ASEAN: Heat Exchange Unit Market 2024

Heat Exchange Unit Market Size in ASEAN

The ASEAN heat exchange unit market stood at $X in 2022, surging by 2.7% against the previous year. The market value increased at an average annual rate of +3.4% from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. Over the period under review, the market hit record highs in 2022 and is expected to retain growth in the immediate term.

Heat Exchange Unit Production in ASEAN

In value terms, heat exchange unit production reached $X in 2022 estimated in export price. The total output value increased at an average annual rate of +3.8% from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. The pace of growth appeared the most rapid in 2013 with an increase of 45%. As a result, production attained the peak level of $X; afterwards, it flattened through to 2022.

Heat Exchange Unit Exports

Exports in ASEAN

In 2022, shipments abroad of heat exchange units increased by 1.6% to X units for the first time since 2019, thus ending a two-year declining trend. The total export volume increased at an average annual rate of +3.0% from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The pace of growth was the most pronounced in 2014 with an increase of 44% against the previous year. As a result, the exports reached the peak of X units. From 2015 to 2022, the growth of the exports remained at a somewhat lower figure.

In value terms, heat exchange unit exports soared to $X in 2022. Total exports indicated prominent growth from 2012 to 2022: its value increased at an average annual rate of +8.8% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, exports increased by +34.3% against 2019 indices. The growth pace was the most rapid in 2014 with an increase of 62% against the previous year. Over the period under review, the exports hit record highs in 2022 and are likely to see gradual growth in the near future.

Exports by Country

Singapore (X units) and Malaysia (X units) prevails in exports structure, together committing 81% of total exports. It was distantly followed by Thailand (X units), making up a 9.7% share of total exports. The following exporters - Vietnam (X units) and the Philippines (X units) - each reached an 8.3% share of total exports.

From 2012 to 2022, the most notable rate of growth in terms of shipments, amongst the key exporting countries, was attained by the Philippines (with a CAGR of +42.0%), while the other leaders experienced more modest paces of growth.

In value terms, Singapore ($X) remains the largest heat exchange unit supplier in ASEAN, comprising 57% of total exports. The second position in the ranking was taken by Malaysia ($X), with a 26% share of total exports. It was followed by Thailand, with a 10% share.

In Singapore, heat exchange unit exports expanded at an average annual rate of +20.9% over the period from 2012-2022. The remaining exporting countries recorded the following average annual rates of exports growth: Malaysia (+0.7% per year) and Thailand (+4.9% per year).

Export Prices by Country

The export price in ASEAN stood at $X per unit in 2022, surging by 43% against the previous year. Export price indicated a prominent increase from 2012 to 2022: its price increased at an average annual rate of +5.7% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, heat exchange unit export price increased by +86.6% against 2016 indices. As a result, the export price reached the peak level and is likely to continue growth in the immediate term.

Prices varied noticeably by country of origin: amid the top suppliers, the country with the highest price was Singapore ($X per unit), while Vietnam ($X per unit) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Singapore (+7.6%), while the other leaders experienced more modest paces of growth.

Heat Exchange Unit Imports

Imports in ASEAN

In 2022, purchases abroad of heat exchange units decreased by -4% to X units for the first time since 2018, thus ending a three-year rising trend. The total import volume increased at an average annual rate of +3.9% from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. The pace of growth appeared the most rapid in 2015 when imports increased by 22% against the previous year. The volume of import peaked at X units in 2021, and then dropped modestly in the following year.

In value terms, heat exchange unit imports expanded significantly to $X in 2022. The total import value increased at an average annual rate of +2.0% from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The pace of growth appeared the most rapid in 2014 with an increase of 21%. Over the period under review, imports reached the peak figure in 2022 and are expected to retain growth in years to come.

Imports by Country

Indonesia was the major importing country with an import of about X units, which accounted for 45% of total imports. It was distantly followed by Thailand (X units), Singapore (X units), Vietnam (X units) and Malaysia (X units), together generating a 50% share of total imports. The Philippines (X units) followed a long way behind the leaders.

From 2012 to 2022, average annual rates of growth with regard to heat exchange unit imports into Indonesia stood at +8.4%. At the same time, Vietnam (+11.4%) and Thailand (+6.6%) displayed positive paces of growth. Moreover, Vietnam emerged as the fastest-growing importer imported in ASEAN, with a CAGR of +11.4% from 2012-2022. By contrast, Singapore (-1.1%), the Philippines (-2.0%) and Malaysia (-5.8%) illustrated a downward trend over the same period. From 2012 to 2022, the share of Indonesia, Thailand and Vietnam increased by +15, +4.5 and +3.3 percentage points, respectively.

In value terms, the largest heat exchange unit importing markets in ASEAN were Indonesia ($X), Singapore ($X) and Thailand ($X), together comprising 76% of total imports. Vietnam, Malaysia and the Philippines lagged somewhat behind, together accounting for a further 23%.

In terms of the main importing countries, the Philippines, with a CAGR of +11.1%, saw the highest growth rate of the value of imports, over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

The import price in ASEAN stood at $X per unit in 2022, picking up by 14% against the previous year. Overall, the import price, however, continues to indicate a mild descent. Over the period under review, import prices reached the maximum at $X per unit in 2012; however, from 2013 to 2022, import prices remained at a lower figure.

Prices varied noticeably by country of destination: amid the top importers, the country with the highest price was the Philippines ($X per unit), while Indonesia ($X per unit) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by the Philippines (+13.4%), while the other leaders experienced mixed trends in the import price figures.

Source: IndexBox Platform