According to the report, China controls 20% of the world market by volume and will increase by $ 76 million between 2000 and 2004 by which time the Asia Pacific region is set to become the largest region in the world. Russia is the fastest growing market at 9% per annum and is now the second largest by volume. Japan, Italy, Germany and Korea are the other major volume markets. The USA is the world's largest market by value at nearly $400 million and a major contributor to world growth, featuring many larger sized boilers.
The world commercial boiler market rose to $ 1.7 billion and 587,000 units in 2001, growing at 3% per annum. The fastest growing markets are Russia at 9% per annum, followed by China, Turkey and the UK.
The Asia Pacific region, which is completely controlled by China, Japan and Korea, became the largest region in the world in 2001. This region uses predominantly steel heat exchangers and is also strong for copper. China, which already controls one-fifth of the world market, is showing the largest growth by value and volume, with replacements dramatically increasing as a result of the government' s decision to improve air quality.
Although the US is only the 7th largest by volume, it is the world's biggest by value by a large margin - given that the average size of a commercial boiler is much higher than most other countries. The US has a significant steam market unlike most other countries.
The world radiator market is currently growing at 3% per annum and is dominated by China with 32% of the market by volume, followed by Germany and the UK (27%). Italy, France, Russia, Spain and Turkey are the other major markets.
Six million units are expected to be added to China's market between 1999 and 2004, meaning its value will have increased by nearly 90% since 1999. Russia is the other big growth market by volume, adding 2 million units over the same period. The UK shows the second biggest increase by value, but Germany remains the largest market.
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