Vapour Generating Boiler Market

The global market for vapour generating boilers is projected to experience steady growth over the next eight years, with a forecasted increase in both volume and value. Consumption and production patterns have shown fluctuations over the years, with countries like China, Turkey, and the United States leading in both consumption and production. Imports and exports have also played a significant role in the market dynamics, with countries like Indonesia, South Korea, and Germany emerging as key players in the international trade of vapour generating boilers. Overall, the market shows promising growth potential with opportunities for both producers and importers/exporters to capitalize on the increasing demand worldwide.

Market Forecast

Driven by increasing demand for vapour generating boilers worldwide, the market is expected to continue an upward consumption trend over the next eight years. Market performance is forecast to accelerate, expanding with an anticipated CAGR of +5.3% for the period from 2022 to 2030, which is projected to bring the market volume to 816K tons by the end of 2030.

In value terms, the market is forecast to increase with an anticipated CAGR of +7.8% for the period from 2022 to 2030, which is projected to bring the market value to $9B (in nominal prices) by the end of 2030.

Consumption

World Consumption of Vapour Generating Boilers

In 2022, consumption of vapour generating boilers was finally on the rise to reach 539K tons after two years of decline. In general, consumption recorded a relatively flat trend pattern. Global consumption peaked at 1.1M tons in 2019; however, from 2020 to 2022, consumption remained at a lower figure.

The global vapour generating boiler market revenue expanded rapidly to $4.9B in 2022, increasing by 13% 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). Overall, consumption showed a relatively flat trend pattern. Global consumption peaked at $11.3B in 2019; however, from 2020 to 2022, consumption remained at a lower figure.

Consumption By Country

The countries with the highest volumes of consumption in 2022 were China (90K tons), Turkey (80K tons) and the United States (45K tons), together comprising 40% of global consumption. India, Japan, Poland, Brazil, Italy, Indonesia, Mexico, Russia, South Korea and France lagged somewhat behind, together accounting for a further 31%.

From 2012 to 2022, the biggest increases were recorded for Poland (with a CAGR of +26.8%), while consumption for the other global leaders experienced more modest paces of growth.

In value terms, the largest vapour generating boiler markets worldwide were Turkey ($828M), Russia ($474M) and China ($430M), together accounting for 35% of the global market. The United States, Japan, India, Italy, Brazil, Mexico, Poland, South Korea, France and Indonesia lagged somewhat behind, together accounting for a further 32%.

Poland, with a CAGR of +26.8%, saw the highest rates of growth with regard to market size among the main consuming countries over the period under review, while market for the other global leaders experienced more modest paces of growth.

The countries with the highest levels of vapour generating boiler per capita consumption in 2022 were Turkey (938 kg per 1000 persons), Poland (483 kg per 1000 persons) and Italy (275 kg per 1000 persons).

From 2012 to 2022, the most notable rate of growth in terms of consumption, amongst the leading consuming countries, was attained by Poland (with a CAGR of +27.1%), while consumption for the other global leaders experienced more modest paces of growth.

Production

World Production of Vapour Generating Boilers

In 2022, after two years of decline, there was significant growth in production of vapour generating boilers, when its volume increased by 16% to 545K tons. Overall, production showed a relatively flat trend pattern. The most prominent rate of growth was recorded in 2018 with an increase of 33% against the previous year. Over the period under review, global production hit record highs at 1.1M tons in 2019; however, from 2020 to 2022, production remained at a lower figure.

In value terms, vapour generating boiler production rose slightly to $5.2B in 2022 estimated in export price. The total output value increased at an average annual rate of +1.7% 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 2018 when the production volume increased by 31%. Global production peaked at $6.4B in 2019; however, from 2020 to 2022, production stood at a somewhat lower figure.

Production By Country

The countries with the highest volumes of production in 2022 were China (131K tons), Turkey (82K tons) and the United States (48K tons), with a combined 48% share of global production. India, Japan, Italy, Russia, Germany, Brazil, Poland, Mexico, Canada and France lagged somewhat behind, together comprising a further 34%.

From 2012 to 2022, the most notable rate of growth in terms of production, amongst the main producing countries, was attained by Poland (with a CAGR of +20.3%), while production for the other global leaders experienced more modest paces of growth.

Imports

World Imports of Vapour Generating Boilers

Global vapour generating boiler imports rose remarkably to 98K tons in 2022, increasing by 15% against the year before. In general, imports, however, continue to indicate a pronounced setback. The growth pace was the most rapid in 2015 with an increase of 31%. Over the period under review, global imports reached the maximum at 143K tons in 2016; however, from 2017 to 2022, imports failed to regain momentum.

In value terms, vapour generating boiler imports expanded remarkably to $740M in 2022. Over the period under review, imports, however, saw a perceptible curtailment. The pace of growth appeared the most rapid in 2015 when imports increased by 29%. Over the period under review, global imports attained the maximum at $1.1B in 2013; however, from 2014 to 2022, imports stood at a somewhat lower figure.

Imports By Country

In 2022, Indonesia (16K tons), distantly followed by South Korea (5.9K tons), Bangladesh (5.3K tons) and Singapore (4.9K tons) represented the largest importers of vapour generating boilers, together generating 33% of total imports. The following importers - Turkey (3.3K tons), the United States (2.8K tons), Spain (2.3K tons), Uzbekistan (2K tons), France (1.8K tons), Kazakhstan (1.8K tons), Democratic Republic of the Congo (1.8K tons), Poland (1.7K tons) and Thailand (1.7K tons) - together made up 20% of total imports.

From 2012 to 2022, average annual rates of growth with regard to vapour generating boiler imports into Indonesia stood at +3.9%. At the same time, Poland (+25.9%), Democratic Republic of the Congo (+22.8%), Singapore (+16.9%), Uzbekistan (+14.2%), Bangladesh (+12.5%), Spain (+8.9%), Kazakhstan (+6.2%), the United States (+3.1%) and France (+1.8%) displayed positive paces of growth. Moreover, Poland emerged as the fastest-growing importer imported in the world, with a CAGR of +25.9% from 2012-2022. By contrast, South Korea (-1.2%), Turkey (-2.8%) and Thailand (-15.1%) illustrated a downward trend over the same period. From 2012 to 2022, the share of Indonesia, Singapore, Bangladesh, Uzbekistan, Democratic Republic of the Congo, Poland and Spain increased by +7.5, +4.1, +4.1, +2, +1.6, +1.6 and +1.5 percentage points, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, the largest vapour generating boiler importing markets worldwide were Singapore ($57M), Indonesia ($48M) and South Korea ($36M), together accounting for 19% of global imports. Turkey, Bangladesh, the United States, Thailand, Poland, Spain, France, Uzbekistan, Kazakhstan and Democratic Republic of the Congo lagged somewhat behind, together comprising a further 27%.

In terms of the main importing countries, Poland, with a CAGR of +21.6%, recorded the highest rates of growth with regard to the value of imports, over the period under review, while purchases for the other global leaders experienced more modest paces of growth.

Import Prices By Country

The average vapour generating boiler import price stood at $7,569 per ton in 2022, falling by -7.4% against the previous year. Overall, the import price saw a mild slump. The most prominent rate of growth was recorded in 2017 when the average import price increased by 28% against the previous year. Over the period under review, average import prices attained the peak figure at $9,156 per ton in 2013; however, from 2014 to 2022, import prices stood at a somewhat lower figure.

Prices varied noticeably by country of destination: amid the top importers, the country with the highest price was Thailand ($13,088 per ton), while Democratic Republic of the Congo ($2,852 per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Uzbekistan (+4.1%), while the other global leaders experienced more modest paces of growth.

Exports

World Exports of Vapour Generating Boilers

After four years of decline, shipments abroad of vapour generating boilers increased by 18% to 104K tons in 2022. Over the period under review, exports, however, recorded a noticeable slump. Over the period under review, the global exports reached the maximum at 165K tons in 2012; however, from 2013 to 2022, the exports stood at a somewhat lower figure.

In value terms, vapour generating boiler exports surged to $705M in 2022. In general, exports, however, recorded a noticeable contraction. The growth pace was the most rapid in 2017 when exports increased by 46% against the previous year. The global exports peaked at $1.2B in 2013; however, from 2014 to 2022, the exports stood at a somewhat lower figure.

Exports By Country

China represented the main exporting country with an export of around 42K tons, which accounted for 40% of total exports. Germany (10K tons) held a 9.7% share (based on physical terms) of total exports, which put it in second place, followed by Russia (7.4%), Italy (6.6%), the United States (5.6%) and Turkey (5.3%). The following exporters - India (4.6K tons), South Korea (4.2K tons), Spain (2.4K tons) and Vietnam (1.8K tons) - together made up 13% of total exports.

China experienced a relatively flat trend pattern with regard to volume of exports of vapour generating boilers. At the same time, Vietnam (+56.4%), Russia (+30.0%), Spain (+7.1%) and Turkey (+4.0%) displayed positive paces of growth. Moreover, Vietnam emerged as the fastest-growing exporter exported in the world, with a CAGR of +56.4% from 2012-2022. By contrast, India (-1.7%), Germany (-1.8%), the United States (-2.8%), Italy (-6.0%) and South Korea (-21.2%) illustrated a downward trend over the same period. China (+17 p.p.), Russia (+7 p.p.), Turkey (+3.1 p.p.), Germany (+2.4 p.p.), Vietnam (+1.7 p.p.) and Spain (+1.6 p.p.) significantly strengthened its position in terms of the global exports, while South Korea saw its share reduced by -23.3% from 2012 to 2022, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, the largest vapour generating boiler supplying countries worldwide were China ($142M), Germany ($106M) and Russia ($85M), together comprising 47% of global exports. Italy, the United States, South Korea, Turkey, Spain, India and Vietnam lagged somewhat behind, together comprising a further 32%.

Vietnam, with a CAGR of +54.6%, recorded the highest growth rate of the value of exports, in terms of the main exporting countries over the period under review, while shipments for the other global leaders experienced more modest paces of growth.

Export Prices By Country

In 2022, the average vapour generating boiler export price amounted to $6,808 per ton, shrinking by -1.7% against the previous year. In general, the export price saw a relatively flat trend pattern. The pace of growth appeared the most rapid in 2017 when the average export price increased by 24%. The global export price peaked at $7,823 per ton in 2013; however, from 2014 to 2022, the export prices failed to regain momentum.

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 Russia ($11,065 per ton), while China ($3,401 per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by South Korea (+2.9%), while the other global leaders experienced more modest paces of growth.

Source: IndexBox Market Intelligence Platform