Industrial Chillers Market is expected to reach US$ 4.30 Billion by 2031

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

According to our latest study, "Industrial Chillers Market Size and Forecast (2021–2031), Global and Regional Share, Trend, and Growth Opportunity Analysis – by Chiller Type, Process, Application, and Geography," the market was valued at US$ 2.77 billion in 2024 and is expected to reach US$ 4.30 billion by 2031; it is estimated to record a CAGR of 6.6% from 2025 to 2031. The report includes growth prospects owing to the current industrial chillers market trends and their foreseeable impact during the forecast period.

Government authorities 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 globally. A few new developments are mentioned below:

• In April 2025, DePoly—the leading sustainable PET-to-raw-material recycling company—announced the upcoming launch of a 500-tonne-per-year showcase plant in Monthey, Switzerland. The plant will represent a critical step in the company's journey from laboratory breakthrough to industrial-scale implementation. The facility will demonstrate DePoly's proprietary process that converts PET and polyester waste into virgin-quality raw materials without fossil fuels.
• 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 Veolia'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.

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 enhance the machine's longevity and reduce plant downtime. Thus, the launch of new recycled plastic plants drives the industrial chillers market.

Industrial Chillers Market Analysis — by Geography

Source: The Insight Partners Analysis

Stulz SpA, Mitsubishi Heavy Industries Ltd, Daikin Industries Ltd, Johnson Controls International Plc, Panasonic Holdings Corp, HYDAC International GmbH, Blue Star Ltd, Carrier Global Corp, Trane Technologies Plc, and Thermo Fisher Scientific Inc. are among the key players profiled in the 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 report includes the industrial chillers market forecast by chiller type, process, and application. In terms of chiller type, the industrial chillers market is bifurcated into water cooled chillers and air cooled chillers. The water cooled chillers segment dominated the market in 2024. Based on process, the industrial chillers market is divided into continuous flow chillers and immersion chillers. The continuous flow chillers segment held a larger share of the market in 2024. In terms of application, the industrial chillers market is segmented into food & beverage processing, medical equipment, industrial manufacturing, and others. The industrial manufacturing segment dominated the market in 2024.

The scope of the industrial chillers market report focuses on North America (US, Canada, and Mexico), Europe (Russia, UK, Germany, France, Italy, and Rest of Europe), Asia Pacific (South Korea, China, India, Japan, Australia, and Rest of Asia Pacific), the Middle East & Africa (South Africa, Saudi Arabia, UAE, and Rest of Middle East & Africa), and South & Central America (Brazil, Argentina, and Rest of South & Central America). Asia Pacific dominated the market in 2024, followed by North America and Europe.

The Europe industrial chillers market is segmented into Russia, the UK, Germany, France, Italy, and the Rest of Europe. The industrial chillers market in Europe is expanding due to the region's strong and technologically advanced manufacturing base, particularly in the chemicals, food & beverages, plastics, and steel industries. The adoption of Industry 4.0 and IoT technologies enhances efficiency and creates specific cooling needs, driving the demand for industrial chillers. Additionally, the EU's push for energy security and net-zero emissions, such as large-scale hydrogen production, further boosts the need for reliable cooling systems. Europe's position as a major global producer in sectors such as steel, plastics, and chemicals significantly contributes to the growing industrial chillers market.

The industrial chillers market in the MEA is expanding due to rapid urbanization, infrastructure growth, and demand for energy-efficient cooling in harsh climates. Key countries such as the UAE, Saudi Arabia, and South Africa are driving the demand through major commercial, industrial, and smart city projects, while Sub-Saharan nations such as Nigeria and Kenya are investing in modular chillers for emerging manufacturing zones. Environmental concerns, energy constraints, and post-harvest losses in agriculture are accelerating the need for advanced cooling systems. Investments in facilities such as Kenya's new potato processing plant highlight industrial chillers' critical role in modernizing agro-industrial supply chains across the region.

The industrial chillers market in SAM is rising due to increased industrialization in sectors such as food & beverages, pharmaceuticals, and petrochemicals. Brazil is leading the shift toward environmentally sustainable chillers that meet global and local energy efficiency standards. Other countries such as Argentina, Chile, and Colombia are also investing in clean energy and modern industrial infrastructure. The push to replace outdated HVAC systems with efficient chillers using eco-friendly refrigerants (e.g., R-32, CO₂), along with significant investments in sustainable infrastructure, is driving market growth. These trends reflect a rising demand for reliable, energy-efficient cooling solutions across the region.

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