Plate and Frame Heat Exchangers Market Size, Share & Trends Report

Plate and Frame Heat Exchangers Market Size, Share & Trends Analysis Report By Product, By End Use (Chemical, HVAC & Refrigeration, Power Generation, Petrochemical), And Segment Forecasts, 2019 - 2025

  • Published Date: Mar, 2019
  • Base Year for Estimate: 2018
  • Report ID: 978-1-68038-720-9
  • Format: Electronic (PDF)
  • Historical Data: 2015 - 2017
  • Number of Pages: 138

Industry Insights

The global plate and frame heat exchangers market size was estimated at USD 4.53 billion in 2018 and is estimated to register a CAGR of 7.3% by 2025. Growing use in chemical, Heating, Ventilation, and Air Conditioning (HVAC), and power generation industries is projected to drive the growth. Rising use of the product especially in automotive and residential and commercial building HVAC is anticipated to fuel the growth. Moreover, global energy infrastructure expansion coupled with growing demand from nuclear power sector is projected to drive the market over the next seven years.

Furthermore, technological innovations coupled with increasing focus on improving efficiency standards is expected to create immense growth opportunities for Plate and Frame Heat Exchanger (PFHE) in near future. These factors are anticipated to increase durability and efficiency of heat exchangers as well as lower the total ownership costs and over the foreseeable future.

U.S. plate and frame heat exchangers market

Key raw materials utilized in the production of PFHEs are EPDM rubber, chloroprene rubber, nitrile rubber gasket, and stainless steel plate and frame. However, volatility in prices of raw materials may have a negative impact on the growth of the PFHE market.

Innovations in plate, frame, and gasket designs is expected to lower the overall heat transfer efficiency, investment, and operating and maintenance costs. Environmental concerns are anticipated to accelerate the adoption of energy efficient and compact heat exchangers as well as plate and fin heat exchangers owing to their improved performance standards.

Product Insights

Gasketed plate and frame heat exchangers was the largest product segment and accounted for 57.08% of the total market share in 2018. This high market penetration can be attributed to its widespread use in power plants pertaining to its compact size and lower maintenance. Growing demand, particularly from petrochemical, automotive, and power generation sectors is anticipated to have a positive impact on the market growth. These heat exchangers are widely used for heating, cooling, heat recovery, evaporation, and condensation applications.

The brazed segment is projected to register a CAGR of 8.0% over the forecast period owing to rising utilization of the product in floor heating, economizers, super-coolers, refrigerant evaporators, oil coolers, condensers, and various other industrial applications. Typical applications in heat pumps, gas-fired boilers, and district heating substations. These exchangers can withstand high temperatures and pressures and are increasingly used in cooling, heating, evaporation, and condensing applications.

Welded heat exchangers segment is expected to grow moderately over the forecast period owing to widespread use of the product in automobile, petrochemical, oil and gas, pharmaceuticals, and paper manufacturing industries. These exchangers can be semi-welded or fully welded in nature. Less chance of leakage as well as high corrosion resistance of these products make their widespread use in the petrochemical industries.

End Use Insights

Chemical accounted for 24.01% share of the plate and frame heat exchanger market in 2018 and is expected to grow significantly over the forecast period. Capacity expansions and acquisitions of chemical facilities in Asia Pacific and Europe is expected to steer the demand from chemical industry over the forecast period.

Food and beverage sector is expected to expand at a CAGR of 6.8% over the forecast period. Growing concerns regarding hygiene and corrosion resistance in food processing facilities is expected to drive product demand over the forecast period. PFHEs find their significance in applications such as brewing, chilling, and heating. Growing concern regarding shelf lives of processed food and alcoholic beverages is expected to drive product demand over the long term.

Global plate and frame heat exchangers market

HVAC and refrigeration emerged as the second largest end use segment in 2018. Heat exchangers are an important part of HVAC systems. Growing efforts to reduce energy bills and to encourage energy conservation is expected to drive the demand from the HVAC sector. Moreover, surging demand for efficient heat recovery systems with low space requirements is expected to drive the product demand over the forecast period. Furthermore, increasing consumer spending and demand for thermal management in residential and commercial establishments is expected to drive HVAC demand over the forecast period.

Regional Insights

Europe was the largest regional market accounting for revenue share of 36.12% in 2018. Increasing use of plate heat exchangers in refineries and chemical industries owing to strict government regulations is expected to drive the regional growth over the forecast period. Additionally, developments in renewable and nuclear energy sectors is expected to spur the power generation market in Europe.

Asia Pacific is anticipated to expand at a CAGR of 8.4% over the forecast period. Rapid urbanization coupled with growing population in developing countries including China and India is expected to drive regional industrial growth. Stringent environment regulations are expected to urge industry participants to adopt low-emission technologies in their production and storage facilities. Furthermore, ongoing investments in residential and commercial construction industry are expected to drive HVAC and refrigeration demand over the forecast period.

Central and South America market is expected to grow significantly over the forecast period. Oil and gas activities in Mexico, and Brazil are expected to drive regional industrial growth. In addition, surging energy demand from various industrial and commercial sectors is expected to drive power generation in the region. Food and Beverage is also a significant driver for the regional economic growth. Plate heat exchangers play an important role in the production of tea, coffee, and beer.

Middle East and Africa (MEA) is primarily characterized by the growing HVAC and oil and gas industries. Ongoing mega construction projects in commercial, residential, and hospitality segments are expected to drive regional HVAC market over the long term.

Plate and Frame Heat Exchangers Market Share Insights

The global PFHE market is moderately fragmented with the presence of global and regional players. Manufacturers adopt strategies such as new product development and mergers and acquisitions to improve market penetration and to cater to changing technological requirements for different applications.

Key players include Danfoss, AIC S.A.; Alfa Laval; Fischer Maschinen und Apparatebau GmbH; API Heat Transfer, Inc.; Kelvion Holding GmbH; Guntner GmbH & Co. KG; and Hisaka Works Limited among others. Companies such as Danfoss, AIC S.A., API Heat Transfer, Fischer Maschinen-und Apparatebau AG, Kelvion and Guntner are integrated and are involved in manufacturing as well as distribution of PFHE.

Report Scope:

Attribute

Details

Base year for estimation

2018

Actual estimates/Historical data

2015 - 2017

Forecast period

2019 - 2025

Market representation

Revenue in USD Million, and CAGR from 2019 to 2025

Regional scope

North America, Europe, Asia Pacific, South & Central America, and Middle East & Africa

Country scope

U.S., Canada, Germany, France, Italy, China, India, Japan.

Report coverage

Revenue forecast, competitive landscape, growth factors, and trends

15% free customization scope (equivalent to 5 analyst working days)

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Segments Covered in the Report:

This report forecasts revenue growth at global, regional, and country levels, and provides an analysis of the latest industry trends and opportunities in each of the sub-segments from 2015 to 2025. For the purpose of this study, Grand View Research has segmented the global plate and frame heat exchangers market report on the basis of product, end use, and region:

  • Product Outlook (Revenue, USD Million, 2015 - 2025)

    • Brazed plate heat exchanger

    • Gasketed plate and frame heat exchanger

    • Welded plate and frame heat exchanger

    • Others

  • End Use Outlook (Revenue, USD Million, 2015 - 2025)

    • Chemical

    • Food & Beverage

    • HVAC & Refrigeration

    • Petrochemical

    • Power Generation

    • Pulp & Paper

    • Others

  • Regional Outlook (Revenue, USD Million, 2015 - 2025)

    • North America

      • U.S.

      • Canada

    • Europe

      • Germany

      • France

      • Italy

    • Asia Pacific

      • China

      • India

      • Japan

    • Central & South America

    • Middle East & Africa

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