The global plate and frame heat exchangers market size was estimated at USD 3.32 billion in 2019 and is expected to register a CAGR of 6.9% over the forecast period. Technology innovations coupled with increasing focus on improving efficiency standards is anticipated to stimulate growth.
The market is expected to witness substantial growth owing to the rising need for heat exchangers in industrial, commercial, and engineering applications ranging from automotive to commercial building Heating, Ventilation, and Air Conditioning (HVAC). In addition, the rising demand for nuclear power coupled with the expansion of global energy infrastructure is anticipated to drive the product demand.
Growing concern regarding fluctuating oil prices along with stringent environmental regulations regarding greenhouse gas emissions has spurred development in nuclear and renewable energy sectors. China, Russia, South Korea, and Slovakia have started adopting carbon pricing in the form of emission trading and carbon taxing. Ongoing participation of these economies to reduce emission levels in the energy industry has surged the demand for the plate and frame heat exchangers in recent times.
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. It is one of the most cost-efficient sources of power generation with reduced levels of CO2 emissions. Changing consumer shift toward renewable energy is anticipated to open new avenues for plate and frame heat exchanger manufacturers in the forthcoming years.
Most processes in petrochemical facilities involve high temperature and pressure, thus it necessitates optimization of the heat transfer process and enhances energy saving. Growing concerns regarding fouling in heat exchangers have encouraged companies to develop sensors for early warning and high-temperature coatings for enhanced durability. Such technological developments in plate heat exchangers are likely to drive the product demand over the forecast period.
Traditional heat exchangers require huge footprint, thus increasing the layout area and overall construction costs of the facility. Maintenance and disassembly of these equipment causes additional cost to the facility owners. Shell and tube units incur high maintenance costs owing to their large size and component weights, which are anticipated to restrict the market growth.
Plate type heat exchangers are built of plates either having some form of corrugation or smoothness. Plate heat exchangers can be classified as brazed, welded, or gasketed depending on the leak tightness required. They are simple and compact, can be easily cleaned, do not require extra space for dismantling, have high heat transfer efficiency, require low maintenance, and capacity can be easily increased by introducing new plates in the system.
The global plate and frame heat exchanger (PFHE) market is primarily driven by added benefits such as compact design and easier maintenance coupled with growing demand in chemical and petrochemical industries. The rapid expansion of the chemical industry in Asia, particularly in China and India, is expected to be a significant driving force for the market growth. The PFHE has widespread use in a variety of applications in chemical industry such as solvent condensation, heating & cooling of reactors, benzene heat recovery, cooling of water circuits, and cooling of hydrocarbons.
Plate & frame 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.
The significant power markets such as China, the U.S., India, Russia, and Japan are restructuring the operating models to adapt the structure of the 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 plate & frame heat exchangers over the forecast period.
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. Concerns regarding rising F-gas emissions, along with regulatory standards and strict regulations regarding the emission of man-made gases, are expected to limit the growth of the plate & frame heat exchangers market over the forecast period.
The manufacturers of plate & frame heat exchangers face a long list of difficult supply chain challenges including increasing demand variability, intense global competition, increasing environmental compliance regulations, increasing human- and nature-based risks, and inventory proliferation. These challenges are compelling manufacturers to innovate their supply chain at an unprecedented speed. Most manufacturers are opting to improve supply chain efficiencies by gathering real time data and adopting artificial intelligence and data analytics to optimize their business decisions and predict demand.
In terms of product segmentation, the plate and frame heat exchangers market is categorized into brazed, gasketed, welded and others. The welded plate and heat exchanger finds its application in oil and gas, automobile, pharmaceuticals, petrochemical, and paper manufacturing industries owing to high corrosion resistance and less chance of leakage.
Gasketed plate and frame heat exchanger accounted for 56.9% of the total revenue share in 2019, on account of widespread use of the product in power plants pertaining to lower maintenance and compact size. Rising gasketed heat exchanger demand particularly in automotive, petrochemical, and power generation is anticipated to surge the product demand in the forthcoming years.
Brazed heat exchanger applications in the heating sector include heat pumps, gas-fired boilers, and district heating substations. These exchangers provide efficient heat transfer with a small carbon footprint. Brazed heat exchangers can withstand high temperatures and pressures and are increasingly used in a range of applications including cooling, heating, evaporation, and condensing.
In terms of application, the market is categorized into chemical, food and beverage, HVAC and refrigeration, oil and gas, power generation, pulp and paper, and others. Growing environmental concerns regarding waste discharge from the mills is expected to drive product demand in the pulp and paper industry over the forecast period.
Space constraints is a major concern in drilling rigs and offshore platforms. The demand for plate and frame heat exchangers in oil and gas sector is anticipated to witness growth owing to their compactness and enhanced heat transfer efficiency. In addition, they are also used in the heat recovery process in the separation of oil from water and gas on account of their enhanced properties in corrosive environments and low space requirements.
Large scale construction projects in nuclear, industrial, and commercial sectors are expected to drive the demand for metals over the forecast period. Basic and specialty chemicals play a significant role in the production of various industrial machinery and hydraulic systems. Plate heat exchangers are used in enhancing heat transfer of boilers and reactors, thus improving the overall efficiency of petrochemical production equipment.
Asia Pacific accounted for the market share of 31.1% in terms of revenue in 2020. Rapid industrialization in the developing economies of Asia Pacific coupled with rising investments in manufacturing, commercial, and industrial projects has contributed to the overall growth of the plate & frame heat exchangers market in the region. This growth is attributed to the increased product penetration in various end-use industries including power generation, petrochemicals, chemicals, HVAC & refrigeration, and food & beverage.
China accounted for the largest share of the Asia Pacific plate & frame heat exchanger market in 2020. The product demand in China is anticipated to be driven by the growing investments in chemical, petrochemical, and HVAC sectors. Factors such as burgeoning population, and the government's efforts to enhance the country's infrastructure are expected to favor the growth of power generation and HVAC & refrigeration sectors, thereby, driving the demand for plate & frame heat exchangers in the coming years.
North America accounted for the substantial revenue share of the global plate & frame heat exchangers market in 2020. The market growth in the region is likely to be driven over the forecast period on account of increased adoption of plate & frame heat exchangers in key application sectors including HVAC, chemical, oil & gas, and power generation.
The Middle East & Africa (MEA) plate & frame heat exchangers market has been primarily characterized by the growing HVAC and petrochemical industries. Ongoing mega construction projects in commercial, residential, and hospitality segments are expected to fuel the growth of HVAC market in the long run. Rising population coupled with surging energy demand in countries, such as the UAE and Saudi Arabia, is expected to propel the requirement for energy-efficient equipment such as plate & frame heat exchangers over the forecast period.
Key market players include AIC S.A.; Danfoss, Alfa Laval; und Apparatebau GmbH; Fischer Maschinen API Heat Transfer, Inc.; Guntner GmbH & Co. KG; Hisaka Works Limited, and Kelvion Holding GmbH. Manufacturers are looking for options that would reduce the capital investments along with the related maintenance and operation costs to increase their sales.
The market is highly fragmented in nature with the presence of various global and regional players. Manufacturers opt for significant capacity expansions to cater to the rising product demand from emerging economies. Moreover, companies are also involved in extensive R&D activities along with mergers and acquisitions with leading manufacturers and distributors to strengthen their global market presence.
Base year for estimation
Actual estimates/Historical data
2016 - 2018
2020 - 2027
Revenue in USD million and CAGR from 2020 to 2027
North America, Europe, Asia Pacific, Central & South America, Middle East, Africa
U.S., Canada, Mexico, Germany, France, Italy, U.K., Russia, China, India, Japan, Australia, South Korea, Brazil, Argentina, UAE, South Africa
Revenue forecast, competitive landscape, growth factors and trends
15% free customization scope (equivalent to 5 analysts working days)
If you need specific information, which is not currently within the scope of the report, we will provide it to you as a part of customization
This report forecasts revenue growth at global, regional, and country levels and provides an analysis of the latest industry trends in each of the sub-segments from 2016 to 2027. 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, application, and region:
Product Outlook (Revenue, USD Million; 2016 - 2027)
Application Outlook (Revenue, USD Million; 2016 - 2027)
Food & Beverage
HVAC & Refrigeration
Oil & Gas
Pulp & Paper
Regional Outlook (Revenue, USD Million; 2016 - 2027)
Central & South America
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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.