ASEAN Heat Exchanger Market - Growth, Trends, COVID-19 Impact, and Forecasts (2021 - 2026)

The market is segmented by Construction Type (Shell and Tube, Plate and Frame, and Other Construction Types), End-User (Oil and Gas, Power Generation, Chemical, and Others End-Users), and Geography (Singapore, Malaysia, Thailand, Indonesia, and Rest of ASEAN Countries).

Market Snapshot

ASEAN Heat Exchanger - Market Summary
Study Period: 2019-2026
Base Year: 2020
CAGR: >3.3 %

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Market Overview

The ASEAN heat exchanger market is expected to register a CAGR of greater than 3.3% during the forecast period of 2021 – 2026. The COVID-19 pandemic has already cast its shadow on various industries, with the heat exchanger market being no exception. One important aspect of the industry that has been impacted was maintenance. With strict orders on social distancing and lockdowns in place throughout the ASEAN countries, many steam and boiler maintenance businesses, including heat exchangers, have been unable to provide services such as routine inspections and maintenance as regularly as they once did. Factors such as increasing industrialization in emerging ASEAN countries, low maintenance cost, and soaring demand for space heating and cooling applications are expected to drive the heat exchanger market in ASEAN region during the forecast period. However, an increase in renewable energy, which rarely requires a heat exchanger, is expected to have a negative impact on the market studied.

  • Shell and Tube heat exchangers are expected to witness significant growth during the forecast period, owing to the multiple associated benefits when compared to other construction types. They are most commonly used heat exchangers for industrial applications.
  • Technological advancements and upgradations are likely to create immense opportunities for the heat exchanger market in ASEAN region soon.
  • Indonesia is expected to witness significant demand during the forecast period, owing to the plans of increasing power generation capacity in the coming years.

Scope of the Report

The ASEAN heat exchanger market report includes:

Construction Type
Shell and Tube
Plate and Frame
Other Construction Types
Oil and Gas
Power Generation
Others End-Users
Rest of ASEAN Countries

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Key Market Trends

Shell and Tube Heat Exchangers Expected to Witness Significant Growth

  • Shell and tube heat exchangers consists of a shell and many tubes placed inside it, where one fluid runs through the shell and another fluid runs through the tube to transfer heat. These type of heat exchangers are most commonly used in oil refineries and other large scale pharmaceutical & chemical industries.
  • Their ability to transfer heat at very high temperature, less servicing requirement and, low maintenance features make it more preferable over other counterparts. In addition, they are also capable of  operating in wide range of fluids.
  • These heat exchangers are manufactured at very low costs and offer effective & robust construction. They are ideal and flexible for wide range of applications where constant maintenance and servicing is required. Also, they are resistant to thermal shocks and have no dimensional limits, thus, creating positive business outlook for shell and tube heat exchangers.
  • Some common types of shell and tube heat exchangers used in different industries, are direct contact heat exchangers, co-current (Parallel) flow heat exchangers, and recuperators and regenerative heat exchangers.
  • The high pressure and temperature along with long-distance heat transfer causes significant wear and tear, which results in regular maintenance and periodic replacement of shell and tube heat exchangers. Therefore, replacement of shell and tube heat exchangers is likely to play a key role in growing the ASEAN heat exchangers market during the forecast period.
  • Therefore, based on the above-mentioned factors, shell and tube heat exchangers are expected to witness significant growth in ASEAN heat exchangers market during the forecast period.
ASEAN Heat Exchanger Market - Market Share by Construction Type

Indonesia is Expected to Witness Significant Demand

  • Mounting energy demand across Indonesia is expected to increase the power generation installed capacity, in turn, driving the deployment of heat exchangers over the forecast timeframe. Thermal power is mostly generated from various sources such as natural gas, coal, oil, and others, which requires a heat exchanger to transfer the heat between two systems.
  • According to the International Energy Agency (IEA), ASEAN is one of the few regions of the world where coal-fired generation has been expanding, with close to 20 GW of new coal-fired generating capacity under construction, mostly in Indonesia (a major coal producer), Vietnam and the Philippines. Significantly more capacity is at the pre-construction stage, but some plans are being reconsidered and greater emphasis is being placed on natural gas as well as the expansion of renewables.
  • Indonesia is expected to become the fourth-largest economy in the world by 2040. Coal dominates the Indonesian power mix, supplying around 65% of its electricity in 2020, with natural gas and oil together accounting for around 20% of the supply, with the remainder from renewables, mostly hydro and geothermal. Moreover, ongoing shift towards cleaner energy fuels coupled with boom in the natural gas production across the country institutes a favorable business scenario for the heat exchanger market.
  • Furthermore, projects such as withering and drying of Indonesian tea leaves using heat pipe heat exchanger (HPHE) by utilizing low-temperature geothermal energy (in R&D stage, as of 2021) is expected to create immense opportunities in the ASEAN heat exchanger market during the forecast period.
  • Therefore, based on the above-mentioned factors, Indonesia is expected to witness significant demand in ASEAN heat exchanger market during the forecast period.
ASEAN Heat Exchanger Market - Electricity Generation by Source

Competitive Landscape

The ASEAN heat exchanger market is fragmented. Some of the major players include Alfa Laval AB, General Electric Company, Danfoss AB, Xylem Inc., and Kelvion Holding GmbH.

Recent Developments

  • In June 2021, field engineers at an oil refinery in Indonesia were working to resolve issues (certain industries that utilize piping flange joint assemblies, such as petrochemical, dictate a low tolerance for leaks, or fugitive emissions. Areas subject to high temperatures and thermal cycling can cause stress to flange joints, causing the bolted connections to lose tension and leak fugitive emissions) with leaking heat exchangers. Hence, the team approached Solon Manufacturing Co. about live loading Solon Flange Washers or Belleville springs with higher loads designed to be used in flange applications, onto the gasket in order to maintain sufficient bolt tension and resultant gasket stresses.
  • Vitherm, in May 2021, won a replacement order for an oil and gas plant in Malaysia. This steam condenser will be part of the glycol system. The glycol dehydration system is a crucial process in the refinery to remove the saturated water vapor present in natural gas using glycol. Vitherm welded heat exchanger is likely to be used for this heat recovery process. This allows easy accessibility, hence making it possible for 100% cleaning due to the pattern on Vitherm plates giving extensive and trouble-free operation.

Table of Contents


    1. 1.1 Scope of the Study

    2. 1.2 Market Definition

    3. 1.3 Study Assumptions




    1. 4.1 Introduction

    2. 4.2 Market Size and Demand Forecast in USD million, till 2026

    3. 4.3 Recent Trends and Developments

    4. 4.4 Government Policies and Regulations

    5. 4.5 Market Dynamics

      1. 4.5.1 Drivers

      2. 4.5.2 Restraints

    6. 4.6 Supply Chain Analysis

    7. 4.7 Porter's Five Forces Analysis

      1. 4.7.1 Bargaining Power of Suppliers

      2. 4.7.2 Bargaining Power of Consumers

      3. 4.7.3 Threat of New Entrants

      4. 4.7.4 Threat of Substitutes Products and Services

      5. 4.7.5 Intensity of Competitive Rivalry

    8. 4.8 Assessment of COVID-19 Impact on the Industry


    1. 5.1 Construction Type

      1. 5.1.1 Shell and Tube

      2. 5.1.2 Plate and Frame

      3. 5.1.3 Other Construction Types

    2. 5.2 End-User

      1. 5.2.1 Oil and Gas

      2. 5.2.2 Power Generation

      3. 5.2.3 Chemical

      4. 5.2.4 Others End-Users

    3. 5.3 Geography

      1. 5.3.1 Singapore

      2. 5.3.2 Malaysia

      3. 5.3.3 Thailand

      4. 5.3.4 Indonesia

      5. 5.3.5 Rest of ASEAN Countries


    1. 6.1 Mergers and Acquisitions, Joint Ventures, Collaborations, and Agreements

    2. 6.2 Strategies Adopted by Leading Players

    3. 6.3 Company Profiles

      1. 6.3.1 Alfa Laval AB

      2. 6.3.2 General Electric Company

      3. 6.3.3 Danfoss AB

      4. 6.3.4 Kelvion Holding GmbH

      5. 6.3.5 Xylem Inc.

      6. 6.3.6 Hisaka Works, Ltd.

      7. 6.3.7 SPX FLOW, Inc.

      8. 6.3.8 Thermax Limited

      9. 6.3.9 Chart Industries, Inc.

      10. 6.3.10 Barriquand Technologies Thermiques SAS

    4. *List Not Exhaustive

**Subject to Availability

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Frequently Asked Questions

The ASEAN Heat Exchanger Market market is studied from 2019 - 2026.

The ASEAN Heat Exchanger Market is growing at a CAGR of >3.3% over the next 5 years.

Alfa Laval AB, General Electric Company, Danfoss AB, Xylem Inc., Kelvion Holding GmbH are the major companies operating in ASEAN Heat Exchanger Market.

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