The main factor propelling the growth of the plate finned heat exchanger market is the rise in demand for plate finned heat exchangers in the petrochemical and air separation industries. Plate finned heat exchangers are in greater demand across a range of industries, including air separation, petrochemicals, national defence, and others, as a result of rising industrialization and urbanization.
COVID-19 Impact and Market Status
The COVID-19 pandemic has badly damaged the world economy and shut down nearly all production activity. The plate finned heat exchanger market is not an exception to this trend, as demand has substantially decreased in 2020 as a result of lower investments by end users in a variety of industries. However, the market is anticipated to pick up steam in the upcoming years as economic activity gradually resumes around the world.
Plate Finned Heat Exchange is Propelling the Market
The most common kind of plate finned heat exchangers is anticipated to be those made of aluminium over the course of the prediction period. Their exceptional heat transmission efficiency and cheap total cost of ownership. Due to its high thermal efficiency and corrosion resistance, the aluminium type plate finned heat exchanger is widely utilized in the petrochemical, dynamical machine, and air separation industries. Due to its superior strength, longevity, and resistance to high temperatures, stainless steel type plate finned heat exchanger is also becoming more and more popular in the market.
Air Separation to Dominate the Market Growth
The "Plate Finned Heat Exchanger" market is divided into the air separation, petrochemical, dynamical machine, national defence, and other industries based on applications. During the forecast period, the air separation industry is expected to expand at a considerable CAGR. This is a result of the air separation industry's growing need for plate finned heat exchangers to facilitate effective heat transfer.
Chemical Segment to Promote Market Growth
Over the projection period, the chemical industry's demand for plate & frame heat exchangers is anticipated to increase due to the chemical sector's rapid expansion and the increasing penetration of heat exchangers. In food processing facilities, plate & frame heat exchangers are utilised for a variety of processes, such as chilling, heating, and brewing. These heat exchangers play a significant role in the brewing and pasteurisation of alcoholic beverages. Over the projected period, it is anticipated that growing concerns about the shelf life of processed foods and alcoholic beverages will increase product demand.
Asia-Pacific to Bloom in the Market
Due to the rising demand from sectors including petrochemical, chemical, and oil & gas, the Asia Pacific region is predicted to be the largest market for plate finned heat exchangers. Rapid industry and urbanization are also taking place in the area, which is expected to fuel the market for plate finned heat exchangers there.
The biggest consumer of aluminium and stainless steel is the auto industry. Machinery, chemical processing, electrical equipment, food and beverage packaging, and transportation are further significant consumers. Due to their widespread use in numerous applications across numerous sectors, the market for plate finned heat exchangers is closely related to the development of various industries. Plate finned heat exchangers are superior to their alternatives in several ways, including improved thermal efficiency and compactness. They are therefore increasingly being used in a variety of industrial applications where effective heat transfer solutions are required.
Any industry that requires the rapid and effective transfer of significant amounts of heat must have the plate finned heat exchanger. Between two layers of fins, a succession of metal plates makes up this kind of heat exchanger. The fins contribute to the plates' increased surface area, which raises the amount of heat that may be transported as a result. Compared to other forms of heat exchangers, the plate finned heat exchanger provides a number of benefits.
A Plate Finned Heat Exchanger (PHE) is a kind of heat exchanger that transfers heat between two fluids using plates and fins. The plates can be built of a variety of materials, including aluminium, stainless steel, or other metals, and the fluids can either be liquids or gases. PHEs are frequently employed in applications requiring high heat transfer efficiencies, including those in the petrochemical, dynamical machine, national defence, and air separation industries. In comparison to conventional shell-and-tube heat exchangers, plate finned heat exchangers have better heat transfer coefficients, less pressure loss, and a smaller overall footprint. During the projected period of 2021-2031, the market is anticipated to expand at a CAGR of 5.8%, reaching a value of USD 23.42 billion by 2031.
A significant barrier to the expansion of this business is anticipated to be the high cost of Plate Finned Heat Exchangers. However, the market for plate finned heat exchangers has been expanding quickly recently. This is partly attributable to the rising demand for these heat exchangers from a variety of industries, including the petrochemical, dynamical machine, national defence, and air separation sectors. Over the next ten years, it is anticipated that the rising use of these heat exchangers in emerging economies would open up new growth prospects for the market's participants.
The number of small and medium-sized manufacturers has led to a highly fragmented market for plate finned heat exchangers worldwide. Sondex Holdings A/S, API Heat Transfer Inc., Xylem Inc., GEA Group Aktiengesellschaft, Danfoss A/S, Kelvion Holding GmbH, SPX Flow Inc., Enexio Management GmbH & Co. KG, and Funke Group are important market participants.
Latest Innovations in the Global Plate Finned Heat Exchanger Market: A Snapshot
- In February 2021, the Delta-T Solutions PT Series plate heat exchanger for HVAC applications was introduced by Xylem Inc. This new product has an improved design that offers the highest level of thermal efficiency and dependability.
- In March 2021, Alfa Laval introduced the AlfaNova 1450 gasketed plate heat exchanger for use in food and beverage industries. This brand-new item has a special plate and frame construction that provides the best reliability and heat transmission performance.
- in April 2021, Sondex Holding A/S introduced the Sondex SL-X plate heat exchanger for use in oil and gas industries. This new item has a sturdy, small design that provides good thermal efficiency and dependability.
Plate Finned Heat Exchanger Market Scope
|Forecast Unit||Value (USD)|
|Revenue forecast in 2028||USD 23.42 billion|
|Growth Rate||CAGR of 5.8 % during 2021-2028|
|Segment Covered||Type, Application, End-User, Regions|
|Regions Covered||North America, Europe, Asia Pacific, Middle East and Africa, South America|
|Key Players Profiled||Sondex Holdings A/S, API Heat Transfer Inc., Xylem Inc., GEA Group Aktiengesellschaft, Danfoss A/S, Kelvion Holding GmbH, SPX Flow Inc., Enexio Management GmbH & Co. KG, and Funke Group|
Key Segments of the Global Plate Finned Heat Exchanger Market
Type Overview, 2021-2031 (USD Billion)
- Aluminium Type Plate Finned Heat Exchanger
- Stainless Steel Type Plate Finned Heat Exchanger
Application Overview, 2021-2031 (USD Billion)
- Air Separation Industry
- Petrochemical Industry
- Dynamical Machine
- National Defence Industry
End-User Overview, 2021-2031 (USD Billion)
- Chemical & Petrochemical
- Oil & Gas
- HVAC & Refrigeration
- Power Generation
- Food & Beverage
- Pulp & Paper
Regional Overview, 2021-2031 (USD Billion)
- Rest of Europe
- Rest of Asia Pacific
- Rest of South America
Middle East and South Africa
- South Africa