Plate & Frame Heat Exchangers Market - Forecast(2023 - 2028)

Plate & Frame Heat Exchangers Market Overview

The Plate & Frame Heat Exchangers market size is estimated to reach US$5.7 billion by 2027 after growing at a CAGR of 6.8% during the forecast period 2022-2027. The plate & frame heat exchangers are made of corrugated metal plate on a frame and offer high heat transfer coefficient and fouling resistance. Various plate & frame heat exchanger types such as gasketed plate, brazed plate and others are used for refrigeration, HVAC, thermal insulation, heat transfer and others, which boosts the demand for plate & frame heat exchangers. The demand for plate & frame heat exchangers is rising rapidly owing to its flourishing applicability in construction, automotive, food & beverages and other sectors, which acts as a driving factor in the plate & frame heat exchangers market. Furthermore, increasing emphasis on saving energy sources and sustainability boosts the growth of the industry. The covid-19 pandemic resulted in a significant halt in the market due to factors such as production halt, demand and supply disruptions and other lockdown restrictions. However, with robust demand for heat exchangers across major industries and recovery, the applications of plate & frame heat exchangers, thereby the plate & frame heat exchangers industry is projected to rise and contribute to the plate & frame heat exchangers market size during the forecast period.

Report Coverage

The “Plate & Frame Heat Exchangers Market Report – Forecast (2022-2027)” by IndustryARC, covers an in-depth analysis of the following segments in the Plate & Frame Heat Exchangers Industry.

Key Takeaways

• Europe dominates the Plate & Frame Heat Exchangers market, owing to its established base and demand for applications in construction, chemicals & petrochemicals, food & beverage and others, thereby propelling its growth in this region.
• The flourishing food & beverage industry is propelling the demand for Plate & Frame Heat Exchangers for applications involving pasteurization, free cooling, water heaters and others, thereby contributing to the plate & frame heat exchangers market size.
• The gasketed Plate & Frame Heat Exchangers are preferred over the brazed, welded and other types due to their superior properties, cost-effective features and wide range of applicability compared to the other types.
• However, the high costs associated with the plate & frame heat exchangers during the initial production and maintenance expense impact the demand and act as a challenge for the plate & frame heat exchangers industry.

Figure: Plate & Frame Heat Exchangers Market Revenue Share, By Geography, 2021 (%)

Plate & Frame Heat Exchangers Market Segment Analysis – by Type

The gasketed segment held the largest Plate & Frame Heat Exchangers market share in 2021 and is projected to grow at a CAGR of 6.9% during the forecast period 2022-2027. The demand for gasketed plate and frame heat exchangers is growing owing to their diverse applications for heating and cooling uses, high thermal efficiency, compactness and maintenance-free option for HVAC, evaporation and others compared to the welded plate, brazed plate and semi-welded. This is propelling the demand for gasketed plates across major industries, including power plants, automotive, petrochemical and others. Thus, with the rise in demand and superior advantages of gasket type over welded, brazed and others, for applicability in major industries, the gasketed segment is anticipated to grow rapidly during the forecast period.

Plate & Frame Heat Exchangers Market Segment Analysis – by Application

The heating, ventilation and air conditioning (HVAC) system segment held a significant Plate & Frame Heat Exchangers market share in 2021 and is projected to grow at a CAGR of 7.6% during the forecast period 2022-2027. The demand for plate & frame heat exchangers for HVAC applications is flourishing rapidly due to their booming usage in construction, power generation and other sectors. The HVAC systems are increasingly used in chemicals & petrochemicals, buildings and others. The chemical sector is growing rapidly owing to rising demand for specialty chemicals and growing chemical & petrochemical production. For instance, according to to Make in India, the Indian chemical industry is expected to grow at 9.5% per annum to reach US$304 billion by the year 2025. Moreover, demand for HVAC systems applications in building and construction is also growing rapidly. According to U.S Census Bureau, construction spending on private spaces in the U.S. rose from US$1387 billion in March 2022 to US$1394 billion in April 2022. Furthermore, as per the Pradhan Mantri Awas Yojana (PMAY) program, the government of India states Housing for All in urban areas by 2022. The Ministry of Housing and Urban Development (MoHUA gave US$6.8 billion and a fund of US$3.5 billion for the completion of stalled housing projects in India. With the increase in such construction & building projects, the demand for HVAC systems for heat transfer, heating and cooling and others in the building & construction sector is growing, thereby boosting the growth of heating, ventilation and air conditioning (HVAC) systems applications in the plate &frame heat exchangers industry during the forecast period.

Plate & Frame Heat Exchangers Market Segment Analysis – by Geography

Europe held the largest Plate & Frame Heat Exchangers market share in 2021 up to 39%. The robust growth of plate & frame heat exchangers in this region is influenced by rising production and demand for plate and frame heat exchanges across major end-use industries. The new construction projects for Combined Heat and Power (CHP) plants and other energy generation activities in Europe influences the high demand for plate and frame heat exchangers. The construction sector is growing rapidly owing to the rising emphasis on cost-effective heat energy for buildings, modular construction developments and urbanization. According to the International Trade Administration (ITA), the National Association of Building Contractors (ANCE) estimated the growth of the construction sector by 8.6% in 2021, after a fall of 10.1% in construction investment in 2020. According to the Office for National Statistics, the monthly construction output in the UK rose by 1.1% in January 2022, the highest since September 2019. With the fueling growth in building & construction projects, the applications for plate & frame heat exchangers in HVAC systems, thermal insulation, chillers and other heat transfer units in buildings are anticipated to rise, thereby boosting the demand and growth prospects for the plate & frame heat exchangers market in Europe during the forecast period.

Plate & Frame Heat Exchangers Market Drivers

Flourishing Application in the Medical and Pharmaceutical Sector:

The Plate & Frame Heat Exchangers have major applications in the medical and pharmaceutical industries. Heat exchangers are used in pharmaceuticals for various operations including cooling, heating, condensation and drying. The medical and pharmaceutical industry is growing rapidly due to development in medical and healthcare technology, rising medical cases and increasing production of medicines. For instance, according to the National Investment Promotion & Facilitation Agency, the pharmaceuticals sector in India is expected to reach US$65 billion by 2024 and is further poised to reach US$120-130 billion by the year 2030. According to the European Federation of Pharmaceutical Industries and Association (EFPIA), the total production of pharmaceuticals rose from 293,213 in 2019 to 310,000 in 2020. With the increase in the medical and pharmaceutical sector, the applicability of enthalpy plate & frame heat exchangers in pharma is growing, thereby boosting the demand and driving the plate & frame heat exchangers industry.

Rising Demand from the Construction Industry:

The Plate & Frame Heat Exchangers such as brazed plates, gasketed plates and others have flourishing applications in the construction sector for heating, ventilation and air conditioning (HVAC) systems, heat transfer systems and others. The building and construction industry is rapidly growing due to factors such as the development of green and smart buildings, modular construction technology and urbanization. For instance, according to Oxford Economics, the global construction output is projected to grow by 85% to US$15.5 trillion by 2030. According to the U.S Census Bureau, construction spending rose from US$1,740.6 billion in March 2022 to US$1,744.8 billion in April 2022, with private construction spending rising from US$1,387 billion in March 2022 to US$1,394.7 billion in April 2022. Thus, with the rise in construction activities and production, the applications of plate and frame heat exchangers for HVAC systems, thermal insulation, evaporators, chillers and other heat transfer system is anticipated to rise, thereby offering major growth prospects for plate & frame heat exchanges and driving the market.

Plate & Frame Heat Exchangers Market Challenge

High Costs Associated with Plate & Frame Heat Exchangers:

The high costs associated with the Plate & Frame Heat Exchangers act as a growth-hampering factor in the industry. The additional costs incurred by the manufacturer and costs on maintenance of heat exchangers act as a restrain in the market. Costly metals such as titanium plates are used in the plate & frame heat exchangers, which boosts the initial costs during production. The disassembly and maintenance of these heat exchangers also impact the final costs and thereby lead to expensive production expenses. Thus, the expensive initial funding and costs for plate & frame heat exchangers act as a challenge for market producers, thereby hampering the growth and leading to a slowdown in the market.

Plate & Frame Heat Exchangers Industry Outlook

Technology launches, acquisitions and R&D activities are key strategies adopted by players in the Plate & Frame Heat Exchangers Market. The top 10 companies in Plate & Frame Heat Exchangers market are:

1. SABIC
2. GEA Group
3. ALFA LAVAL
4. Guntner GmbH and Co. Ltd.
5. Danfoss Group
6. Fischer Maschinen API Heat Transfer Inc.
7. Hisaka Works Limited
8. Kelvion Holding GmbH
9. AIC S.A.
10. SGL Group

Recent Developments

• In January 2022, Alfa Laval and Microsoft teamed up to facilitate the service and maintenance of plate heat exchangers of Alfa Laval. The digital tools will allow customers to self-assess and maintain the heat exchanger status, thereby offering energy-efficient and reliable technology in the market.
• In July 2021, Exchanger Industries Limited (EIL), a leading producer of heat transfer products acquired HRS Heat Exchangers Ltd. This acquisition offered innovative solutions and broad capability for heat transfer solutions for power generation, chemicals and other sectors.
• In December 2020, Danfoss launched a world-first range of micro plate heat exchangers for low-density, alternative refrigerants. This newly launched technology offered solutions for design challenges in air-cooled chillers, thereby offering high demand in the market.

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