Croatia: Heat Exchange Unit Market 2024

Heat Exchange Unit Market Size in Croatia

The Croatian heat exchange unit market surged to $X in 2022, with an increase of 58% against the previous year. Over the period under review, consumption continues to indicate a strong expansion. As a result, consumption attained the peak level and is likely to continue growth in the immediate term.

Heat Exchange Unit Production in Croatia

In value terms, heat exchange unit production shrank to $X in 2022 estimated in export price. Over the period under review, production, however, showed a pronounced downturn. The pace of growth was the most pronounced in 2018 with an increase of 89% against the previous year. Heat exchange unit production peaked at $X in 2012; however, from 2013 to 2022, production stood at a somewhat lower figure.

Heat Exchange Unit Exports

Exports from Croatia

After four years of growth, overseas shipments of heat exchange units decreased by -54% to X units in 2022. Overall, exports, however, continue to indicate strong growth. The most prominent rate of growth was recorded in 2013 when exports increased by 300% against the previous year. Over the period under review, the exports reached the peak figure at X units in 2021, and then dropped notably in the following year.

In value terms, heat exchange unit exports contracted remarkably to $X in 2022. Over the period under review, exports, however, continue to indicate a remarkable increase. The growth pace was the most rapid in 2021 with an increase of 181% against the previous year. As a result, the exports attained the peak of $X, and then dropped markedly in the following year.

Exports by Country

Italy (X units), Russia (X units) and Slovenia (X units) were the main destinations of heat exchange unit exports from Croatia, with a combined 62% share of total exports. The UK, Serbia, Bulgaria, Switzerland, Germany, Turkey, Austria, Bangladesh and Bosnia and Herzegovina lagged somewhat behind, together accounting for a further 33%.

From 2012 to 2022, the biggest increases were recorded for Turkey (with a CAGR of +66.4%), while shipments for the other leaders experienced more modest paces of growth.

In value terms, Russia ($X) emerged as the key foreign market for heat exchange units exports from Croatia, comprising 44% of total exports. The second position in the ranking was taken by Italy ($X), with a 15% share of total exports. It was followed by Turkey, with an 8.5% share.

From 2012 to 2022, the average annual growth rate of value to Russia amounted to +32.4%. Exports to the other major destinations recorded the following average annual rates of exports growth: Italy (+42.4% per year) and Turkey (+63.0% per year).

Export Prices by Country

In 2022, the average heat exchange unit export price amounted to $X per unit, jumping by 47% against the previous year. Overall, the export price posted a notable increase. The pace of growth was the most pronounced in 2015 an increase of 107%. The export price peaked at $X per unit in 2017; however, from 2018 to 2022, the export prices remained at a lower figure.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was Turkey ($X per unit), while the average price for exports to Switzerland ($X per unit) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to Slovenia (+5.7%), while the prices for the other major destinations experienced more modest paces of growth.

Heat Exchange Unit Imports

Imports into Croatia

In 2022, overseas purchases of heat exchange units increased by 7.1% to X units, rising for the fourth year in a row after two years of decline. In general, total imports indicated a strong increase from 2012 to 2022: its volume increased at an average annual rate of +8.3% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, imports increased by +50.0% against 2018 indices. The pace of growth was the most pronounced in 2016 when imports increased by 29% against the previous year. Over the period under review, imports hit record highs in 2022 and are likely to continue growth in years to come.

In value terms, heat exchange unit imports surged to $X in 2022. Over the period under review, imports recorded prominent growth. As a result, imports attained the peak and are likely to continue growth in the immediate term.

Imports by Country

In 2022, India (X units) constituted the largest supplier of heat exchange unit to Croatia, with a 51% share of total imports. Moreover, heat exchange unit imports from India exceeded the figures recorded by the second-largest supplier, South Korea (X units), fivefold. The third position in this ranking was held by Italy (X units), with an 11% share.

From 2012 to 2022, the average annual rate of growth in terms of volume from India amounted to +27.7%. The remaining supplying countries recorded the following average annual rates of imports growth: South Korea (+323.8% per year) and Italy (+2.8% per year).

In value terms, the largest heat exchange unit suppliers to Croatia were South Korea ($X), India ($X) and Italy ($X), together comprising 51% of total imports.

Among the main suppliers, South Korea, with a CAGR of +154.2%, 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 average heat exchange unit import price stood at $X per unit in 2022, with an increase of 33% against the previous year. Over the period under review, the import price, however, recorded a relatively flat trend pattern. Over the period under review, average import prices reached the peak figure at $X per unit in 2012; however, from 2013 to 2022, import prices remained at a lower figure.

Prices varied noticeably by country of origin: amid the top importers, the country with the highest price was Slovenia ($X per unit), while the price for India ($X per unit) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Germany (+12.0%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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