Philippines: Heat Exchange Unit Market 2024

Heat Exchange Unit Market Size in the Philippines

The Philippine heat exchange unit market rose notably to $X in 2022, increasing by 9.3% against the previous year. In general, the total consumption indicated a moderate increase from 2012 to 2022: its value increased at an average annual rate of +4.8% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, consumption decreased by -4.5% against 2020 indices. Over the period under review, the market attained the maximum level at $X in 2020; however, from 2021 to 2022, consumption failed to regain momentum.

Heat Exchange Unit Production in the Philippines

In value terms, heat exchange unit production rose rapidly to $X in 2022 estimated in export price. Overall, production continues to indicate a resilient expansion. The most prominent rate of growth was recorded in 2014 with an increase of 76%. As a result, production reached the peak level of $X. From 2015 to 2022, production growth failed to regain momentum.

Heat Exchange Unit Exports

Exports from the Philippines

In 2022, shipments abroad of heat exchange units increased by 55% to X units, rising for the sixth year in a row after two years of decline. In general, exports continue to indicate a significant increase. The pace of growth appeared the most rapid in 2014 when exports increased by 16,552%. As a result, the exports attained the peak of X units. From 2015 to 2022, the growth of the exports remained at a lower figure.

In value terms, heat exchange unit exports skyrocketed to $X in 2022. Overall, exports recorded a significant expansion. The pace of growth appeared the most rapid in 2014 when exports increased by 41,445%. As a result, the exports attained the peak of $X. From 2015 to 2022, the growth of the exports remained at a somewhat lower figure.

Exports by Country

Japan (X units), China (X units) and the United States (X units) were the main destinations of heat exchange unit exports from the Philippines, together accounting for 97% of total exports.

From 2012 to 2022, the biggest increases were recorded for China (with a CAGR of +200.4%), while shipments for the other leaders experienced more modest paces of growth.

In value terms, Japan ($X), China ($X) and the United States ($X) constituted the largest markets for heat exchange unit exported from the Philippines worldwide, together comprising 97% of total exports.

In terms of the main countries of destination, China, with a CAGR of +211.6%, saw the highest rates of growth with regard to the value of exports, over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Export Prices by Country

The average heat exchange unit export price stood at $X per unit in 2022, shrinking by -2.4% against the previous year. Over the period under review, the export price, however, recorded strong growth. The most prominent rate of growth was recorded in 2014 when the average export price increased by 149%. Over the period under review, the average export prices attained the maximum at $X per unit in 2021, and then fell modestly in the following year.

Average prices varied noticeably for the major external markets. In 2022, amid the top suppliers, the countries with the highest prices were Japan ($X per unit) and the Netherlands ($X per unit), while the average price for exports to China ($X per unit) and the United States ($X per unit) were amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to Japan (+5.2%), while the prices for the other major destinations experienced more modest paces of growth.

Heat Exchange Unit Imports

Imports into the Philippines

In 2022, overseas purchases of heat exchange units increased by 63% to X units for the first time since 2017, thus ending a four-year declining trend. Overall, imports, however, continue to indicate a pronounced descent. The pace of growth appeared the most rapid in 2015 with an increase of 227%. As a result, imports attained the peak of X units. From 2016 to 2022, the growth of imports failed to regain momentum.

In value terms, heat exchange unit imports soared to $X in 2022. In general, imports enjoyed a prominent expansion. The pace of growth was the most pronounced in 2015 with an increase of 368% against the previous year. Imports peaked at $X in 2019; however, from 2020 to 2022, imports remained at a lower figure.

Imports by Country

In 2022, South Korea (X units) constituted the largest heat exchange unit supplier to the Philippines, accounting for a 47% share of total imports. Moreover, heat exchange unit imports from South Korea exceeded the figures recorded by the second-largest supplier, China (X units), twofold. India (X units) ranked third in terms of total imports with a 7% share.

From 2012 to 2022, the average annual growth rate of volume from South Korea stood at +23.2%. The remaining supplying countries recorded the following average annual rates of imports growth: China (-13.8% per year) and India (+25.5% per year).

In value terms, South Korea ($X) constituted the largest supplier of heat exchange units to the Philippines, comprising 47% of total imports. The second position in the ranking was held by China ($X), with a 19% share of total imports. It was followed by India, with a 7% share.

From 2012 to 2022, the average annual rate of growth in terms of value from South Korea stood at +29.9%. The remaining supplying countries recorded the following average annual rates of imports growth: China (+5.6% per year) and India (+43.1% per year).

Import Prices by Country

In 2022, the average heat exchange unit import price amounted to $X per unit, growing by 4.8% against the previous year. Over the period under review, the import price enjoyed buoyant growth. The growth pace was the most rapid in 2018 an increase of 62% against the previous year. Over the period under review, average import prices hit record highs in 2022 and is likely to see gradual growth in the near future.

Average prices varied noticeably amongst the major supplying countries. In 2022, amid the top importers, the highest price was recorded for prices from India ($X per unit) and the United States ($X per unit), while the price for Singapore ($X per unit) and Taiwan (Chinese) ($X per unit) were amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by China (+22.6%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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