvia, with a combined 86% share of total exports. The Netherlands lagged somewhat behind, accounting for a further 9.9%.

From 2012 to 2022, the biggest increases were recorded for the Netherlands (with a CAGR of +47.0%), while shipments for the other leaders experienced more modest paces of growth.

In value terms, the Netherlands ($X), Ukraine ($X) and Russia ($X) constituted the largest markets for non-electric industrial furnace exported from Latvia worldwide, with a combined 81% share of total exports.

The Netherlands, with a CAGR of +45.8%, recorded the highest rates of growth with regard to the value of exports, in terms of the main countries of destination over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Export Prices by Country

The average non-electric industrial furnace export price stood at $X per unit in 2022, growing by 38% against the previous year. Overall, the export price posted a tangible expansion. The most prominent rate of growth was recorded in 2018 an increase of 106% against the previous year. Over the period under review, the average export prices attained the peak figure in 2022 and is likely to see steady growth in years to come.

Prices varied noticeably country of destination: the country with the highest price was the Netherlands ($X per unit), while the average price for exports to Lithuania ($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 Belarus (+1,079.8%), while the prices for the other major destinations experienced more modest paces of growth.

Non-Electric Industrial Furnace Imports

Imports into Latvia

In 2022, the amount of non-electric industrial or laboratory furnaces and ovens imported into Latvia reduced rapidly to X units, waning by -69% against 2021 figures. Overall, imports saw a noticeable decrease. The pace of growth appeared the most rapid in 2017 when imports increased by 6,313% against the previous year. Over the period under review, imports hit record highs at X units in 2015; however, from 2016 to 2022, imports stood at a somewhat lower figure.

In value terms, non-electric industrial furnace imports declined notably to $X in 2022. Over the period under review, imports showed a noticeable curtailment. The most prominent rate of growth was recorded in 2017 when imports increased by 2,845% against the previous year. Imports peaked at $X in 2015; however, from 2016 to 2022, imports stood at a somewhat lower figure.

Imports by Country

In 2022, Estonia (X units) constituted the largest supplier of non-electric industrial furnace to Latvia, accounting for a 41% share of total imports. Moreover, non-electric industrial furnace imports from Estonia exceeded the figures recorded by the second-largest supplier, Germany (X units), twofold. The third position in this ranking was held by the United States (X units), with a 14% share.

From 2012 to 2022, the average annual growth rate of volume from Estonia amounted to +57.0%. The remaining supplying countries recorded the following average annual rates of imports growth: Germany (+44.2% per year) and the United States (+54.2% per year).

In value terms, the largest non-electric industrial furnace suppliers to Latvia were the United States ($X), Germany ($X) and Denmark ($X), together accounting for 71% of total imports.

In terms of the main suppliers, the United States, with a CAGR of +64.7%, saw the highest growth rate of the value of imports, over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

The average non-electric industrial furnace import price stood at $X per unit in 2022, reducing by -16.5% against the previous year. In general, the import price saw a mild curtailment. The pace of growth was the most pronounced in 2013 when the average import price increased by 70% against the previous year. Over the period under review, average import prices attained the peak figure at $X per unit in 2015; however, from 2016 to 2022, import prices remained at a lower figure.

Prices varied noticeably country of origin: the country with the highest price was Denmark ($X per unit), while the price for Estonia ($X per unit) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Armenia (+261.7%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform