The forecast for the import of laboratory electric furnaces and ovens to the Philippines shows a declining trend from 2024 to 2028. In 2023, the import volume stood at 570.14 thousand kilograms. The expected imports in subsequent years are as follows: 561.44 thousand kilograms in 2024, decreasing to 552.07 in 2025, 542.89 in 2026, 533.89 in 2027, and 525.08 in 2028. The data reveals a consistent year-on-year decline: -1.57% from 2024 to 2025, -1.66% from 2025 to 2026, -1.66% from 2026 to 2027, and -1.65% from 2027 to 2028. The compound annual growth rate (CAGR) over the 5-year period is approximately -2%.
Future trends to watch for include advancements in laboratory technology, which may impact the demand for electric furnaces and ovens. Additionally, shifts in global trade policies and local economic conditions in the Philippines may also affect import volumes. Monitoring competitor import strategies and emerging market needs will be critical for forecasting future demand accurately.