Western Africa: Non-Electric Industrial Furnace Market 2024

Non-Electric Industrial Furnace Market Size in Western Africa

For the third year in a row, the West African non-electric industrial furnace market recorded growth in sales value, which increased by X% to $X in 2023. Over the period under review, consumption, however, recorded a abrupt shrinkage. The level of consumption peaked at $X in 2012; however, from 2013 to 2023, consumption stood at a somewhat lower figure.

Non-Electric Industrial Furnace Production in Western Africa

In value terms, non-electric industrial furnace production dropped slightly to $X in 2023 estimated in export price. Overall, production, however, showed a deep reduction. The pace of growth appeared the most rapid in 2015 with an increase of X% against the previous year. Over the period under review, production reached the maximum level at $X in 2012; however, from 2013 to 2023, production remained at a lower figure.

Non-Electric Industrial Furnace Exports

Exports in Western Africa

In 2023, exports of non-electric industrial or laboratory furnaces and ovens in Western Africa soared to X units, jumping by X% against the previous year. Overall, exports showed a relatively flat trend pattern. The pace of growth appeared the most rapid in 2014 when exports increased by X%. The volume of export peaked at X units in 2019; however, from 2020 to 2023, the exports remained at a lower figure.

In value terms, non-electric industrial furnace exports surged to $X in 2023. In general, exports, however, saw a deep slump. Over the period under review, the exports reached the peak figure at $X in 2012; however, from 2013 to 2023, the exports failed to regain momentum.

Exports by Country

The shipments of the one major exporters of non-electric industrial or laboratory furnaces and ovens, namely Ghana, represented more than two-thirds of total export.

Ghana experienced a relatively flat trend pattern with regard to volume of exports of non-electric industrial or laboratory furnaces and ovens. The shares of the largest exporters remained relatively stable throughout the analyzed period.

In value terms, Ghana ($X) also remains the largest non-electric industrial furnace supplier in Western Africa.

In Ghana, non-electric industrial furnace exports expanded at an average annual rate of X% over the period from 2012-2023.

Export Prices by Country

The export price in Western Africa stood at $X per unit in 2023, surging by X% against the previous year. In general, the export price enjoyed a slight increase. The pace of growth was the most pronounced in 2020 when the export price increased by X% against the previous year. Over the period under review, the export prices reached the maximum at $X per unit in 2013; however, from 2014 to 2023, the export prices remained at a lower figure.

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

From 2012 to 2023, the rate of growth in terms of prices for Ghana amounted to X% per year.

Non-Electric Industrial Furnace Imports

Imports in Western Africa

In 2023, the amount of non-electric industrial or laboratory furnaces and ovens imported in Western Africa soared to X units, growing by X% compared with 2022. In general, imports posted buoyant growth. The pace of growth appeared the most rapid in 2019 when imports increased by X%. As a result, imports attained the peak of X units. From 2020 to 2023, the growth of imports failed to regain momentum.

In value terms, non-electric industrial furnace imports soared to $X in 2023. Overall, imports recorded a resilient expansion. The growth pace was the most rapid in 2019 when imports increased by X% against the previous year. As a result, imports reached the peak of $X. From 2020 to 2023, the growth of imports failed to regain momentum.

Imports by Country

Nigeria was the main importing country with an import of around X units, which reached X% of total imports. Ghana (X units) took the second position in the ranking, distantly followed by Togo (X units). All these countries together held approx. X% share of total imports. The following importers - Benin (X units), Senegal (X units), Cote d'Ivoire (X units), Burkina Faso (X units) and Mali (X units) - together made up X% of total imports.

From 2012 to 2023, the most notable rate of growth in terms of purchases, amongst the leading importing countries, was attained by Togo (with a CAGR of X%), while imports for the other leaders experienced more modest paces of growth.

In value terms, Nigeria ($X) constitutes the largest market for imported non-electric industrial or laboratory furnaces and ovens in Western Africa, comprising X% of total imports. The second position in the ranking was held by Cote d'Ivoire ($X), with an X% share of total imports. It was followed by Senegal, with a X% share.

In Nigeria, non-electric industrial furnace imports expanded at an average annual rate of X% over the period from 2012-2023. In the other countries, the average annual rates were as follows: Cote d'Ivoire (X% per year) and Senegal (X% per year).

Import Prices by Country

The import price in Western Africa stood at $X per unit in 2023, reducing by X% against the previous year. In general, the import price, however, continues to indicate a relatively flat trend pattern. The pace of growth was the most pronounced in 2022 when the import price increased by X% against the previous year. As a result, import price reached the peak level of $X per unit, and then shrank significantly in the following year.

There were significant differences in the average prices amongst the major importing countries. In 2023, amid the top importers, the country with the highest price was Cote d'Ivoire ($X per unit), while Ghana ($X per unit) was amongst the lowest.

From 2012 to 2023, the most notable rate of growth in terms of prices was attained by Benin (X%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform