Western Africa: Non-Electric Industrial Furnace Market 2024

Non-Electric Industrial Furnace Market Size in Western Africa

The West African non-electric industrial furnace market totaled $X in 2022, surging by 12% against the previous year. Overall, consumption, however, showed a slight downturn. As a result, consumption reached the peak level of $X. From 2020 to 2022, the growth of the market remained at a lower figure.

Non-Electric Industrial Furnace Production in Western Africa

In value terms, non-electric industrial furnace production declined slightly to $X in 2022 estimated in export price. Over the period under review, production showed a pronounced descent. The pace of growth appeared the most rapid in 2018 with an increase of 43%. The level of production peaked at $X in 2013; however, from 2014 to 2022, production remained at a lower figure.

Non-Electric Industrial Furnace Exports

Exports in Western Africa

In 2022, the amount of non-electric industrial or laboratory furnaces and ovens exported in Western Africa declined sharply to X units, which is down by -41.6% on 2021 figures. In general, exports showed a deep reduction. The most prominent rate of growth was recorded in 2021 when exports increased by 438% against the previous year. The volume of export peaked at X units in 2014; however, from 2015 to 2022, the exports failed to regain momentum.

In value terms, non-electric industrial furnace exports dropped sharply to $X in 2022. Overall, exports saw a noticeable slump. The most prominent rate of growth was recorded in 2021 with an increase of 1,285%. The level of export peaked at $X in 2014; however, from 2015 to 2022, the exports failed to regain momentum.

Exports by Country

Nigeria represented the largest exporting country with an export of about X units, which reached 73% of total exports. It was distantly followed by Ghana (X units), making up a 20% share of total exports. The following exporters - Senegal (X units), Cote d'Ivoire (X units) and Togo (X units) - together made up 6.4% of total exports.

Nigeria was also the fastest-growing in terms of the non-electric industrial or laboratory furnaces and ovens exports, with a CAGR of +62.2% from 2012 to 2022. Cote d'Ivoire (-11.3%), Ghana (-14.2%), Senegal (-17.2%) and Togo (-36.4%) illustrated a downward trend over the same period. Nigeria (+73 p.p.) significantly strengthened its position in terms of the total exports, while Senegal, Ghana and Togo saw its share reduced by -3%, -8.3% and -47.3% from 2012 to 2022, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Nigeria ($X) remains the largest non-electric industrial furnace supplier in Western Africa, comprising 91% of total exports. The second position in the ranking was taken by Ghana ($X), with a 3.8% share of total exports. It was followed by Senegal, with a 3.1% share.

From 2012 to 2022, the average annual growth rate of value in Nigeria amounted to +85.5%. In the other countries, the average annual rates were as follows: Ghana (-13.8% per year) and Senegal (-19.2% per year).

Export Prices by Country

In 2022, the export price in Western Africa amounted to $X per unit, which is down by -8.8% against the previous year. Over the period under review, the export price, however, enjoyed a buoyant increase. The most prominent rate of growth was recorded in 2021 when the export price increased by 157%. As a result, the export price attained the peak level of $X per unit, and then declined in the following year.

Prices varied noticeably by country of origin: amid the top suppliers, the country with the highest price was Nigeria ($X per unit), while Ghana ($X per unit) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Nigeria (+14.4%), while the other leaders experienced more modest paces of growth.

Non-Electric Industrial Furnace Imports

Imports in Western Africa

In 2022, overseas purchases of non-electric industrial or laboratory furnaces and ovens increased by 17% to X units for the first time since 2019, thus ending a two-year declining trend. Overall, imports posted buoyant growth. The most prominent rate of growth was recorded in 2019 with an increase of 210%. As a result, imports reached the peak of X units. From 2020 to 2022, the growth of imports remained at a somewhat lower figure.

In value terms, non-electric industrial furnace imports skyrocketed to $X in 2022. Over the period under review, imports showed a buoyant increase. The most prominent rate of growth was recorded in 2019 when imports increased by 211% against the previous year. As a result, imports attained the peak of $X. From 2020 to 2022, the growth of imports remained at a somewhat lower figure.

Imports by Country

Nigeria (X units) and Ghana (X units) prevails in imports structure, together making up 82% of total imports. Cote d'Ivoire (X units), Mali (X units), Guinea (X units) and Senegal (X units) followed a long way behind the leaders.

From 2012 to 2022, the biggest increases were recorded for Ghana (with a CAGR of +39.4%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, Nigeria ($X), Ghana ($X) and Mali ($X) were the countries with the highest levels of imports in 2022, together accounting for 86% of total imports.

Ghana, with a CAGR of +30.1%, saw the highest growth rate of the value of imports, in terms of the main importing countries over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

In 2022, the import price in Western Africa amounted to $X per unit, picking up by 24% against the previous year. Import price indicated pronounced growth from 2012 to 2022: its price increased at an average annual rate of +3.6% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, non-electric industrial furnace import price increased by +35.6% against 2020 indices. The pace of growth was the most pronounced in 2014 when the import price increased by 48%. Over the period under review, import prices hit record highs at $X per unit in 2016; however, from 2017 to 2022, import prices stood at a somewhat lower figure.

There were significant differences in the average prices amongst the major importing countries. In 2022, amid the top importers, the country with the highest price was Guinea ($X per unit), while Cote d'Ivoire ($X per unit) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Nigeria (+9.6%), while the other leaders experienced mixed trends in the import price figures.

Source: IndexBox Platform

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