Plate-and-Frame Heat Exchanger Market Size & Share Analysis - Trends, Drivers, Competitive Landscape, and Forecasts (2024 - 2030)

Plate-and-Frame Heat Exchanger Market Size

Plate-and-Frame Heat Exchanger Market Analysis

Gasketed-Type Category Holds Largest Market Share Globally

The gasketed-type category held the largest market share, around 40%, in 2022. The dominance can be attributed to the rapid technological advancements across various industries, particularly petrochemicals, oil & gas, food & beverages, and pharmaceuticals. These industries have a critical requirement for high levels of sanitation, which has driven the need for gasketed plate-and-frame heat exchangers. Additionally, the expansion of power generation plants has contributed to the overall market growth.

This variant serves as a multifaceted and highly effective tool for facilitating heat transfer between fluids for various applications. It is typically manufactured using stainless steel or other metals known for their good thermal conductivity. They use elastomeric gaskets to create a seal between the plates, ensuring that fluids flow through separate channels, without mixing.

Furthermore, the demand for gasketed plate-and-frame heat exchangers is driven by their high thermal efficiency, compact size, high uptime, and flexibility to meet specific requirements. Additionally, they can be easily removed for cleaning or replacement purposes, thus becoming cost-effective.

The welded type has emerged as the fastest-growing category due to the extensive utilization of these alternatives in industries such as HVAC & refrigeration, pharmaceuticals, power generation, pulp & paper, petrochemicals, and oil & gas. This is primarily attributed to their remarkable resistance to corrosion, as well as reduced susceptibility to leakages under high pressures and temperatures. Furthermore, their compact design and operational flexibility, because the plates are joined together by welding, to create a unit that is sealed, will contribute to their increasing usage in the forecast period.

The brazed type of plate-and-frame heat exchangers is also witnessing a remarkable surge in demand, primarily driven by its extensive utilization in the HVAC & refrigeration, chemicals & petrochemicals, food & beverages, and oil & gas industries. Stainless steel plates with copper brazing, which are characteristic of its design, contribute to its exceptional leak tightness, robustness, and corrosion resistance. These features make brazed heat exchangers exceptionally well suited for applications where both a high thermal performance and compact size are crucial.

HVAC & Refrigeration Is Dominant Application

The HVAC & refrigeration category dominated the application segment, with a substantial 50% share, in 2022. The relentless expansion of construction activities in the residential and commercial sectors serves as a strong catalyst for the market's expansion. Moreover, the HVAC & refrigeration sector reaps the benefit of the soaring adoption of cutting-edge central air conditioning systems, escalating urbanization rate, expanding population, and mounting consumer demand for energy-efficient buildings and appliances.

Moreover, the market is propelled by the need for space-saving solutions and the rising penetration of renewable energy sources, including solar, wind, and geothermal. The heightened consciousness of energy conservation and the drive to reduce energy costs are expected to further bolster the demand for these products for HVAC & refrigeration purposes.

HVAC & refrigeration systems encompass various mechanisms that facilitate the movement of air between indoor and outdoor spaces, enabling the heating and cooling of residential and commercial structures. These systems also play a vital role in regulating humidity levels and ensuring a superior indoor air quality, through effective ventilation.

Furthermore, in developing economies, the growing demand for plate-and-frame heat exchangers from institutional buildings, data centers, hospitals, restaurants, laboratories, and offices drives the expansion of the commercial category. This is because the incorporation of these appliances improves the efficiency of HVAC-R systems. As a result, the commercial application is expected to experience steady growth due to a stable HVAC-R system demand.

The chemicals application category also holds a significant market share, by revenue, globally. This is attributable to the significant increase in the global demand for fertilizers, pesticides, and industrial chemicals. These heat exchangers play a vital role in various chemical manufacturing processes involving heating, cooling, and condensation. They are crucial for ensuring system efficiency, reliability, and high-quality product output.

Regional Analysis

Europe Leads Global Market with Promising Growth Prospects

Europe held the largest share, of 40%, in the year 2022 in the global plate-and-frame heat exchangers market revenue. Further, it is projected to experience a CAGR of 6% during the forecast period due to the increasing product demand from the food & beverages, pulp & paper, power generation, and many other industries. Additionally, the European economy is expected to continue growing healthily over the forecast period due to the rapid wage rise and ongoing job creation.

The public investments in digital and transportation infrastructure are expected to contribute to economic growth, further bolstered by the private investments in the construction industry. Germany, France, the U.K., Italy, Belgium, and the Netherlands are the main countries in the European region known for their significant chemical manufacturing and exporting capabilities globally. Furthermore, plate-and-frame heat exchangers are extensively adopted in the HVAC-R sector across Europe.

APAC is the fastest-growing region in the market, primarily due to the increasing investments in the manufacturing sector across developed and developing economies, which is expected to boost the demand for these appliances for HVAC & refrigeration applications. Furthermore, the significant investments in the food & beverages, petrochemicals, oil & gas, and chemical sectors in APAC are positively influencing the market.

Moreover, there is a growing focus on reducing energy expenses, thus prompting companies to adopt cost-effective solutions for their mechanical operations. This attention to energy efficiency is expected to drive the adoption of plate-and-frame heat exchangers in the region, especially in India and China.

Market Breakdown

This fully customizable report gives a detailed analysis of the plate-and-frame heat exchangers industry from 2019 to 2030, based on all the relevant segments and geographies.

Based on Type

• Brazed
• Gasketed
• Welded

Based on Application

• Chemicals
• Food & Beverages
• HVAC & Refrigeration
• Petrochemicals and Oil & Gas
• Power Generation
• Pulp & Paper

Geographical Analysis

• North America
  • U.S.
  • Canada
• Europe
  • Germany
  • U.K.
  • France
  • Italy
  • Spain
• Asia-Pacific
  • Japan
  • China
  • India
  • South Korea
  • Australia
• Latin America
  • Brazil
  • Mexico
• Middle East and Africa
  • Saudi Arabia
  • South Africa
  • U.A.E.

Top Plate-and-Frame Heat Exchanger Companies