In 2017, the chemical sector contributed $5.7 trillion to the worldwide gross domestic product (GDP), according to the International Congress and Convention Association. Similarly, Ministry of Chemicals and Fertilizers of India says that between 2011/12 and 2016/2017, the national chemical sector’s output rose at a CAGR of 5.65%. The growth in the sector is due to the increasing investments from public and private bodies, which are leading to the construction of new manufacturing plants and augmented capacity of the existing ones. This is, in turn, resulting in a rise in the demand for various raw materials and machines utilized at chemical plants.

Hence, with the expansion of the chemical sector, the heat exchangers market is also growing across the world. A heat exchanger transfers heat from one device to another, which makes it ideal for heating as well as cooling purposes. Apart from the chemical sector, these instruments also find widespread usage in the heating ventilation, air conditioning, and refrigeration (HVAC-R), petrochemical and oil & gas, power, and food & beverages sectors.

Get More Insights: Heat Exchangers Market Revenue Estimation and Growth Forecast Report

Asia-Pacific (APAC) is expected to be one of the fastest-growing heat exchangers markets in the coming years, owing to the high chemical output of regional countries, especially China and India. The Make in India initiative aims to up the country’s share in global chemical exports, by inviting heavy investments and transfer of technology. In addition, China and Japan are already two of the world’s largest chemical producers. Furthermore, the power, food and beverages and HVAC-R sectors are also growing in the region, as a result of its booming population.

Therefore, the expansion of end-use industries will keep raising the demand for heat exchanging devices around the world.