Global Plate and Frame Heat Exchanger Market Grows Steadily at a CAGR of 5.50%

Plate and frame heat exchangers are corrugated plates mounted on a frame. High heat transfer coefficients and fouling resistance are produced by the design's high turbulence and high wall shear stress. Inside the heat exchanger, fluids can move around. Hot fluid travels down one plate while cold fluid flows up the other. The design enables the two fluids to flow in opposite directions without mixing by clamping the edges of several plates together. Market Dynamics Growth in Chemical and Petrochemical Industries Drives the Global Market High pressures and temperatures are encountered during most petrochemical plant activities, making increased energy efficiency and heat transfer optimization necessary. During the petrochemical production process, temperature control is essential to minimize the formation of unwanted by-products. This necessitates using heat exchangers, such as plate and frame heat exchangers, to boost productivity and reduce energy loss in the reactors. According to the American Chemical Society, the chemical sector in the US grew by 2.5 percent in 2019. The increasing demand for chemicals from various end-use applications further stimulates new capital investment in the chemical sector. The rapidly growing chemical sector is expected to impact the plate and frame heat exchangers market substantially. Power Generation Industry Growth Creates Tremendous Opportunities The plate and frame heat exchanger is a crucial component of power generating units and plants because it is necessary for the cooling of motor cooling water, lubricating oil, and working fluid evaporation, condensation, heat extraction, and re-cooling of cooling circuits. A heat exchanger is a practical, economical, and effective method of transferring heat. In developing countries like India, China, and Brazil, the power demand is expected to increase due to the high levels of development and economic growth and the improvement in quality of life. Several governments have developed incentives to support developments and installations that will increase power supply and reduce gas emissions that cause pollution. Advances in renewable energy technologies and rigorous energy use monitoring have enabled the quick building of power plants. Regional Analysis  Europe is the most significant shareholder in the global plate and frame heat exchanger market and is expected to grow at a CAGR of 4.30% during the forecast period. Due to rapid wage growth and continued job creation, it is projected that the European economy will continue to rise healthily in the years to come. Public investments in digital and transportation infrastructure will be anticipated to benefit economic growth. Private investment, notably in the construction industry, is expected to fuel further growth in the region's economy. The European Union is one of the top producing and exporting regions for chemicals globally (EU). The primary consumer of chemicals in the area is the industrial sector. The rubber and plastic, textile, construction, and pulp and paper sectors are major industrial users of chemicals in addition to chemical producers. Asia-Pacific is expected to grow at a CAGR of 5.80%, generating USD 2,583.27 million during the forecast period. The Asia-Pacific region includes developed countries like Australia and Japan and various underdeveloped countries like China, India, Thailand, and Indonesia. According to projections, the demand for plate and frame heat exchangers in HVAC and refrigeration systems will rise due to growing manufacturing sector investment in the region's expanding economies. The market for plate and frame heat exchangers in Asia is also predicted to benefit from increased investments in the chemical sector. Due to multiple developing economies, the region is responsible for more than two-thirds of the expansion of the global economy. Key Highlights The global plate and frame heat exchanger market was valued at USD 5.33 billion in 2021. It is projected to reach USD 8.27 billion by 2030, growing at a CAGR of 5.50% during the forecast period (2022-2030).  Based on the product, the global plate and frame heat exchanger market is bifurcated into brazed, gasketed, welded, and others. The gasket segment is the highest contributor to the market and is expected to grow at a CAGR of 4.60% during the forecast period. Based on end-user, the global plate and frame heat exchanger market is bifurcated into chemical, food and beverage, HVAC and refrigeration, oil and gas, power generation, pulp and paper, and others. The chemical segment owns the highest market share and is expected to grow at a CAGR of 5.20% during the forecast period. Europe is the most significant shareholder in the global plate and frame heat exchanger market and is expected to grow at a CAGR of 4.30% during the forecast period. Competitive Players The global plate and frame heat exchanger market's major key players are Alfa Laval, Danfoss, Kelvion Holding GmbH, Guntner GmbH & Co. KG, Xylem, Inc., API Heat Transfer, Inc., Hisaka Works Ltd., HRS Heat Exchangers, and SPX Flow Inc. Market News In January 2021, SWEP, a Dover Corporation subsidiary, introduced the BX4T brazed plate heat exchanger (BPHE). BX4T's compact design makes it ideal for VRF, heat pumps, and condensing units. In April 2021, HTX Digital, a new predictive maintenance tool for tracking heat exchanger performance, was unveiled by Glacier Energy. Global Plate and Frame Heat Exchanger Market: Segmentation By Product Brazed Gasketed Welded Others By End-User Chemical Food and Beverage HVAC and Refrigeration Oil and Gas Power Generation Pulp and Paper Others By Regions North America Europe Asia-Pacific LAMEA