Plate-and-Frame Heat Exchangers Market To Generate $8,912.9 Million Revenue by 2030

The global plate-and-frame heat exchangers market was valued at USD 5,712.8 million in 2022, which is expected to reach USD 8,912.9 million by 2030, progressing with a CAGR of 5.7% during 2022–2030. The market is experiencing growth due to the rising demand for these appliances from a wide range of industries, such as chemicals & petrochemicals, HVAC & refrigeration, pulp & paper, food & beverages, oil & gas, and power generation.

Furthermore, the APAC region's fast-paced industrialization and growing population have generated a large global market for plate-and-frame heat exchangers, primarily in the field of HVAC & refrigeration. These appliances are highly durable because of the use of materials such as stainless steel, which offers exceptional compatibility with liquids, lightweight construction, excellent thermal conductivity, and cost-effectiveness. Depending on the desired level of leak tightness, these heat exchangers can be categorized as welded, brazed, and gasketed.

Gasketed-Type Category Is Leading Market

The gasketed-type category holds the dominating market share, driven by the increasing demand for these variants from the HVAC & refrigeration sector. Moreover, the market is bolstered by the rapid expansion of the manufacturing and construction sectors, particularly for offices, residential buildings, and factories.

Simultaneously, the demand for the brazed type of plate-and-frame heat exchangers is experiencing significant growth due to its diverse applications in industries such as HVAC & refrigeration, chemicals & petrochemicals, food & beverages, and oil & gas. The brazed design offers exceptional leak tightness, robustness, and corrosion resistance due to its stainless-steel plates with copper brazing. This design makes brazed heat exchangers ideal for applications where a high thermal performance and compact size are essential considerations.

Power Generation Industry Expansion Unleashes Remarkable Growth Opportunities

The power generation sector makes a significant contribution to the global market due to the diverse uses of plate-and-frame heat exchangers here, such as condenser cooling, oil cooling, heat recovery, steam generation, feedwater heating, and auxiliary cooling, many of which are key processes at nuclear power plants. Moreover, these systems are versatile and efficient, contributing to improved efficiency, energy savings, and proper operation of power plant equipment.

Additionally, they have widespread applications in the food & beverages industry, in eliminating microorganisms and improving the shelf life of products. They are also utilized for the cooling of beer, pasteurization of milk, and achieving the desired temperatures for the final chilling of various products.

Additionally, in the petrochemicals and oil & gas sectors, plate-and-frame heat exchangers are extensively used due to the demanding operating conditions, including high temperatures and pressures. Their usage in these industries facilitates an optimized heat transfer process and promotes energy savings.

APAC Is Fastest-Growing Market

APAC will be the fastest-growing region, with a CAGR of 7%, over the forecast period. The demand for HVAC & refrigeration systems is expected to increase in the region due to the rising investments from both international and domestic sources in the manufacturing sector. The growing population, along with the increasing disposable income, contributes to this demand. Additionally, the petrochemicals and oil & gas industries are increasingly integrating these appliances into their facilities, thus further stimulating the growth of the plate-and-frame heat exchangers market in the region.

Some of the key players in the market are Alfa Laval AB, API Heat Transfer, Boyd Corporation, Danfoss, Güntner GmbH & Co. KG, HISAKA WORKS LTD., HRS Heat Exchangers Limited, Johnson Controls International, Kelvion Holding GmbH, Modine Manufacturing Company, SPX FLOW Inc., SWEP International AB, and Xylem.