South-Eastern Asia: Heat Exchange Unit Market 2024

Heat Exchange Unit Market Size in South-Eastern Asia

For the third year in a row, the Southeast Asian heat exchange unit market recorded growth in sales value, which increased by 2.7% to $X in 2022. 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 throughout the analyzed period. The level of consumption peaked in 2022 and is likely to continue growth in the near future.

Heat Exchange Unit Production in South-Eastern Asia

In value terms, heat exchange unit production stood at $X in 2022 estimated in export price. The total output value increased at an average annual rate of +3.8% 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 45% against the previous year. As a result, production attained the peak level of $X; afterwards, it flattened through to 2022.

Heat Exchange Unit Exports

Exports in South-Eastern Asia

After two years of decline, shipments abroad of heat exchange units increased by 1.6% to X units in 2022. The total export volume increased at an average annual rate of +3.0% 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 2014 when exports increased by 44%. As a result, the exports reached the peak of X units. From 2015 to 2022, the growth of the exports failed to regain momentum.

In value terms, heat exchange unit exports surged to $X in 2022. Total exports indicated a remarkable increase 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 pace of growth appeared the most rapid in 2014 with an increase of 62%. Over the period under review, the exports attained the maximum in 2022 and are likely to see gradual growth in the immediate term.

Exports by Country

Singapore (X units) and Malaysia (X units) prevails in exports structure, together constituting 81% of total exports. It was distantly followed by Thailand (X units), comprising 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 biggest increases were recorded for the Philippines (with a CAGR of +42.0%), while shipments for the other leaders experienced more modest paces of growth.

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

From 2012 to 2022, the average annual rate of growth in terms of value in Singapore totaled +20.9%. In the other countries, the average annual rates were as follows: Malaysia (+0.7% per year) and Thailand (+4.9% per year).

Export Prices by Country

In 2022, the export price in South-Eastern Asia amounted to $X per unit, with an increase of 43% against the previous year. Export price indicated prominent growth 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 attained 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 South-Eastern Asia

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% over the period from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. The most prominent rate of growth was recorded in 2015 when imports increased by 22% against the previous year. The volume of import peaked at X units in 2021, and then reduced in the following year.

In value terms, heat exchange unit imports expanded notably 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 in certain years. The most prominent rate of growth was recorded in 2014 when imports increased by 21%. The level of import peaked in 2022 and is likely to see gradual growth in years to come.

Imports by Country

Indonesia represented the main importer of heat exchange units in South-Eastern Asia, with the volume of imports finishing at X units, which was near 45% of total imports in 2022. Thailand (X units) took a 20% share (based on physical terms) of total imports, which put it in second place, followed by Singapore (17%), Vietnam (6.6%) and Malaysia (5.8%). The Philippines (X units) took a relatively small share of total imports.

Imports into Indonesia increased at an average annual rate of +8.4% from 2012 to 2022. 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 South-Eastern Asia, 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. While the share of Indonesia (+15 p.p.), Thailand (+4.5 p.p.) and Vietnam (+3.3 p.p.) increased significantly in terms of the total imports from 2012-2022, the share of the Philippines (-3.2 p.p.), Malaysia (-9.7 p.p.) and Singapore (-11 p.p.) displayed negative dynamics.

In value terms, the largest heat exchange unit importing markets in South-Eastern Asia 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%, recorded 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 South-Eastern Asia stood at $X per unit in 2022, rising by 14% against the previous year. In general, the import price, however, showed a slight curtailment. The level of import peaked 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

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