Applications Across Oil & Gas Value Chain Will Drive Growth of Printed Circuit Heat Exchangers Market

Introduction

Printed circuit heat exchangers (PCHEs) are ideal for high-pressure and high-temperature applications. They are time-tested in high-pressure hydrocarbon processing, petrochemical, and refining industries. PCHEs minimize power consumption and are more cost-effective than conventional heat exchangers; thus, the energy optimization paradigm drives the growth of the printed circuit heat exchanger market. Growing investments in petrochemical and associated projects across several countries from Asia-Pacific, the Middle East, Western Europe, and North and South America to satisfy domestic demand and reduce dependence on imports are also bolstering the demand for PCHEs. According to Hydrocarbon Processing’s Construction Boxscore Database, more than 280 petrochemical projects were announced during 2016–2018.

 

Market Dynamics

Widespread Adoption of Nickel PCHEs in Chemical Processing, Offshore O&G, and Power Generation

Nickel has high-temperature metallurgical stability and exhibits good mechanical properties. The nickel segment is projected to register a significant growth rate in the printed circuit heat exchangers market, owing to the element’s ability to meet stringent emission regulations and withstand high service temperatures. Nickel heat exchangers are extensively used in the chemical processing industry, offshore oil and gas, and power generation.

Hydrocarbon Processing – The Most Prominent Application Segment for PCHEs

Hydrocarbon processing remains a key application area for PCHEs, on account of the growing investments in this space across Asia-Pacific, the Middle East, and the U.S. to increase oil and gas processing capacities. Other regions are also setting up distillation and secondary units for hydrocarbon processing, creating considerable opportunities for PCHE vendors in the hydrocarbon processing industry.

Competitive Pressure Bolsters Demand for PCHEs in Europe

The stiff competition among refineries in Europe has created a scenario wherein refineries are adopting technologically-advanced equipment to gain a competitive edge. As a result, the adoption of PCHEs is relatively high in Europe, as compared to other refinery-rich regions. In other words, competitive pressure is widening opportunities for the regional PCHE market.

Established O&G Sector Drives PCHE Adoption in MEA

The Middle East and Africa region is characterized by an established oil and gas sector, where heat transfer units play a crucial role across the value chain. Additionally, increasing refining activities in the African market are also pegged to drive market growth in the future.

Competitive Players

1. Alfa Laval
2. Heatric (Meggitt PLC)
3. HEXCES
4. TANKTECH CO LTD
5. Asvotec Termoindustrial
6. DongHwa Entec
7. Vacuum Process Engineering (VPE).

Recent Developments

Segmentation

1. By Material
   1. Stainless Steel
   2. Aluminum
   3. Nickel
   4. Copper
   5. Titanium
2. By Application
   1. Hydrocarbon Processing
   2. Petrochemical
   3. Refining Industries
   4. Others
3. End-User
   1. Industrial
   2. Commercial
   3. Residential