Asia Pacific Heat Exchanger Market Forecast, Trends, Analysis, and Research Report
Asia Pacific Heat Exchanger Market Report by Type (Shell & Tube, Plate & Frame, Air Cooled, and Others), Material (Carbon Steel, Stainless Steel, Nickel, and Others), End Use Industry (Chemical, Petrochemical and Oil & Gas, HVAC and Refrigeration, Food & Beverage, Power Generation, Paper & Pulp, and Others), and Country 2024-2032
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.
Key Market Segmentation:
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:
Shell & Tube
Plate & Frame
Air Cooled
Others
Breakup by Material:
Carbon Steel
Stainless Steel
Nickel
Others
Breakup by End Use Industry:
Chemical
Petrochemical and Oil & Gas
HVAC and Refrigeration
Food & Beverage
Power Generation
Paper & Pulp
Others
Breakup by Country:
China
Japan
India
South Korea
Australia
Indonesia
Others
Competitive Landscape:
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)
Key Questions Answered in This Report
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.
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