The pandemic continues to cause unprecedented disruption across industries worldwide.
Get detailed insights regarding the impact of COVID-19 on the market.
The Asia Pacific heat exchanger market is expected to exhibit a CAGR of 5.15% during 2022-2027. Keeping in mind the uncertainties of COVID-19, we are continuously tracking and evaluating the direct as well as the indirect influence of the pandemic on different end use industries. These insights are included in the report as a major market contributor.
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, along with forecasts at the regional and country level from 2022-2027. 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.
|Base Year of the Analysis||2021|
|Segment Coverage||Type, Material, End Use Industry, Country|
|Countries Covered||China, Japan, India, South Korea, Australia, Indonesia, Others|
|Customization Scope||10% Free Customization|
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The Asia Pacific heat exchanger market was valued at US$ 4.5 Billion in 2021.
We expect the Asia Pacific heat exchanger market to exhibit a CAGR of 5.15% during 2022-2027.
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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