Plate Heat Exchangers Market Analysis | 2025-2030

Attractive Opportunities

Global Demand Analysis & Sales Opportunities in Plate Heat Exchangers Market 

• The annual demand for plate heat exchangers was USD 4.1 billion in 2024 and is expected to reach USD 4.3 billion in 2025, up 6.1% than the value in 2024.
• During the forecast period (2025-2030), the plate heat exchangers market is expected to grow at a CAGR of 5.5%. The annual demand will reach USD 5.7 billion in 2030.
• During 2025-2030, the plate heat exchangers industry is expected to generate a cumulative sales opportunity of USD 30.1 billion, which is almost 1.5 times the opportunities during 2019-2024.

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High-Growth Market Segments: 

• Asia-Pacific is expected to remain the largest as well as the fastest-growing region during the forecast period.
• By type, Gasket plate heat exchangers are expected to remain the dominant segment, whereas all-welded plate heat exchangers are likely to experience the fastest growth during the forecast period.
• By end-use industry type, Petrochemical & chemical is projected to remain the largest and fastest-growing segment of the market during the forecast period.

Market Statistics 

Have a look at the sales opportunities presented by the plate heat exchangers market in terms of growth and market forecast.

Market Dynamics

Introduction:

Plate heat exchangers consist of a series of parallel plates that are placed one above the other to allow the formation of a series of channels for fluids to flow between them. Generally, these plates are corrugated to increase the turbulence. The hot fluid flows in one direction in alternating chambers, while the cold fluid flows in true counter-current flow in the other alternating chamber. Depending upon the design and number of plates, they are classified as gasket plate, all-welded plate, and brazed plate heat exchangers.

Market Drivers:

• The demand for plate heat exchangers is highly subject to the organic growth of various end-use industries, such as petrochemical & chemical, power generation, oil & gas, and HVAC & refrigeration. The impact of the COVID-19 pandemic on the demand for plate heat exchangers varies from industry to industry.
• For instance, oil & gas emerged to be the biggest victims, with demand falling by -16.6% in 2020. The pharmaceutical industry, on the other hand, witnessed a healthy growth of 3.2% in 2020. Worldwide lockdowns and production halts of petrochemical & chemical, oil & gas, and nuclear power production plants impacted the demand for plate heat exchangers.
• In 2021, the market experienced a rebound at an excellent rate, driven by the combined effects of recovery in major industries, such as oil & gas, petrochemical & chemical, and power generation, due to the diversification and restoration of the supply chain of the major manufacturers.

Segments Analysis

By Type

“The gasket plate heat exchanger is projected to maintain its dominance during the forecast period.”

• The market is segmented into gasket plate heat exchangers, all-welded plate heat exchangers, and brazed plate heat exchangers. The gasket plate heat exchanger is projected to maintain its dominance during the forecast period. The growth of the segment can be attributed to the benefits offered by gasket plate heat exchangers, which include precise heat transfer, overall low cost, less fouling, low energy consumption, and easy capacity expansion. They also provide less stress, wear, and corrosion.
• The all-welded plate heat exchanger is estimated to experience the fastest growth during the forecast period. They are highly durable and ideal for transferring corrosive fluids. They can withstand high temperatures across a single compact unit, provide greater heat recovery, and require low investment and installation costs.

By End-Use Industry Type

“Petrochemical & chemical is projected to remain the largest and the fastest-growing segment of the market during the forecast period.”

• The market is segmented as oil & gas, petrochemical & chemical, food & beverage, power generation, HVAC & refrigeration, water & wastewater, pharmaceuticals, marine & shipbuilding, and others. Petrochemical & chemical is projected to remain the largest and the fastest-growing segment of the market during the forecast period.
• Plate heat exchangers are in high demand in the petrochemical & chemical industry due to their high heat transfer coefficient, adaptability, compact structure, access to harsh liquids, and greater efficiency in heat recovery.

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Regional Analysis

“Asia-Pacific is expected to remain the largest and fastest-growing region in the market during the forecast period.”

• The market is broken down geographically into areas like North America, Europe, Asia-Pacific, and the Rest of the World (RoW). In terms of regions, Asia-Pacific is expected to remain the largest and fastest-growing region in the plate heat exchangers market during the forecast period. China is likely to remain the demand propeller in the regional market.
• Growing renewable energy sources, increasing expansion of nuclear power plants, expected increase in oil & gas production, and the presence of leading manufacturers of various petroleum products and their exploration in China are likely to drive the country’s market.

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Competitive Landscape

The market is fairly populated, with the presence of some local, regional, and global players. Most of the major players compete in some of the governing factors including price, product offerings, regional presence, etc.

The following are the key players in the plate heat exchangers market (arranged alphabetically):

• Alfa Laval AB
• Chart Industries, Inc.
• Danfoss (Sondex A/S)
• Johnson Controls International PLC
• Kelvion Holdings GmbH
• Linde plc

Note: The above list does not necessarily include all the top players in the market.

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Recent Developments/Mergers & Acquisitions: 

• In 2021, Exchanger Industries Limited (“EIL”), one of the leading Canadian designers and manufacturers of heat transfer products, acquired HRS Heat Exchanger Ltd. The HRS Heat Exchanger Ltd. offers plate heat exchangers, corrugated tube heat exchangers, and scraped surface heat exchangers.
• In 2021, Enrequip acquired American Heating Company and expanded its heat exchangers product line. Enrequip’s updated product portfolio includes a variety of sanitary and industrial heating and cooling solutions, from shell and tube heat exchangers to industrial thermal fluid heaters and tank heating coils.

Report Features

This report provides market intelligence most comprehensively. The report structure has been kept so that it offers maximum business value. It provides critical insights into market dynamics and will enable strategic decision-making for existing market players as well as those willing to enter the market.

The following are the key features of the report:

• Market structure: Overview, industry life cycle analysis, supply chain analysis.
• Market environment analysis: Growth drivers and constraints, Porter’s five forces analysis, SWOT analysis.
• Market trend and forecast analysis.
• Market segment trend and forecast.
• Competitive landscape and dynamics: Market share, Service portfolio, New Product Launches, etc.
• COVID-19 impact and its recovery curve.
• Attractive market segments and associated growth opportunities.
• Emerging trends.
• Strategic growth opportunities for the existing and new players.
• Key success factors.

Market Segmentation 

This report studies the market, covering a period of 15 years of trend and forecast. The report provides detailed insights into the market dynamics to enable informed business decision-making and growth strategy formulation based on the opportunities present in the market.

The plate heat exchangers market is segmented into the following categories:

Plate Heat Exchangers Market, by Type

• Gasket Plate Heat Exchangers
• All-Welded Plate Heat Exchangers
• Brazed Plate Heat Exchangers

Plate Heat Exchangers Market, by End-Use Industry Type

• Oil & Gas
• Petrochemical & Chemical
• Food & Beverage
• Power Generation
• HVAC & Refrigeration
• Water & Wastewater
• Pharmaceuticals
• Marine & Shipbuilding
• Others

Plate Heat Exchangers Market, by Region

• North America (Country Analysis: The USA, Canada, and Mexico)
• Europe (Country Analysis: Germany, France, The UK, Russia, and the Rest of Europe)
• Asia-Pacific (Country Analysis: China, India, Australia, South Korea, and the Rest of Asia-Pacific)
• Rest of the World (Country Analysis: Saudi Arabia, Brazil, and Others)

Research Methodology

• This strategic assessment report from Stratview Research provides a comprehensive analysis that reflects today’s plate heat exchangers market realities and future market possibilities for the forecast period. 
• The report segments and analyzes the market in the most detailed manner to provide a panoramic view of the market.
• The vital data/information provided in the report can play a crucial role for market participants and investors in identifying the low-hanging fruits available in the market and formulating growth strategies to expedite their growth process.
• This report offers high-quality insights and is the outcome of a detailed research methodology comprising extensive secondary research, rigorous primary interviews with industry stakeholders, and validation and triangulation with Stratview Research’s internal database and statistical tools.
• More than 1,000 authenticated secondary sources, such as company annual reports, fact books, press releases, journals, investor presentations, white papers, patents, and articles, have been leveraged to gather the data.
• We conducted more than 15 detailed primary interviews with market players across the value chain in all four regions and industry experts to obtain both qualitative and quantitative insights.

Customization Options

With this detailed report, Stratview Research offers one of the following free customization options to our respectable clients:

Company Profiling

• Detailed profiling of additional market players (up to three players)
• SWOT analysis of key players (up to three players)

Competitive Benchmarking

• Benchmarking of key players on the following parameters: Product portfolio, geographical reach, regional presence, and strategic alliances.

Custom Research: Stratview Research offers custom research services across the sectors. In case of any custom research requirement related to market assessment, competitive benchmarking, sourcing and procurement, target screening, and Others, please send your inquiry to [email protected].