Asia Pacific Industrial Chillers Market is expected to reach US$ 2.16 Billion by 2031

Launch of New Recycled Plastic Plants to Fuel Asia Pacific Industrial Chillers Market Growth During Forecast Period 

According to our latest study, “Asia Pacific Industrial Chillers Market Size and Forecast (2021–2031), Country Share, Trend, and Growth Opportunity Analysis – by Chiller Type, Process, and Application," the market was valued at US$ 1.22 billion in 2023 and is expected to reach US$ 2.16 billion by 2031; it is estimated to record a CAGR of 7.4% from 2023 to 2031. The report includes growth prospects owing to the current Asia Pacific industrial chillers market trends and their foreseeable impact during the forecast period.

Government authorities in Asia Pacific are focused on addressing plastic pollution and promoting recycling. Consumers are also becoming more aware of environmentally friendly alternatives, resulting in an increased demand for recycled plastic. The demand for sustainable and eco-friendly materials is increasing with the launch of new recycling plastic plants in the region. A few new developments are mentioned below:

Asia Pacific Industrial Chillers Market Share (%) – by Chillers Type (2023 and 2031)

Source: The Insight Partners Analysis

• In June 2024, with major support from Circulate Capital, Deluxe Recycling opened the largest multi-layered plastic (MLP) recycling facility in Sarigam, Gujarat. With this expansion, Deluxe aims to become the top MLP recycler in South Asia by increasing recycling capacity from approximately 13,000 to 27,400 metric tons per annum; the company also set a goal of producing over 200,000 metric tons of MLPs and used beverage containers (UBCs) by FY2030.
• In April 2024, Veolia announced that it had successfully commissioned a recycled PET plant in Tsuyama, Japan, as part of the company’s Circular PET joint venture. The venture was established in 2020 with Seven & i Holdings, the Japanese retail group, and the conglomerate Mitsui & Co. It also ensures that used PET bottles are supplied to the complex through partnerships with businesses and municipalities.
• In December 2022, SuperBin, a South Korean startup, announced the completion of the construction of—I Am Factory—in Hwaseong, Gyeonggi Province. The factory will produce recycled polyethylene terephthalate (r-PET) flakes.

Such new development of plants generates the need for several tools, equipment, and machines for efficient operations. Recycled plastic plants require efficient temperatures in various processes such as shredding, melting, and molding. During these processes, especially in extrusion and injection molding, a significant amount of heat is generated, which can lead to deformities and inconsistency in the recycled plastic quality. As a result, industrial chillers are used in recycled plastic plants to prevent overheating in these processes and ensure the quality of the final product. These chillers help to enhance the machine's longevity and reduce the downtime in the plants. Thus, the launch of new recycled plastic plants boosts the Asia Pacific industrial chillers market growth.

Dimplex Thermal Solutions; Blue Star Ltd; Panasonic Holdings Corp; Johnson Controls International Plc; Mitsubishi Heavy Industries Ltd; Sanhe Tongfei Refrigeration Co., Ltd.; Guangzhou Teyu Electromechanical Co., Ltd; Shenzhen Envicool Technology Co., Ltd.; Wuhan Hanli Refrigeration Technology Co., Ltd.; WERNER FINLEY PRIVATE LIMITED; Advance Cooling Systems Pvt. Ltd.; Prasad GWK Cooltech Pvt. Ltd.; Reynold India Private Limited; and Nu-Vu Conair Pvt. Ltd are among the key players profiled in the Asia Pacific industrial chillers market report. Several other major players were also studied and analyzed during the market study to get a holistic view of the market and its ecosystem. The Asia Pacific industrial chillers market forecast can help stakeholders plan their growth strategies.

The Asia Pacific industrial chiller market analysis has been performed by considering the following segments: chiller type, process, and application. Based on chiller type, the market is divided into water cooled chillers and air cooled chillers. In terms of process, the Asia Pacific industrial chiller market is bifurcated into continuous flow chillers and immersion chillers. Based on application, the market is segmented into food & beverage processing, medical equipment, industrial manufacturing, and others. The scope of the Asia Pacific industrial chillers market report focuses on Asia Pacific (China, Japan, South Korea, India, Australia, Indonesia, Rest of Asia Pacific). In terms of revenue, China dominated the Asia Pacific industrial chiller market share.

Asia Pacific is focused on fostering its semiconductor industry with investments. For example, in February 2024, the Government of India approved a massive US$ 15 billion investment in the establishment of three semiconductor plants, including a proposal from Tata Group to build the country's first major chipmaking facility. Thus, such a rise in the construction of semiconductor chipmaking plants drives the Asia Pacific industrial chiller market, as the controlled temperature in semiconductor production is crucial. The processes in semiconductor production require precise and liquid cooling. 

The implementation of government policies in Asia Pacific is fueling the industrial output. For example, the Made in China 2025 strategy and Make in India encourage technological innovation, automation, and development of high-tech industries. These policies aim to boost domestic manufacturing, attract foreign investment, and advance technological innovation across various industries. This industrial expansion and modernization will likely increase demand for process cooling equipment. As these initiatives stimulate growth in sectors such as food & beverages, pharmaceuticals, and chemicals, the need for process chillers is expected to rise in the coming years.   

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