Plate and Frame Heat Exchanger Market Report

Plate and Frame Heat Exchanger Market Analysis Report By Product (Brazed, Gasketed, Welded), By End-Use (Chemical, F&B, HVAC & Refrigeration, Oil & Gas), By Region, And Segment Forecasts, 2012 - 2022

  • Published Date: Apr, 2018
  • Base Year for Estimate: 2015
  • Report ID: 978-1-68038-720-9
  • Format: Electronic (PDF)
  • Historical Data: 2012 - 2015
  • Number of Pages: 84

Industry Insights

The global plate and frame heat exchanger market size was estimated at USD 3.41 billion in 2014 and is anticipated to witness considerable growth on account of growing use in engineering, commercial, and industrial applications. Increasing product demand, particularly in automobiles and commercial & residential building HVAC, is anticipated to fuel industry growth.

Plate and frame heat exchangers (PFHE) are projected to emerge as one of fastest growing segments among the other conventional counterparts owing to its compact and lightweight heat transfer surface. Welded PFHE is expected to witness high growth on account of its growing use in various industries including automobile, pharmaceuticals, petrochemical, and paper manufacturing pertaining to performance characteristics.

U.S. plate & frame heat exchanger market

Among various applications of the PFHEs, concentrated solar power (CSP) plants have gained prominence over the past few years. The equipment minimizes loss of energy during charging and discharging cycles. Corrugated plate pattern in PFHE offers enhanced heat transfer efficiency, thus enhancing the overall efficiency of CSP systems.

The U.S. accounted for over 76% of the total North American plate and frame heat exchangers market share and is expected to grow at a moderate CAGR over the forecast period. Heat exchangers play significant role in the reactor operation, by controlling high temperature conditions in the facility. Surging basic electricity demand, particularly during the summer season is estimated to steer product demand to support the additional nuclear power capacities over the foreseeable future.

The hybrid plate and frame heat exchanger design is an innovative model used in industrial applications including food & beverage and pharmaceuticals. Owing to its flexible mechanical features, the equipment unites the conventional tubular, plate, and spiral heat exchangers and can be made to operate in a wide range of thermal conditions.

The growing equipment demand in chemical, HVAC, and energy industries is anticipated to drive the market growth over the forecast period. Technology innovation along with increased focus on improving efficiency standards is projected to act as progressive factor over the next few years.

Plate and frame heat exchanger market necessitates consistent supply of raw materials including nitrile rubber gasket, EPDM, chloroprene, and stainless steel. However, volatile raw material prices of stainless steel and chloroprene rubber is estimated to hamper the revenue growth over the short term.

Innovations in the plate & frame, and gasket designs are expected to increase heat transfer efficiency, lower operating and maintenance costs. New product development incorporating technical innovations is anticipated to drive competitiveness among the market participants.

Growing preference for plate and frame heat exchanger in nuclear power plants and CSP industry is expected to drive the market growth over the forecast period. Ongoing initiatives towards reducing dependency on crude oil derivatives and gas emissions associated with its usage in European countries have spurred the growth of nuclear and renewable energy sectors over the past few years.

Welded and gasketed plate and frame heat exchangers are used in production of sulfuric acid, nitric acid, phosphoric acid, and urea. Growing concern towards cost intensive construction process and limited space constraints is expected to drive product demand in chemical industry over the forecast period.

Product Insights

Gasketed plate and frame heat exchanger emerged as the largest product segment with a share of over 55% of the total market in 2014 and is expected to witness moderate rate of annual growth over the forecast period. This can be attributed to the huge demand for cooling, heating, evaporation, heat recovery, and condensation applications in various industries.

Brazed PFHE is expected to gain a significant market share over the forecast period. High growth in this particular product segment may be attributed to its rising demand in floor heating, economizers, refrigerant evaporators, oil coolers, super-coolers, condensers and various other industrial applications.

Welded plate and frame heat exchangers is anticipated to grow at a moderate rate over the next few years owing to the rapid expansion in oil & gas, automobile, pharmaceutical, petrochemical and paper industries. These equipment can be semi-welded or fully welded in nature and are widely used in petroleum industry owing to high corrosion resistance and less chance of leakage.

End-Use Insights

Chemical & petrochemical manufacturing was the largest end-use segment accounting for 24.0% of total plate and frame HE market in 2014. Capacity expansions and mergers & acquisitions of chemical facilities in Asia Pacific are expected to drive the product utilization over the long term.

The chemical industry necessitates exchangers that prevent cross-contamination and are corrosion resistant. Major products offered by the chemical industry include fertilizers, inorganic chemicals, and petrochemicals. Petrochemical derivatives such as methanol, ethylene, base chemicals and polymers involve critical conditions that require efficient thermal management systems in the manufacturing facilities.

Global plate & frame heat exchanger market

HVAC accounted for significant share of the total revenue in 2014 and is expected to gain over 1% market share over the forecast period. Growing number of commercial construction projects in the Asia Pacific is expected to drive HVAC demand over the long term, thereby steering the demand for plate and frame heat exchangers over the forecast period.

Regional Insights

Europe emerged as the largest regional segment in the plate and frame heat exchanger market accounting for almost 37% in total revenue in 2014. Europe is expected to lose share to high growth regions including the Asia Pacific and Central & South America over the forecast period. Recent developments in renewable and nuclear energy sectors are expected to drive power generation industry growth in Europe.

Asia Pacific was the second major regional segment in the plate and frame heat exchanger market and is expected to grow at highest CAGR among all the regions over the next few years. Growing number of construction projects in industrial and commercial establishments are expected to drive HVAC demand in the region. Favorable government initiatives in India and Japan to develop thermal and solar energy are expected to drive demand for heat exchangers in power generation.

China plate & frame heat exchanger market is expected to dominate in the regional demand owing to growing requirement of the equipment in chemical, petrochemical, and oil & gas industries. In addition, demand from countries including India and Japan are expected to grow at a significant rate over the forecast period.

The expanding chemical manufacturing sector in the region is anticipated to increase product demand over the forecast period. Increasing refinery capacities coupled with setting up of several new chemical plants in the region is further expected to drive the plate and frame heat exchanger market growth over the forecast period.

Plate & Frame Heat Exchangers Market Share Insights

The global plate and frame heat exchanger market is moderately fragmented and is highly competitive in nature with the presence of a large number of domestic and multinational manufacturers in the industry. Key players operating in the industry include Danfoss A/S, GEA Group, Alfa Laval AB, Tranter Inc., SPX Corporation, SGL Carbon Technic, LLC, AIC S.A., API Heat Transfer, Kelvion Holdings GmbH, and Guntner GmbH & Co. KG.

Companies, such as Advanced Industrial Components, Danfoss AS, Hisaka Works Limited, and HRS Heat Exchanger, are integrated across the value chain by involving in manufacturing and distribution of PFHE & components across the world. Increasing requirement for heat recovery applications in chemical, HVAC and food and beverage sectors is expected to drive plate and frame heat exchanger demand over the forecast period.

Report Scope

Attribute

Details

Base year for estimation

2015

Actual estimates/Historical data

2012 - 2015

Forecast period

2016 - 2022

Market representation

Revenue in USD Million & CAGR from 2015 to 2022

Regional scope

North America, Europe, Asia Pacific, CSA, MEA

Country scope

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

Report coverage              

Revenue forecast, company share, competitive landscape, growth factors and trends

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Segments covered in the report

This report forecasts revenue growth at global, regional & country levels and provides an analysis of the industry trends in each of the sub-segments from 2012 to 2022. For the purpose of this study, Grand View Research has segmented the global plate and frame heat exchanger market report on the basis of product, end-use, and region:

  • Product Outlook (Revenue, USD Million; 2012 - 2022)

    • Brazed

    • Gasketed

    • Welded

    • Others

  • End-Use Outlook (Revenue, USD Million; 2012 - 2022)

    • Chemical

    • Food & beverage

    • HVAC & refrigeration

    • Oil & gas

    • Power Generation

    • Pulp & paper

    • Others

  • Regional Outlook (Revenue, USD Million; 2012 - 2022)

    • North America

      • U.S.

      • Canada

    • Europe

      • Germany

      • France

      • Italy

    • Asia Pacific

      • China

      • India

      • Japan

    • Central & South America (CSA)

    • Middle East & Africa (MEA)

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