The global plate and frame heat exchanger market was valued at USD 5.9 billion in 2023 and is projected to reach USD 8.1 billion by 2028, growing at 6.5% cagr from 2023 to 2028. The market is growing, and the trend is expected to continue in the long term due to high demand from HVAC and refrigeration industry and their advantages over other heat exchangers.
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Heat exchangers with compact design can be incorporated in HVAC systems, such as residential AC and indoor display, where size is a major constraint. The demand for commercial refrigeration and air conditioning is rapidly growing; owing to the increase in disposable income, the demand for residential air conditioning systems is rising. Moreover, urbanization and growth in domestic consumption have given a boost to the refrigeration industry. The growing use of air conditioners in residences and offices worldwide will increase the global electricity demand over the next three decades. As per the IEA, global energy demand from air conditioners is expected to triple by 2050, and new electricity capacity required will be equivalent to the combined electricity capacity of the US, the EU and Japan.
The expansion of the global commercial construction industry, along with growing modernization and urbanization in developing countries, has increased the demand for HVACR systems including the plate & frame heat exchangers. There is a rise in HVACR deployments in the growing commercial construction industry, which is fuelling the demand for heat exchangers. According to the International Energy Agency (IEA), the buildings and buildings construction sector consume about 30% of the overall energy consumption. Plate & frame heat exchangers are used for energy conservation and to reduce energy bills in the HVACR systems. The demand for low maintenance and durable plate & frame heat exchangers with unique designs and high heat transfer rates is considerably growing with the rise in demand for energy-efficient HVAC products. Therefore, the growing demand for HVACR systems is driving the Plate & Frame Heat Exchanger Industry.
The fluctuation in raw material prices of copper, aluminum, steel, and other metals used for the manufacturing of plate & frame heat exchangers has contributed to the overall increase in the manufacturing cost and time. Many manufacturers struggle in estimating the exact manufacturing cost of equipment owing to the uncertainty in the raw material prices. The pricing of these metals is dependent on various factors such as economic conditions, exchange rates, supply conditions, mining policies, processing of the raw materials, and others. Moreover, volatility in prices may increase the customer cost of operating business, resulting in delay or cancelation of large capital projects, which affects the profitability of the manufacturers.
Due to the high cost and restricted availability of quality raw materials such as ferrous and nonferrous materials, manufactures shift to cheaper materials that affect the performance and efficiency of the equipment. Such actions reduce the longevity of plate & frame heat exchangers and increase maintenance costs. The price fluctuations or increase in tariffs and shortage of materials create an adverse effect on manufacturers as they may not be able to provide competitive pricing. Manufacturers are also engaged in long-term supplier contracts that may increase their exposure to pricing fluctuations. However, to manage the risk associated with pricing fluctuation, companies closely monitor the pricing trends to slightly overcome the risk related to pricing.
The demand for plate & frame heat exchangers from developing economies of Asia Pacific including China and India is increasing, owing to rapid industrialization, raw material prices, and low-cost labour. The increasing investments in manufacturing, commercial, and industrial projects in the region have contributed to the overall expansion of the heat exchangers market. The plate & frame heat exchanger market in Asia Pacific is expected to grow at a high rate, due to increasing demand from the chemical, HVAC, petrochemical, food & beverage, and oil & gas industries. According to the International Energy Agency (IEA), Asia Pacific accounts for more than 50% of the global petrochemical production. Many major manufacturers are expanding their manufacturing plants across Asia Pacific to capitalize on the opportunity in emerging economies of the region. According to the India Brand Equity Foundation, the demand for chemicals in India is expected to expand by 9% per annum and the chemical industry is projected to contribute USD 300 billion to the country’s GDP by 2025.
The food & beverage industry in Asia Pacific is also expected to grow at a high growth rate owing to the rising urbanization, growing population, and rising disposable income of the middle-class population. The growth in these end-use industries will drive the plate & frame heat exchanger market.
In most cases, the fluid flowing through the heat exchanger contains various impurities such as traces of oil, grease, dirt, chemicals, or organic deposits. These impurities can cause fouling, scaling, and clogging of the equipment, which will decrease the thermal efficiency of heat exchanger, change the pressure drop characteristics, or can even break it. It is necessary to wash and clean the heat exchanger when it is clogged. BPHEs have many benefits over other types of heat exchangers. However, as their plates are brazed together, they cannot be dismantled like traditional heat exchangers for cleaning. Therefore, the cleaning process is difficult in case of BPHEs, and most of the time, they directly need to be replaced. This acts as a restraint for the BPHEs market.
Source: Secondary Research, Interviews with Experts, and MarketsandMarkets Analysis
Welded plate and frame heat exchangers hold immense potential across various industries. Their compact and high-performance design makes them ideal for installations with limited space. The welded plate and frame heat exchangers offer efficient heat transfer and can handle high pressures and temperatures. These heat exchangers find wide-ranging applications in HVAC, refrigeration, oil and gas, chemical processing, and power generation sectors. Their customizable and scalable nature allows for tailoring to specific process requirements, enhancing operational flexibility. Moreover, their ease of maintenance and cleaning contributes to improved efficiency and cost-effectiveness, establishing them as a favored choice for optimizing heat transfer in diverse industrial settings.
HVAC & refrigeration account for the largest share of the market, followed by chemical, petrochemical and oil & gas, and food & beverage. The factors driving the growth in HVAC & refrigeration sectors include increasing utilization of central air conditioning systems, growing urbanization, and increasing consumer preferences for energy efficient buildings and appliances. Furthermore, the growing demand for energy and process efficiency in various industries and the increasing share of renewable sources of energy, such as solar and geothermal, are also expected to drive the market.
Based on region, Europe is a key market to produce plate and frame heat exchangers and is projected to grow at a CAGR of 5.3% in terms of value during the forecast period. Plate & frame heat exchangers are widely adopted in the HVACR sector throughout Europe, representing the most prevalent type of heat exchanger utilized in this industry, with an anticipated increase in demand and driven by favourable conditions, Europe's chemical and petrochemical sector is projected to experience significant growth. This development presents a lucrative opportunity for the plate & frame heat exchanger market in the region.
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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). Continuous developments in the market—including new product launches, mergers & acquisitions, agreements, and expansions—are expected to help the market grow.
Years considered for the study
Number of units; Value (USD Million)
Asia Pacific, North America, Europe, Middle East & Africa, and South America
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)
This report categorizes the global plate and frame heat exchanger market based on type, application, and region.
What are the factors influencing the growth of the plate and frame heat exchanger market?
The growing demand for efficient energy exchange solutions to help reduce costs by replacing conventional heat exchangers and the increasing demand for compact and space-efficient designs to address the emerging application needs.
Who are the major manufacturers?
Major manufacturers 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).
What is the biggest restraint for plate and frame heat exchanger market?
The biggest restraint can be environmental & health hazards.
How is COVID-19 affecting the overall plate and frame heat exchanger market?
The COVID-19 pandemic has caused a decrease in demand for plate and frame heat exchanger technology, resulting in decreased sales and revenue for market participants.
What will be the growth prospects of the plate and frame heat exchanger market?
The plate and frame heat exchanger market is expected to witness a positive outlook due to increasing demand from the petrochemical, food and beverage, and paper and pulp industries. Growing industrial infrastructure and increasing investments in energy-efficient systems are likely to drive the market growth in the future. .
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The study involved four major activities in estimating the market size of the plate and frame heat exchanger market. Exhaustive secondary research was done to collect information on the market, the peer market, and the grandparent market. The next step was to validate these findings, assumptions, and sizing with industry experts across the value chain through primary research. Both top-down and bottom-up approaches were employed to estimate the complete market size. Thereafter, the market breakdown and data triangulation procedures were used to estimate the market size of the segments and subsegments.
In the secondary research process, various secondary sources have been referred to for identifying and collecting information for this study. These secondary sources include annual reports, press releases, investor presentations of companies, white papers, certified publications, trade directories, articles from recognized authors, gold standard and silver standard websites, and databases. Secondary research has been used to obtain key information about the value chain of the industry, monetary chain of the Plate & Frame Heat Exchanger Industry, the total pool of key players, market classification and segmentation according to industry trends to the bottom-most level, and regional markets. It was also used to obtain information about the key developments from a market-oriented perspective.
The plate and frame heat exchanger market comprises several stakeholders in the value chain, which include manufacturers, and end users. Various primary sources from the supply and demand sides of the plate and frame heat exchanger market have been interviewed to obtain qualitative and quantitative information. The primary interviewees from the demand side include key opinion leaders in end-use sectors. The primary sources from the supply side include manufacturers, associations, and institutions involved in the plate and frame heat exchanger industry. Primary interviews were conducted to gather insights such as market statistics, data of revenue collected from the products and services, market breakdowns, market size estimations, market forecasting, and data triangulation. Primary research also helped in understanding the various trends related to technology, raw material, application, type, end-use industries, and region. Stakeholders from the demand side, such as CIOs, CTOs, and CSOs were interviewed to understand the buyer’s perspective on the suppliers, products, component providers, and their current usage of plate and frame heat exchanger and outlook of their business, which will affect the overall market.
The breakdown of profiles of the primary interviewees is illustrated in the figure below:
Note: Tier 1, Tier 2, and Tier 3 companies are classified based on their market revenue in 2022 available in the public domain, product portfolios, and geographical presence.
Other designations include consultants and sales, marketing, and procurement managers.
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The top-down and bottom-up approaches have been used to estimate and validate the size of the plate and frame heat exchanger market.
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After arriving at the total market size from the estimation process, the overall market has been split into several segments and sub-segments. To complete the overall market engineering process and arrive at the exact statistics for all the segments and sub-segments, the data triangulation and market breakdown procedures have been employed, wherever applicable. The data has been triangulated by studying various factors and trends from both the demand and supply sides. Along with this, the market size has been validated by using both the top-down and bottom-up approaches and primary interviews. Hence, for every data segment, there have been three sources—top-down approach, bottom-up approach, and expert interviews. The data was assumed correct when the values arrived from the three sources matched.
A plate and frame heat exchanger is a type of heat transfer device that consists of a series of metal plates, typically made of stainless steel, arranged in a frame. The plates are pressed together, creating alternating channels for two separate fluid streams to flow through. The fluids are separated by the plates, allowing heat to be transferred between them without direct mixing.
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Markets and Markets research pvt ltd. (Jun, 2023 ). 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 MarketsandMarkets. Retrieved Jan 7, 2025, from https://www.marketsandmarkets.com/Market-Reports/plate-frame-heat-exchangers-market-259151406.html
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