Machinery for Material Treatment by Heating or Cooling Process Market

Driven by increasing demand worldwide, the global market for cooling towers, vacuum-vapour plants, and machinery for material treatment by heating or cooling process is expected to see growth in consumption and value terms over the next eight years. The market is projected to expand with a CAGR of +3.9% for consumption and +5.9% for value from 2022 to 2030. With notable fluctuations in certain years, global consumption volume and market value have shown a steady increase from 2012 to 2022. The United States, India, and China are the top consuming countries, while China dominates production and exports. Imports saw a buoyant expansion from 2012 to 2022, with notable fluctuations in certain years. Prices showed mixed trends among major importing and exporting countries, with China leading in both production and exports.

Market Forecast

Driven by increasing demand for cooling towers, vacuum-vapour plants, and other machinery for material treatment by heating or cooling process worldwide, the market is expected to continue an upward consumption trend over the next eight years. Market performance is forecast to retain its current trend pattern, expanding with an anticipated CAGR of +3.9% for the period from 2022 to 2030, which is projected to bring the market volume to 22M units by the end of 2030.

In value terms, the market is forecast to increase with an anticipated CAGR of +5.9% for the period from 2022 to 2030, which is projected to bring the market value to $57B (in nominal prices) by the end of 2030.

Consumption

World Consumption of Cooling Towers, Vacuum-Vapour Plants, And Other Machinery for Material Treatment by Heating or Cooling Process

In 2022, the amount of cooling towers, vacuum-vapour plants, and other machinery for material treatment by heating or cooling process consumed worldwide expanded notably to 16M units, growing by 5.5% on 2021. The total consumption 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. Global consumption peaked at 17M units in 2018; however, from 2019 to 2022, consumption stood at a somewhat lower figure.

The value of the market for cooling towers, vacuum-vapour plants, and other machinery for material treatment by heating or cooling process worldwide rose slightly to $36.1B in 2022, picking up by 4.9% against the previous year. This figure reflects the total revenues of producers and importers (excluding logistics costs, retail marketing costs, and retailers' margins, which will be included in the final consumer price). Over the period under review, consumption showed a remarkable increase. As a result, consumption reached the peak level of $38.4B. From 2021 to 2022, the growth of the global market remained at a lower figure.

Consumption By Country

The countries with the highest volumes of consumption in 2022 were the United States (3.8M units), India (2.6M units) and China (2M units), together comprising 52% of global consumption. Thailand, Taiwan (Chinese), Mexico, Indonesia, Russia, Denmark, Singapore, Japan, Germany and Brazil lagged somewhat behind, together accounting for a further 27%.

From 2012 to 2022, the most notable rate of growth in terms of process, amongst the leading consuming countries, was attained by Taiwan (Chinese) (with a CAGR of +325.7%), while process for the other global leaders experienced more modest paces of growth.

In value terms, India ($15.2B) led the market, alone. The second position in the ranking was held by China ($5.3B). It was followed by Thailand.

In India, the market of cooling towers, vacuum-vapour plants, and other machinery for material treatment by heating or cooling process expanded at an average annual rate of +25.7% over the period from 2012-2022. In the other countries, the average annual rates were as follows: China (+12.7% per year) and Thailand (+27.6% per year).

The countries with the highest levels of machinery for material treatment by heating or cooling process per capita consumption in 2022 were Denmark (74 units per 1000 persons), Singapore (54 units per 1000 persons) and Thailand (12 units per 1000 persons).

From 2012 to 2022, the biggest increases were recorded for Denmark (with a CAGR of +46.9%), while process for the other global leaders experienced more modest paces of growth.

Production

World Production of Cooling Towers, Vacuum-Vapour Plants, And Other Machinery for Material Treatment by Heating or Cooling Process

For the eighth consecutive year, the global market recorded growth in production of cooling towers, vacuum-vapour plants, and other machinery for material treatment by heating or cooling process, which increased by 5.3% to 31M units in 2022. Overall, production saw prominent growth. The pace of growth appeared the most rapid in 2018 when the production volume increased by 57%. Over the period under review, global production of attained the maximum volume in 2022 and is likely to continue growth in the near future.

In value terms, production of cooling towers, vacuum-vapour plants, and other machinery for material treatment by heating or cooling process skyrocketed to $27.7B in 2022 estimated in export price. In general, production showed a measured expansion. The pace of growth appeared the most rapid in 2019 with an increase of 41%. Global production peaked at $29.9B in 2020; however, from 2021 to 2022, production stood at a somewhat lower figure.

Production By Country

China (23M units) constituted the country with the largest volume of production of cooling towers, vacuum-vapour plants, and other machinery for material treatment by heating or cooling process, comprising approx. 74% of total volume. Moreover, production of cooling towers, vacuum-vapour plants, and other machinery for material treatment by heating or cooling process in China exceeded the figures recorded by the second-largest producer, India (2.8M units), eightfold. Mexico (1.7M units) ranked third in terms of total production with a 5.6% share.

From 2012 to 2022, the average annual growth rate of volume in China totaled +19.2%. The remaining producing countries recorded the following average annual rates of production growth: India (+30.4% per year) and Mexico (-4.5% per year).

Imports

World Imports of Cooling Towers, Vacuum-Vapour Plants, And Other Machinery for Material Treatment by Heating or Cooling Process

In 2022, the amount of cooling towers, vacuum-vapour plants, and other machinery for material treatment by heating or cooling process imported worldwide shrank slightly to 14M units, flattening at the year before. Over the period under review, total imports indicated a buoyant expansion from 2012 to 2022: its volume increased at an average annual rate of +5.9% 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 +37.3% against 2020 indices. The most prominent rate of growth was recorded in 2021 with an increase of 38%. As a result, imports reached the peak of 14M units, leveling off in the following year.

In value terms, imports of cooling towers, vacuum-vapour plants, and other machinery for material treatment by heating or cooling process reached $10.2B in 2022. The total import value increased at an average annual rate of +2.3% over the period from 2012 to 2022; however, the trend pattern remained relatively stable, with only minor fluctuations being recorded in certain years. The growth pace was the most rapid in 2021 with an increase of 17%. Over the period under review, global imports of hit record highs in 2022 and are likely to see gradual growth in the immediate term.

Imports By Country

In 2022, the United States (4.1M units), distantly followed by China (2.3M units) and Taiwan (Chinese) (0.8M units) represented the largest importers of cooling towers, vacuum-vapour plants, and other machinery for material treatment by heating or cooling process, together comprising 53% of total imports. Mexico (498K units), Russia (468K units), Indonesia (403K units), India (349K units), South Korea (314K units), Malaysia (246K units), Singapore (245K units), Brazil (238K units), Chile (229K units) and Egypt (215K units) followed a long way behind the leaders.

From 2012 to 2022, the biggest increases were recorded for Taiwan (Chinese) (with a CAGR of +37.4%), while purchases for the other global leaders experienced more modest paces of growth.

In value terms, China ($1.1B), the United States ($947M) and Mexico ($609M) constituted the countries with the highest levels of imports in 2022, with a combined 26% share of global imports. Indonesia, South Korea, Singapore, India, Malaysia, Taiwan (Chinese), Russia, Brazil, Chile and Egypt lagged somewhat behind, together accounting for a further 25%.

Indonesia, with a CAGR of +15.7%, recorded the highest growth rate of the value of imports, among the main importing countries over the period under review, while purchases for the other global leaders experienced more modest paces of growth.

Import Prices By Country

In 2022, the average import price for cooling towers, vacuum-vapour plants, and other machinery for material treatment by heating or cooling process amounted to $754 per unit, rising by 4.1% against the previous year. Over the period under review, the import price, however, showed a perceptible curtailment. The most prominent rate of growth was recorded in 2020 an increase of 15%. Over the period under review, average import prices attained the peak figure at $1,061 per unit in 2012; however, from 2013 to 2022, import prices stood at a somewhat lower figure.

There were significant differences in the average prices amongst the major importing countries. In 2022, amid the top importers, the country with the highest price was Singapore ($1,529 per unit), while Egypt ($147 per unit) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Mexico (+9.7%), while the other global leaders experienced mixed trends in the import price figures.

Exports

World Exports of Cooling Towers, Vacuum-Vapour Plants, And Other Machinery for Material Treatment by Heating or Cooling Process

Global exports of cooling towers, vacuum-vapour plants, and other machinery for material treatment by heating or cooling process totaled 28M units in 2022, increasing by 2.1% on the year before. In general, exports showed a prominent expansion. The most prominent rate of growth was recorded in 2018 with an increase of 56%. Over the period under review, the global exports of hit record highs in 2022 and are likely to see steady growth in years to come.

In value terms, exports of cooling towers, vacuum-vapour plants, and other machinery for material treatment by heating or cooling process dropped modestly to $9.5B in 2022. The total export value increased at an average annual rate of +1.6% over the period from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The pace of growth was the most pronounced in 2017 with an increase of 12%. Over the period under review, the global exports of reached the peak figure at $10B in 2021, and then contracted slightly in the following year.

Exports By Country

China dominates process structure, amounting to 23M units, which was near 83% of total exports in 2022. It was distantly followed by Mexico (1.7M units), comprising a 6% share of total exports. India (561K units) held a relatively small share of total exports.

Exports from China increased at an average annual rate of +19.7% from 2012 to 2022. At the same time, India (+31.7%) and Mexico (+13.0%) displayed positive paces of growth. Moreover, India emerged as the fastest-growing exporter exported in the world, with a CAGR of +31.7% from 2012-2022. From 2012 to 2022, the share of China increased by +22 percentage points. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, China ($1.6B) remains the largest machinery for material treatment by heating or cooling process supplier worldwide, comprising 17% of global exports. The second position in the ranking was held by India ($228M), with a 2.4% share of global exports.

In China, exports of cooling towers, vacuum-vapour plants, and other machinery for material treatment by heating or cooling process increased at an average annual rate of +11.6% over the period from 2012-2022. In the other countries, the average annual rates were as follows: India (+4.0% per year) and Mexico (+7.0% per year).

Export Prices By Country

The average export price for cooling towers, vacuum-vapour plants, and other machinery for material treatment by heating or cooling process stood at $340 per unit in 2022, with a decrease of -6.7% against the previous year. Overall, the export price recorded a deep reduction. The pace of growth appeared the most rapid in 2016 an increase of 1.6%. Over the period under review, the average export prices hit record highs at $1,299 per unit in 2012; however, from 2013 to 2022, the export prices remained at a lower figure.

There were significant differences in the average prices amongst the major exporting countries. In 2022, amid the top suppliers, the country with the highest price was India ($406 per unit), while China ($71 per unit) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Mexico (-5.3%), while the other global leaders experienced a decline in the export price figures.

Source: IndexBox Market Intelligence Platform