Asia: Heat Exchange Unit Market 2024

Heat Exchange Unit Market Size in Asia

The Asian heat exchange unit market fell modestly to $X in 2022, almost unchanged from the previous year. The market value increased at an average annual rate of +3.2% over the period from 2012 to 2022; however, the trend pattern remained consistent, with only minor fluctuations in certain years. The level of consumption peaked at $X in 2020; however, from 2021 to 2022, consumption remained at a lower figure.

Heat Exchange Unit Production in Asia

In value terms, heat exchange unit production amounted to $X in 2022 estimated in export price. The total output value increased at an average annual rate of +4.3% over the period from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The most prominent rate of growth was recorded in 2013 with an increase of 26%. Over the period under review, production hit record highs at $X in 2020; however, from 2021 to 2022, production stood at a somewhat lower figure.

Heat Exchange Unit Exports

Exports in Asia

In 2022, exports of heat exchange units in Asia surged to X units, with an increase of 25% against the previous year's figure. Total exports indicated a measured increase from 2012 to 2022: its volume increased at an average annual rate of +3.9% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. As a result, the exports attained the peak and are likely to continue growth in the immediate term.

In value terms, heat exchange unit exports soared to $X in 2022. The total export value increased at an average annual rate of +5.1% over the period from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. As a result, the exports attained the peak and are likely to continue growth in the immediate term.

Exports by Country

China was the key exporting country with an export of around X units, which reached 54% of total exports. South Korea (X units) held a 23% share (based on physical terms) of total exports, which put it in second place, followed by Japan (5.6%). India (X units), Turkey (X units), Singapore (X units) and Malaysia (X units) held a minor share of total exports.

China was also the fastest-growing in terms of the heat exchange units exports, with a CAGR of +21.9% from 2012 to 2022. At the same time, Singapore (+12.3%), India (+10.8%) and Turkey (+10.0%) displayed positive paces of growth. Malaysia experienced a relatively flat trend pattern. By contrast, Japan (-1.8%) and South Korea (-6.2%) illustrated a downward trend over the same period. While the share of China (+43 p.p.), India (+1.9 p.p.) and Turkey (+1.7 p.p.) increased significantly in terms of the total exports from 2012-2022, the share of Japan (-4.2 p.p.) and South Korea (-40.9 p.p.) displayed negative dynamics. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, China ($X) remains the largest heat exchange unit supplier in Asia, comprising 43% of total exports. The second position in the ranking was taken by South Korea ($X), with a 15% share of total exports. It was followed by Japan, with a 14% share.

From 2012 to 2022, the average annual growth rate of value in China amounted to +14.2%. In the other countries, the average annual rates were as follows: South Korea (-4.0% per year) and Japan (+0.1% per year).

Export Prices by Country

The export price in Asia stood at $X per unit in 2022, shrinking by -1.5% against the previous year. Over the last decade, it increased at an average annual rate of +1.1%. The most prominent rate of growth was recorded in 2013 when the export price increased by 27% against the previous year. As a result, the export price attained the peak level of $X per unit. From 2014 to 2022, the export prices remained at a lower figure.

Prices varied noticeably by country of origin: amid the top suppliers, the country with the highest price was Singapore ($X per unit), while South Korea ($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 Asia

In 2022, approx. X units of heat exchange units were imported in Asia; growing by 2.1% on the year before. Overall, imports, however, saw a relatively flat trend pattern. The pace of growth was the most pronounced in 2015 with an increase of 10%. The volume of import peaked at X units in 2012; afterwards, it flattened through to 2022.

In value terms, heat exchange unit imports stood at $X in 2022. Over the period under review, imports continue to indicate a relatively flat trend pattern. The pace of growth appeared the most rapid in 2019 with an increase of 12%. The level of import peaked in 2022 and is expected to retain growth in the immediate term.

Imports by Country

Indonesia (X units), Japan (X units), China (X units), the United Arab Emirates (X units) and Turkey (X units) represented roughly 51% of total imports in 2022. Thailand (X units) ranks next in terms of the total imports with a 5.8% share, followed by Singapore (5%). Bangladesh (X units), Oman (X units), India (X units), Taiwan (Chinese) (X units), South Korea (X units) and Iran (X units) held a minor share of total imports.

From 2012 to 2022, the most notable rate of growth in terms of purchases, amongst the leading importing countries, was attained by Bangladesh (with a CAGR of +38.7%), while imports for the other leaders experienced more modest paces of growth.

In value terms, China ($X), Japan ($X) and Indonesia ($X) were the countries with the highest levels of imports in 2022, together accounting for 36% of total imports. These countries were followed by Turkey, Bangladesh, the United Arab Emirates, Singapore, India, South Korea, Thailand, Taiwan (Chinese), Iran and Oman, which together accounted for a further 45%.

Bangladesh, with a CAGR of +39.4%, recorded the highest rates of growth with regard to the value of imports, among the main importing countries 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 Asia stood at $X per unit in 2022, standing approx. at the previous year. Over the period under review, the import price, however, continues to indicate a relatively flat trend pattern. The most prominent rate of growth was recorded in 2013 when the import price increased by 20% against the previous year. As a result, import price attained the peak level of $X per unit. From 2014 to 2022, the 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 China ($X per unit), while Oman ($X per unit) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by China (+4.3%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform

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