Plate and Tube Heat Exchanger Market worth $884 million by 2028 Globally, at a CAGR of 6.5%, says MarketsandMarkets™

Chicago, Feb. 29, 2024 (GLOBE NEWSWIRE) — The Plate and Tube Heat Exchanger Market size of the plate and tube heat exchanger market is projected to reach USD 884 million by 2028, at a CAGR of 6.5% from USD 645 million in 2023, as per the recent study by MarketsandMarkets™. The growing industrialization in emerging regions, coupled with stringent environmental and energy efficiency regulations, will contribute to the rapid growth in the demand for plate and tube heat exchangers.

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List of Key Players in Plate and Tube Heat Exchanger Market:

  1. Alfa Laval (Sweden)
  2. Kelvion Holding GmbH (Germany)
  3. API Heat Transfer (US)
  4. HRS Heat Exchanger (UK)
  5. SPX Flow (US)
  6. Danfoss (Denmark)
  7. HFM Plate Heat Exchanger (China)
  8. Xylem (US)
  9. Wabtec Corporation (US)
  10. Thermex (UK)

Drivers, Opportunities and Challenges in Plate and Tube Heat Exchanger Market:

  1. Drivers: Stringent environmental and energy efficiency regulations.
  2. Restraint: Traditional design preferences
  3. Opportunity: Increasing number of nuclear power plants
  4. Challenge: High capital cost

Key Findings of the Study:

  1. Stainless Steel segment is projected to grow at fastest CAGR, in terms of value, during the forecast period
  2. Asia Pacific is expected to be the fastest growing market for plate and tube heat exchanger during the forecast period, in terms of value

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Based on material type, the plate and tube heat exchanger market has been segmented into stainless steel, titanium alloy, copper, aluminum, nickel alloys and others. Stainless steel, prized for its corrosion resistance and robustness, finds widespread use across industries like chemical processing, food & beverage, pharmaceuticals, and HVAC. Its durability and hygienic properties make it ideal for applications demanding prolonged equipment lifespan and product purity. On the other hand, titanium alloys are renowned for exceptional corrosion resistance, particularly in aggressive environments with high temperatures and chemical reactivity. Industries such as chemical processing, offshore, marine, and specific power generation segments favor titanium alloy plate and tube heat exchangers for their ability to withstand extreme conditions while maintaining durability and performance.

Based on end-use industry, the plate and tube heat exchanger market has been segmented into Chemicals, petrochemicals and oil & gas, HVAC & refrigeration, food & beverages, power generation and pulp & paper. In HVAC & refrigeration applications, plate and tube heat exchangers enhance energy efficiency and precise temperature control, crucial for maintaining comfortable indoor environments. Food & beverage industries rely on these heat exchangers for pasteurization, sterilization, and other processes, where efficient heat transfer is vital to preserve product quality. In power generation, plate and tube heat exchangers contribute significantly to thermal power plants, optimizing heat exchange between gases and liquids to improve energy conversion and minimize environmental impact. Additionally, the pulp & paper industry employs these heat exchangers in various stages of their manufacturing processes, ensuring efficient heating and cooling operations.

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Asia Pacific is the fastest-growing market for plate and tube heat exchangers. This growth is mainly attributed to the rapidly increasing industrialization & urbanization, which drives the demand in booming economies in China, and India. As a result, the demand for plate and tube heat exchanger experiences a corresponding upswing, as it serves a critical role in the production process of various end-use applications. The region’s large population coupled with a growing middle class and increasing disposable income boosts the demand. Low labor costs and easy raw material availability attract manufacturers to cater to the local emerging markets better.

Alfa Laval

Alfa Laval is a renowned global provider of top-tier products specializing in heat transfer, separation, and fluid management.  The company is a world leader in heat transfer, separation, and fluid handling technologies. The company operates through three business segments, namely, Energy, Food & Water and Marine divisions. The company offers a broad portfolio of heat exchangers, boilers, decanters, exhaust gas cleaners, fluid handling equipment, and separators. It offers products to energy & utility, home & personal care, food, dairy & beverage, marine & transportation, pharma & biotech, waste & wastewater, and other industries. It operates 37 production sites with 20,300 employees globally. The company’s products, systems and services are sold in more than 100 countries across Asia Pacific, North America, South America, Europe, Middle East & Africa.

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CONTACT: About MarketsandMarkets™ MarketsandMarkets™ has been recognized as one of America’s best management consulting firms by Forbes, as per their recent report. MarketsandMarkets™ is a blue ocean alternative in growth consulting and program management, leveraging a man-machine offering to drive supernormal growth for progressive organizations in the B2B space. We have the widest lens on emerging technologies, making us proficient in co-creating supernormal growth for clients. Earlier this year, we made a formal transformation into one of America's best management consulting firms as per a survey conducted by Forbes. The B2B economy is witnessing the emergence of $25 trillion of new revenue streams that are substituting existing revenue streams in this decade alone. We work with clients on growth programs, helping them monetize this $25 trillion opportunity through our service lines - TAM Expansion, Go-to-Market (GTM) Strategy to Execution, Market Share Gain, Account Enablement, and Thought Leadership Marketing. Built on the 'GIVE Growth' principle, we work with several Forbes Global 2000 B2B companies - helping them stay relevant in a disruptive ecosystem. Our insights and strategies are molded by our industry experts, cutting-edge AI-powered Market Intelligence Cloud, and years of research. The KnowledgeStore™ (our Market Intelligence Cloud) integrates our research, facilitates an analysis of interconnections through a set of applications, helping clients look at the entire ecosystem and understand the revenue shifts happening in their industry. To find out more, visit www.MarketsandMarkets™.com or follow us on Twitter, LinkedIn and Facebook. Contact: Mr. Aashish Mehra MarketsandMarkets™ INC. 630 Dundee Road Suite 430 Northbrook, IL 60062 USA: +1-888-600-6441 Email:

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