One of the key reasons propelling the growth of this market is the increasing demand for aluminium plate-fin heat exchangers from various end-use industries. The increasing use of aluminium plate-fin heat exchangers in chemical and power plants is also anticipated to fuel the expansion of this market throughout the foreseeable future.
For many years, aluminium plate-fin heat exchangers have been essential in a number of sectors. These heat exchangers are widely employed in a variety of industries, including power generation, chemical and petroleum processing, and air separation. Over the course of the forecast period, the market for aluminium plate-fin heat exchangers is anticipated to expand significantly. The rising demand from the air separation sector is what is driving the market for aluminium plate-fin heat exchangers worldwide.
Due to their high surface area-to-volume ratio, aluminium plate-fin heat exchangers are among the most effective heat transfer devices. Applications requiring very efficient heat transfer or those with constrained space frequently employ this type of heat exchanger. Also, exceedingly strong and long-lasting are aluminium plate-fin heat exchangers. They are frequently employed in high-temperature and high-pressure environments, such as those found in gas turbines and diesel engines.
A tool for transferring thermal energy from one fluid to another is the aluminium plate-fin heat exchanger. It consists of several thin plates that are fastened to a frame by tiny gaps between them. These plates allow the fluids to flow through while transferring heat from one to the other. In industrial applications involving air separation and petroleum chemicals, this kind of heat exchanger is frequently utilised.
From 2021 to 2031, the market for aluminium plate-fin heat exchangers is anticipated to expand at a CAGR of 5.3%. In 2020, the market was estimated to be worth USD 4.1 billion, and by 2031, it is anticipated to be worth USD 6.2 billion.
The market expansion of aluminium plate-fin heat exchangers is being constrained by high raw material costs and strict environmental restrictions. Additionally, the large initial expenditure required for aerospace and defence applications is another factor limiting market expansion. However, it is projected that the market would see profitable prospects over the projection period due to the end-use industries' rapid growth.
COVID-19 Impact and Market Status
The worldwide economy and several end-use sectors have been considerably damaged by the COVID-19 epidemic, which is predicted to restrain the market expansion for aluminium plate-fin heat exchangers throughout the course of the forecast year. The lockdown and closure of industrial facilities in many nations have interrupted the production and supply chain of aluminium plate-fin heat exchangers. The restriction on foreign trade has also had an impact on the transportation of raw materials and completed goods. Nevertheless, it is anticipated that the industry would bounce back and expand at a strong rate between 2021 and 2031.
Plae-fin Heat Exchangers to Expand during the Forecasted Period
Markets for plane fin, serrated fin, porous fin, and other varieties are divided into for aluminium plate-fin heat exchangers. In 2020, the aircraft fin type had the biggest market share, and over the forecast period, it is anticipated to expand at a CAGR of 5.2%. This expansion can be due to plane fins' greater thermal conductivity when compared to other fin types. For effective forced convection heat transfer from one fluid to another, plane fins are used.
Air Separation to Enhance Market due to Increased Demnd
The greatest CAGR of 6.8% is projected for the application for air separation during the projection period. This market is growing as a result of the increased demand for air separation plants from the oil and gas and electricity sectors. Nitrogen and oxygen are separated from the air in power plants to increase combustion efficiency and reduce environmental pollution.
North America to Lead the Market Followed by Asia-Pacific
While the North American region is predicted to hold the largest market share in terms of revenue in 2021, the Asia Pacific region is anticipated to grow at the highest CAGR during the forecast period. The growth of this market in North America can be attributed to factors like technological advancement and the presence of sizable players in the region. The Asia Pacific region, on the other hand, is projected to grow at the greatest CAGR due to factors like rising end-use sector demand and growing local economies.
Alfa Laval AB (Sweden), Hyosung Heavy Industries Co., Ltd. (South Korea), Nippon Steel & Sumitomo Metal Corporation (Japan), Chart Industries Inc. (US), AAF International, Inc. (US), Eramet S.A. (France), Jindal Saw Ltd. (India), and Kobe Steel Ltd. (Japan) are a few of the major participants.
Latest Innovations in the Global Aluminum Plate-fin Heat Exchanger Market: A Snapshot
• For usage in aluminium plate-fin heat exchangers, researchers are creating novel materials with enhanced performance and sturdiness. These novel materials include alloys of nickel, stainless steel, and titanium.
• New manufacturing procedures for aluminium plate-fin heat exchangers have been created as a result of advancements in manufacturing technology, which increase productivity and quality while lowering costs.
• The efficiency and effectiveness of aluminium plate-fin heat exchangers are being continuously improved by engineers. The utilisation of turbulence promoters, variable fin s, and microchannel technology are some of the most recent design improvements.
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Aluminium Plate-fin Heat Exchanger Market Scope
|Forecast Unit||Value (USD)|
|Revenue forecast in 2031||USD 4.1 billion|
|Growth Rate||CAGR of 5.2 % during 2021-2031|
|Segment Covered||by Type, By Application, Regions|
|Regions Covered||North America, Europe, Asia Pacific, South America, Middle East and Africa|
|Key Players Profiled||Alfa Laval AB (Sweden), Hyosung Heavy Industries Co., Ltd. (South Korea), Nippon Steel & Sumitomo Metal Corporation (Japan), Chart Industries Inc. (US), AAF International, Inc. (US), Eramet S.A. (France), Jindal Saw Ltd. (India), and Kobe Steel Ltd. (Japan)|
Key Segments of the Global Aluminium Plate-fin Heat Exchanger Market
Type Overview, 2021-2031 (USD Billion)
- Plane Fin
- Serrated Fin
- Porous Fin
Application Overview, 2021-2031 (USD Billion)
- Air Separation
- Petroleum Chemical Industrial
- Power Machinery
Regional Overview, 2021-2031 (USD Billion)
- Rest of Europe
- Rest of Asia Pacific
- Rest of South America
Middle East and South Africa
- South Africa