Singapore: Non-Electric Industrial Furnace Market 2025

Non-Electric Industrial Furnace Market Size in Singapore

In 2022, the Singaporean non-electric industrial furnace market decreased by -33.2% to $X for the first time since 2019, thus ending a two-year rising trend. Overall, consumption, however, recorded a relatively flat trend pattern. Over the period under review, the market reached the peak level at $X in 2021, and then reduced notably in the following year.

Non-Electric Industrial Furnace Production in Singapore

In value terms, non-electric industrial furnace production declined markedly to $X in 2022 estimated in export price. Overall, production showed a abrupt setback. The growth pace was the most rapid in 2015 with an increase of 99%. As a result, production attained the peak level of $X. From 2016 to 2022, production growth remained at a lower figure.

Non-Electric Industrial Furnace Exports

Exports from Singapore

For the third consecutive year, Singapore recorded growth in shipments abroad of non-electric industrial or laboratory furnaces and ovens, which increased by 127% to X units in 2022. Overall, exports saw pronounced growth. The growth pace was the most rapid in 2018 with an increase of 252% against the previous year. The exports peaked at X units in 2015; however, from 2016 to 2022, the exports remained at a lower figure.

In value terms, non-electric industrial furnace exports soared to $X in 2022. Over the period under review, exports posted strong growth. Over the period under review, the exports hit record highs at $X in 2015; however, from 2016 to 2022, the exports failed to regain momentum.

Exports by Country

The United States (X units) was the main destination for non-electric industrial furnace exports from Singapore, with a 41% share of total exports. Moreover, non-electric industrial furnace exports to the United States exceeded the volume sent to the second major destination, Indonesia (X units), twofold. The third position in this ranking was held by Malaysia (X units), with a 16% share.

From 2012 to 2022, the average annual growth rate of volume to the United States amounted to +36.7%. Exports to the other major destinations recorded the following average annual rates of exports growth: Indonesia (-1.5% per year) and Malaysia (-1.5% per year).

In value terms, the United States ($X) remains the key foreign market for non-electric industrial or laboratory furnaces and ovens exports from Singapore, comprising 41% of total exports. The second position in the ranking was taken by Indonesia ($X), with a 19% share of total exports. It was followed by Malaysia, with a 16% share.

From 2012 to 2022, the average annual rate of growth in terms of value to the United States stood at +38.6%. Exports to the other major destinations recorded the following average annual rates of exports growth: Indonesia (-0.1% per year) and Malaysia (-0.1% per year).

Export Prices by Country

In 2022, the average non-electric industrial furnace export price amounted to $X per unit, picking up by 54% against the previous year. Over the period from 2012 to 2022, it increased at an average annual rate of +1.7%. As a result, the export price attained the peak level and is likely to continue growth in the immediate term.

Average prices varied noticeably for the major export markets. In 2022, amid the top suppliers, the highest price was recorded for prices to the Netherlands ($X per unit) and Thailand ($X per unit), while the average price for exports to Indonesia ($X per unit) and Malaysia ($X per unit) were amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to Thailand (+3.0%), while the prices for the other major destinations experienced more modest paces of growth.

Non-Electric Industrial Furnace Imports

Imports into Singapore

Non-electric industrial furnace imports into Singapore stood at X units in 2022, rising by 8.7% compared with 2021 figures. Over the period under review, imports saw a buoyant increase. The pace of growth was the most pronounced in 2017 with an increase of 186%. Imports peaked in 2022 and are likely to see gradual growth in the near future.

In value terms, non-electric industrial furnace imports stood at $X in 2022. Overall, imports showed a buoyant expansion. The most prominent rate of growth was recorded in 2017 with an increase of 197% against the previous year. Imports peaked in 2022 and are likely to see steady growth in the near future.

Imports by Country

Taiwan (Chinese) (X units), China (X units) and Japan (X units) were the main suppliers of non-electric industrial furnace imports to Singapore, together comprising 73% of total imports.

From 2012 to 2022, the most notable rate of growth in terms of purchases, amongst the main suppliers, was attained by Taiwan (Chinese) (with a CAGR of +52.3%), while imports for the other leaders experienced more modest paces of growth.

In value terms, Taiwan (Chinese) ($X), China ($X) and Japan ($X) constituted the largest non-electric industrial furnace suppliers to Singapore, together comprising 73% of total imports.

Among the main suppliers, Taiwan (Chinese), with a CAGR of +52.7%, recorded the highest rates of growth with regard to 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, therefore, remained relatively stable against the previous year. In general, the import price saw a relatively flat trend pattern. The pace of growth was the most pronounced in 2018 an increase of 14% against the previous year. As a result, import price attained the peak level of $X per unit. From 2019 to 2022, the average import prices remained at a somewhat lower figure.

Average prices varied noticeably amongst the major supplying countries. In 2022, amid the top importers, the highest price was recorded for prices from Italy ($X per unit) and Taiwan (Chinese) ($X per unit), while the price for Indonesia ($X per unit) and India ($X per unit) were amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by the United States (+0.3%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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