Plate And Frame Heat Exchanger Market To Reach $10,994.6 Million By 2033

Plate And Frame Heat Exchanger Market Growth & Trends

The global plate and frame heat exchanger market size is expected to reach USD 10,994.6 million by 2033, registering a CAGR of 7.4% from 2026 to 2033, according to a new report by Grand View Research, Inc. The rapid growth in the chemical & petrochemical industries, coupled with rapid industrialization in the Asia Pacific region, is expected to propel the demand for plate & frame heat exchangers in the coming years.

According to the India Brand Equity Foundation (IBEF), the pharmaceuticals industry is recognized as the sunrise sector for the economy of the country in the Union Budget-2022. It is predicted to triple in size in the next few years. According to the Economic Survey for 2021 - 2022, the pharmaceutical industry in India is projected to reach USD 65 billion by 2024. The growth of the industry in the country can be attributed to the leadership of domestic manufacturers that offer generic pharmaceutical formulations. Thus, the growing pharmaceuticals industry in India is expected to lead to surged demand for plate & frame heat exchangers used in it during the forecast period.

Most processes in the petrochemical industry involve high pressure and temperature, thereby necessitating the optimization of heat transfer as well as the enhancement of energy savings. Factors such as the type of fluid heated or cooled govern the choice of reactor design in petrochemical production facilities. Temperature control plays a key role in the petrochemical production process to minimize the formation of undesired by-products. This necessitates the requirement for heat exchangers such as plate & frame heat exchangers to enhance productivity and reduce energy loss in the reactors.

The plate & frame heat exchanger is an essential part of the power generating units and plants as it is required for the evaporation and condensation of working fluids, extraction of heat, cooling of lube oil, and cooling of motor cooling water. The heat exchanger is a low-cost, effective, and efficient means of heat transfer. The European Union is installing new power generation plants to ensure efficient energy consumption, which is in line with the norms set by the European Parliament in 2009. The new and efficient heat exchangers, which are installed in the power generating plants, are expected to reduce the overall energy consumption. Such government initiatives are expected to drive the growth of the plate & frame heat exchangers industry over the forecast period.

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Plate And Frame Heat Exchanger Market Report Highlights

• By product, the gasketed plate heat exchangers dominate the global market and accounted for 56.0% share in 2025. Brazed segment is expected to grow at a considerable CAGR of 8.0% from 2026 to 2033 in terms of revenue.

• By end-use, the HVAC and refrigeration sector dominates the plate and frame heat exchanger market and accounted for 28.2% share in 2025. The chemical segment is expected to grow at a significant CAGR of 8.0% from 2026 to 2033 in terms of revenue.

• Asia Pacific dominated the global plate & frame heat exchangers market with the largest revenue share of 31.3% in 2025.

• The plate & frame heat exchangers market in India is expected to grow at a substantial CAGR of 9.5% from 2026 to 2033.

Plate And Frame Heat Exchanger Market Segmentation

Grand View Research has segmented global plate and frame heat exchanger market report based on product, end-use, and region:

Plate And Frame Heat Exchanger Product Outlook (Revenue, USD Million, 2021 - 2033)

• Brazed

• Gasketed

• Welded

  • Welded HE

  • Welded Plate & Block

  • Welded Spiral

  • Welded Shell & Plate

• Others

Plate And Frame Heat Exchanger End Use Outlook (Revenue, USD Million, 2021 - 2033)

• Chemical

• Oil & Gas

• Food & Beverage

• HVAC & refrigeration

• Power Generation

• Pulp & Paper

• Others

Plate And Frame Heat Exchanger Regional Outlook (Revenue, USD Million, 2021 - 2033) 

• North America

  • U.S.

  • Canada

  • Mexico

• Europe

  • Germany

  • France

  • Italy

  • Spain

  • UK

• Asia Pacific

  • China

  • India

  • Japan

  • South Korea

  • Australia

• Latin America

  • Brazil

  • Argentina

• Middle East and Africa

  • UAE

  • Saudi Arabia

List of Key Players in Plate And Frame Heat Exchanger Market

• ALFA LAVAL

• API Heat Transfer

• Danfoss

• Kelvion Holding GmbH

• Nexson Group

• Barriquand Group

• SPX Flow

• HISAKA WORKS, LTD.

• Tranter Inc.

• WCR, Inc.

•  Gooch Thermal Systems, Inc.

• Shineheat Corp.

• Elanco Heat Transfer Systems

• HFM

• Kinam Engineering Pvt. Ltd.