Global Heat Exchanger Market Size Estimated To Reach at USD 33.01 billion in 2026: Polaris Market Research

According to a study published by Polaris Market Research, global heat exchanger market is expected to grow from USD 18.23 billion in 2017 to USD 33.01 billion by 2026, at a CAGR of 6.9% during the forecast period.

Polaris Market Research’s new report Heat Exchanger Market [By Product Type (Shell & Tube (U-Tube, Straight Tube (1 & 2 Pass Tube Side)), Plate & Frame (Gasket, Welded, Brazed), Air Cooled, Extended Surface, Heat Sinks, Regenerative, Printed Circuit), By Material (Carbon Steel, Stainless Steel, Nickel, Others), By Graphite Shell & Tube (Cubic, Graphite Black, Polytube Graphite), By Application Type (Pulp & Paper, Automotive, Healthcare, Chemical, Electronics, Petrochemicals and Oil & Gas, Food & Beverage, HVACR, Others), By Regions (North America – U.S., Canada; Europe – Germany, UK, France; Asia-Pacific – China, India, Japan, South Korea; Latin America – Brazil, Mexico; Middle East & Africa)]: Market size & Forecast, 2017 – 2026indicates that the global heat exchanger market generated USD 18.23 billion in 2017 and is anticipated to grow at a CAGR of 6.9% during the forecast period.

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The heat exchanger market represents a wide growth prospect for the manufacturers concerning their application in the rapidly growing end-use industries, changing consumer preference for modernized & energy-efficient products, and government initiatives globally to counter the carbon emissions for the appropriate energy intensity. The increasing demand of such HVAC systems such as heating & air conditioning/cooling split system, duct-free or non duct split heating, hybrid heat split system, & air conditioning system, and packaged air conditioning & heating systems in tandem with the transport refrigeration, and commercial systems showcase high application growth for the heat exchangers in the energy-efficient HVAC systems.

Chemicals & petrochemicals market is another significant application sector for the heat exchangers. Despite this industry is highly vulnerable to volatile prices of petroleum-based products & raw materials, it has immense scope for industrial utilization of these equipments in refineries, acid-based plant processing, LNG plants, and end-use petrochemical products. Also, certain chemical streams such as specialty chemicals are currently driven by same parameters as heat exchangers such as increased demand in end-use industries including electronics, automotive, and construction coupled with the tremendously increasing industrialization in the Asia Pacific supplemented by economic growth and labor cost. However, the industry is anticipated to be hindered by the fluctuating raw material prices affecting the heating equipment cost.

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Europe remains vulnerable due to its heavy dependence on naphtha as suppliers move to low-cost ethylene from the U.S. and Asia Pacific. Also, the Middle East has been receiving lower allocations in the petrochemicals market where the producers once dominated the sector on account of diversification by the government in the Gulf Cooperation Council Countries to move away from the traditional reliance on natural resources and had to shift to naphtha as the feedstock. Hence, these discrepancies in the end-use industries in Europe are likely to affect sales of these equipments over the forecast period.

The report provides an extensive qualitative and quantitative analysis of the market trends and growth prospects of the Global Heat Exchanger Market, 2017-2026. This report comprises a detailed geographic distribution of the market across North America, Europe, APAC and South America, and MEA. North America is further segmented into U.S., Canada. Europe is divided into Germany, UK, Italy, and Rest of Europe. Asia-Pacific is bifurcated into China, India, Japan, and Rest of Asia-Pacific.

Competitive Landscape and Key Vendors

Asia Pacific region is expected to account for the maximum demand for these products in the next eight years. With increasing industrialization in the region especially in Japan, India, Korea and even Australia, demand for these products are anticipated to grow even higher. Europe was also a potential market in terms of consumption but the industry has been experiencing a sluggish growth since few years and the region is primarily dependent on import of these products. Consumption of these products has been increasing though slightly on a yearly basis.

Some of the leading industry participants include the Alfa Lava, Kelvion Holdings of Germany, SPX Corporation, Xylem Inc., Danfoss A/S, API Heat Transfer Inc., Guntner GmbH & Co. Kg, Hamon &Cie International, Hindustan Dorr-Oliver Ltd. and Hisaka Works, Ltd.

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Key Segments

Product Type

  • Shell & tube
    • U- tube heat exchanger
    • Straight Tube (1 Pass Tube Side)
    • Straight Tube (2 Pass Tube Side)
    • Plate & frame
      • Gasket plate & frame heat exchangers
      • Welded plate & frame heat exchangers
      • Brazed heat exchangers
      • Air cooled
      • Extended surface
      • Heat sinks
      • Regenerative
      • Printed circuit heat exchanger (PCHE)
      • Others

Materials Segments

  • Carbon steel
  • Stainless steel
  • Nickel
  • Others

Graphite Shell & Tube Segments

  • Cubic Heat Exchangers
  • Graphite Block Heat Exchangers
  • Polytube Graphite Shell & Tube Block Heat Exchangers

Application

  • Pulp & Paper
  • Automotive
  • Healthcare
  • Chemical
  • Electronics
  • Petrochemicals and Oil & Gas
  • Food & beverage
  • HVACR
  • Others

Region

  • North America
    • U.S.
    • Canada
    • Europe
      • Germany
      • UK
      • France
      • Rest of Europe
      • Asia-Pacific
        • China
        • India
        • Japan
        • Rest of Asia-Pacific
        • Latin America
          • Brazil
          • Mexico
          • Rest of Latin America
          • Middle East and Africa

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