The Total Addressable Market (TAM) for Plate and Frame Heat Exchanger 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 5.0% during the forecast period (2022-2030).
Corrugated plates mounted on a frame make up plate and frame heat exchangers. High turbulence and high wall shear stress produced by design result in high heat transfer coefficients and fouling resistance. Fluids are able to move around inside the heat exchanger. Cold fluid flows up one plate while hot fluid travels down the other. The use of gaskets prevents the mixing of hot and cold fluid. In order to create the counter-current flow, the plates are stacked alternately. The edges of several plates are sealed with clamps, and the design allows the two fluids to flow in opposite directions without mixing. Gasketed plates and frame exchangers are particularly helpful for food and pharmaceutical processing because they are simple to clean and necessitate high levels of sanitation.
Growth in Chemical and Petrochemical Industries
Most processes in petrochemical plants operate at high pressures and temperatures, necessitating improved energy efficiency and heat transfer optimization. In petrochemical manufacturing facilities, the choice of reactor architecture is influenced by variables such as the type of fluid heated or cooled. In order to reduce the production of undesirable byproducts, temperature management is crucial during the petrochemical production process. This necessitates the use of heat exchangers like plate and frame heat exchangers to boost productivity and reduce energy loss in the reactors.
The American Chemical Society reports that the chemical industry in the United States expanded by 2.5% in 2019. New capital investment in the chemical sector is further stimulated by the rising demand for chemicals from various end-use applications. Heat exchangers are necessary for cooling, heating, and mixing materials during the manufacture of chemicals. The demand for plate and frame heat exchangers is anticipated to be significantly influenced by the rapid expansion of the chemical industry.
Regulations controlling the use of Fluorinated Greenhouse Gas in Heat Exchangers
Ozone gas makes up the stratosphere's lower portion in the earth's atmosphere, located 10 to 50 kilometers above the surface. This ozone layer filters out the sun's harmful ultraviolet (UV C and UV B) radiation. The artificial gases known as fluorinated gases (F-gases) are more destructive to the atmosphere than carbon dioxide. These gases include hydrofluorocarbons (HFCs), perfluorocarbons, and sulfur hexafluoride (SF6). F-gases are utilized as ozone-depleting chemical replacements since they do not harm the ozone layer. F-gases have approximately 23,000 times more global warming impacts than CO2.
The European Environmental Agency (EEA) reported that while other greenhouse gas emissions decreased between 1990 and 2014, F-gas emissions more than doubled. The European Union introduced the MAC Directive and F-gas regulation to regulate fluorinated gas emissions in response to the increased discharge of F-gas. As part of its strategy to tackle climate change, the European Union is taking significant steps to reduce F-gas emissions. By 2010, the first regulation, put into place in 2006, had stabilized the levels of F-gas emissions. In January 2015, the next set of regulations that strengthened the earlier policies and regulations came into effect.
Power Generation Industry Growth
The plate and frame heat exchanger is a crucial component of power generating units and plants because it is necessary to cool motor cooling water, lubrication oil, and working fluid evaporation, condensation, heat extraction, and re-cooling of cooling circuits. A heat exchanger is a practical, affordable, and efficient way to transmit heat. The number of nuclear power plants and renewable energy sources has expanded following the 5th Strategic Energy Plan, which the Japanese government adopted in 2018 to ensure the nation's energy self-sufficiency. The country's plate and frame heat exchanger market is predicted to expand in response to the rising demand for power plants.
Due to the high degree of development and economic growth, as well as the improvement in quality of life, it is anticipated that the need for power in developing nations like India, China, and Brazil will rise. Several governments have created incentives to encourage inventions and installations that will boost power availability and cut pollution-causing gas emissions. The rapid construction of power plants has been made possible by advances in renewable energy technology and careful energy consumption monitoring.
The global plate and frame heat exchanger market is segmented by product and end-user.
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. Each heat transfer plate in a gasketed frame and plate heat exchanger has an elastomeric gasket that serves as a seal and a channel for fluid flow. The connections in the channel covers, also known as the heads, allow the process fluid to enter the plate pack. Elastomeric gaskets are used in gasketed plate heat exchangers to seal the channels and route fluids or media into different channels. The plate pack is further squeezed after being assembled between them by tightening bolts between the pressure plate and the frame plate.
Due to the copper brazing and stainless steel plate composition of these heat exchangers, they have strong corrosion resistance. Brazed plate heat exchangers are a superb economical option because they are also small and effective. A package of corrugated channel plates with a filler material in between each plate makes up a brazed plate heat exchanger. At each location where the plates come into contact, the filler material creates a brazed joint, resulting in intricate channels. Brazed plate heat exchangers are a very cost-effective option because they are small and practical. Additionally, these heat exchangers offer excellent corrosion resistance due to the stainless-steel plate construction and copper brazing.
Similar to gasketed heat exchangers, welded plate and frame heat exchangers have plates joined by welding rather than gasketing. Due to their excellent durability, welded plate and frame heat exchangers are perfect for transporting fluids containing corrosive chemicals at high temperatures. However, because the plates are welded together, mechanical cleaning of welded plate and frame heat exchangers is impossible. High-temperature applications primarily drive the market for welded plate and frame heat exchangers. As a result, heavy industries, including the petrochemical, sugar refining, steel, and pharmaceutical sectors, frequently use them.
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. In chemical facilities, the plate and frame heat exchanger employs plate and frame heat exchangers to warm and cool the steam, water, hydrocarbons, and gases. For instance, they are employed to cool volatile hydrocarbons produced in petrochemical factories at temperatures over 260°C. Additionally, various fuels, including diesel, must be heated before being used in the diesel generator. Heat recovery from separating oil from water and gas also uses plate and frame heat exchangers. These heat exchangers are also employed in petrochemical plants for a number of refining-related tasks, such as those requiring evaporators, condensers, and coolers for gas scrubbing.
The plate and frame heat exchanger in the food processing business is used to remove microorganisms and lengthen the shelf life of the finished product. They are also utilized in applications including cookers, ovens, food preparation and preheating, milk pasteurization, beer cooling and pasteurization, and chilling or cooling the finished product to the necessary temperatures. The requirement for effective thermal management in storing and transporting food products is anticipated to increase in response to growing consumer demand for imported and nutrient-dense goods.
HVAC systems must have plate and frame, and heat exchangers. The need for plate and frame heat exchangers in the HVAC sector is predicted to increase as people become more aware of energy conservation and ways to lower energy costs. Plate and frame heat exchangers, including steam, water, air, and refrigerants, are employed in the heat recovery procedure. The plate and frame heat exchangers industry is expected to rise in response to the increasing demand for effective, small-footprint heat recovery systems with good corrosion resistance. For heating, cooling, ventilating, air conditioning, and refrigeration in the residential and commercial sectors, the HVAC industry needs heat exchangers, including plate and frame heat exchangers. Increasing demand for air conditioners and refrigeration, particularly in Asia, is anticipated to boost demand for these heat exchangers over the forecast period.
The global plate and frame heat exchanger market is bifurcated into four regions, namely North America, Europe, Asia-Pacific, and LAMEA.
Europe Dominates the Global Market
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. The European economy is anticipated to expand steadily in the upcoming years due to high wage growth and ongoing job creation. Public spending on digital and transportation infrastructure is also projected to have a favorable effect on economic expansion. The region's economy is predicted to grow due to private investment, particularly in the construction sector. Numerous significant economies, including those of Germany, the UK, France, Spain, Italy, and Russia, are present in the region. One of the tops producing and exporting locations for chemicals worldwide is the European Union (EU). The region's industrial sector is the primary customer for chemical products and services. In addition to chemical producers, major industrial users of chemicals include the pulp and paper, rubber and plastic, textile, and construction sectors.
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 comprises developed nations like Japan and Australia and several developing nations like China, India, Thailand, and Indonesia. It is projected that increasing manufacturing sector investment in the region's growing economies will increase demand for plate and frame heat exchangers in HVAC and refrigeration systems. Additionally, it is anticipated that rising investments in the chemical industry will favorably affect the plate and frame heat exchangers market in the Asia-Pacific. The region accounts for more than two-thirds of the growth of the world economy because of the presence of numerous developing economies.
North America is expected to grow significantly over the forecast period. Due to its countries' favorable industrial dynamics and abundant supply of commodities, North America has the world's biggest and most robust economy. The region contains the essential and complicated economic systems of the United States, Mexico, and Canada. The need for heat exchangers in the region is anticipated to be driven by rising oil and gas exploration operations in the U.S. and Canada. In addition, the demand for HVAC in the area is fueled by expanding infrastructure and development projects, which also boost the market for plate and frame heat exchangers. As of 2019, the General Felipe Angeles international airport, good transit 3 (ST3), second avenue subway, Ontario line-transit expansion, and California high-speed rail are driving demand for HVAC systems and plate and frame heat exchangers.
The global plate and frame heat exchanger market's major key players are
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