The Asia Pacific heat exchanger market size reached US$ 5.0 Billion in 2023. Looking forward, IMARC Group expects the market to reach US$ 7.5 Billion by 2032, exhibiting a growth rate (CAGR) of 4.5% during 2024-2032.
Report Attribute
|
Key Statistics
|
---|---|
Base Year
|
2023
|
Forecast Years
|
2024-2032
|
Historical Years
|
2018-2023
|
Market Size in 2023
|
US$ 5.0 Billion |
Market Forecast in 2032
|
US$ 7.5 Billion |
Market Growth Rate 2024-2032 | 4.5% |
Heat exchangers are designed to transfer heat from one liquid to another and control the temperature of a system. These devices help to heat or cool buildings and enable the efficient performance of engines and machines. As compared to the conventional methods of cooling, heat exchangers use less energy and produce less pollution. Therefore, they find extensive application in sewage treatment, boilers, refrigerators, furnaces and air conditioning systems across the Asia Pacific region.
The rising population and rapid urbanization are positively fueling the need for power consumption. This represents one of the primary factors strengthening the heat exchangers market growth in the Asia Pacific. In addition to this, the installation of new power units has resulted in the increasing adoption of heat exchangers across the region. Moreover, the key market players are investing in research and development (R&D) projects to introduce an efficient upgrade for conventional heat exchangers. However, the coronavirus disease (COVID-19) outbreak and lockdown restrictions imposed by governments of several countries have led to temporary closures of manufacturing units across the Asia Pacific. This has severely affected the market growth, but it will witness growth once lockdown restrictions are uplifted.
IMARC Group provides an analysis of the key trends in each sub-segment of the Asia Pacific heat exchanger market report, along with forecasts at the regional and country level from 2024-2032. Our report has categorized the market based on type, material and end use industry.
Breakup by Type:
Breakup by Material:
Breakup by End Use Industry:
Breakup by Country:
The competitive landscape of the industry has also been examined along with the profiles of the key players.
Report Coverage:
Report Features | Details |
---|---|
Base Year of the Analysis | 2023 |
Historical Period | 2018-2023 |
Forecast Period | 2024-2032 |
Units | US$ Billion |
Segment Coverage | Type, Material, End Use Industry, Country |
Countries Covered | China, Japan, India, South Korea, Australia, Indonesia, Others |
Customization Scope | 10% Free Customization |
Report Price and Purchase Option | Single User License: US$ 3699 Five User License: US$ 4699 Corporate License: US$ 5699 |
Post-Sale Analyst Support | 10-12 Weeks |
Delivery Format | PDF and Excel through Email (We can also provide the editable version of the report in PPT/Word format on special request) |
The Asia Pacific heat exchanger market was valued at US$ 5.0 Billion in 2023.
We expect the Asia Pacific heat exchanger market to exhibit a CAGR of 4.5% during 2024-2032.
The extensive utilization of heat exchangers in boilers, furnaces, refrigerators, automotive radiators, sewage treatment, etc., is currently driving the Asia Pacific heat exchanger market.
The sudden outbreak of the COVID-19 pandemic had led to the implementation of stringent lockdown regulations across several Asia Pacific nations resulting in temporary closure of numerous manufacturing units for heat exchanger.
Based on the type, the Asia Pacific heat exchanger market can be divided into shell & tube, plate & frame, air cooled, and others. Currently, shell & tube exhibits a clear dominance in the market.
Based on the material, the Asia Pacific heat exchanger market has been bifurcated into carbon steel, stainless steel, nickel, and others. Among these, stainless steel currently holds the majority of the total market share.
Based on the end use industry, the Asia Pacific heat exchanger market can be segmented into
chemical, petrochemical and oil & gas, HVAC and refrigeration, food & beverage, power generation, paper & pulp, and others. Currently, the chemical industry represents the largest market share.
On a regional level, the market has been classified into China, Japan, India, South Korea, Australia, Indonesia, and others, where China currently dominates the market.