Report Overview

Global Heat Exchangers Market- Industry Trends & Forecast Report 2028

The global heat exchangers market was worth USD 15.4 billion in 2021 and is further projected to reach USD 21.1 billion by the year 2028, growing at the CAGR of 4.70% in the forecast period. The growth of the market is attributed to the rising installation of HVAC systems, among different industry verticals as well as other end-users including residential and commercial. Furthermore, increasing disposable income and living standards of the consumers also act as a major driving factor for the market growth.

Heat Exchangers - Overview

A heat exchanger is  an apparatus which is used to transfer heat between two and more  liquids. However, they can be used for both heating and cooling transfers. The industries that use heat exchangers are sewage treatment, natural-gas processing, petroleum refineries, power stations, air conditioning, etc. Some of the most commonly used types of heat exchangers are shell and tube heat exchangers, plate heat exchangers, plate-fin heat exchangers, waste heat recovery units, microchannel heat exchangers, etc.

Global Heat Exchangers Market Forecast and Trends

Growth Drivers

Rising Installation of HVAC System

The increasing installation of HVAC systems in various domains including residential, commercial, and industrial is emerging as one of the major driving factors for the growth of the global heat exchangers market. Heat exchangers are used in the HVAC system to assist in the cooling and heating of the homes as well as help the machines and engines to work more efficiently. Condensers, evaporators, earth coils, etc., are some of the most common types of heat exchangers used in HVAC Systems.

Rapid Industrialization in Emerging Economies

The emerging economies such as China, India, Japan, Thailand, etc., are significantly investing in expanding their industrial segment for economic growth. These countries are establishing new commercial and industrial units with rising public and private investments. Furthermore, several sectors such as chemical, oil and gas, petrochemical, HVAC, etc., are also flourishing. With rapid industrialization, the manufacturing of heat exchangers will also boost in these  emerging economies, propelling the overall market growth.

Restraints

Frequent Fluctuations in the Prices of Raw Materials

The manufacturers of heat exchangers had to undergo the constant risks of price fluctuations of raw materials, which acted as a major restraining factor for the market growth. The prices of raw materials such as copper, aluminum, titanium, nickel, etc., are directly influenced by its mining, demand, supply, etc. The economic conditions of the mining country along with exchange rates also impact the price of the raw materials. This may lead to huge losses to the manufacturers.

Impact of COVID-19 on Global Heat Exchangers Market

The COVID-19 pandemic negatively impacted the growth of the global heat exchangers market. The operations of the end-user industries including chemical, oil and gas, power generation, etc., were completely halted due to lockdown and social distancing norms. Furthermore, the pandemic also led to fluctuations in the raw materials of heat exchangers due to supply chain disruptions and mining operations.  Also, the lack of a workforce during the pandemic also directly impacted the growth of the global heat exchangers market.

Global Heat Exchangers Market - By Raw Material

Based on raw material, the global heat exchangers market is segmented into steel, carbon steel, stainless steel, non-steel, copper, aluminum, titanium, nickel, and plastic. The steel segment accounts for the largest share in the global heat exchangers market since this type of raw material provides high durability and strength as well as resistance against corrosion. However, other non-steel materials such as titanium also cover substantial shares in the market.

Global Heat Exchangers Market - By Type

Based on type, the global heat exchangers market is segmented into shell and tube heat exchangers, plate and frame heat exchangers, air-cooled heat exchangers,  etc. The shell and tube segment holds the largest market share owing to its use in a wide range of industries including power generation, oil, and gas, chemical, etc., to pump materials and transfer temperatures efficiently to ensure the materials are at a necessary temperature without expending extra energy to do so.

Global Heat Exchangers Market - By End-Use

Based on end-user, the global heat exchangers market is segmented into chemical, energy, HVAC and refrigeration, food & beverage, power generation, pulp and paper,  etc. The chemical segment accounts for the largest market share because of the prominent use of heat exchangers for applications like petrochemical cooling and steam cooling in the chemical industries. This system is also used for other purposes such as benzene heat recovery, heating, cooling of reactors, etc. However, the HVAC refrigeration segment also covers a substantial market share.

Global Heat Exchangers Market - Regional Insights

Geographically, the global heat exchangers market is segmented into North America, Europe, Asia-Pacific, Latin America, and Middle-East & Africa. Europe dominates the global heat exchangers market owing to the strong adoption of HVAC systems in countries such as the United Kingdom, France, Germany, etc. The Asia-Pacific region is projected to witness the highest CAGR during the forecast period owing to the rising investment in the chemical and power industry of emerging economies such as China, India, Thailand, etc.

Competitive Landscape

The leading market players of the global heat exchangers market are ALFA LAVAL, Danfoss, Kelvion Holding GmbH, Mersen, Exchanger Industries Limited, General Electric Company, Sondex A/S, Xylem Inc., Hisaka Works, LTD.,  Modine Manufacturing, IHI Corporation, Koch Industries, Royal Hydraulics, and other prominent players. The market is fragmented and competitive with the presence of many global as well as regional industry participants. The companies constantly launch new products and significantly invest in research and development activities to bring innovations into their offerings. Furthermore, the adoption of competitive strategies such as partnerships, mergers, acquisitions, collaborations, etc., is also prominent in this market.

Recent Development

• In March 2022, Supacolor, a US-based heat transfer manufacturer, announced plans to be adding gang sheets on a single heat transfer sheet.
• In February 2022, Lu-Ve Group, an Italian heat exchanger product manufacturer, announced the acquisition of a 75% stake in Refrion, the Italian producer of air-cooled condensers, dry coolers, and coils for 8.1 million euros.

Scope of the Report

By Raw Material

• Steel

1. Carbon Steel
2. Stainless Steel

• Non-Steel

1. Copper
2. Aluminum
3. Titanium
4. Nickel
5. Plastic

By Type

• Shell and Tube Heat Exchangers
• Plate and Frame Heat Exchangers
• Air Cooled Heat Exchangers
• Others

By End-User

• Chemical
• Energy
• HVAC and Refrigeration
• Food & Beverage
• Power Generation
• Pulp and Paper
• Others

By Region

• North America
• Europe
• Asia-Pacific (APAC)
• Latin America (LATAM)
• Middle-East & Africa (MEA)

1. Research Framework
   1. Research Objective
   2. Product Overview
   3. Market Segmentation
2. Research Methodology
   1. Qualitative Research
      1. Primary & Secondary Research
   2. Quantitative Research
   3. Market Breakdown & Data Triangulation
      1. Secondary Research
      2. Primary Research
   4. Breakdown of Primary Research Respondents, By Region
   5. Assumption & Limitation
3. Executive Summary
4. Global Heat Exchangers Market Insights
   1. Industry Value Chain Analysis
   2. DROC Analysis
      1. Growth Drivers
      2. Restraints
      3. Opportunities
      4. Challenges
   3. Technological Advancement/Recent Development
   4. Regulatory Framework
   5. Porter’s Five Forces Analysis
      1. Bargaining Power of Suppliers
      2. Bargaining Power of Buyers
      3. Threat of New Entrants
      4. Threat of Substitutes
      5. Intensity of Rivalry
5. Global Heat Exchangers Market Overview
   1. Market Size & Forecast by Value, 2018-2028
      1. By Value (USD Million)
   2. Market Share & Forecast
      1. By Type
         1. Shell and Tube
         2. Plate and Frame
         3. Air Cooled
      2. By Raw Material
         1. Steel
         2. Copper
         3. Aluminum
         4. Others
      3. By Application
         1. Chemical
         2. Energy
         3. HVAC[Ma1]
         4. Food & Beverage
         5. Power Generation
         6. Pulp and Paper
         7. Others
      4. By Region
         1. North America
         2. Europe
         3. The Asia Pacific
         4. Latin America
         5. The Middle East and Africa
6. North America Heat Exchangers Market
   1. Market Size & Forecast by Value, 2018-2028
      1. By Value (USD Million)
   2. Market Share & Forecast
      1. By Type
      2. By Raw Material
      3. By Application
      4. By Country
         1. United States
         2. Canada
7. Europe Heat Exchangers Market
   1. Market Size & Forecast by Value, 2018-2028
      1. By Value (USD Million)
   2. Market Share & Forecast
      1. By Type
      2. By Raw Material
      3. By Application
      4. By Country
         1. Germany
         2. United Kingdom
         3. Italy
         4. France
         5. Spain
         6. Rest of Europe
8. The Asia Pacific Heat Exchangers Market
   1. Market Size & Forecast by Value, 2018-2028
      1. By Value (USD Million)
   2. Market Share & Forecast
      1. By Type
      2. By Raw Material
      3. By Application
      4. By Country
         1. China
         2. India
         3. Japan
         4. South Korea
         5. Rest of Asia Pacific
9. Latin America Heat Exchangers Market
   1. Market Size & Forecast by Value, 2018-2028
      1. By Value (USD Million)
   2. Market Share & Forecast
      1. By Type
      2. By Raw Material
      3. By Application
      4. By Country
         1. Brazil
         2. Mexico
         3. Rest of Latin America
10. The Middle East & Africa Heat Exchangers Market
    1. Market Size & Forecast by Value, 2018-2028
       1. By Value (USD Million)
    2. Market Share & Forecast
       1. By Type
       2. By Raw Material
       3. By Application
       4. By Country
          1. Saudi Arabia
          2. UAE
          3. South Africa
          4. Rest of Middle East & Africa
11. Competitive Landscape
    1. List of Key Players and their Offerings
    2. Market Share Analysis, 2021
    3. Competitive Benchmarking, By Operating Parameters
    4. Key Strategic Development (Merger, Acquisition, Partnership.)
12. Impact of Covid-19 on Global Heat Exchangers Industry
13. Company Profile (Company Overview, Financial Matrix, Competitive landscape, Key Personnel, Key Competitors, Contact Address, and Strategic Outlook) **
    1. ALFA LAVAL
    2. Kelvion Holding GmbH
    3. Exchanger Industries Limited
    4. Mersen
    5. Danfoss
    6. API Heat Transfer
    7. Boyd Corporation
    8. H. Güntner (UK) Limited
    9. Johnson Controls
    10.  XYLEM
    11. Accessen Group
    12. API Heat Transfer
    13. Chart Industries.
    14. Hisaka Works. Ltd.
    15. Koch Industries, Inc.
    16. Thermofin Gmbh
    17. Other prominent players

14. Key Strategic Recommendations

*Financial information in case of non-listed companies will be provided as per availability.

**The segmentation and the companies are subjected to modifications based on in-depth study for the final deliverable.

List of Figures

Figure 1     Global Heat Exchangers Market Segmentation

Figure 2     Global Heat Exchangers Market Value Chain Analysis

Figure 3     Company Market Share Analysis, 2021

Figure 4     Global Heat Exchangers Market Size, By Value (USD Million), 2018-2028

Figure 5     Global Heat Exchangers Market Share, By Type, By Value, 2018-2028

Figure 6     Global Heat Exchangers Market Share, By Raw Material, By Value, 2018-2028

Figure 7     Global Heat Exchangers Market Share, By Application, By Value, 2018-2028

Figure 8     Global Heat Exchangers Market Share, By Region, By Value, 2018-2028

Figure 9     North America Heat Exchangers Market Size, By Value (USD Million), 2018-2028

Figure 10   North America Heat Exchangers Market Share, By Type, By Value, 2018-2028

Figure 11   North America Heat Exchangers Market Share, By Raw Material, By Value, 2018-2028

Figure 12   North America Heat Exchangers Market Share, By Application, By Value, 2018-2028

Figure 13   North America Heat Exchangers Market Share, By Country, By Value, 2018-2028

Figure 14   Europe Heat Exchangers Market Size, By Value (USD Million), 2018-2028

Figure 15   Europe Heat Exchangers Market Share, By Type, By Value, 2018-2028

Figure 16   Europe Heat Exchangers Market Share, By Raw Material, By Value, 2018-2028

Figure 17   Europe Heat Exchangers Market Share, By Application, By Value, 2018-2028

Figure 18   Europe Heat Exchangers Market Share, By Country, By Value, 2018-2028

Figure 19   The Asia-Pacific Heat Exchangers Market Size, By Value (USD Million), 2018-2028

Figure 20   The Asia-Pacific Heat Exchangers Market Share, By Type, By Value, 2018-2028

Figure 21   The Asia-Pacific Heat Exchangers Market Share, By Raw Material, By Value, 2018-2028

Figure 22   The Asia-Pacific Heat Exchangers Market Share, By Application, By Value, 2018-2028

Figure 23   The Asia-Pacific Heat Exchangers Market Share, By Country, By Value, 2018-2028

Figure 24   Latin America Heat Exchangers Market Size, By Value (USD Million), 2018-2028

Figure 25   Latin America Heat Exchangers Market Share, By Type, By Value, 2018-2028

Figure 26   Latin America Heat Exchangers Market Share, By Raw Material, By Value, 2018-2028

Figure 27   Latin America Heat Exchangers Market Share, By Application, By Value, 2018-2028

Figure 28   Latin America Heat Exchangers Market Share, By Country, By Value, 2018-2028

Figure 29   The Middle East & Africa Heat Exchangers Market Size, By Value (USD Million), 2018-2028

Figure 30   The Middle East & Africa Heat Exchangers Market Share, By Type, By Value, 2018-2028

Figure 31   The Middle East & Africa Heat Exchangers Market Share, By Raw Material, By Value, 2018-2028

Figure 32   The Middle East & Africa Heat Exchangers Market Share, By Application, By Value, 2018-2028

Figure 33   The Middle East & Africa Heat Exchangers Market Share, By Country, By Value, 2018-2028

List of Tables

Table 1      Global Heat Exchangers Market Size, By Type, By Value, 2018-2028    

Table 2      Global Heat Exchangers Market Size, By Raw Material, By Value, 2018-2028

Table 3      Global Heat Exchangers Market Size, By Application, By Value, 2018-2028       

Table 4      Global Heat Exchangers Market Size, By Region, By Value, 2018-2028 

Table 5      North America Heat Exchangers Market Size, By Type, By Value, 2018-2028

Table 6      North America Heat Exchangers Market Size, By Raw Material, By Value, 2018-2028 

Table 7      North America Heat Exchangers Market Size, By Application, By Value, 2018-2028 

Table 8      North America Heat Exchangers Market Size, By Country, By Value, 2018-2028

Table 9      Europe Heat Exchangers Market Size, By Type, By Value, 2018-2028   

Table 10     Europe Heat Exchangers Market Size, By Raw Material, By Value, 2018-2028

Table 11     Europe Heat Exchangers Market Size, By Application, By Value, 2018-2028       

Table 12     Europe Heat Exchangers Market Size, By Country, By Value, 2018-2028       

Table 13     The Asia-Pacific Heat Exchangers Market Size, By Type, By Value, 2018-2028

Table 14     The Asia-Pacific Heat Exchangers Market Size, By Raw Material, By Value, 2018-2028 

Table 15     The Asia-Pacific Heat Exchangers Market Size, By Application, By Value, 2018-2028 

Table 16     The Asia-Pacific Heat Exchangers Market Size, By Country, By Value, 2018-2028

Table 17     Latin America Heat Exchangers Market Size, By Type, By Value, 2018-2028       

Table 18     Latin America Heat Exchangers Market Size, By Raw Material, By Value, 2018-2028 

Table 19     Latin America Heat Exchangers Market Size, By Application, By Value, 2018-2028 

Table 20     Latin America Heat Exchangers Market Size, By Country, By Value, 2018-2028

Table 21     The Middle East & Africa Heat Exchangers Market Size, By Type, By Value, 2018-2028 

Table 22     The Middle East & Africa Heat Exchangers Market Size, By Raw Material, By Value, 2018-2028       

Table 23     The Middle East & Africa Heat Exchangers Market Size, By Application, By Value, 2018-2028       

Table 24     The Middle East & Africa Heat Exchangers Market Size, By Country, By Value, 2018-2028       

Table 25     ALFA LAVAL Company Overview            

Table 26     ALFA LAVAL Financial Overview             

Table 27     Kelvion Holding GmbH Company Overview              

Table 28     Kelvion Holding GmbH Financial Overview               

Table 29     Mersen Company Overview          

Table 30     Mersen Financial Overview           

Table 31     Danfoss Company Overview         

Table 32     Danfoss Financial Overview          

Table 33     Boyd Corporation Company Overview            

Table 34     Boyd Corporation Financial Overview             

Table 35     Johnson Controls Company Overview             

Table 36     Johnson Controls Financial Overview              

Table 37     XYLEM Company Overview          

Table 38     XYLEM Financial Overview           

Table 39     Accessen Group Company Overview              

Table 40     Accessen Group Financial Overview       

Table 41     API Heat Transfer Company Overview            

Table 42     API Heat Transfer Financial Overview             

Table 43     Chart Industries. Inc. Company Overview       

Table 44     Chart Industries. Inc. Financial Overview        

Table 45     Hisaka Works. Ltd. Company Overview           

Table 46     Hisaka Works. Ltd. Financial Overview           

Table 47     Koch Industries, Inc. Company Overview        

Table 48     Koch Industries, Inc. Financial Overview         

Table 49     Thermofin Gmbh Company Overview             

Table 50     Thermofin Gmbh Financial Overview