HS Code:
Steam or other vapor generating boilers (HS Code: 8402) include equipment used for generating steam or other vapors, typically for industrial applications such as power generation, heating, or manufacturing processes. This category encompasses a wide range of boilers, excluding central heating hot water boilers, and includes parts thereof. These products are critical in industries like energy, manufacturing, and food processing, where steam is a key component of operations.
Total Trade Volume
USD 10.5 billion
Data from 2022
Source
United Nations Comtrade Database
Average Rate
5.2%
Highest Rate
12% (imposed by certain developing countries)
Lowest Rate
0% (under free trade agreements like EU-USMCA)
Shift towards energy-efficient and low-emission boilers
Increased demand for advanced technology boilers that comply with stringent environmental regulations, driving innovation in the sector.
2021-2022
Growth in renewable energy integration
Rising adoption of hybrid boilers that can integrate with renewable energy sources, reducing reliance on fossil fuels.
2022
Expansion in industrial sectors in Asia-Pacific
Rapid industrialization in countries like India and Vietnam is boosting demand for steam boilers in manufacturing and power generation.
2020-2022
The European Union has introduced stricter emission standards for industrial boilers under the Green Deal framework, pushing manufacturers to innovate low-carbon solutions.
January 2023
Increased production costs for non-compliant manufacturers, but long-term benefits for companies investing in green technology.
A new phase of the US-China trade agreement has reduced tariffs on industrial equipment, including steam boilers, fostering greater market access.
March 2023
Boosted export opportunities for Chinese manufacturers to the US market, potentially increasing competition.
Major manufacturers have introduced IoT-enabled boilers with remote monitoring and predictive maintenance capabilities.
June 2023
Enhanced operational efficiency and reduced downtime for industrial users, driving market preference for smart boilers.