Plate and Frame Heat Exchanger Market Size, Share, Trends, Industry Analysis Report
By Product (Brazed, Gasketed, Welded, and Others), By End Use, and By Region – Market Forecast, 2025–2034
- Published Date:Oct-2025
- Pages: 124
- Format: PDF
- Report ID: PM4506
- Base Year: 2024
- Historical Data: 2020-2023
What is the Current Market Size?
The global plate and frame heat exchanger market size was valued at USD 6.04 billion in 2024, growing at a CAGR of 6.72% from 2025 to 2034. Advancements in materials and design coupled with industrialization and urbanization is propelling the market growth.
Key Insights
- The gasketed plate and frame heat exchangers segment led the market in 2024, driven by its flexibility, low maintenance costs, and widespread use across industries like chemical, food & beverage, and HVAC.
- Brazed heat exchangers dominated a significant share, due to their small size, high thermal efficiency, and use in refrigeration and automobile industries.
- The Asia Pacific dominated the market in 2024, driven by growing chemical, petrochemical, and food & beverage industries demanding effective thermal management solutions.
- China led the market share in Asia Pacific, fueled by high-speed industrialization and urbanization generating large-scale demand for heat transfer equipment.
- North America projected to grow rapidly, driven by increasing demand for energy-efficient heat exchanger systems in applications across oil & gas, food processing, and pharmaceutical industries.
- The U.S. dominated the market in North America, driven by increasing spending on industrial automation, process improvement, and eco-friendly manufacturing technologies.
- Key players operating in the market include ALFA LAVAL AB, API Heat Transfer Inc., Barriquand Group, BCHeat Exchanger Holding GmbH, Danfoss A/S, Elanco Heat Transfer Systems, Gooch Thermal Systems, Inc., HFM Plate Heat Exchanger Co., Ltd., HISAKA WORKS, LTD., Kelvion Holding GmbH, Kinam Engineering Pvt. Ltd., Nexson Group, Shineheat Corp., SPX FLOW, Inc., and Tranter Inc.
Industry Dynamics
- Material and plate development advancements are fueling market expansion through enhanced heat transfer effectiveness, corrosion protection, and operating reliability across a wide range of industrial applications.
- Growing industrialization and urbanization are fueling demand, with applications in power generation, petrochemical refining, and heating, ventilation, and air conditioning systems needing efficient and compact heat exchangers.
- High fouling and maintenance needs continue to restraint the market, as extensive cleaning and gasket replacement contribute to operating expenses and downtime.
- The use of 3D-printed plate geometries is creating future market opportunities, allowing for maximized flow distribution, better thermal performance, and lower pressure drops for next-generation heat exchanger systems.
Market Statistics
- 2024 Market Size: USD 6.04 Billion
- 2034 Projected Market Size: USD 11.56 Billion
- CAGR (2025–2034): 6.72%
- Asia Pacific: Largest Market Share
What Does the Current Market Landscape Look for Plate and Frame Heat Exchanger?
Plate and frame heat exchanger industry comprises engineered equipment developed to effectively transfer heat between fluids in chemical, industrial, and HVAC applications. The heat exchangers find extensive application in power generation plants, food processing units, oil & gas industries, and pharmaceuticals to provide energy efficiency, process optimization, and temperature regulation. Improvements in corrosion-resistant materials, gasket technology, and compact design are promoting durability, thermal performance, and maintenance effectiveness.
Industrial and commercial industries are in greater need of energy-efficient processes of heat transfer, thus driving the use of plate and frame heat exchangers. These systems provide high thermal performance with less space usage, making them ideal for HVAC systems, chemical processing, and food & beverage industries. Their compact design and versatility in installation make them more attractive in operations that are energy optimization and cost minimizing based.
Plate and frame heat exchangers are witnessing robust growth in industries owing to their ability to manage various fluids, provide accurate temperature regulation, and operate at large scales. The compact nature and efficiency, businesses are able to advance the performance of operations while increasing sustainability in energy-demanding applications without requiring large floor space.
Drivers & Opportunities
What are the Factors Contributing to the Market Expansion?
Advancements in Materials and Design: Emerging innovations in materials and design engineering services are enhancing corrosion resistance, durability, and overall performance of plate and frame heat exchangers. In October 2025, Danfoss Power Solutions unveiled its new-generation Level 1 AxisPro valve with advanced corrosion resistance and vibration capability (up to 50g), providing longevity under demanding industrial conditions.
Industrialization and Urbanization Driving Demand: Accelerating industrial expansion and growing urban populations in the emerging markets, are driving demand for efficient and dependable heat exchange technologies. As per United Nations reports, it is estimated that 55% of the global population now resides in urbanized areas a number expected to increase to 68% by 2050 facilitating growth of commercial and industrial infrastructure based on sophisticated thermal management systems.
What are the Segmental Insights?
By Product
On the basis of product, the market for plate and frame heat exchanger is divided into brazed, gasketed, welded, and others. The gasketed accounted for the highest share in the year 2024 due to its versatility, simplicity of maintenance, and extensive use in chemical, food & beverage, and HVAC sectors.
Brazed heat exchangers are projected to experience robust growth over the forecast period due to its compact size, superior thermal efficiency, and applicability in refrigeration and automotive industries.
By End Use
On the basis of end use, the market is divided into chemical, oil & gas, food & beverage, HVAC & refrigeration, power generation, pulp & paper, and others. The chemical industry accounted for the largest market share in 2024, fueled by the need for accurate thermal management in processes and manufacturing.
Oil & gas segment is projected to grow rapidly, as plate and frame heat exchangers enhance energy efficiency in petrochemical and refining operations.
What are the Regional Factors Contributing to the Global Growth?
Asia Pacific Assessment
Asia Pacific dominated the plate and frame heat exchanger market due to the growing chemical, petrochemical, and food & beverage sectors, which demand effective thermal management systems. Government efforts to promote energy efficiency as well as green industrial practices are also driving plate and frame heat exchanger adoption.
China Plate and Frame Heat Exchanger Market Overview
China led the Asia Pacific market driven by China's accelerating industrialization and urbanization. The demand for effective thermal management systems is increasing as industrial activity expands and new energy projects start up. According to the National Bureau of Statistics, China's urbanization rate hit 67% in 2024, maintaining 1 percentage point or more each year for the last 45 years, a trend that mirrors long-term infrastructure and industrial development path.
North America Plate and Frame Heat Exchanger Market Insights
North America is experiencing swift expansion in the market, driven by growing demand for energy-efficient heat exchange systems in industries like chemical, oil & gas, food processing, and pharmaceuticals. Growth of commercial and residential HVAC infrastructure and industrial plant modernization is also generating opportunities for plate and frame heat exchangers.
The U.S. Plate and Frame Heat Exchanger Market Analysis
The U.S. led the North American market, owing to increasing investment in industrial automation, process optimization, and environmentally friendly manufacturing technologies. North American businesses installed 17,635 robots worth USD 1.094 billion in the first half of 2025, as indicated by the Association for Advancing Automation. The growth was dominated by automotive OEMs with a 34% year-over-year increase in units ordered, reflecting the continued industrial modernization and the paramount importance of effective heat management systems in manufacturing operations.
Europe Plate and Frame Heat Exchanger Market Assessment
Europe held considerable market share driven by robust emphasis on energy-efficient and sustainable industrial solutions. Rising investments in district heating networks and renewable energy installations are fueling the demand for heat exchanger. As per Eurostat, the EU recorded a 24.5% gross final energy consumption by renewable energy sources in 2023, indicative of the region's dedication to green energy.
Key Players & Competitive Analysis
The global plate and frame heat exchanger market is highly competitive, fueled by technological advancements, optimization of efficiency, and the increasing demand for dependable heat transfer products in chemical processing, food & beverages, pharmaceuticals, and power generation industries. Established players are emphasizing enhanced thermal performance, resistance to corrosion, and compactness to achieve industrial standards of efficiency and regulatory compliance for environmental protection.
Key players in the global plate and frame heat exchanger market include ALFA LAVAL AB, API Heat Transfer Inc., Barriquand Group, BCHeat Exchanger Holding GmbH, Danfoss A/S, Elanco Heat Transfer Systems, Gooch Thermal Systems, Inc., HFM Plate Heat Exchanger Co., Ltd., HISAKA WORKS, LTD., Kelvion Holding GmbH, Kinam Engineering Pvt. Ltd., Nexson Group, Shineheat Corp., SPX FLOW, Inc., and Tranter Inc.
Key Players
- ALFA LAVAL AB
- API Heat Transfer Inc.
- Barriquand Group
- BCHeat Exchanger Holding GmbH
- Danfoss A/S
- Elanco Heat Transfer Systems
- Gooch Thermal Systems, Inc.
- HFM Plate Heat Exchanger Co., Ltd.
- HISAKA WORKS, LTD.
- Kelvion Holding GmbH
- Kinam Engineering Pvt. Ltd.
- Nexson Group
- Shineheat Corp.
- SPX FLOW, Inc.
- Tranter Inc.
Plate and Frame Heat Exchanger Industry Developments
In July 2025, Alfa Laval acquired Fives Energy Cryogenics for USD 865.8 million. The business will operate as a separate unit within Alfa Laval’s Energy Division, expanding its LNG, hydrogen, and carbon capture offerings while leveraging Thermowave’s specialized expertise.
In March 2024, Nexson Group acquired Thermowave GmbH, enhancing its portfolio with gasketed and semi-welded plate heat exchangers. The acquisition strengthens Nexson’s presence in hydrogen, renewable energy, and carbon capture while maintaining Thermowave’s brand and German engineering expertise.
Plate and Frame Heat Exchanger Market Segmentation
By Product Outlook (Revenue, USD Billion, 2020–2034)
- Brazed
- Gasketed
- Welded
- Welded HE
- Welded Plate & Block
- Welded Spiral
- Welded Shell & Plate
- Others
By End Use Outlook (Revenue, USD Billion, 2020–2034)
- Chemical
- Oil & Gas
- Food & Beverage
- HVAC & refrigeration
- Power Generation
- Pulp & Paper
- Others
By Regional Outlook (Revenue, USD Billion, 2020–2034)
- North America
- U.S.
- Canada
- Europe
- Germany
- France
- UK
- Italy
- Spain
- Netherlands
- Russia
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- Malaysia
- South Korea
- Indonesia
- Australia
- Vietnam
- Rest of Asia Pacific
- Middle East & Africa
- Saudi Arabia
- UAE
- Israel
- South Africa
- Rest of Middle East & Africa
- Latin America
- Mexico
- Brazil
- Argentina
- Rest of Latin America
Plate and Frame Heat Exchanger Market Report Scope
|
Report Attributes |
Details |
|
Market Size in 2024 |
USD 6.04 Billion |
|
Market Size in 2025 |
USD 6.44 Billion |
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Revenue Forecast by 2034 |
USD 11.56 Billion |
|
CAGR |
6.72% from 2025 to 2034 |
|
Base Year |
2024 |
|
Historical Data |
2020–2023 |
|
Forecast Period |
2025–2034 |
|
Quantitative Units |
Revenue in USD Billion, Volume in Kilotons and CAGR from 2025 to 2034 |
|
Report Coverage |
Revenue Forecast, Competitive Landscape, Growth Factors, and Industry Trends |
|
Segments Covered |
|
|
Regional Scope |
|
|
Competitive Landscape |
|
|
Report Format |
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Customization |
Report customization as per your requirements with respect to countries, regions, and segmentation. |
FAQ's
The global market size was valued at USD 6.04 billion in 2024 and is projected to grow to USD 11.56 billion by 2034.
The global market is projected to register a CAGR of 6.72% during the forecast period.
Asia Pacific dominated the market in 2024.
A few of the key players in the market are ALFA LAVAL AB, API Heat Transfer Inc., Barriquand Group, BCHeat Exchanger Holding GmbH, Danfoss A/S, Elanco Heat Transfer Systems, Gooch Thermal Systems, Inc., HFM Plate Heat Exchanger Co., Ltd., HISAKA WORKS, LTD., Kelvion Holding GmbH, Kinam Engineering Pvt. Ltd., Nexson Group, Shineheat Corp., SPX FLOW, Inc., and Tranter Inc.
The gasketed segment dominated the market revenue share in 2024.
The oil & gas applications segment is projected to witness the fastest growth during the forecast period.
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