Plate & Frame Heat Exchangers Market Size, Share & Trends Analysis Report By Product (Brazed, Gasketed, Welded), By End-use (Chemical, Power Generation), By Region (North America, Europe), And Segment Forecasts, 2024 - 2030

Plate & Frame Heat Exchangers Market Size, Share & Trends Analysis Report By Product (Brazed, Gasketed, Welded), By End-use (Chemical, Power Generation), By Region (North America, Europe), And Segment Forecasts, 2024 - 2030

Plate & Frame Heat Exchangers Market Growth & Trends

The global plate & frame heat exchangers market is anticipated to reach USD 8.80 billion by 2030 and is anticipated to expand at a CAGR of 6.1% during the forecast period of 2024 to 2030, according to a new report by Grand View Research, Inc. The rapid growth in the chemical & petrochemical industries coupled with rapid industrialization in the Asia Pacific region are expected to propel the market demand in the coming years.

According to the India Brand Equity Foundation (IBEF), the pharmaceuticals industry is recognized as the sunrise sector for the economy of the country in the Union Budget-2022. It is predicted to triple in size in the next few years. According to the Economic Survey for 2021–2022, the pharmaceutical industry in India is projected to reach USD 65 billion by 2024. The growth of the industry in the country can be attributed to the leadership of domestic manufacturers that offer generic pharmaceutical formulations. Thus, the growing pharmaceuticals industry in India is expected to lead to surged demand for plate & frame heat exchangers market used in it during the forecast period.

Most processes in the petrochemical industry involve high pressure and temperature, thereby necessitating the optimization of heat transfer as well as the enhancement of energy savings. Factors such as the type of fluid heated or cooled govern the choice of reactor design in petrochemical production facilities. Temperature control plays a key role in the petrochemical production process to minimize the formation of undesired by-products. This necessitates the requirement for heat exchangers such as plate & frame heat exchangers to enhance productivity and reduce energy loss in the reactors.

The plate & frame heat exchanger is an essential part of the power generating units and plants as it is required for the evaporation of working fluids, condensation of working fluids, extraction of heat, cooling of lube oil, and cooling of motor cooling water. The heat exchanger is a low-cost, effective, and efficient means of heat transfer. The European Union is installing new power generation plants to ensure efficient energy consumption, which is in line with the norms set by the European Parliament in 2009. The new and efficient heat exchangers, which are installed in the power generating plants, are expected to reduce the overall energy consumption. Such government initiatives are expected to drive the market growth over the forecast period.

Plate & Frame Heat Exchangers Market Report Highlights

• Gasketed segment dominated the product segment with 56.4% share in 2023. The physical design of the gasket plate & frame heat exchanger allows easy removal of plates for expansion, cleaning, or replacement, which further reduces the maintenance cost. As gasketed plate & frame heat exchangers are easy to clean, they are typically utilized for pharmaceutical and food processing, where a high degree of sanitation is required.
• Welded plate & frame heat exchangers are similar to gasketed ones; however, in the case of welded heat exchangers, the plates are welded together. Welded plate & frame heat exchangers are ideal for transferring fluids containing corrosive materials with high temperatures as these heat exchangers are extremely durable.
• Plate & frame heat exchangers are used in the chemical processing industry (CPI) on account of their properties, such as design flexibility and high corrosion resistance. Their properties provide them with the ability to handle fluids having varying levels of solids. These heat exchangers are majorly used in the production processes of sulfuric acid, nitric acid, phosphoric acid, and urea.
• Asia Pacific dominated the market owing to the increasing investments in the chemical sector and the growing manufacturing sector.
• Market players operating in the market Alfa Laval, Danfoss, Kelvion Holding GmbH, Guntner GmbH & Co. KG, Xylem, Inc., API Heat Transfer, Inc., Hisaka Works Limited, HRS Heat Exchangers, SPX Flow, Inc.
• In May 2023, the Brazed & Fusion Bonded Heat Exchangers Business Unit of Alfa Laval revealed plans to boost the manufacturing of brazed plate heat exchangers in response to growing demand during the continuous global energy transition.

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