Latin America and the Caribbean: Non-Electric Industrial Furnace Market 2024

Non-Electric Industrial Furnace Market Size in Latin America and the Caribbean

The Latin American non-electric industrial furnace market expanded markedly to $X.5B in 2022, increasing by X% against the previous year. Overall, consumption enjoyed a buoyant expansion. Over the period under review, the market reached the maximum level at $X.2B in 2020; however, from 2021 to 2022, consumption stood at a somewhat lower figure.

Non-Electric Industrial Furnace Production in Latin America and the Caribbean

In value terms, non-electric industrial furnace production amounted to $X.4B in 2022 estimated in export price. Overall, production showed a buoyant expansion. The most prominent rate of growth was recorded in 2018 when the production volume increased by X% against the previous year. The level of production peaked at $X.8B in 2020; however, from 2021 to 2022, production failed to regain momentum.

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Non-Electric Industrial Furnace Exports

Exports in Latin America and the Caribbean

In 2022, non-electric industrial furnace exports in Latin America and the Caribbean skyrocketed to X units, growing by X% on 2021 figures. Overall, exports saw a buoyant expansion. As a result, the exports attained the peak and are likely to continue growth in the immediate term.

In value terms, non-electric industrial furnace exports expanded significantly to $X in 2022. Over the period under review, exports, however, showed a mild setback. The pace of growth appeared the most rapid in 2019 with an increase of X% against the previous year. The level of export peaked at $X in 2014; however, from 2015 to 2022, the exports stood at a somewhat lower figure.

Exports by Country

In 2022, Brazil (X units) was the main exporter of non-electric industrial or laboratory furnaces and ovens, mixing up X% of total exports. Nicaragua (X units) ranks second in terms of the total exports with an X% share, followed by Costa Rica (X%), the Dominican Republic (X%), Colombia (X%) and Peru (X%). Mexico (X units) followed a long way behind the leaders.

Exports from Brazil increased at an average annual rate of X% from 2012 to 2022. At the same time, the Dominican Republic (X%), Nicaragua (X%), Costa Rica (X%) and Peru (X%) displayed positive paces of growth. Moreover, the Dominican Republic emerged as the fastest-growing exporter exported in Latin America and the Caribbean, with a CAGR of X% from 2012-2022. Colombia experienced a relatively flat trend pattern. By contrast, Mexico (X%) illustrated a downward trend over the same period. Brazil (X p.p.), Nicaragua (X p.p.), Costa Rica (X p.p.) and the Dominican Republic (X p.p.) significantly strengthened its position in terms of the total exports, while Colombia and Mexico saw its share reduced by X% and X% from 2012 to 2022, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Brazil ($X) emerged as the largest non-electric industrial furnace supplier in Latin America and the Caribbean, comprising X% of total exports. The second position in the ranking was held by Mexico ($X), with a X% share of total exports. It was followed by Colombia, with a X% share.

From 2012 to 2022, the average annual rate of growth in terms of value in Brazil was relatively modest. In the other countries, the average annual rates were as follows: Mexico (X% per year) and Colombia (X% per year).

Export Prices by Country

The export price in Latin America and the Caribbean stood at $X per unit in 2022, falling by X% against the previous year. Overall, the export price showed a deep slump. The pace of growth appeared the most rapid in 2019 when the export price increased by X%. Over the period under review, the export prices reached the peak figure at $X per unit in 2012; however, from 2013 to 2022, the export prices stood at a somewhat lower figure.

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

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

Non-Electric Industrial Furnace Imports

Imports in Latin America and the Caribbean

In 2022, overseas purchases of non-electric industrial or laboratory furnaces and ovens increased by X% to X units, rising for the second year in a row after three years of decline. In general, imports, however, continue to indicate a perceptible descent. The volume of import peaked at X units in 2012; however, from 2013 to 2022, imports stood at a somewhat lower figure.

In value terms, non-electric industrial furnace imports soared to $X in 2022. Overall, imports, however, continue to indicate a relatively flat trend pattern. Over the period under review, imports attained the peak figure at $X in 2014; however, from 2015 to 2022, imports remained at a lower figure.

Imports by Country

Mexico represented the key importer of non-electric industrial or laboratory furnaces and ovens in Latin America and the Caribbean, with the volume of imports amounting to X units, which was approx. X% of total imports in 2022. Brazil (X units) took the second position in the ranking, distantly followed by Chile (X units). All these countries together held near X% share of total imports. Colombia (X units), the Dominican Republic (X units), Venezuela (X units) and Peru (X units) took a minor share of total imports.

Mexico experienced a relatively flat trend pattern with regard to volume of imports of non-electric industrial or laboratory furnaces and ovens. At the same time, the Dominican Republic (X%) and Brazil (X%) displayed positive paces of growth. Moreover, the Dominican Republic emerged as the fastest-growing importer imported in Latin America and the Caribbean, with a CAGR of X% from 2012-2022. Colombia experienced a relatively flat trend pattern. By contrast, Peru (X%), Venezuela (X%) and Chile (X%) illustrated a downward trend over the same period. While the share of Brazil (X p.p.), Mexico (X p.p.) and the Dominican Republic (X p.p.) increased significantly in terms of the total imports from 2012-2022, the share of Chile (X p.p.) displayed negative dynamics. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, the largest non-electric industrial furnace importing markets in Latin America and the Caribbean were Brazil ($X), Mexico ($X) and Venezuela ($X), with a combined X% share of total imports. Colombia, Chile, Peru and the Dominican Republic lagged somewhat behind, together comprising a further X%.

In terms of the main importing countries, the Dominican Republic, with a CAGR of X%, recorded the highest growth rate of 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

The import price in Latin America and the Caribbean stood at $X per unit in 2022, reducing by X% against the previous year. In general, the import price, however, enjoyed a pronounced expansion. The pace of growth was the most pronounced in 2013 when the import price increased by X%. The level of import peaked at $X per unit in 2019; however, from 2020 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 Venezuela ($X per unit), while the Dominican Republic ($X per unit) was amongst the lowest.

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

Source: IndexBox Platform

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