China Heat Exchangers Market Size & Outlook, 2023-2030
China heat exchangers market, 2018-2030 (US$M)
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China heat exchangers market highlights
- The China heat exchangers market generated a revenue of USD 2,522.3 million in 2023 and is expected to reach USD 3,849.7 million by 2030.
- The China market is expected to grow at a CAGR of 6.2% from 2024 to 2030.
- In terms of segment, shell & tube was the largest revenue generating product in 2023.
- Plate & Frame is the most lucrative product segment registering the fastest growth during the forecast period.
Heat exchangers market data book summary
| Market revenue in 2023 | USD 2,522.3 million |
| Market revenue in 2030 | USD 3,849.7 million |
| Growth rate | 6.2% (CAGR from 2023 to 2030) |
| Largest segment | Shell & tube |
| Fastest growing segment | Plate & Frame |
| Historical data | 2018 - 2022 |
| Base year | 2023 |
| Forecast period | 2024 - 2030 |
| Quantitative units | Revenue in USD million |
| Market segmentation | Plate & Frame, Shell & Tube, Air-cooled |
| Key market players worldwide | Alfa Laval AB, Danfoss A/S, Kelvion, Xylem Inc, API Heat Transfer, Mersen SA, Hisaka Works, Chart Industries Inc, Johnson Controls International PLC, HRS Heat Exchangers, SPX Technologies Inc, Koch Industries, Southern Co, Güntner, FUNKE |
Other key industry trends
- In terms of revenue, China accounted for 13.9% of the global heat exchangers market in 2023.
- Country-wise, U.S. is expected to lead the global market in terms of revenue in 2030.
- In Asia Pacific, China heat exchangers market is projected to lead the regional market in terms of revenue in 2030.
- India is the fastest growing regional market in Asia Pacific and is projected to reach USD 2,164.6 million by 2030.
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Heat Exchangers Market Scope
Heat Exchangers Market Companies
| Name | Profile | # Employees | HQ | Website |
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China heat exchangers market outlook
The databook is designed to serve as a comprehensive guide to navigating this sector. The databook focuses on market statistics denoted in the form of revenue and y-o-y growth and CAGR across the globe and regions. A detailed competitive and opportunity analyses related to heat exchangers market will help companies and investors design strategic landscapes.
Shell & tube was the largest segment with a revenue share of 36.21% in 2023. Horizon Databook has segmented the China heat exchangers market based on plate & frame, shell & tube, air-cooled covering the revenue growth of each sub-segment from 2018 to 2030.
The economic growth in China is expected to be impacted by the deepening U.S.–China trade tensions as well as the recent outbreak of COVID-19. In its efforts to tackle this outbreak, China had locked down certain cities in the country and companies had temporarily shut down factories in the virus-affected regions, which had a short- to medium-term impact on the country's manufacturing output.
Although the Chinese economy has reopened, it is witnessing sluggish growth as the majority of the world's economies have just started lifting the lockdowns imposed to curb the spread of COVID-19. In addition, several chemical and petrochemical multinational companies are expected to open new manufacturing plants in China owing to the favorable government policies.
In July 2019, Sasol Limited, a South Africa-based chemical company, opened a new alkoxylation plant in Nanjing, China. This new plant is expected to double the company's alkoxylation production capacity in the region.
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Horizon Databook provides a detailed overview of country-level data and insights on the China heat exchangers market , including forecasts for subscribers. This country databook contains high-level insights into China heat exchangers market from 2018 to 2030, including revenue numbers, major trends, and company profiles.
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China heat exchangers market size, by product, 2018-2030 (US$M)
China Heat Exchangers Market Outlook Share, 2023 & 2030 (US$M)
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