Welded Plate And Block Heat Exchangers Market Size, Share & Trends Analysis Report By End Use (Chemical, Food & Beverages, HVAC & Refrigeration, Petrochemicals), By Region, And Segment Forecasts, 2019 - 2025

Report Overview

The global welded plate and block heat exchangers market size was valued at USD 831.4 million in 2018 and is expected to grow at a compound annual growth rate (CAGR) of 5.9% from 2019 to 2025.

The global market is expected to witness significant growth on account of rising product demand from various end-use industries including HVAC and refrigeration, food & beverages, petrochemicals, and power generation, among others. HVAC & refrigeration end-use segment dominated the market in 2018 owing to the increasing consumer spending coupled with growing demand for thermal management in residential and commercial establishments.

Rising demand from power generation sector is resulting in the expansion of energy infrastructure, which is expected to drive the growth of the market over the forecast period. Rising demand from the chemical industry, technological innovation, and increasing focus on improving efficiency standards are further expected to drive the growth of the market over the forecast period.

Companies are shifting their focus toward product differentiation to ensure continuous regeneration of their product portfolios and to cater to consumer-specific requirements. Companies are also adopting strategic initiatives such as mergers & acquisitions to diversify their product portfolios and reduce vulnerability to fluctuations in the raw material prices. Major market players are not only taking advantage of low-cost feedstock in Asia Pacific and CSA regions but also investing heavily in R&D activities dedicated to sustainability.

The U.S. leads other countries in terms of the number of operational nuclear reactors. Ongoing construction activities for additional nuclear capacities are expected to drive power generation industry over the foreseeable future. Growing chemical industry in the country is anticipated to have a positive influence on the product demand over the forecast period. Growing refinery capacities and establishment of new chemical plants in the U.S. are other factors that are projected to drive the plate & block heat exchangers market over the forecast period.

End-Use Insights

Based on end-use, welded plate and block heat exchangers market is segmented into chemical, food & beverages, HVAC & refrigeration, petrochemicals, power generation, pulp & paper, and others. Chemical end-use segment accounted for 10.3% of the total market share in 2018 and it is expected to progress at a CAGR of 4.9% from 2019 to 2025.

Welded plate and block heat exchangers are used in the production of sulfuric acid, nitric acid, phosphoric acid, and urea. Growing concerns regarding the cost-intensive construction process and limited space constraints are expected to drive the demand for these heat exchangers over the forecast period. In addition, capacity expansions and the acquisition of chemical facilities in Europe and Asia Pacific are expected to drive the growth of the chemical industry over the forecast period.

Growing concerns regarding hygiene and corrosion resistance in food processing facilities are expected to drive the demand for the product over the forecast period. Welded plate and block heat exchangers are significantly used in applications such as brewing, chilling, and heating. Growing concerns regarding the shelf life of processed food and alcoholic beverages are expected to drive product demand over the long term.

Petrochemicals end-use segment was valued at USD 122.4 million in 2018 and it is anticipated to grow at a CAGR of 5.0% from 2019 to 2025.Welded plate & block heat exchangers are used in heat recovery process to separate oil from water and gas. Owing to their enhanced properties in corrosive environment and low space requirement, these heat exchangers are expected to gain significant demand over the forecast period.

Regional Insights

Asia Pacific emerged as the leading regional market and accounted for 38.6% of the overall market share in 2018. The region is expected to witness significant growth rate of 7.8% from 2019 to 2025. Growing construction projects in industrial and commercial establishments are expected to drive HVAC market in the region. Favorable government initiatives in India and Japan to develop thermal and solar energy are expected to drive the demand for heat exchangers in power generation.

North America market is expected to reach USD 191.9 million by 2025 growing at an estimated CAGR of 4.8% over the forecast period. Increasing oil & gas E&P activities in the U.S. and Canada are expected to drive product demand in the region. Surging energy demand in various industrial and commercial sectors is expected to drive the growth of power and energy sectors over the forecast period.

Central and South America exhibited a robust growth rate in the global heat exchangers market with a projected CAGR of 8.3% from 2019 to 2025. Oil & gas activities in Mexico, Venezuela, and Brazil are expected to drive industrial growth in the region. Surging energy demand in various industrial and commercial sectors is expected to drive power generation demand in the CSA region. Food & beverages is another significant driver of economic growth in the region.

Key Companies & Market Share Insights

The global plate & block heat exchangers market comprises both global as well as regional players that are engaged in the designing, manufacturing, and distribution of welded heat exchangers. The manufacturers of welded plate & block heat exchangers have been adopting various strategies such as new product developments and mergers & acquisitions. These strategies are assisting the players to increase market penetration and to cater to the changing technological requirements for different end-user applications in the region. Some of the prominent players in the welded plate and block heat exchangers market include:

• Alfa Laval AB

• API Heat Transfer

• Danfoss

• Kelvion Holding GmbH.

• Nexson Group

• Barriquand Group

• SPX Flow

• Hisaka Works Limited

• Tranter Inc.

• WCR,Inc.

Welded Plate And Block Heat Exchangers Market Report Scope

Segments Covered in the Report

This report forecasts revenue growth at global, regional, and country levels, and provides an analysis on the latest trends and opportunities in each of the sub-segments from 2014 to 2025. For the purpose of this study, Grand View Research has segmented the global welded plate and block heat exchangers market report on the basis of end-use and region.

• End-Use Outlook (Revenue, USD Million, 2014 - 2025)

  • Chemical

  • Food & Beverages

  • HVAC & Refrigeration

  • Petrochemicals

  • Power Generation

  • Pulp & Paper

  • Others

• Regional Outlook (Revenue, USD Million, 2014 - 2025)

  • North America

    • The U.S.

    • Canada

  • Europe

    • Germany

    • France

    • Italy

  • Asia Pacific

    • China

    • Japan

    • India

  • Central & South America

    • Brazil

  • Middle East and Africa

    • UAE