Plate and Tube Heat Exchanger Market by Material Type (Stainless Steel, Titanium Alloy, Copper, Aluminum, Nickel Alloys), End-use Industry (Chemical, Petrochemical & Oil, Gas, HVAC & Refrigeration, Power Generation), & Region - Global Forecast to 2028
The plate and tube heat exchanger market is projected to reach USD 884 million by 2028, at a CAGR of 6.5% from USD 645 million in 2023. The plate and tube heat exchangers demand from the developing economies of Asia Pacific including China and India is increasing, owing to rapid industrialization, raw material prices, and low-cost labor. 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 and tube heat exchangers market in Asia Pacific is expected to grow at a high growth rate, due to increasing demand from the chemical, HVAC, petrochemical, food & beverage, and oil & gas industries.
Scope of the Report
Years Considered for the Study
2019-2028
Base Year
2022
Forecast Period
2023-2028
Units Considered
Volume (Units); Value (USD Billion)
Segments
Material Type, End-use Industry, and Region
Regions covered
Asia Pacific, North America, Europe, Middle East & Africa and South America
"Stainless- steel segment is expected to account for the largest share in 2022."
Stainless steel is a highly versatile and extensively utilized material in plate and tube heat exchangers, offering a plethora of exceptional properties that cater to a wide array of industrial applications. Its renowned resistance to corrosion stands as a hallmark feature, ensuring extended longevity and robustness, especially in aggressive environments. This attribute renders stainless steel a preferred choice across diverse sectors such as chemical processing, food & beverage, pharmaceuticals, HVAC, and beyond, where protection against corrosion from acids, alkalis, and harsh chemicals is critical.
"Based on region, Europe region was the largest market for plate and tube heat exchangers in 2022, in terms of value."
Europe stands out as a prominent market for plate and tube heat exchangers due to several factors that contribute to its attractiveness in the industry landscape. The region boasts a robust industrial infrastructure coupled with stringent environmental regulations, compelling industries to adopt advanced and energy-efficient technologies. Plate and tube heat exchangers align perfectly with Europe's emphasis on sustainability, offering enhanced energy efficiency and reduced environmental impact across various sectors. Moreover, the European market prioritizes innovation and technological advancements, fostering a conducive environment for the development and implementation of cutting-edge heat exchange solutions. The region's inclination towards renewable energy sources, such as wind and solar, necessitates highly efficient heat transfer mechanisms, where plate and tube heat exchangers play a pivotal role in optimizing energy utilization and promoting green initiatives.
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 include Alfa Laval (Sweden), Kelvion Holding GmbH (Germany), API Heat Transfer (US), HRS Heat Exchanger (UK), SPX Flow (US), Danfoss (Denmark), HFM Plate Heat Exchanger (China), Xylem (US), Wabtec Corporation (US), Thermex (UK).
Research Coverage
This report segments the market for plate and tube heat exchanger market on the basis of materials type, end-use industry 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 & services, key strategies, new product launches, expansions, and mergers & acquisition associated with the market for plate and tube heat exchanger market.
Key benefits of buying this report
This research report is focused on various levels of analysis - industry analysis (industry trends), market ranking analysis of top players, and company profiles, which together provide an overall view on the competitive landscape; emerging and high-growth segments of the plate and tube heat exchanger market; high-growth regions; and market drivers, restraints, opportunities, and challenges.
The report provides insights on the following pointers:
Analysis of key drivers (Growing industrialization in emerging regions, and stringent environmental, and energy efficiency regulations), restraints (Volatility in raw material prices, Traditional design preferences), opportunities (Increasing number of nuclear power plants, growing aftermarket) and challenges (High Capital cost) influencing the growth of the plate and tube heat exchanger market
Market Penetration: Comprehensive information on plate and tube heat exchanger market offered by top players in the global plate and tube heat exchanger market.
Product Development/Innovation: Detailed insights on upcoming technologies, research & development activities, and new product launches in the plate and tube heat exchanger market.
Market Development: Comprehensive information about lucrative emerging markets - the report analyzes the markets for plate and tube heat exchanger market across regions.
Market Diversification: Exhaustive information about new products, untapped regions, and recent developments in the global plate and tube heat exchanger market
Competitive Assessment: In-depth assessment of market shares, strategies, products, and manufacturing capabilities of leading players in the plate and tube heat exchanger market
TABLE OF CONTENTS
1 INTRODUCTION
1.1 STUDY OBJECTIVES
1.2 MARKET DEFINITION
1.2.1 INCLUSIONS AND EXCLUSIONS
1.3 STUDY SCOPE
FIGURE 1 PLATE AND TUBE HEAT EXCHANGER MARKET SEGMENTATION
1.4 REGIONS COVERED
1.5 YEARS CONSIDERED
1.6 CURRENCY CONSIDERED
1.7 UNITS CONSIDERED
1.8 STAKEHOLDERS
1.9 SUMMARY OF CHANGES
2 RESEARCH METHODOLOGY
2.1 RESEARCH DATA
FIGURE 2 PLATE AND TUBE HEAT EXCHANGER MARKET: RESEARCH DESIGN
2.1.1 SECONDARY DATA
2.1.1.1 Key data from secondary sources
2.1.2 PRIMARY DATA
2.1.2.1 Key data from primary sources
2.1.2.2 Primary interviews - demand and supply sides
2.1.2.3 Key industry insights
2.1.2.4 Breakdown of primary interviews
2.2 MARKET SIZE ESTIMATION
2.2.1 BOTTOM-UP APPROACH
FIGURE 3 PLATE AND TUBE HEAT EXCHANGER MARKET: BOTTOM-UP APPROACH
2.2.2 TOP-DOWN APPROACH
FIGURE 4 PLATE AND TUBE HEAT EXCHANGER MARKET: TOP-DOWN APPROACH
2.3 DATA TRIANGULATION
FIGURE 5 PLATE AND TUBE HEAT EXCHANGER MARKET: DATA TRIANGULATION
2.4 FACTOR ANALYSIS
2.5 ASSUMPTIONS
2.6 LIMITATIONS AND MARKET RISKS
2.7 ASSESSMENT OF ECONOMIC RECESSION
3 EXECUTIVE SUMMARY
FIGURE 6 STAINLESS STEEL SEGMENT TO LEAD MARKET DURING FORECAST PERIOD
FIGURE 7 CHEMICALS SECTOR TO LEAD MARKET DURING FORECAST PERIOD
FIGURE 8 EUROPE ACCOUNTED FOR LARGEST MARKET SHARE IN 2022
4 PREMIUM INSIGHTS
4.1 ATTRACTIVE OPPORTUNITIES FOR PLAYERS IN PLATE AND TUBE HEAT EXCHANGER MARKET
FIGURE 9 HIGH GROWTH POTENTIAL IN ASIA PACIFIC
4.2 ASIA PACIFIC: PLATE AND TUBE HEAT EXCHANGER MARKET, BY END-USE INDUSTRY AND COUNTRY
FIGURE 10 CHEMICAL SEGMENT AND CHINA ACCOUNTED FOR LARGEST MARKET SIZE
4.3 PLATE AND TUBE HEAT EXCHANGER MARKET, BY MATERIAL TYPE
FIGURE 11 STAINLESS STEEL TO BE LARGEST MATERIAL TYPE DURING FORECAST PERIOD
4.4 PLATE AND TUBE HEAT EXCHANGER MARKET, BY END-USE INDUSTRY
FIGURE 12 CHEMICALS TO BE LARGEST END-USE INDUSTRY DURING FORECAST PERIOD
4.5 PLATE AND TUBE HEAT EXCHANGER MARKET, BY KEY COUNTRY
FIGURE 13 INDIA TO RECORD HIGHEST CAGR DURING FORECAST PERIOD
5 MARKET OVERVIEW
5.1 INTRODUCTION
5.2 MARKET DYNAMICS
FIGURE 14 DRIVERS, RESTRAINTS, OPPORTUNITIES, AND CHALLENGES IN PLATE AND TUBE HEAT EXCHANGER MARKET
5.2.1 DRIVERS
5.2.1.1 Growing industrialization in emerging regions
5.2.1.2 Stringent environmental and energy efficiency regulations
5.2.1.3 Rising demand for HVACR equipment
5.2.2 RESTRAINTS
5.2.2.1 Volatility in raw material prices
5.2.2.2 Traditional design preferences
5.2.3 OPPORTUNITIES
5.2.3.1 Increasing number of nuclear power plants
5.2.3.2 Growing aftermarket
5.2.4 CHALLENGES
5.2.4.1 High capital cost
5.3 VALUE CHAIN ANALYSIS
FIGURE 15 VALUE CHAIN ANALYSIS
5.3.1 RAW MATERIAL SUPPLIERS
5.3.2 MANUFACTURERS
5.3.3 DISTRIBUTORS
5.3.4 END USERS
5.4 PORTER'S FIVE FORCES ANALYSIS
FIGURE 16 PLATE AND TUBE HEAT EXCHANGER MARKET: PORTER'S FIVE FORCES ANALYSIS
5.4.1 THREAT OF NEW ENTRANTS
5.4.2 THREAT OF SUBSTITUTES
5.4.3 BARGAINING POWER OF SUPPLIERS
5.4.4 BARGAINING POWER OF BUYERS
5.4.5 INTENSITY OF COMPETITIVE RIVALRY
TABLE 1 PLATE AND TUBE HEAT EXCHANGER MARKET: PORTER'S FIVE FORCES ANALYSIS
5.5 PATENT ANALYSIS
5.5.1 METHODOLOGY
5.5.2 DOCUMENT TYPES
FIGURE 17 PATENT GRANT SHARE, 2013-2022
5.5.3 PUBLICATION TRENDS IN LAST 10 YEARS
5.5.4 INSIGHTS
5.5.5 JURISDICTION ANALYSIS
5.5.6 TOP 10 APPLICANTS
TABLE 2 TOP 10 PATENT OWNERS IN LAST 10 YEARS
5.6 PRICING ANALYSIS
5.6.1 AVERAGE SELLING PRICE TREND, BY REGION
FIGURE 18 AVERAGE SELLING PRICE, BY REGION (USD/UNIT)
5.6.2 AVERAGE SELLING PRICE TREND OF KEY PLAYERS, BY END-USE INDUSTRY
FIGURE 19 AVERAGE SELLING PRICE, BY MARKET PLAYER (USD/UNIT)
TABLE 3 AVERAGE SELLING PRICE OF KEY PLAYERS FOR TOP 3 APPLICATIONS (USD/UNIT)
FIGURE 20 AVERAGE SELLING PRICE, BY MATERIAL TYPE (USD/UNIT)
5.7 ECOSYSTEM/MARKET MAP
FIGURE 21 PLATE AND TUBE HEAT EXCHANGER ECOSYSTEM
TABLE 4 PLATE AND TUBE HEAT EXCHANGER: ECOSYSTEM
5.8 TECHNOLOGY ANALYSIS
5.8.1 SMART HEAT EXCHANGER
5.8.2 INTEGRATION OF NANOTECHNOLOGY IN HEAT EXCHANGER
5.9 TRADE ANALYSIS
5.9.1 IMPORT SCENARIO OF HEAT EXCHANGER MARKET (EXCL. THOSE USED WITH BOILERS)
FIGURE 22 IMPORT OF HEAT EXCHANGER, BY KEY COUNTRY, 2020-2022
5.9.2 EXPORT SCENARIO OF HEAT EXCHANGER MARKET (EXCL. THOSE USED WITH BOILERS)
FIGURE 23 EXPORT OF HEAT EXCHANGER, BY KEY COUNTRY, 2020-2022
5.10 MACROECONOMIC INDICATORS
5.10.1 POWER GENERATION
TABLE 5 POWER GENERATION, BY COUNTRY (TWH)
5.10.2 AIR CONDITIONING (AC) DEMAND
TABLE 6 AC DEMAND, 2021 (THOUSAND UNIT)
5.11 TARIFF & REGULATORY LANDSCAPE
5.11.1 REGULATIONS
5.11.1.1 North America
5.11.1.2 Europe
5.11.1.3 Asia Pacific
5.11.2 STANDARDS
5.11.2.1 IS 4503
5.11.2.2 PD 5500:2021
5.11.2.3 EN 13445
5.11.2.4 CODAP
5.11.3 REGULATORY BODIES, GOVERNMENT AGENCIES, AND OTHER ORGANIZATIONS
TABLE 7 REGULATORY BODIES, GOVERNMENT AGENCIES, AND OTHER ORGANIZATIONS
5.12 TRENDS/DISRUPTIONS IMPACTING CUSTOMER'S BUSINESS
FIGURE 24 TRENDS/DISRUPTIONS IMPACTING CUSTOMER'S BUSINESS IN PLATE AND TUBE HEAT EXCHANGER MARKET