Plate and Frame Heat Exchanger Market by Type (Gasketed, Welded, and Brazed), Application (Chemicals, Petrochemicals and Oil & Gas, HVAC & Refrigeration, Food & Beverages, Power Generation, and Pulp & Paper), and Region - Global Forecast to 2028

Plate and Frame Heat Exchanger Market by Type (Gasketed, Welded, and Brazed), Application (Chemicals, Petrochemicals and Oil & Gas, HVAC & Refrigeration, Food & Beverages, Power Generation, and Pulp & Paper), and Region - Global Forecast to 2028

The Plate and frame Heat exchanger market is projected to reach USD 8.1 billion by 2028, at a CAGR of 6.5% from USD 5.9 billion in 2023. Asia Pacific is home to several emerging economies with rapidly growing building and construction sectors requiring HVAC systems, which further drives the demand for plate and frame heat exchangers. China is the largest producer of plate and frame heat exchangers in the region. The growing demand for plate and frame heat exchangers in China is mainly driven by rapid industrialization and urbanization.

“HVAC and Refrigeration application accounted for the fastest growth during the forecast period.”

In the HVACR industry, plate and frame heat exchangers play a vital role, providing high-performance solutions that can be standardized or customized according to specific requirements. These heat exchangers find extensive applications in various HVACR operations, including residential, commercial, and industrial air conditioning, district heating and cooling (DCH) networks, commercial refrigeration, industrial refrigeration, and marine refrigeration.

“Gasketed plate and frame heat exchanger is expected to be the largest type during the forecast period, in terms of value.”

Gasketed plate and frame heat exchangers have replaceable gaskets, which simplifies maintenance and allows for individual plate cleaning or replacement if required. In case of gasket failure, the gaskets can be easily replaced without replacing the entire heat exchanger. This serviceability reduces downtime and maintenance costs, making gasketed plate and frame heat exchangers more attractive in applications where regular maintenance is necessary.

“Based on region, Asia Pacific is the fastest growing market for plate and frame heat exchanger in 2022, in terms of value.”

Based on region, Asia Pacific is a key market to produce plate and frame heat exchangers and is projected to grow at a CAGR of 8.1% in terms of value during the forecast period. The availability of low-cost raw materials and labour, coupled with growing awareness among people, makes the region an attractive investment destination for plate and frame heat exchanger manufacturers. The rising population, urbanization, and industrialization are some of the factors that will drive the plate and frame heat exchanger market in this region.

In the process of determining and verifying the market size for several segments and subsegments identified through secondary research, extensive primary interviews were conducted. A breakdown of the profiles of the primary interviewees are as follows:

By Company Type: Tier 1 - 35%, Tier 2 - 45%, and Tier 3 - 20%

By Designation: C-Level - 35%, Director Level - 25%, and Others - 40%

By Region: North America - 30%, Europe - 20%, Asia Pacific - 40%, Middle East & Africa-5%, and Latin America-5%

The key players in this market are Alfa Laval (Sweden), Danfoss (Denmark), Kelvion Holding GmbH (Germany), SPX Flow (US), XYLEM (US), API Heat Transfer (US), H. Guntner (UK) LTD. (England), Boyd Corporation (US), Johnson Controls (Ireland), and Wabtec Corporation (US)

Research Coverage

This report segments the plate and frame heat exchanger market based on type, application, and region, and provides estimations for the overall value of the market across various regions. A detailed analysis of key industry players has been conducted to provide insights into their business overviews, products and services, key strategies, new product launches, expansions, and mergers and acquisitions associated with the plate and frame heat exchanger market.

Key benefits of buying this report

This research report focuses on various levels of analysis, including industry analysis (industry trends), market ranking analysis of top players, and company profiles, which together provide an overall view of the competitive landscape, emerging and high-growth segments of the plate and frame heat exchanger market, high-growth regions, and market drivers, restraints, opportunities, and challenges.

The report provides insights on the following pointers:

Market Penetration: Comprehensive information on the plate and frame heat exchanger market offered by top players in the global plate and frame heat exchanger market.

Product Development/Innovation: Detailed insights on upcoming technologies, research & development activities, and new product launches in the plate and frame heat exchanger market.

Market Development: Comprehensive information about lucrative emerging markets — the report analyzes the markets for plate and frame heat exchanger market across regions.

Market Diversification: Exhaustive information about new products, untapped regions, and recent developments in the global plate and frame heat exchanger market

Competitive Assessment: In-depth assessment of market shares, strategies, products, and manufacturing capabilities of leading players in the plate and frame heat exchanger market