Serbia: Non-Electric Industrial Furnace Market 2024

Non-Electric Industrial Furnace Market Size in Serbia

The Serbian non-electric industrial furnace market expanded rapidly to $X in 2022, with an increase of 12% against the previous year. Overall, consumption, however, faced a abrupt decline. As a result, consumption attained the peak level of $X. From 2021 to 2022, the growth of the market remained at a lower figure.

Non-Electric Industrial Furnace Production in Serbia

In value terms, non-electric industrial furnace production dropped rapidly to $X in 2022 estimated in export price. In general, production recorded a deep downturn. The pace of growth was the most pronounced in 2018 with an increase of 19%. Over the period under review, production hit record highs at $X in 2012; however, from 2013 to 2022, production remained at a lower figure.

Non-Electric Industrial Furnace Exports

Exports from Serbia

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 2019, thus ending a two-year declining trend. Over the period under review, exports posted a strong expansion. The growth pace was the most rapid in 2013 with an increase of 1,003% against the previous year. The exports peaked at X units in 2019; however, from 2020 to 2022, the exports failed to regain momentum.

In value terms, non-electric industrial furnace exports soared to $X in 2022. Overall, exports, however, continue to indicate a abrupt decline. The growth pace was the most rapid in 2019 with an increase of 405%. As a result, the exports attained the peak of $X. From 2020 to 2022, the growth of the exports remained at a lower figure.

Exports by Country

Bosnia and Herzegovina (X units) was the main destination for non-electric industrial furnace exports from Serbia, accounting for a 86% share of total exports. Moreover, non-electric industrial furnace exports to Bosnia and Herzegovina exceeded the volume sent to the second major destination, Croatia (X units), more than tenfold.

From 2012 to 2022, the average annual growth rate of volume to Bosnia and Herzegovina totaled +23.8%. Exports to the other major destinations recorded the following average annual rates of exports growth: Croatia (-3.1% per year) and Slovenia (+49.5% per year).

In value terms, Bosnia and Herzegovina ($X) emerged as the key foreign market for non-electric industrial or laboratory furnaces and ovens exports from Serbia, comprising 58% of total exports. The second position in the ranking was held by Croatia ($X), with a 27% share of total exports.

From 2012 to 2022, the average annual growth rate of value to Bosnia and Herzegovina amounted to +26.1%. Exports to the other major destinations recorded the following average annual rates of exports growth: Croatia (+12.3% per year) and Slovenia (+46.4% per year).

Export Prices by Country

In 2022, the average non-electric industrial furnace export price amounted to $X per unit, with a decrease of -24.9% against the previous year. Overall, the export price continues to indicate a abrupt decline. The growth pace was the most rapid in 2017 when the average export price increased by 137%. The export price peaked at $X per unit in 2012; however, from 2013 to 2022, the export prices failed to regain momentum.

There were significant differences in the average prices for the major foreign markets. In 2022, the country with the highest price was Croatia ($X per unit), while the average price for exports to Bosnia and Herzegovina ($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 Turkey (+241.3%), while the prices for the other major destinations experienced more modest paces of growth.

Non-Electric Industrial Furnace Imports

Imports into Serbia

In 2022, non-electric industrial furnace imports into Serbia surged to X units, growing by 153% on 2021. Overall, imports showed a strong expansion. The growth pace was the most rapid in 2020 when imports increased by 1,231%. As a result, imports attained the peak of X units. From 2021 to 2022, the growth of imports remained at a somewhat lower figure.

In value terms, non-electric industrial furnace imports surged to $X in 2022. In general, imports saw a prominent expansion. The pace of growth was the most pronounced in 2020 when imports increased by 811%. As a result, imports attained the peak of $X. From 2021 to 2022, the growth of imports remained at a somewhat lower figure.

Imports by Country

In 2022, China (X units) constituted the largest supplier of non-electric industrial furnace to Serbia, with a 86% share of total imports. Moreover, non-electric industrial furnace imports from China exceeded the figures recorded by the second-largest supplier, Bosnia and Herzegovina (X units), ninefold.

From 2012 to 2022, the average annual growth rate of volume from China totaled +157.8%. The remaining supplying countries recorded the following average annual rates of imports growth: Bosnia and Herzegovina (-0.3% per year) and Italy (-6.2% per year).

In value terms, China ($X) constituted the largest supplier of non-electric industrial or laboratory furnaces and ovens to Serbia, comprising 74% of total imports. The second position in the ranking was held by Bosnia and Herzegovina ($X), with an 8.7% share of total imports.

From 2012 to 2022, the average annual rate of growth in terms of value from China stood at +178.8%. The remaining supplying countries recorded the following average annual rates of imports growth: Bosnia and Herzegovina (+4.0% per year) and Italy (+1.8% per year).

Import Prices by Country

The average non-electric industrial furnace import price stood at $X per unit in 2022, which is down by -3.1% against the previous year. Overall, the import price continues to indicate a pronounced decrease. The pace of growth was the most pronounced in 2021 when the average import price increased by 118%. Over the period under review, average import prices attained the maximum at $X per unit in 2018; however, from 2019 to 2022, import prices failed to regain momentum.

There were significant differences in the average prices amongst the major supplying countries. In 2022, the country with the highest price was Italy ($X per unit), while the price for China ($X per unit) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by France (+27.8%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform