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.
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.
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.
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.
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
Report Attribute |
Details |
Market size value in 2023 |
USD 5.91 billion |
Revenue forecast in 2030 |
USD 8.80 billion |
Growth Rate |
CAGR of 5.6% from 2023 to 2030 |
Base year for estimation |
2022 |
Historical data |
2018 - 2022 |
Forecast period |
2023 - 2030 |
Quantitative units |
Revenue in USD million and CAGR from 2023 to 2030 |
Report coverage |
Revenue forecast, company market position analysis, competitive landscape, growth factors, and trends |
Segments covered |
Product, end-use, and region |
Regional scope |
North America, Europe, Asia Pacific, Central & South America, and Middle East & Africa |
Country Scope |
U.S., Canada, Mexico, Germany, France, Italy, Russia, UK, China, Japan, India, South Korea, Australia, Brazil, Argentina, South Africa, UAE |
Key companies profiled |
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 |
Customization scope |
Free report customization (equivalent up to 8 analysts working days) with purchase. Addition or alteration to country, regional & segment scope. |
Pricing and purchase options |
Avail customized purchase options to meet your exact research needs. Explore purchase options |
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
b. The global plate & frame heat exchanger Market size was estimated at USD 5.69 billion in 2022 and is expected to be USD 5.91 billion in 2023.
b. The plate & frame heat exchanger market, in terms of revenue, is expected to grow at a compound annual growth rate of 5.6% from 2023 to 2030 to reach USD 8.80 billion by 2030.
b. Asia Pacific region dominated the market and is predicted to expand at the most significant CAGR during the projected period. The growing product penetration in various end-use industries including petrochemicals, power generation, chemicals, food & beverage, and HVAC & refrigeration.
b. Some of the key players operating in the 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.
b. Growing need for heat exchangers in industrial, commercial, and engineering applications ranging from automotive to commercial building heating, ventilation, and air conditioning as well as the rising demand for nuclear power coupled with the expansion of global energy infrastructure is anticipated to drive the product demand.
GET A FREE SAMPLE
This FREE sample includes market data points, ranging from trend analyses to market estimates & forecasts. See for yourself.
NEED A CUSTOM REPORT?
We can customize every report - free of charge - including purchasing stand-alone sections or country-level reports, as well as offer affordable discounts for start-ups & universities.
Contact us now to get our best pricing.
ESOMAR certified & member
Leading SME award by D&B
We are GDPR and CCPA compliant! Your transaction & personal information is safe and secure. For more details, please read our privacy policy.
"The quality of research they have done for us has been excellent."
The global construction industry, once thriving with increased investments, has been severely affected by the suspension of the construction activities in the wake of the ongoing pandemic. Shortage of labors coupled with potential supply chain bottlenecks of materials and equipment is expected to cause project delays in the ongoing funded projects and may lead to reduced spending in the upcoming projects. Uncertainty around the actual duration of the prevailing lockdown makes it hard to anticipate how a recovery in the construction industry will unfold. On similar lines, the HVAC industry has been adversely affected by the COVID-19 outbreak due to the shutting down of several component manufacturing facilities across China, European countries, Japan, and the U.S. This has consequently led to a significant slowdown in the production of HVAC equipment. Lockdowns imposed by the governments in the wake of the Covid-19 outbreak has not only affected manufacturing but also pegged back the consumer demand for HVAC equipment. The report will account for Covid19 as a key market contributor.
We value your investment and offer free customization with every report to fulfil your exact research needs.