Abstract
Summary
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.
“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 29
1.1 STUDY OBJECTIVES 29
1.2 MARKET DEFINITION 29
1.2.1 INCLUSIONS AND EXCLUSIONS 29
1.3 STUDY SCOPE 30
1.4 REGIONS COVERED 30
1.5 YEARS CONSIDERED 31
1.6 CURRENCY CONSIDERED 31
1.7 UNITS CONSIDERED 31
1.8 STAKEHOLDERS 31
1.9 SUMMARY OF CHANGES 32
2 RESEARCH METHODOLOGY 33
2.1 RESEARCH DATA 33
2.1.1 SECONDARY DATA 34
- 2.1.1.1 Key data from secondary sources 34
2.1.2 PRIMARY DATA 35
- 2.1.2.1 Key data from primary sources 35
- 2.1.2.2 Primary interviews - demand and supply sides 35
- 2.1.2.3 Key industry insights 36
- 2.1.2.4 Breakdown of primary interviews 36
2.2 MARKET SIZE ESTIMATION 36
2.2.1 BOTTOM-UP APPROACH 37
2.2.2 TOP-DOWN APPROACH 37
2.3 DATA TRIANGULATION 38
2.4 FACTOR ANALYSIS 39
2.5 ASSUMPTIONS 39
2.6 LIMITATIONS AND MARKET RISKS 40
2.7 ASSESSMENT OF ECONOMIC RECESSION 40
3 EXECUTIVE SUMMARY 41
4 PREMIUM INSIGHTS 44
4.1 ATTRACTIVE OPPORTUNITIES FOR PLAYERS IN PLATE AND TUBE HEAT EXCHANGER MARKET 44
4.2 ASIA PACIFIC: PLATE AND TUBE HEAT EXCHANGER MARKET, BY END-USE INDUSTRY AND COUNTRY 44
4.3 PLATE AND TUBE HEAT EXCHANGER MARKET, BY MATERIAL TYPE 45
4.4 PLATE AND TUBE HEAT EXCHANGER MARKET, BY END-USE INDUSTRY 45
4.5 PLATE AND TUBE HEAT EXCHANGER MARKET, BY KEY COUNTRY 46
5 MARKET OVERVIEW 47
5.1 INTRODUCTION 47
5.2 MARKET DYNAMICS 47
5.2.1 DRIVERS 48
- 5.2.1.1 Growing industrialization in emerging regions 48
- 5.2.1.2 Stringent environmental and energy efficiency regulations 48
- 5.2.1.3 Rising demand for HVACR equipment 49
5.2.2 RESTRAINTS 49
- 5.2.2.1 Volatility in raw material prices 49
- 5.2.2.2 Traditional design preferences 49
5.2.3 OPPORTUNITIES 50
- 5.2.3.1 Increasing number of nuclear power plants 50
- 5.2.3.2 Growing aftermarket 50
5.2.4 CHALLENGES 50
- 5.2.4.1 High capital cost 50
5.3 VALUE CHAIN ANALYSIS 51
5.3.1 RAW MATERIAL SUPPLIERS 52
5.3.2 MANUFACTURERS 52
5.3.3 DISTRIBUTORS 52
5.3.4 END USERS 52
5.4 PORTER’S FIVE FORCES ANALYSIS 53
5.4.1 THREAT OF NEW ENTRANTS 53
5.4.2 THREAT OF SUBSTITUTES 54
5.4.3 BARGAINING POWER OF SUPPLIERS 54
5.4.4 BARGAINING POWER OF BUYERS 54
5.4.5 INTENSITY OF COMPETITIVE RIVALRY 55
5.5 PATENT ANALYSIS 55
5.5.1 METHODOLOGY 55
5.5.2 DOCUMENT TYPES 55
5.5.3 PUBLICATION TRENDS IN LAST 10 YEARS 56
5.5.4 INSIGHTS 56
5.5.5 JURISDICTION ANALYSIS 57
5.5.6 TOP 10 APPLICANTS 57
5.6 PRICING ANALYSIS 58
5.6.1 AVERAGE SELLING PRICE TREND, BY REGION 58
5.6.2 AVERAGE SELLING PRICE TREND OF KEY PLAYERS, BY END-USE INDUSTRY 59
5.7 ECOSYSTEM/MARKET MAP 60
5.8 TECHNOLOGY ANALYSIS 61
5.8.1 SMART HEAT EXCHANGER 61
5.8.2 INTEGRATION OF NANOTECHNOLOGY IN HEAT EXCHANGER 61
5.9 TRADE ANALYSIS 62
5.9.1 IMPORT SCENARIO OF HEAT EXCHANGER MARKET (EXCL. THOSE USED WITH BOILERS) 62
5.9.2 EXPORT SCENARIO OF HEAT EXCHANGER MARKET (EXCL. THOSE USED WITH BOILERS) 63
5.10 MACROECONOMIC INDICATORS 64
5.10.1 POWER GENERATION 64
5.10.2 AIR CONDITIONING (AC) DEMAND 65
5.11 TARIFF & REGULATORY LANDSCAPE 65
5.11.1 REGULATIONS 65
- 5.11.1.1 North America 66
- 5.11.1.2 Europe 66
- 5.11.1.3 Asia Pacific 67
5.11.2 STANDARDS 67
- 5.11.2.1 IS 4503 67
- 5.11.2.2 PD 5500:2021 67
- 5.11.2.3 EN 13445 67
- 5.11.2.4 CODAP 67
5.11.3 REGULATORY BODIES, GOVERNMENT AGENCIES, AND OTHER ORGANIZATIONS 67
5.12 TRENDS/DISRUPTIONS IMPACTING CUSTOMER’S BUSINESS 68
5.13 KEY CONFERENCES & EVENTS IN 2023-2024 69
5.14 KEY STAKEHOLDERS & BUYING CRITERIA 70
5.14.1 KEY STAKEHOLDERS IN BUYING PROCESS 71
5.14.2 BUYING CRITERIA 71
- 5.14.2.1 Quality 71
- 5.14.2.2 Service 71
5.15 CASE STUDY ANALYSIS 72
5.15.1 OIL REFINERY 72
6 PLATE AND TUBE HEAT EXCHANGER MARKET, BY END-USE INDUSTRY 73
6.1 INTRODUCTION 74
6.2 CHEMICALS 76
6.2.1 INCREASING APPLICATIONS IN PHARMACEUTICALS, MANUFACTURING, AND AGRICULTURE SECTORS TO DRIVE MARKET 76
6.3 PETROCHEMICALS AND OIL & GAS 76
6.3.1 ADAPTABLE DESIGNS AND ADVANCED HEAT TRANSFER MECHANISMS TO DRIVE MARKET 76
6.4 HVAC & REFRIGERATION 77
6.4.1 EFFICIENT COOLING AND HEATING PROPERTIES TO DRIVE MARKET 77
6.5 FOOD & BEVERAGES 77
6.5.1 PRODUCT QUALITY, SAFETY, AND OPERATIONAL EFFICIENCY TO DRIVE MARKET 77
6.6 POWER GENERATION 78
6.6.1 THERMAL EFFICIENCY AND ENERGY PRODUCTION TO DRIVE MARKET 78
6.7 PULP & PAPER 78
6.7.1 ENERGY CONSUMPTION AND MAINTENANCE OF THERMAL CONDITIONS TO DRIVE MARKET 78
6.8 OTHER END-USE INDUSTRIES 78
7 PLATE AND TUBE HEAT EXCHANGER MARKET, BY MATERIAL TYPE 79
7.1 INTRODUCTION 80
7.2 STAINLESS STEEL 82
7.3 TITANIUM ALLOYS 82
7.4 COPPER 82
7.5 ALUMINUM 83
7.6 NICKEL ALLOYS 83
7.7 OTHER MATERIAL TYPES 83
8 PLATE AND TUBE HEAT EXCHANGER MARKET, BY REGION 84
8.1 INTRODUCTION 85
8.2 ASIA PACIFIC 87
8.2.1 RECESSION IMPACT 90
8.2.2 CHINA 91
- 8.2.2.1 Rapid urbanization and infrastructural development to drive market 91
8.2.3 JAPAN 93
- 8.2.3.1 Technological advancement and strong economy to drive market 93
8.2.4 INDIA 95
- 8.2.4.1 Rapid urbanization and industrialization to drive market 95
8.2.5 SOUTH KOREA 97
- 8.2.5.1 Investment in energy sources to drive market 97
8.2.6 REST OF ASIA PACIFIC 99
8.3 EUROPE 101
8.3.1 RECESSION IMPACT 104
8.3.2 GERMANY 105
- 8.3.2.1 Rising exports and low labor costs to drive market 105
8.3.3 ITALY 107
- 8.3.3.1 Growing investment in chemical industry to drive market 107
8.3.4 FRANCE 109
- 8.3.4.1 Rising demand from chemical and food & beverage industries to drive market 109
8.3.5 SPAIN 111
- 8.3.5.1 Expansions in oil & gas industry to drive market 111
8.3.6 UK 112
- 8.3.6.1 R&D expenditure in chemical industry to drive market 112
8.3.7 REST OF EUROPE 114
8.4 NORTH AMERICA 116
8.4.1 RECESSION IMPACT 119
8.4.2 US 119
- 8.4.2.1 Increase in oil production activities and industrial development to drive market 119
8.4.3 CANADA 121
- 8.4.3.1 Availability of vast natural resources to drive market growth 121
8.4.4 MEXICO 123
- 8.4.4.1 Deep-water oil & shale production generation to drive market 123
8.5 SOUTH AMERICA 125
8.5.1 RECESSION IMPACT 128
8.5.2 BRAZIL 128
- 8.5.2.1 Energy transition due to natural calamity to drive market 128
8.5.3 ARGENTINA 130
- 8.5.3.1 Focus on non-hydro renewable sources to drive market 130
8.5.4 REST OF SOUTH AMERICA 131
8.6 MIDDLE EAST & AFRICA 133
8.6.1 RECESSION IMPACT 136
8.6.2 GCC COUNTRIES 136
- 8.6.2.1 Saudi Arabia 136
- 8.6.2.1.1 Extensive use of petrochemicals in clothing, digital devices, and electric vehicle parts to drive market 136
- 8.6.2.2 UAE 138
- 8.6.2.2.1 Investment in energy and infrastructure to drive market 138
- 8.6.2.3 Rest of GCC Countries 140
- 8.6.2.1 Saudi Arabia 136
8.6.3 SOUTH AFRICA 141
- 8.6.3.1 Investment in construction, transportation, and retail sectors to drive market 141
8.6.4 REST OF MIDDLE EAST & AFRICA 143
9 COMPETITIVE LANDSCAPE 145
9.1 KEY PLAYER STRATEGIES/RIGHT TO WIN 145
9.2 REVENUE ANALYSIS OF PLAYERS 146
9.3 MARKET SHARE ANALYSIS 146
9.4 COMPANY EVALUATION MATRIX, 2022 (TIER 1) 149
9.4.1 STARS 149
9.4.2 EMERGING LEADERS 149
9.4.3 PERVASIVE PLAYERS 149
9.4.4 PARTICIPANTS 149
9.4.5 COMPANY FOOTPRINT 150
9.5 START-UP/SME EVALUATION MATRIX 155
9.5.1 PROGRESSIVE COMPANIES 155
9.5.2 RESPONSIVE COMPANIES 155
9.5.3 DYNAMIC COMPANIES 155
9.5.4 STARTING BLOCKS 155
9.5.5 COMPETITIVE BENCHMARKING 157
9.6 COMPETITIVE SCENARIO AND TRENDS 159
9.6.1 DEALS 159
9.6.2 OTHER DEVELOPMENTS 162
10 COMPANY PROFILES 163
10.1 KEY PLAYERS 163
10.1.1 ALFA LAVAL 163
10.1.2 KELVION HOLDING GMBH 168
10.1.3 DANFOSS 171
10.1.4 SPX FLOW 174
10.1.5 API HEAT TRANSFER 176
10.1.6 HRS HEAT EXCHANGER 178
10.1.7 HFM PLATE HEAT EXCHANGER 181
10.1.8 XYLEM 182
10.1.9 WABTEC CORPORATION 184
10.1.10 THERMEX 187
10.2 OTHER KEY PLAYERS 188
10.2.1 TRANTER 188
10.2.2 AIR PRODUCTS 188
10.2.3 BARRIQUAND TECHNOLOGIES THERMIQUES 189
10.2.4 VAHTERUS 189
10.2.5 GEURTS HEATEXCHANGERS B.V 190
10.2.6 UK EXCHANGERS LIMITED 190
10.2.7 ELANCO 191
10.2.8 KNM GROUP 191
10.2.9 MASON MANUFACTURING 192
10.2.10 TINITA ENGINEERING 192
10.2.11 UNITED HEAT EXCHANGER 193
10.2.12 GESMEX EXCHANGERS GMBH 193
10.2.13 PRECISION EQUIPMENTS 194
10.2.14 SHANDONG WINTECH TECHNOLOGY CO., LTD 194
10.2.15 TRANP ENERGY EQUIPMENT CO., LTD 195
11 APPENDIX 196
11.1 DISCUSSION GUIDE 196
11.2 KNOWLEDGESTORE: MARKETSANDMARKETS’ SUBSCRIPTION PORTAL 198
11.3 CUSTOMIZATION OPTIONS 200
11.4 RELATED REPORTS 200
11.5 AUTHOR DETAILS 201