Growth in global chillers market driven by plastics industry segment

01-Jun-16

The global chillers market size is estimated to reach US$10.84 bln by 2021 at a CAGR of 4.24%. Regionally, Asia-Pacific is leading the growth of chillers market due to increasing cooling needs in industrial applications and growing food and healthcare industries as per Market Reports Hub. With the rising per capita income, the standard of living is also increasing, which further translates to the rising demand for comfort and leisure products. Cooling products such as refrigerators and air conditioners are among these key products. The growing food and healthcare industry is the driving force for the cooling equipment market. Factors such as increasing population and rising consumption of frozen food are also contributing significantly to the increase in the refrigeration equipment market. Chillers are used in various end-use industries such as plastics, chemicals & petrochemicals, food & beverages, rubber, medical & pharmaceutical, and others. In 2015, the plastics segment accounted for the largest market share among all the applications, in terms of value, followed by chemicals & petrochemicals, food & beverages, and rubber industries. Among all the applications, chemicals & petrochemicals is estimated to register the highest CAGR between 2016 and 2021 in terms of value. In 2015, Asia-Pacific is estimated to account for the largest market share, in terms of value, and is estimated to remain the market leader during the forecast period. High industrial growth resulted in an increased demand for chillers in different industrial applications such as in the chemicals & petrochemicals and food & beverages industries. This growth is further supported by the growing medical & pharmaceutical industry in Asia-Pacific due to the increased governmental investments in the healthcare sector. China accounted for the largest market share in this region due to the increased demand for chemicals in the last 2-3 years. Other emerging economies, such as India and Brazil, are the markets which are projected to grow rapidly.