Boiler Parts Market

The global market for boiler parts for central heating is projected to experience steady growth in both volume and value over the next eight years, with an anticipated CAGR of +4.0% and +5.0% respectively. China leads in both consumption and production of boiler parts, while Germany, the Netherlands, and France are key players in import and export activities. The market has shown fluctuations in consumption, production, import, and export volumes over the years, with noticeable growth rates recorded in certain regions. Overall, the market is expected to continue its upward trend in the coming years.

Market Forecast

Driven by increasing demand for parts of boilers for central heating worldwide, the market is expected to continue an upward consumption trend over the next eight-year period. Market performance is forecast to accelerate, expanding with an anticipated CAGR of +4.0% for the period from 2022 to 2030, which is projected to bring the market volume to 2.6M tons by the end of 2030.

In value terms, the market is forecast to increase with an anticipated CAGR of +5.0% for the period from 2022 to 2030, which is projected to bring the market value to $30.6B (in nominal prices) by the end of 2030.

Consumption

World Consumption of Parts Of Boilers For Central Heating

Global boiler parts consumption contracted modestly to 1.9M tons in 2022, stabilizing at the year before. Over the period under review, the total consumption indicated a modest increase from 2012 to 2022: its volume increased at an average annual rate of +1.8% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, consumption increased by +2.0% against 2020 indices. Over the period under review, global consumption attained the maximum volume at 2.6M tons in 2019; however, from 2020 to 2022, consumption stood at a somewhat lower figure.

The global boiler parts market revenue was estimated at $20.7B in 2022, leveling off at 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). In general, consumption recorded a relatively flat trend pattern. Global consumption peaked at $27.9B in 2019; however, from 2020 to 2022, consumption remained at a lower figure.

Consumption By Country

China (465K tons) constituted the country with the largest volume of boiler parts consumption, comprising approx. 24% of total volume. Moreover, boiler parts consumption in China exceeded the figures recorded by the second-largest consumer, India (183K tons), threefold. Turkey (133K tons) ranked third in terms of total consumption with a 7% share.

In China, boiler parts consumption expanded at an average annual rate of +6.5% over the period from 2012-2022. The remaining consuming countries recorded the following average annual rates of consumption growth: India (+5.4% per year) and Turkey (+15.5% per year).

In value terms, China ($3.3B), the United States ($3B) and Brazil ($2.2B) were the countries with the highest levels of market value in 2022, together comprising 41% of the global market. India, Turkey, Bangladesh, Germany, Mexico, the Netherlands, Indonesia, France, Pakistan and Iran lagged somewhat behind, together comprising a further 23%.

Turkey, with a CAGR of +16.7%, recorded 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 boiler parts per capita consumption in 2022 were the Netherlands (1,744 kg per 1000 persons), Turkey (1,555 kg per 1000 persons) and Germany (513 kg per 1000 persons).

From 2012 to 2022, the biggest increases were recorded for the Netherlands (with a CAGR of +19.4%), while consumption for the other global leaders experienced more modest paces of growth.

Production

World Production of Parts Of Boilers For Central Heating

In 2022, global production of parts of boilers for central heating contracted to 1.8M tons, flattening at 2021 figures. In general, the total production indicated modest growth from 2012 to 2022: its volume increased at an average annual rate of +1.8% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, production increased by +1.1% against 2020 indices. The growth pace was the most rapid in 2017 when the production volume increased by 23% against the previous year. Over the period under review, global production attained the maximum volume at 2.5M tons in 2019; however, from 2020 to 2022, production stood at a somewhat lower figure.

In value terms, boiler parts production expanded to $22.1B in 2022 estimated in export price. The total output value increased at an average annual rate of +2.0% from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. The pace of growth appeared the most rapid in 2018 when the production volume increased by 14% against the previous year. Global production peaked at $25.8B in 2019; however, from 2020 to 2022, production failed to regain momentum.

Production By Country

China (486K tons) constituted the country with the largest volume of boiler parts production, comprising approx. 26% of total volume. Moreover, boiler parts production in China exceeded the figures recorded by the second-largest producer, India (183K tons), threefold. The third position in this ranking was taken by Turkey (136K tons), with a 7.3% share.

In China, boiler parts production expanded at an average annual rate of +6.6% over the period from 2012-2022. The remaining producing countries recorded the following average annual rates of production growth: India (+5.7% per year) and Turkey (+15.5% per year).

Imports

World Imports of Parts Of Boilers For Central Heating

In 2022, approx. 262K tons of parts of boilers for central heating were imported worldwide; standing approx. at the previous year's figure. The total import volume increased at an average annual rate of +1.8% over the period from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The most prominent rate of growth was recorded in 2021 with an increase of 25%. As a result, imports attained the peak of 265K tons, leveling off in the following year.

In value terms, boiler parts imports rose slightly to $2.9B in 2022. Overall, imports, however, showed a relatively flat trend pattern. The pace of growth appeared the most rapid in 2021 when imports increased by 24%. Global imports peaked in 2022 and are expected to retain growth in years to come.

Imports By Country

Germany (37K tons), Austria (33K tons), the Netherlands (30K tons), France (27K tons), the UK (19K tons), Italy (15K tons), Poland (12K tons), Belgium (11K tons), Slovakia (10K tons), Spain (9.3K tons) and the United States (9.2K tons) represented roughly 81% of total imports in 2022.

From 2012 to 2022, the biggest increases were recorded for the Netherlands (with a CAGR of +14.2%), while purchases for the other global leaders experienced more modest paces of growth.

In value terms, Germany ($500M), the Netherlands ($355M) and France ($323M) constituted the countries with the highest levels of imports in 2022, together accounting for 41% of global imports. The UK, Italy, Austria, Poland, the United States, Slovakia, Spain and Belgium lagged somewhat behind, together comprising a further 43%.

Poland, with a CAGR of +9.1%, saw the highest growth rate of the value of imports, among the main importing countries over the period under review, while purchases for the other global leaders experienced more modest paces of growth.

Import Prices By Country

In 2022, the average boiler parts import price amounted to $10,940 per ton, increasing by 5.2% against the previous year. Overall, the import price, however, showed a slight decline. The growth pace was the most rapid in 2020 an increase of 22% against the previous year. Over the period under review, average import prices attained the peak figure at $12,934 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 the UK ($15,497 per ton), while Austria ($5,302 per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Poland (+3.5%), while the other global leaders experienced more modest paces of growth.

Exports

World Exports of Parts Of Boilers For Central Heating

In 2022, shipments abroad of parts of boilers for central heating increased by 1% to 201K tons, rising for the second year in a row after two years of decline. The total export volume increased at an average annual rate of +2.0% over the period from 2012 to 2022; the trend pattern remained consistent, with somewhat noticeable fluctuations being recorded throughout the analyzed period. The most prominent rate of growth was recorded in 2021 with an increase of 18%. The global exports peaked at 203K tons in 2018; however, from 2019 to 2022, the exports remained at a lower figure.

In value terms, boiler parts exports contracted slightly to $2.4B in 2022. The total export value increased at an average annual rate of +1.9% over the period from 2012 to 2022; the trend pattern remained relatively stable, with only minor fluctuations being observed in certain years. The pace of growth was the most pronounced in 2021 with an increase of 15%. As a result, the exports attained the peak of $2.4B, leveling off in the following year.

Exports By Country

The shipments of the seven major exporters of parts of boilers for central heating, namely Slovakia, France, Austria, Germany, China, Italy and the Netherlands, represented more than two-thirds of total export. It was distantly followed by Poland (11K tons), committing a 5.2% share of total exports.

From 2012 to 2022, the most notable rate of growth in terms of shipments, amongst the leading exporting countries, was attained by China (with a CAGR of +9.4%), while the other global leaders experienced more modest paces of growth.

In value terms, the largest boiler parts supplying countries worldwide were Slovakia ($432M), Italy ($325M) and France ($319M), with a combined 45% share of global exports. Germany, Austria, the Netherlands, China and Poland lagged somewhat behind, together comprising a further 41%.

China, with a CAGR of +11.7%, 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

The average boiler parts export price stood at $12,009 per ton in 2022, remaining stable against the previous year. Overall, the export price showed a relatively flat trend pattern. The most prominent rate of growth was recorded in 2020 when the average export price increased by 8.3% against the previous year. The global export price peaked at $13,506 per ton in 2014; however, from 2015 to 2022, the export prices stood at a somewhat lower figure.

Prices varied noticeably by country of origin: amid the top suppliers, the country with the highest price was Italy ($16,559 per ton), while Poland ($7,857 per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by China (+2.1%), while the other global leaders experienced more modest paces of growth.

Source: IndexBox Market Intelligence Platform