Asia Pacific Heat Exchanger Market - By Technology, By Application (Oil & Gas, Chemical, Power Generation & Metallurgy, Marine, Mechanical Industry, Central Heating & Refrigeration, Food Processing) & Forecast, 2024 – 2032

Asia Pacific Heat Exchanger Market - By Technology, By Application (Oil & Gas, Chemical, Power Generation & Metallurgy, Marine, Mechanical Industry, Central Heating & Refrigeration, Food Processing) & Forecast, 2024 – 2032

Asia Pacific Heat Exchanger Market Size

Asia Pacific Heat Exchanger Market was evaluated at USD 5.8 billion in 2023 and is anticipated to grow at a CAGR of 9% through 2032 on account of increased investments in heavy-duty industrial operations coupled with rising energy consumption in building heating & cooling systems.

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Increasing crude imports, establishment of new chemical and petrochemical facilities, discoveries of conventional and unconventional hydrocarbon reserves, influenced the industry growth. For instance, according to the Japanese Ministry of Economy, Trade and Industry (METI) crude oil imports in the country reached approximately 12.4 billion liters in November 2023 marking a monthly increase of 8.7% from the previous month.
 

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Asia Pacific Heat Exchanger Market Trends

The Asia Pacific heat exchanger industry is anticipated to grow owing to increasing demand for heating and cooling solutions along with a focus on utilizing waste heat from industrial processes. Changing climatic conditions in various nations, compliance with energy efficiency regulations and rising concerns toward limiting emissions are expected to further stimulate product demand.

For instance, in January 2024, China's National Development and Reform Commission, National Bureau of Statistics, and National Energy Administration issued a circular promoting non-fossil energy. It outlines plans to integrate green power certificates, energy conservation, and carbon dioxide emission reduction through policy development. Moreover, rising energy demand in sectors including power, petrochemicals and oil & gas sectors will shape the industry dynamics.

Asia Pacific Heat Exchanger Market Analysis

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Plate heat exchangers in the Asia Pacific is projected to cross USD 3 billion by 2032 and is set to grow owing their excellent heat transfer capabilities, efficient design, and ease of maintenance, along with growing emphasis on sustainability and energy efficiency. Manufacturers are expanding their capacities and introducing advanced technologies to enhance the performance and efficiency of plate heat exchangers. to meet the growing industrial demands, further influencing the business landscape.

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Chemical application is set to witness a CAGR of over 9.2% through 2032 and is set to grow owing to growing demand for chemical products, combined with a heightened focus on energy efficiency and sustainability, has led to increased adoption of enhanced heat exchanger technologies across chemical sector. Stringent safety measures & standards along with regulatory compliance in chemical processing operations, and the integration of digital technologies, data analytics into heat exchanger systems, facilitating predictive maintenance, real-time monitoring, and improved control in customized chemical facilities, further augmenting the industry landscape.

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China heat exchangers market is set to grow at USD 5 billion by 2032 owing to the significant growth across chemicals, petrochemicals, energy, and manufacturing sectors coupled with government policies promoting energy efficiency. Rapidly expanding manufacturing facilities along with accelerating investments across energy-intensive industrial infrastructure will further influence the regional industry outlook.

For instance, in January 2024, according to the Ministry of Industry and Information Technology, in 2023, China remained world's leading manufacturing center for the 14th consecutive year. Large enterprises saw a 4.6 percent year-on-year increase in total value-added industrial output, marking a 1% rise compared to 2022. Moreover, ongoing innovations by industry leaders to improve operational efficiency along with rising concerns to curb emissions will boost the industry growth.

Asia Pacific Heat Exchanger Market Share

Major players operating in the industry are strengthening their market positions through strategic collaborations, partnerships, and mergers & acquisitions, actively pursuing opportunities for growth and expansion. Key participants including ALFA LAVAL, IHI Corporation, Danfoss, SPX FLOW, Xylem, and Kelvion Holding GmbH holds a substantial position across the Asia Pacific heat exchanger industry.

Asia Pacific Heat Exchanger Market Companies

Some of the key market players operating across the industry are

• ACCESSEN GROUP
• ALFA LAVAL
• API Heat Transfer
• Danfoss
• Funke Heat Exchanger Systems(Changzhou)Co.,Ltd.
• HISAKAWORKS S.E.A SDN BHD
• Holtec International
• HRS Process Systems Ltd.
• IHI Corporation
• KAMUI CO.,LTD.
• Kelvion Holding GmbH
• KNM Group Berhad
• LARSEN & TOUBRO LIMITED
• SPX FLOW
• SWEP International AB
• United Heat Transfer Pvt. Ltd
• Xylem

Asia Pacific Heat Exchanger Industry News

• In December 2023, HRS Process Systems Ltd participated in P-MEC 2023 at India Expo Mart, Greater Noida, India. The company showcased its range of energy-efficient heat exchangers and skid-mounted systems designed for various applications including cooling, heating, condensing, recuperation, re-boiling, WFI, and CIP. The products included the flagship ECOFLUX corrugated tube heat exchanger, hot water systems, and FUNKE Plate heat exchanger. These solutions play a crucial role in optimizing process cycles and delivering significant payback for pharmaceutical, healthcare, and allied industries.
   
• In November 2023, Alleima has completed the expansion of its heat exchanger facility located in Mehsana, India, including the launch of an advanced heat exchanger tube plant. This production facility enhances production capacity and capabilities to manufacture advanced alloys for critical applications in the chemical, petrochemical, and renewable energy sectors.
  Asia Pacific heat exchanger market research report includes an in–depth coverage of the industry with estimates & forecast in terms of revenue in “USD Million” from 2019 to 2032, for the following segments

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Market, By Technology

• Shell & tube
• Plate
• Air cooled
• Others

Market, By Application

• Oil & Gas
• Chemical
• Power generation & metallurgy
• Marine
• Mechanical industry
• Central heating & refrigeration
• Food processing
• Others

The above information has been provided for the following countries

• China
• Japan
• South Korea
• India
• Indonesia
• Malaysia
• Thailand
• Vietnam
• Philippines
• Australia