Dublin, April 24, 2024 (GLOBE NEWSWIRE) -- The "Global Plate and Tube Heat Exchanger Market by Material Type (Stainless Steel, Titanium Alloy, Copper, Aluminum, Nickel Alloys), End-use Industry (Chemical, Petrochemical & Oil, Gas, HVAC & Refrigeration, Power Generation), & Region - Forecast to 2028" report has been added to ResearchAndMarkets.com's offering.
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. The plate and tube heat exchangers demand from the developing economies of Asia Pacific including China and India is increasing, owing to rapid industrialization, raw material prices, and low-cost labor.
The increasing investments in manufacturing, commercial, and industrial projects in the region have contributed to the overall expansion of the heat exchangers market. The plate and tube heat exchangers market in Asia Pacific is expected to grow at a high growth rate, due to increasing demand from the chemical, HVAC, petrochemical, food & beverage, and oil & gas industries. 
Stainless- steel segment is expected to account for the largest share
Stainless steel is a highly versatile and extensively utilized material in plate and tube heat exchangers, offering a plethora of exceptional properties that cater to a wide array of industrial applications. Its renowned resistance to corrosion stands as a hallmark feature, ensuring extended longevity and robustness, especially in aggressive environments. This attribute renders stainless steel a preferred choice across diverse sectors such as chemical processing, food & beverage, pharmaceuticals, HVAC, and beyond, where protection against corrosion from acids, alkalis, and harsh chemicals is critical.
Based on region, Europe region was the largest market for plate and tube heat exchangers, in terms of value.
Europe stands out as a prominent market for plate and tube heat exchangers due to several factors that contribute to its attractiveness in the industry landscape. The region boasts a robust industrial infrastructure coupled with stringent environmental regulations, compelling industries to adopt advanced and energy-efficient technologies. Plate and tube heat exchangers align perfectly with Europe's emphasis on sustainability, offering enhanced energy efficiency and reduced environmental impact across various sectors. Moreover, the European market prioritizes innovation and technological advancements, fostering a conducive environment for the development and implementation of cutting-edge heat exchange solutions. The region's inclination towards renewable energy sources, such as wind and solar, necessitates highly efficient heat transfer mechanisms, where plate and tube heat exchangers play a pivotal role in optimizing energy utilization and promoting green initiatives.
The report provides insights on the following:
- Analysis of key drivers (Growing industrialization in emerging regions, and stringent environmental, and energy efficiency regulations), restraints (Volatility in raw material prices, Traditional design preferences), opportunities (Increasing number of nuclear power plants, growing aftermarket) and challenges (High Capital cost) influencing the growth of the plate and tube heat exchanger market
- Market Penetration: Comprehensive information on plate and tube heat exchanger market offered by top players in the global plate and tube heat exchanger market.
- Product Development/Innovation: Detailed insights on upcoming technologies, research & development activities, and new product launches in the plate and tube heat exchanger market.
- Market Development: Comprehensive information about lucrative emerging markets - the report analyzes the markets for plate and tube heat exchanger market across regions.
- Market Diversification: Exhaustive information about new products, untapped regions, and recent developments in the global plate and tube heat exchanger market
- Competitive Assessment: In-depth assessment of market shares, strategies, products, and manufacturing capabilities of leading players in the plate and tube heat exchanger market
Key Attributes:
| Report Attribute | Details |
| No. of Pages | 194 |
| Forecast Period | 2023 - 2028 |
| Estimated Market Value (USD) in 2023 | $645 Million |
| Forecasted Market Value (USD) by 2028 | $884 Million |
| Compound Annual Growth Rate | 6.5% |
Key Topics Covered:
Executive Summary
- Stainless Steel Segment to Lead Market During Forecast Period
- Chemicals Sector to Lead Market During Forecast Period
- Europe Accounted for Largest Market Share in 2022
Premium Insights
- Attractive Opportunities for Players in Plate and Tube Heat Exchanger Market - High Growth Potential in Asia-Pacific
- Asia-Pacific: Plate and Tube Heat Exchanger Market, by End-Use Industry and Country - Chemical Segment and China Accounted for Largest Market Size
- Plate and Tube Heat Exchanger Market, by Material Type - Stainless Steel to be Largest Material Type During Forecast Period
- Plate and Tube Heat Exchanger Market, by End-Use Industry - Chemicals to be Largest End-Use Industry During Forecast Period
- Plate and Tube Heat Exchanger Market, by Key Country - India to Record Highest CAGR During Forecast Period
Key Market Dynamics
Drivers
- Growing Industrialization in Emerging Regions
- Stringent Environmental and Energy Efficiency Regulations
- Rising Demand for HVACr Equipment
Restraints
- Volatility in Raw Material Prices
- Traditional Design Preferences
Opportunities
- Increasing Number of Nuclear Power Plants
- Growing Aftermarket
Challenges
- High Capital Cost
Technology Analysis
- Smart Heat Exchanger
- Integration of Nanotechnology in Heat Exchanger
Case Study Analysis
- Oil Refinery
Companies Profiled
- Alfa Laval
- Kelvion Holding
- Danfoss
- Spx Flow
- Api Heat Transfer
- Hrs Heat Exchanger
- Hfm Plate Heat Exchanger
- Xylem
- Wabtec Corporation
- Thermex
- Tranter
- Air Products
- Barriquand Technologies Thermiques
- Vahterus
- Geurts Heatexchangers B.V.
- UK Exchangers Limited
- Elanco
- Knm Group
- Mason Manufacturing
- Tinita Engineering
- United Heat Exchanger
- Gesmex Exchangers GmbH
- Precision Equipments
- Shandong Wintech Technology Co., Ltd.
- Tranp Energy Equipment Co., Ltd
For more information about this report visit https://www.researchandmarkets.com/r/8b0khf
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