Panama: Non-Electric Industrial Furnace Market 2024

Non-Electric Industrial Furnace Market Size in Panama

The Panamanian non-electric industrial furnace market skyrocketed to $X in 2022, jumping by 266% against the previous year. This figure reflects the total revenues of producers and importers (excluding logistics costs, retail marketing costs, and retailers' margins, which will be included in the final consumer price). Over the period under review, consumption continues to indicate significant growth. As a result, consumption reached the peak level of $X. From 2019 to 2022, the growth of the market failed to regain momentum.

Non-Electric Industrial Furnace Exports

Exports from Panama

In 2022, the amount of non-electric industrial or laboratory furnaces and ovens exported from Panama surged to X units, increasing by 100% compared with the previous year. Overall, exports, however, saw a deep contraction. The most prominent rate of growth was recorded in 2020 when exports increased by 160% 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 surged to $X in 2022. Over the period under review, exports, however, continue to indicate a deep downturn. The most prominent rate of growth was recorded in 2020 when exports increased by 219%. Over the period under review, the exports reached the maximum at $X in 2012; however, from 2013 to 2022, the exports stood at a somewhat lower figure.

Exports by Country

Trinidad and Tobago (X units) was the main destination for non-electric industrial furnace exports from Panama, accounting for a 50% share of total exports. Moreover, non-electric industrial furnace exports to Trinidad and Tobago exceeded the volume sent to the second major destination, Guatemala (X units), fourfold. The United States (X units) ranked third in terms of total exports with a 13% share.

From 2012 to 2022, the average annual rate of growth in terms of volume to Trinidad and Tobago was relatively modest. Exports to the other major destinations recorded the following average annual rates of exports growth: Guatemala (0.0% per year) and the United States (0.0% per year).

In value terms, the largest markets for non-electric industrial furnace exported from Panama were Guatemala ($X), Venezuela ($X) and Cuba ($X), with a combined 31% share of total exports. These countries were followed by the United States, Belize, Guyana and Trinidad and Tobago, which together accounted for a further 3.7%.

Belize, with a CAGR of +18.4%, recorded the highest rates of growth with regard to the value of exports, among 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

In 2022, the average non-electric industrial furnace export price amounted to $X per unit, waning by -28% against the previous year. In general, the export price, however, recorded prominent growth. The pace of growth appeared the most rapid in 2021 an increase of 73% against the previous year. As a result, the export price attained the peak level of $X per unit, and then dropped significantly in the following year.

There were significant differences in the average prices for the major foreign markets. In 2022, the country with the highest price was Guatemala ($X per unit), while the average price for exports to Trinidad and Tobago ($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 Bolivia (+243.1%), while the prices for the other major destinations experienced more modest paces of growth.

Non-Electric Industrial Furnace Imports

Imports into Panama

Non-electric industrial furnace imports into Panama surged to X units in 2022, increasing by 256% compared with the year before. Over the period under review, imports recorded prominent growth. The pace of growth was the most pronounced in 2018 when imports increased by 980%. As a result, imports reached the peak of X units. From 2019 to 2022, the growth of imports remained at a lower figure.

In value terms, non-electric industrial furnace imports soared to $X in 2022. Overall, imports enjoyed a significant expansion. The most prominent rate of growth was recorded in 2018 with an increase of 877% against the previous year. As a result, imports reached the peak of $X. From 2019 to 2022, the growth of imports failed to regain momentum.

Imports by Country

Argentina (X units), Colombia (X units) and the United States (X units) were the main suppliers of non-electric industrial furnace imports to Panama, with a combined 55% share of total imports. These countries were followed by Italy, South Korea, Hong Kong SAR, Japan, China, Costa Rica, the UK and Germany, which together accounted for a further 36%.

From 2012 to 2022, the most notable rate of growth in terms of purchases, amongst the main suppliers, was attained by South Korea (with a CAGR of +164.6%), while imports for the other leaders experienced more modest paces of growth.

In value terms, Argentina ($X), Colombia ($X) and South Korea ($X) were the largest non-electric industrial furnace suppliers to Panama, together comprising 59% of total imports.

In terms of the main suppliers, South Korea, with a CAGR of +113.1%, 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

In 2022, the average non-electric industrial furnace import price amounted to $X per unit, approximately reflecting the previous year. In general, the import price, however, showed a strong increase. The pace of growth appeared the most rapid in 2017 an increase of 179%. The import price peaked at $X per unit in 2019; however, from 2020 to 2022, import prices failed to regain momentum.

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

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Germany (+41.3%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform