Non-Electric Industrial Furnace Market

The global market for non-electric industrial furnaces and ovens is projected to see growth in both volume and value terms over the next eight years. Consumption is expected to increase with a CAGR of 4.9%, reaching 1.9M units by 2030. Turkey is the largest consumer and producer of non-electric industrial furnaces, with significant growth rates in both consumption and production. Imports and exports are also on the rise, with countries like China, India, and the United States playing key roles in global trade. Prices for non-electric industrial furnace exports have seen significant fluctuations over the years, with China remaining the largest supplier worldwide.

Market Forecast

Driven by increasing demand for non-electric industrial or laboratory furnaces and ovens worldwide, the market is expected to continue an upward consumption trend over the next eight-year period. Market performance is forecast to decelerate, expanding with an anticipated CAGR of +4.9% for the period from 2022 to 2030, which is projected to bring the market volume to 1.9M units by the end of 2030.

In value terms, the market is forecast to increase with an anticipated CAGR of +4.5% for the period from 2022 to 2030, which is projected to bring the market value to $49.2B (in nominal prices) by the end of 2030.

Consumption

World Consumption of Non-Electric Industrial Or Laboratory Furnaces And Ovens

Global non-electric industrial furnace consumption contracted dramatically to 1.3M units in 2022, dropping by -39.6% compared with the previous year's figure. In general, consumption, however, recorded strong growth. As a result, consumption attained the peak volume of 2.2M units, and then fell notably in the following year.

The global non-electric industrial furnace market value dropped dramatically to $34.5B in 2022, with a decrease of -47.4% 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, however, enjoyed a buoyant expansion. As a result, consumption reached the peak level of $65.6B, and then declined significantly in the following year.

Consumption By Country

Turkey (743K units) constituted the country with the largest volume of non-electric industrial furnace consumption, accounting for 56% of total volume. Moreover, non-electric industrial furnace consumption in Turkey exceeded the figures recorded by the second-largest consumer, the United States (57K units), more than tenfold. France (56K units) ranked third in terms of total consumption with a 4.3% share.

In Turkey, non-electric industrial furnace consumption increased at an average annual rate of +86.9% over the period from 2012-2022. In the other countries, the average annual rates were as follows: the United States (+15.0% per year) and France (+6.1% per year).

In value terms, Turkey ($30.3B) led the market, alone. The second position in the ranking was taken by the United States ($607M). It was followed by France.

From 2012 to 2022, the average annual growth rate of value in Turkey stood at +86.9%. In the other countries, the average annual rates were as follows: the United States (+16.3% per year) and France (+7.2% per year).

In 2022, the highest levels of non-electric industrial furnace per capita consumption was registered in Turkey (8.7 units per 1000 persons), followed by France (0.8 units per 1000 persons), Germany (0.3 units per 1000 persons) and Japan (0.3 units per 1000 persons), while the world average per capita consumption of non-electric industrial furnace was estimated at 0.2 units per 1000 persons.

From 2012 to 2022, the average annual rate of growth in terms of the non-electric industrial furnace per capita consumption in Turkey amounted to +84.4%. The remaining consuming countries recorded the following average annual rates of per capita consumption growth: France (+5.5% per year) and Germany (+3.8% per year).

Production

World Production of Non-Electric Industrial Or Laboratory Furnaces And Ovens

Global non-electric industrial furnace production dropped significantly to 1.3M units in 2022, with a decrease of -38.8% on 2021. Over the period under review, production, however, enjoyed a buoyant increase. The pace of growth was the most pronounced in 2021 with an increase of 338%. As a result, production attained the peak volume of 2.2M units, and then shrank sharply in the following year.

In value terms, non-electric industrial furnace production reached $6.1B in 2022 estimated in export price. Overall, production, however, recorded a buoyant increase. The pace of growth was the most pronounced in 2018 with an increase of 53% against the previous year. As a result, production attained the peak level of $9.3B. From 2019 to 2022, global production growth failed to regain momentum.

Production By Country

Turkey (742K units) constituted the country with the largest volume of non-electric industrial furnace production, comprising approx. 56% of total volume. Moreover, non-electric industrial furnace production in Turkey exceeded the figures recorded by the second-largest producer, China (157K units), fivefold. The United States (58K units) ranked third in terms of total production with a 4.4% share.

In Turkey, non-electric industrial furnace production increased at an average annual rate of +99.2% over the period from 2012-2022. In the other countries, the average annual rates were as follows: China (+6.7% per year) and the United States (+11.8% per year).

Imports

World Imports of Non-Electric Industrial Or Laboratory Furnaces And Ovens

In 2022, the amount of non-electric industrial or laboratory furnaces and ovens imported worldwide fell to 182K units, waning by -4.3% on 2021. In general, imports recorded a pronounced decrease. The most prominent rate of growth was recorded in 2015 when imports increased by 179% against the previous year. Over the period under review, global imports reached the peak figure at 500K units in 2013; however, from 2014 to 2022, imports failed to regain momentum.

In value terms, non-electric industrial furnace imports rose significantly to $1.6B in 2022. Overall, imports recorded a relatively flat trend pattern. The pace of growth appeared the most rapid in 2015 with an increase of 29% against the previous year. As a result, imports attained the peak of $1.8B. From 2016 to 2022, the growth of global imports remained at a somewhat lower figure.

Imports By Country

Indonesia (16K units), India (13K units), Canada (11K units), Malaysia (9.3K units), Thailand (9.1K units), Singapore (9K units), the United States (8.8K units), Bahrain (8.6K units), Myanmar (7.7K units), the Philippines (7.1K units), Mozambique (7K units) and Vietnam (6.8K units) represented roughly 63% of total imports in 2022. Mexico (6.7K units) held a relatively small share of total imports.

From 2012 to 2022, the most notable rate of growth in terms of purchases, amongst the key importing countries, was attained by Bahrain (with a CAGR of +51.0%), while imports for the other global leaders experienced more modest paces of growth.

In value terms, Indonesia ($229M) constitutes the largest market for imported non-electric industrial or laboratory furnaces and ovens worldwide, comprising 15% of global imports. The second position in the ranking was taken by Vietnam ($95M), with a 6.1% share of global imports. It was followed by Mexico, with a 3.3% share.

In Indonesia, non-electric industrial furnace imports increased at an average annual rate of +17.7% over the period from 2012-2022. The remaining importing countries recorded the following average annual rates of imports growth: Vietnam (+11.1% per year) and Mexico (+1.4% per year).

Import Prices By Country

In 2022, the average non-electric industrial furnace import price amounted to $8,619 per unit, with an increase of 17% against the previous year. Over the period under review, the import price posted a pronounced expansion. The most prominent rate of growth was recorded in 2014 an increase of 128%. Over the period under review, average import prices reached the peak figure at $9,314 per unit in 2020; however, from 2021 to 2022, import prices remained at a 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 Indonesia ($13,935 per unit), while Bahrain ($23 per unit) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Mexico (+8.9%), while the other global leaders experienced more modest paces of growth.

Exports

World Exports of Non-Electric Industrial Or Laboratory Furnaces And Ovens

In 2022, overseas shipments of non-electric industrial or laboratory furnaces and ovens increased by 15% to 179K units, rising for the second consecutive year after two years of decline. Over the period under review, exports, however, showed a slight descent. The pace of growth appeared the most rapid in 2015 when exports increased by 108% against the previous year. Over the period under review, the global exports reached the peak figure at 462K units in 2018; however, from 2019 to 2022, the exports stood at a somewhat lower figure.

In value terms, non-electric industrial furnace exports soared to $1.3B in 2022. The total export value increased at an average annual rate of +1.2% over the period from 2012 to 2022; however, the trend pattern remained consistent, with somewhat noticeable fluctuations being observed in certain years. As a result, the exports attained the peak and are likely to continue growth in the immediate term.

Exports By Country

In 2022, China (113K units) was the key exporter of non-electric industrial or laboratory furnaces and ovens, achieving 63% of total exports. India (20K units) took an 11% share (based on physical terms) of total exports, which put it in second place, followed by the United States (5.5%). The following exporters - Italy (6.1K units) and Japan (5.3K units) - each finished at a 6.4% share of total exports.

Exports from China increased at an average annual rate of +9.2% from 2012 to 2022. At the same time, India (+14.2%) and the United States (+2.5%) displayed positive paces of growth. Moreover, India emerged as the fastest-growing exporter exported in the world, with a CAGR of +14.2% from 2012-2022. By contrast, Italy (-7.6%) and Japan (-9.3%) illustrated a downward trend over the same period. China (+40 p.p.), India (+8.6 p.p.) and the United States (+1.7 p.p.) significantly strengthened its position in terms of the global exports, while Italy and Japan saw its share reduced by -3.3% and -4.1% from 2012 to 2022, respectively.

In value terms, China ($633M) remains the largest non-electric industrial furnace supplier worldwide, comprising 49% of global exports. The second position in the ranking was held by Italy ($134M), with a 10% share of global exports. It was followed by the United States, with a 6.9% share.

From 2012 to 2022, the average annual rate of growth in terms of value in China amounted to +9.4%. The remaining exporting countries recorded the following average annual rates of exports growth: Italy (-2.2% per year) and the United States (+2.6% per year).

Export Prices By Country

The average non-electric industrial furnace export price stood at $7,179 per unit in 2022, growing by 9.7% against the previous year. Over the period under review, the export price posted pronounced growth. The pace of growth was the most pronounced in 2020 when the average export price increased by 139%. As a result, the export price attained the peak level of $9,490 per unit. From 2021 to 2022, the average export prices remained at a lower figure.

There were significant differences in the average prices amongst the major exporting countries. In 2022, amid the top suppliers, the country with the highest price was Italy ($22,085 per unit), while India ($223 per unit) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Italy (+5.8%), while the other global leaders experienced more modest paces of growth.

Source: IndexBox Market Intelligence Platform