Southern Asia: Non-Electric Industrial Furnace Market 2024

Non-Electric Industrial Furnace Market Size in Southern Asia

After three years of decline, the South Asian non-electric industrial furnace market increased by 3.3% to $X in 2022. Over the period under review, consumption, however, continues to indicate a mild reduction. The growth pace was the most rapid in 2018 with an increase of 7.3% against the previous year. Over the period under review, the market hit record highs at $X in 2013; however, from 2014 to 2022, consumption failed to regain momentum.

Non-Electric Industrial Furnace Production in Southern Asia

In value terms, non-electric industrial furnace production rose slightly to $X in 2022 estimated in export price. Overall, production, however, continues to indicate a relatively flat trend pattern. The most prominent rate of growth was recorded in 2013 when the production volume increased by 15%. As a result, production attained the peak level of $X. From 2014 to 2022, production growth remained at a lower figure.

Non-Electric Industrial Furnace Exports

Exports in Southern Asia

In 2022, after two years of decline, there was significant growth in shipments abroad of non-electric industrial or laboratory furnaces and ovens, when their volume increased by 37% to X units. In general, exports, however, recorded a deep setback. The most prominent rate of growth was recorded in 2019 when exports increased by 49%. Over the period under review, the exports attained the peak figure at X units in 2012; however, from 2013 to 2022, the exports failed to regain momentum.

In value terms, non-electric industrial furnace exports soared to $X in 2022. Overall, exports, however, recorded a abrupt shrinkage. The most prominent rate of growth was recorded in 2018 with an increase of 41% against the previous year. Over the period under review, the exports hit record highs at $X in 2012; however, from 2013 to 2022, the exports stood at a somewhat lower figure.

Exports by Country

The biggest shipments were from India (X units), together accounting for 100% of total export.

India was also the fastest-growing in terms of the non-electric industrial or laboratory furnaces and ovens exports, with a CAGR of -9.1% from 2012 to 2022. The shares of the largest exporters remained relatively stable throughout the analyzed period.

In value terms, India ($X) also remains the largest non-electric industrial furnace supplier in Southern Asia.

In India, non-electric industrial furnace exports plunged by an average annual rate of -9.0% over the period from 2012-2022.

Export Prices by Country

In 2022, the export price in Southern Asia amounted to $X per unit, declining by -12.3% against the previous year. Overall, the export price, however, showed a relatively flat trend pattern. The most prominent rate of growth was recorded in 2018 when the export price increased by 14% against the previous year. The level of export peaked at $X per unit in 2021, and then fell in the following year.

As there is only one major export destination, the average price level is determined by prices for India.

From 2012 to 2022, the rate of growth in terms of prices for India amounted to +0.1% per year.

Non-Electric Industrial Furnace Imports

Imports in Southern Asia

In 2022, non-electric industrial furnace imports in Southern Asia rose rapidly to X units, growing by 8.9% against 2021. Overall, imports, however, showed a perceptible contraction. The most prominent rate of growth was recorded in 2016 with an increase of 40% against the previous year. Over the period under review, imports hit record highs at X units in 2019; however, from 2020 to 2022, imports failed to regain momentum.

In value terms, non-electric industrial furnace imports skyrocketed to $X in 2022. Over the period under review, imports, however, continue to indicate a perceptible contraction. The pace of growth was the most pronounced in 2021 with an increase of 39% against the previous year. Over the period under review, imports hit record highs at $X in 2012; however, from 2013 to 2022, imports remained at a lower figure.

Imports by Country

India represented the major importing country with an import of about X units, which recorded 54% of total imports. It was distantly followed by Bangladesh (X units) and Sri Lanka (X units), together generating a 39% share of total imports. The following importers - Pakistan (X units), Nepal (X units) and Maldives (X units) - together made up 6.8% of total imports.

From 2012 to 2022, the biggest increases were recorded for Bangladesh (with a CAGR of +28.7%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, India ($X) constitutes the largest market for imported non-electric industrial or laboratory furnaces and ovens in Southern Asia, comprising 67% of total imports. The second position in the ranking was held by Bangladesh ($X), with a 17% share of total imports. It was followed by Sri Lanka, with a 7.1% share.

In India, non-electric industrial furnace imports decreased by an average annual rate of -6.1% over the period from 2012-2022. In the other countries, the average annual rates were as follows: Bangladesh (+21.0% per year) and Sri Lanka (+19.0% per year).

Import Prices by Country

The import price in Southern Asia stood at $X per unit in 2022, surging by 11% against the previous year. Over the period under review, the import price saw a relatively flat trend pattern. The pace of growth was the most pronounced in 2015 an increase of 16% against the previous year. As a result, import price reached the peak level of $X per unit. From 2016 to 2022, the import prices remained at a lower figure.

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

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Pakistan (+6.4%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform

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