Heat Exchangers Market Size, Share & Trends Analysis Report By Product (Plate & Frame (Brazed, Gasketed, Welded), By End-use (Chemical & Petrochemical, Oil & Gas, Power Generation), By Material, By Region, And Segment Forecasts, 2024 - 2030

Market Segmentation

• Heat Exchanger Product Outlook (Revenue, USD Million, 2018 - 2030)
  • Plate & Frame Heat Exchanger
    • Brazed Plate & Frame Heat Exchanger
    • Gasketed Plate & Frame Heat Exchanger
    • Welded Plate & Frame Heat Exchanger
    • Others
  • Shell & Tube Heat Exchanger
  • Air-Cooled Heat Exchanger
  • Others
• Heat Exchanger End-use Outlook (Revenue, USD Million, 2018 - 2030)
  • Chemical & Petrochemical
  • Oil & Gas
  • HVAC & Refrigeration
  • Power Generation
  • Food & Beverage
  • Pulp & Paper
  • Others
• Heat Exchanger Material Outlook (Revenue, USD Billion, 2018 – 2030)
  • Metals
  • Alloys
  • Others
• Heat Exchanger Regional Outlook (Revenue, USD Million, 2018 - 2030)
  • North America
    • North America Heat Exchanger Market, By Product
      • Plate & Frame Heat Exchanger
        • Brazed Plate & Frame Heat Exchanger
        • Gasketed Plate & Frame Heat Exchanger
        • Welded Plate & Frame Heat Exchanger
        • Others
      • Shell & Tube Heat Exchanger
      • Air-Cooled Heat Exchanger
      • Others
    • North America Heat Exchanger Market, By End-Use
      • Chemical & Petrochemical
      • Oil & Gas
      • HVAC & Refrigeration
      • Power Generation
      • Food & Beverage
      • Pulp & Paper
    • North America Heat Exchangers Market, By Material
      • Metals
      • AlloysOthers
      • Others
    • U.S.
      • U.S. Heat Exchanger Market, By Product
        • Plate & Frame Heat Exchanger
          • Brazed Plate & Frame Heat Exchanger
          • Gasketed Plate & Frame Heat Exchanger
          • Welded Plate & Frame Heat Exchanger
          • Others
        • Shell & Tube Heat Exchanger
        • Air-Cooled Heat Exchanger
        • Others
      • U.S. Heat Exchanger Market, By End-Use
        • Chemical & Petrochemical
        • Oil & Gas
        • HVAC & Refrigeration
        • Power Generation
        • Food & Beverage
        • Pulp & Paper
        • Others
      • U.S. Heat Exchangers Market, By Material
        • Metals
        • AlloysOthers
        • Others
    • Canada
      • Canada Heat Exchanger Market, By Product
        • Plate & Frame Heat Exchanger
          • Brazed Plate & Frame Heat Exchanger
          • Gasketed Plate & Frame Heat Exchanger
          • Welded Plate & Frame Heat Exchanger
          • Others
        • Shell & Tube Heat Exchanger
        • Air-Cooled Heat Exchanger
        • Others
      • Canada Heat Exchanger Market, By End-Use
        • Chemical & Petrochemical
        • Oil & Gas
        • HVAC & Refrigeration
        • Power Generation
        • Food & Beverage
        • Pulp & Paper
        • Others
      • Canada Heat Exchangers Market, By Material
        • Metals
        • AlloysOthers
        • Others
    • Mexico
      • Mexico Heat Exchanger Market, By Product
        • Plate & Frame Heat Exchanger
          • Brazed Plate & Frame Heat Exchanger
          • Gasketed Plate & Frame Heat Exchanger
          • Welded Plate & Frame Heat Exchanger
          • Others
        • Shell & Tube Heat Exchanger
        • Air-Cooled Heat Exchanger
        • Others
      • Mexico Heat Exchanger Market, By End-Use
        • Chemical & Petrochemical
        • Oil & Gas
        • HVAC & Refrigeration
        • Power Generation
        • Food & Beverage
        • Pulp & Paper
        • Others
      • Mexico Heat Exchangers Market, By Material
        • Metals
        • AlloysOthers
        • Others
  • Europe
    • Europe Heat Exchanger Market, By Product
      • Plate & Frame Heat Exchanger
        • Brazed Plate & Frame Heat Exchanger
        • Gasketed Plate & Frame Heat Exchanger
        • Welded Plate & Frame Heat Exchanger
        • Others
      • Shell & Tube Heat Exchanger
      • Air-Cooled Heat Exchanger
      • Others
    • Europe Heat Exchanger Market, By End-Use
      • Chemical & Petrochemical
      • Oil & Gas
      • HVAC & Refrigeration
      • Power Generation
      • Food & Beverage
      • Pulp & Paper
      • Others
    • Europe Heat Exchangers Market, By Material
      • Metals
      • AlloysOthers
      • Others
    • Germany
      • Germany Heat Exchanger Market, By Product
        • Plate & Frame Heat Exchanger
          • Brazed Plate & Frame Heat Exchanger
          • Gasketed Plate & Frame Heat Exchanger
          • Welded Plate & Frame Heat Exchanger
          • Others
        • Shell & Tube Heat Exchanger
        • Air-Cooled Heat Exchanger
        • Others
      • Germany Heat Exchanger Market, By End-Use
        • Chemical & Petrochemical
        • Oil & Gas
        • HVAC & Refrigeration
        • Power Generation
        • Food & Beverage
        • Pulp & Paper
        • Others
      • Germany Heat Exchangers Market, By Material
        • Metals
        • AlloysOthers
        • Others
    • France
      • France Heat Exchanger Market, By Product
        • Plate & Frame Heat Exchanger
          • Brazed Plate & Frame Heat Exchanger
          • Gasketed Plate & Frame Heat Exchanger
          • Welded Plate & Frame Heat Exchanger
          • Others
        • Shell & Tube Heat Exchanger
        • Air-Cooled Heat Exchanger
        • Others
      • France Heat Exchanger Market, By End-Use
        • Chemical & Petrochemical
        • Oil & Gas
        • HVAC & Refrigeration
        • Power Generation
        • Food & Beverage
        • Pulp & Paper
        • Others
      • France Heat Exchangers Market, By Material
        • Metals
        • AlloysOthers
        • Others
    • Italy
      • Italy Heat Exchanger Market, By Product
        • Plate & Frame Heat Exchanger
          • Brazed Plate & Frame Heat Exchanger
          • Gasketed Plate & Frame Heat Exchanger
          • Welded Plate & Frame Heat Exchanger
          • Others
        • Shell & Tube Heat Exchanger
        • Air-Cooled Heat Exchanger
        • Others
      • Italy Heat Exchanger Market, By End-Use
        • Chemical & Petrochemical
        • Oil & Gas
        • HVAC & Refrigeration
        • Power Generation
        • Food & Beverage
        • Pulp & Paper
        • Others
      • Italy Heat Exchangers Market, By Material
        • Metals
        • AlloysOthers
        • Others
  • Asia Pacific
    • Asia Pacific Heat Exchanger Market, By Product
      • Plate & Frame Heat Exchanger
        • Brazed Plate & Frame Heat Exchanger
        • Gasketed Plate & Frame Heat Exchanger
        • Welded Plate & Frame Heat Exchanger
        • Others
      • Shell & Tube Heat Exchanger
      • Air-Cooled Heat Exchanger
      • Others
    • Asia Pacific Heat Exchanger Market, By End-Use
      • Chemical & Petrochemical
      • Oil & Gas
      • HVAC & Refrigeration
      • Power Generation
      • Food & Beverage
      • Pulp & Paper
      • Others
    • Asia Pacific  Heat Exchangers Market, By Material
      • Metals
      • AlloysOthers
      • Others
    • China
      • China Heat Exchanger Market, By Product
        • Plate & Frame Heat Exchanger
          • Brazed Plate & Frame Heat Exchanger
          • Gasketed Plate & Frame Heat Exchanger
          • Welded Plate & Frame Heat Exchanger
          • Others
        • Shell & Tube Heat Exchanger
        • Air-Cooled Heat Exchanger
        • Others
      • China Heat Exchanger Market, By End-Use
        • Chemical & Petrochemical
        • Oil & Gas
        • HVAC & Refrigeration
        • Power Generation
        • Food & Beverage
        • Pulp & Paper
        • Others
      • China Heat Exchangers Market, By Material
        • Metals
        • AlloysOthers
        • Others
    • Japan
      • Japan Heat Exchanger Market, By Product
        • Plate & Frame Heat Exchanger
          • Brazed Plate & Frame Heat Exchanger
          • Gasketed Plate & Frame Heat Exchanger
          • Welded Plate & Frame Heat Exchanger
          • Others
        • Shell & Tube Heat Exchanger
        • Air-Cooled Heat Exchanger
        • Others
      • Japan Heat Exchanger Market, By End-Use
        • Chemical & Petrochemical
        • Oil & Gas
        • HVAC & Refrigeration
        • Power Generation
        • Food & Beverage
        • Pulp & Paper
        • Others
      • Japan Heat Exchangers Market, By Material
        • Metals
        • AlloysOthers
        • Others
    • India
      • India Heat Exchanger Market, By Product
        • Plate & Frame Heat Exchanger
          • Brazed Plate & Frame Heat Exchanger
          • Gasketed Plate & Frame Heat Exchanger
          • Welded Plate & Frame Heat Exchanger
          • Others
        • Shell & Tube Heat Exchanger
        • Air-Cooled Heat Exchanger
        • Others
      • India Heat Exchanger Market, By End-Use
        • Chemical & Petrochemical
        • Oil & Gas
        • HVAC & Refrigeration
        • Power Generation
        • Food & Beverage
        • Pulp & Paper
        • Others
      • India Heat Exchangers Market, By Material
        • Metals
        • AlloysOthers
        • Others
  • Central & South America
    • Central & South America Heat Exchanger Market, By Product
      • Plate & Frame Heat Exchanger
        • Brazed Plate & Frame Heat Exchanger
        • Gasketed Plate & Frame Heat Exchanger
        • Welded Plate & Frame Heat Exchanger
        • Others
      • Shell & Tube Heat Exchanger
      • Air-Cooled Heat Exchanger
      • Others
    • Central & South America Heat Exchanger Market, By End-Use
      • Chemical & Petrochemical
      • Oil & Gas
      • HVAC & Refrigeration
      • Power Generation
      • Food & Beverage
      • Pulp & Paper
      • Others
    • Central & South America Heat Exchangers Market, By Material
      • Metals
      • AlloysOthers
      • Others
    • Brazil
      • Brazil Heat Exchanger Market, By Product
        • Plate & Frame Heat Exchanger
          • Brazed Plate & Frame Heat Exchanger
          • Gasketed Plate & Frame Heat Exchanger
          • Welded Plate & Frame Heat Exchanger
          • Others
        • Shell & Tube Heat Exchanger
        • Air-Cooled Heat Exchanger
        • Others
      • Brazil Heat Exchanger Market, By End-Use
        • Chemical & Petrochemical
        • Oil & Gas
        • HVAC & Refrigeration
        • Power Generation
        • Food & Beverage
        • Pulp & Paper
        • Others
      • Brazil Heat Exchangers Market, By Material
        • Metals
        • AlloysOthers
        • Others
  • Middle East & Africa
    • Middle East & Africa Heat Exchanger Market, By Product
      • Plate & Frame Heat Exchanger
        • Brazed Plate & Frame Heat Exchanger
        • Gasketed Plate & Frame Heat Exchanger
        • Welded Plate & Frame Heat Exchanger
        • Others
      • Shell & Tube Heat Exchanger
      • Air-Cooled Heat Exchanger
      • Others
    • Middle East & Africa Heat Exchanger Market, By End-Use
      • Chemical & Petrochemical
      • Oil & Gas
      • HVAC & Refrigeration
      • Power Generation
      • Food & Beverage
      • Pulp & Paper
      • Others
    • Middle East & Africa Heat Exchangers Market, By Material
      • Metals
      • AlloysOthers
      • Others
    • Saudi Arabia
      • Saudi Arabia Heat Exchanger Market, By Product
        • Plate & Frame Heat Exchanger
          • Brazed Plate & Frame Heat Exchanger
          • Gasketed Plate & Frame Heat Exchanger
          • Welded Plate & Frame Heat Exchanger
          • Others
        • Shell & Tube Heat Exchanger
        • Air-Cooled Heat Exchanger
        • Others
      • Saudi Arabia Heat Exchanger Market, By End-Use
        • Chemical & Petrochemical
        • Oil & Gas
        • HVAC & Refrigeration
        • Power Generation
        • Food & Beverage
        • Pulp & Paper
        • Others
      • Saudi Arabia Heat Exchangers Market, By Material
        • Metals
        • AlloysOthers
        • Others
    • UAE
      • UAE Heat Exchanger Market, By Product
        • Plate & Frame Heat Exchanger
          • Brazed Plate & Frame Heat Exchanger
          • Gasketed Plate & Frame Heat Exchanger
          • Welded Plate & Frame Heat Exchanger
          • Others
        • Shell & Tube Heat Exchanger
        • Air-Cooled Heat Exchanger
        • Others
      • UAE Heat Exchanger Market, By End-Use
        • Chemical & Petrochemical
        • Oil & Gas
        • HVAC & Refrigeration
        • Power Generation
        • Food & Beverage
        • Pulp & Paper
        • Others
      • UAE Heat Exchangers Market, By Material
        • Metals
        • AlloysOthers
        • Others

Heat Exchangers Market Dynamics

Drivers: Growth Of Chemical And Petrochemical Industries

According to the American Chemical Society, chemical industry in the U.S. witnessed a growth of 2.5% in 2019 and 3% in 2020. In light of the COVID-19 pandemic, chemical production in the country is expected to decline by 9.3% in 2020 but is projected to grow by around 12.3% by 2021. Major factors augmenting the growth of chemical industry in the U.S. include the expanding domestic end-use industries. The increased chemical demand from various end-use applications further encourages new capital investment in the chemice industry. This process requires heat exchangers for cooling, heating, and mixing substances. A significant factor driving the heat exchangers market is the rapid expansion of the chemical industry.

In China, chemicals are one of the largest and fastest-growing industries, with a growth rate expected to surpass other chemical-producing countries in the coming years. According to Deutsche Bank, China is expected to account for 45% of the revenue share in the global market by 2020. The rapid expansion of chemical industry in Asia, especially in China, is expected to act as a significant driving force for the heat exchangers market on account of vast product penetration in various applications including solvent condensation, multiple material mixtures, benzene heat recovery, cooling of water circuits, cooling of hydrocarbons, heating & cooling of intermediate products, heating & cooling of reactors, and production processes. Thus, chemical industry necessitates heat exchangers that prevent cross-contamination and offer corrosion resistance.

The Dow Chemical Company invested USD 3 million in China in 2018. The company planned to establish a joint venture with Sinopec to produce an annual 900,000 tons of ethane, which is expected to make China the leading ethane supplier. This, in turn, is expected to drive the heat exchangers market in China.

Growth Of Power Generation Industry

Significant power markets such as China, the U.S., India, Russia, and Japan are restructuring the operating models to adapt the structure of renewable energy and efficient utilization of energy by installing heat exchangers and, thus, are shifting from the traditional use of energy. This is expected to drive the demand for heat exchangers over the forecast period.

Heat exchanger is an essential part of the power generating units and plants, as it is required for evaporation of working fluids, condensation of working fluids, extraction of heat, re-cooling of cooling circuits, cooling of lube-oil, and cooling of motor cooling water. Heat exchanger is a low-cost, effective, and efficient means of heat transfer. According to the 5th Strategic Energy Plan approved by the government of Japan in 2018, the number of renewable energy and nuclear power plants has witnessed significant growth to ensure the country's self-sufficiency for energy requirements. The increasing demand for power plants is anticipated to augment the heat exchangers market growth in the country. Developing countries such as India, China, and Brazil are expected to witness an increase in power demand owing to the high level of development and economic growth along with the improvement in the quality of life. Several governments have established incentives to promote innovations and installations to guarantee increased power supply and reduce the emission of polluting gases. The improvement of renewable energy technologies coupled with the close monitoring of energy consumption has enabled rapid expansion in the number of power plants. The European Union is installing new power generation plants to ensure efficient energy consumption, which is in line with the norms set by the European Parliament in 2009. The new and efficient heat exchangers installed in the power generating plants are expected to reduce the overall energy consumption. Such government initiatives are expected to drive the heat exchangers market over the forecast period.

Restraints: Regulations On Curbing The Use Of Fluorinated Greenhouse Gas In Heat Exchangers

Fluorinated gases (F-gases) are a family of man-made gases which are more harmful than carbon dioxide. These gases include sulfur hexafluoride (SF6), perfluorocarbons (PFCs), and hydrofluorocarbons (HFCs). F-gases are used as substitutes for ozone-depleting substances as they do not damage the ozone layer. However, F-gases have around 23,000 higher global warming effects compared to CO2.

According to the European Environmental Agency (EEA), the F-gas emissions doubled from 1990 to 2014, whereas the emission of other greenhouse gases declined. In response to the rising discharge of F-gas, the European Union has adopted the MAC Directive and F-gas regulation to limit fluorinated gas emissions.

The European Union is taking strong actions to curb F-gas emissions by implementing heat exchangers as a part of its policy to combat climate change. The first regulation was adopted in 2006 and successfully stabilized the levels of F-gas by 2010. The next set of regulations followed in January 2015, introducing and strengthening the policies and regulations.

Hydrofluorocarbon (HFC), a type of F-gas, is emitted by heat exchangers (when in use) in various applications such as blowing agents for foam, refrigerants in HVAC refrigeration, fire-extinguishers, air-conditioner, and heat pump equipment. Rising F-gas emissions, along with regulatory standards and strict regulations regarding the emission of man-made gas, are expected to limit the growth of the heat exchangers market over the forecast period.

What Does This Report Include?

This section will provide insights into the contents included in this heat exchangers market report and help gain clarity on the structure of the report to assist readers in navigating smoothly.

Heat exchangers market qualitative analysis

• Industry overview

• Industry trends

• Market drivers and restraints

• Market size

• Growth prospects

• Porter’s analysis

• PESTEL analysis

• Key market opportunities prioritized

• Competitive landscape

  • Company overview

  • Financial performance

  • Product benchmarking

  • Latest strategic developments

Heat exchangers market quantitative analysis

• Market size, estimates, and forecast from 2018 to 2030

• Market estimates and forecast for product segments up to 2030

• Regional market size and forecast for product segments up to 2030

• Market estimates and forecast for application segments up to 2030

• Regional market size and forecast for application segments up to 2030

• Company financial performance