U.S. Industrial Process Furnace And Oven Market. Analysis And Forecast to 2025
U.S. Exports of Industrial Process Furnaces and Ovens Remain Stable after a Steep Decline in 2012; however, the Level Stays far below the Pre-Crisis Peaks
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The U.S. takes a 10% share (based on USD) of global industrial process furnace and oven exports, which put it in fourth place, following Germany (16%), China (13%), and Italy (12%). In 2015, U.S. exports of industrial process furnaces and ovens totaled 969 million USD, which was almost equal to the previous year's figure.
From 2007 to 2015, U.S. industrial process furnace and oven exports showed mixed dynamics. A significant drop in 2009 was followed by recovery growth over the next three years, until exports decreased again in 2012. Since 2013, exports have recorded relatively stable dynamics.
In 2015, U.S. exports of industrial process furnaces and ovens reached the pre-recession level of 2008. However, after a decline in the recent years, exports suffered a setback to a level significantly below the pre-recession peaks.
As U.S. companies worsened their positions on foreign markets, domestic manufacturers could hardly enjoy a new growth driver from overseas demand.
In 2015, China (16%), Mexico (14%), and Canada (12%) were the main destinations of U.S. industrial process furnace and oven exports. The share exported to Mexico increased by +6 percentage points, while the share sent to China illustrated negative dynamics (-6 percentage points) between 2007 and 2015.
From 2007 to 2015, the U.S. was a net exporter of industrial process furnaces and ovens. However, imports grew faster than exports on average over the period under review.
Before 2012, U.S. net exports of industrial process furnaces and ovens showed a growth trend, running a surplus of around 591 million USD in 2011. Over the years, however, that surplus has dwindled, dropping to only 32 million USD in 2015.
Source: IndexBox AI Platform
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