The global heat exchanger market is forecast to grow to a total value of around $19.5 billion by the end of 2018. Europe has always been a strong market for heat exchangers and globally, this market has been a leader for heat exchangers with respect to demand as well as production capacity. The region has the presence of most of the global leaders in heat exchanger manufacturing.
Heat exchanger consumption in Europe is estimated to grow at a CAGR of around 4.7% from 2013 to 2018. This region has a relatively slow growth rate as a result of its dominant market size and slow economic activity as compared to the other regions. The demand in this region is boosted mainly due to the increased replacement demand for the heat exchangers.
Asia-Pacific, being the fastest growing heat exchanger market globally, is estimated to grow at a CAGR of 10.6% for the next five years. Asia-Pacific is witnessing high industrial growth, which hints at an ever-increasing demand of heat exchangers for its diverse applications. China dominates the heat exchanger market in Asia-Pacific region, being a major consumer and the fastest growing country in terms of heat exchanger demand.
Currently, a high share of heat exchanger is consumed by the chemical industry and the demand of heat exchangers through chemical industry is expected to grow in the next five years at a CAGR of more than 11.5% from 2013 to 2018. After China, countries, including India and other Asian countries, are showing increasing growth in demand for heat exchangers. Moreover, increasing number of heat exchanger manufacturers from Asian countries are putting vigorous efforts for developing a strong base of heat exchanger market, with a target of reducing heat exchanger imports.
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