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. 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.
Attractive Opportunities in the Plate and Frame Heat Exchanger Market
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Plate and frame heat Exchanger Market Dynamics
Driver: Rising demand for HVACR equipment
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.
Restraint: Volatility in raw material prices
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.
Opportunity: Growing industrialization in emerging regions
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.
Challenge: BPHEs are not demountable
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.
Plate and Frame Heat Exchanger Market: Ecosystem
Source: Secondary Research, Interviews with Experts, and MarketsandMarkets Analysis
"Welded has the fastest growth for plate and frame heat exchanger market, in terms of value."
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 was the largest share by application in plate and frame heat exchanger market in 2022, in terms of value."
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.
“Europe was the largest market for plate and frame heat exchanger in 2022, in terms of value."
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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Key Market Players
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.
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Report Metric |
Details |
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Years considered for the study |
2019-2028 |
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Base Year |
2022 |
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Forecast period |
2023–2028 |
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Units considered |
Number of units; Value (USD Million) |
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Segments |
Type, Application, and Region |
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Regions |
Asia Pacific, North America, Europe, Middle East & Africa, and South America |
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Companies |
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.
Based on type, the plate and frame heat exchanger market has been segmented as follows:
- Gasketed
- Welded
- Brazed
- Others
Based on application, the plate and frame heat exchanger market has been segmented as follows:
- HVAC & Refrigeration
- Chemicals
- Petrochemicals and Oil & Gas
- Power Generation
- Food & Beverages
- Pulp & Paper
- Others
Based on region, the plate and frame heat exchanger market has been segmented as follows:
- Asia Pacific
- Europe
- North America
- Middle East & Africa
- South America
Recent Developments
- In February 2021 ALFA LAVAL started providing heat exchangers to Carrier under its commercial HVAC and refrigeration portfolios globally. The development of a long-term solution for reducing the environmental impact of heating and cooling equipment will be the main goal of the long-term agreement between ALFA LAVAL and Carrier.
- In September 2021 Kelvion invested USD 3.7 million in a new production facility located in Tennessee, US, as part of its expansion strategy to meet the increasing demand for heat exchangers in the data center and refrigeration industries of North America. The company's primary objective is to enhance its production capacities and optimize costs, resulting in improved customer satisfaction and advanced product technology.
- In October 2021 Kelvion invested USD 6 million in its Catoosa manufacturing facility, with a focus on producing heat exchangers specifically designed for the oil and gas industry. This strategic move is in response to the growing demand for heat exchangers in North America, highlighting Kelvion's commitment to meeting the evolving needs of its customers. The investment in the manufacturing facility is expected to enhance the company's production capacities, further reinforcing its position as a leading player in the global heat exchanger market.
Frequently Asked Questions (FAQ):
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.
Secondary Research
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.
Primary Research
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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Market Size Estimation
The top-down and bottom-up approaches have been used to estimate and validate the size of the plate and frame heat exchanger market.
- The key players in the industry have been identified through extensive secondary research.
- The supply chain of the industry has been determined through primary and secondary research.
- All percentage shares, splits, and breakdowns have been determined using secondary sources and verified through primary sources.
- All possible parameters that affect the markets covered in this research study have been accounted for, viewed in extensive detail, verified through primary research, and analyzed to obtain the final quantitative and qualitative data.
- The research includes the study of reports, reviews, and newsletters of the key market players, along with extensive interviews for opinions with leaders such as directors and marketing executives.
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Data Triangulation
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.
Market Definition
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.
Key Stakeholders
- Senior Management
- End User
- Finance/Procurement Department
- R&D Department
Report Objectives
- To define, describe, and forecast the size of the plate and frame heat exchanger market, in terms of value and units.
- To provide detailed information regarding the major factors (drivers, opportunities, restraints, and challenges) influencing the growth of the market
- To estimate and forecast the market size based on type, application, and region.
- To forecast the size of the market with respect to major regions, namely, Europe, North America, Asia Pacific, Middle East & Africa, and South America, along with their key countries
- To strategically analyze micromarkets1 with respect to individual growth trends, prospects, and their contribution to the overall market
- To analyze opportunities in the market for stakeholders and provide a competitive landscape of market leaders.
- To track and analyze recent developments such as expansions, new product launches, partnerships & agreements, and acquisitions in the market.
- To strategically profile key market players and comprehensively analyze their core competencies.
Available Customizations
Along with the given market data, MarketsandMarkets offers customizations according to the company’s specific needs. The following customization options are available for the report:
Regional Analysis
- Further breakdown of a region with respect to a particular country or additional application
Company Information
- Detailed analysis and profiles of additional market players
- Tariff & Regulations
- Regulations and Impact on heat exchanger market
Growth opportunities and latent adjacency in Plate and Frame Heat Exchanger Market