Plate & Frame Heat Exchanger Market Size, Share & Trends Analysis Report By Product (Brazed, Gasketed, Welded), By End-User (Chemical, HVAC), By Region, And Segment Forecasts, 2023 - 2030

Report Overview

The global plate & frame heat exchanger market size was valued at USD 5.69 billion in 2022 and is anticipated to expand at a compound annual growth rate (CAGR) of 5.6% from 2023 to 2030. Low leakage risk & high corrosion resistance, and increased usage in the oil & gas, automotive, pharmaceutical, and petrochemical industries are likely to drive the industry. The COVID-19 pandemic has resulted in a significant shift in consumer demand that caused a drop in the price of crude oil since there was an ample supply and low demand, which led to increased electricity output. Due to tremendous oil output, COVID-19 has little effect on the heat exchanger industry.

The high electricity demand, rapid industrialization, and investments in renewable power generation in the U.S. are estimated to enhance the product demand in the region. Increasing investments in exploration & production activities by oil & gas companies in the U.S. are anticipated to further boost the industry growth. The global concentrated solar power industry has been witnessing significant growth over the past few years, owing to the technological advancements in the thermal storage system, commercialization of molten salt fluid technologies, and adjustability to moderate weather conditions.

Plate & frame heat exchangers are used in food processing facilities for esterification, sterilization, and quick heating of food products, such as sauces, eggs, dairy products, and oils. Growing concerns regarding hygiene and corrosion resistance in food processing facilities are expected to fuel the demand for plate & frame heat exchangers in the food & beverage sector over the forecast period. The rapid expansion of the chemical industry in Asia, especially in China, is expected to act as a significant driving force for the industry on account of the vast penetration of these heat exchangers in various applications including solvent condensation, multiple material mixtures, benzene heat recovery, cooling of water circuits and others.

Product Insights

The gasketed product segment led the global industry in 2022 and accounted for the maximum share of more than 56.6% of the overall revenue. The high share is attributed to the extensive usage in power plants due to low maintenance and compact size. Furthermore, as gasketed devices are easy to clean, they are typically utilized in the pharmaceutical and food processing sectors, where a high degree of sanitation is required. Welded plate and frame heat exchangers are widely used in the pharmaceutical, oil & gas, automotive, paper manufacturing, and petrochemical industries due to the product’s high corrosive resistance and low risk of leakage.

The product is ideal for transferring fluids containing corrosive materials at high temperatures as heat exchangers are extremely durable. Brazed heat exchanger applications in the heating sector include heat pumps, gas-fired boilers, and district heating substations. The growth is primarily driven due to the demand from refrigeration and industrial applications. The products are highly resistant to corrosion due to their stainless-steel plate composition with copper brazing. Semi-welded plate & frame heat exchangers contain a mixture of gasketed and welded plates. They are widely used in inorganic and organic chemical processing when chemicals are involved limiting the use of gaskets or when the design makes fully gasketed plate & frame heat exchangers inefficient.

End-User Insights

The chemical end-user segment dominated the global industry in 2022 and accounted for the maximum share of 24.0% of the overall revenue. Rapid growth in the chemical sector, coupled with the rising penetration of heat exchangers, is expected to drive the demand for plate & frame heat exchangers in the chemical industry over the forecast period. Plate & frame heat exchangers are used in food processing facilities for various purposes, including chilling, heating, and brewing. The brewing and pasteurization of alcoholic beverages rely heavily on these heat exchangers. Rising concerns about the shelf life of processed foods and alcoholic drinks are anticipated to boost product demand over the forecast period.

Increasing awareness regarding energy conservation and reducing energy bills are expected to augment the product demand in the HVAC industry. Furthermore, plate & frame heat exchangers help save space and increase the efficiency of HVAC systems. This, in turn, is likely to aid product penetration in the HVAC & refrigeration sector. Plate & frame heat exchangers are used in the food processing industry for eliminating microbes, thereby increasing the shelf life of the products. In addition, they are used in applications, such as cookers, ovens, food processing & pre-heating, beer cooling & pasteurization, milk pasteurization, and cooling or chilling the final product to desired temperatures.

Regional Insights

Europe led the global industry in 2022 and accounted for the maximum share of 31.8% of the overall revenue. The European Union (EU) is one of the leading chemical manufacturing and exporting regions. According to the European Chemical Industry Council (Cefic), the EU’s total chemical sales were around USD 667.06 billion in 2018, which was the second-highest after China. Continuous employment creation and strong wage growth in this region will likely benefit the industry’s evolution. The U.S. accounted for a substantial revenue share of the global industry in 2022. This is attributed to a rise in construction spending in the U.S. coupled with the rising investments in the oil & gas and energy sectors, which, in turn, are driving the product demand.

Asia Pacific is estimated to be the fastest-growing region from with a CAGR of 6.6% from 2023 to 2030. It is projected that increasing investments in the manufacturing sector of the region will boost the product demand in HVAC & refrigeration systems. In addition, increasing investments in the chemical sector are expected to positively impact the market in Asia Pacific. Middle East & Africa (MEA) has been primarily characterized by the growing HVAC and petrochemical industries. Concentrating Solar Power (CSP) projects in countries, such as South Africa, Egypt, and Morocco, are expected to fuel the product demand in Africa.

Key Companies & Market Share Insights

Plate & frame heat exchanger manufacturers adopt several strategies, including acquisitions, mergers, joint ventures, new product developments, and geographical expansions, to enhance industry penetration and cater to the changing technological requirements of various end-use industries. The COVID-19 pandemic has prompted manufacturers to strengthen online marketplaces for services and spare part availability. For instance, a new facility for the production of brazed heat exchangers was built by ALFA LAVAL in San Bonifacio, Italy, in 2021. The new facility will have more capacity to fulfill the increasing customer demand. Some of the prominent players in the global plate & frame heat exchanger market include:

• Alfa Laval

• Danfoss

• Kelvion Holding GmbH

• Guntner GmbH & Co. KG

• Xylem, Inc.

• API Heat Transfer, Inc.

• Hisaka Works Limited

• HRS Heat Exchangers

• SPX Flow, Inc.

• SWEP International AB

Plate & Frame Heat Exchanger Market Report Scope

Global Plate & Frame Heat Exchanger Market Report Segmentation

This report forecasts revenue growth at global, regional & country levels and provides an analysis on the industry trends in each of the sub-segments from 2018 to 2030. For the purpose of this study, Grand View Research has segmented the plate & frame heat exchanger market on the basis of product, end-user, and region:

• Product Outlook (Revenue, USD Million; 2018 - 2030)

  • Brazed

  • Gasketed

  • Welded

  • Others

• End-User Outlook (Revenue, USD Million; 2018 - 2030)

  • Chemical

  • Food & Beverage

  • HVAC & Refrigeration

  • Oil & Gas

  • Power Generation

  • Pulp & Paper

  • Others

• Regional Outlook (Revenue, USD Million; 2018 - 2030)

  • North America

    • U.S.

    • Canada

    • Mexico

  • Europe

    • France

    • Germany

    • Italy

    • Russia

    • UK

  • Asia Pacific

    • China

    • India

    • Japan

    • South Korea

    • Australia

  • Central & South America

    • Brazil

    • Argentina

  • Middle East & Africa

    • South Africa

    • UAE