The global heat exchangers market is anticipated to grow at a significant CAGR of 7.1% during the forecast period. The primary factor driving the market growth is rise in demand for heat exchangers in end-user industries such as chemical, food & beverages, automobile, and others. Heat exchangers are required in manufacturing process of chemicals which includes condensation of solvents, benzene heat recovery, cooling of watercircuits, cooling of hydrocarbons, heating and cooling of intermediate products & reactors and others. The government also emphasize on the development of chemical industry which will eventually lead to growth in heat exchanger market. For instance, in March 2021, Union minister of chemicals and fetlizers in India indicated that chemical and petrochemical industry is growing to new heights in India and an investment of $133 billion is expected in this sector by 2025. The governmemt has launched 12 PLI scheme for various sectors which will benefit the chemical sector directly or indirectly.
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The COVID-19 pandemic has impacted to almost every country on the gloabe. Various sectors were forced to shut down their operations due to strict loackdown. COVID-19 has adversely affected heat exchangers market. Owing to ceased manufacturing caused by lockdown restrictions, limited avaiablity of labour force, and variations in raw material prices, heat exchanger producers faced unexpected challenges. However, various governments globally are expected to help the countries to support the weakening economy and lead to economic revovey post COVID-19 pandemic.
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- Market Coverage
- Market number available for – 2023-2029
- Base year- 2022
- Forecast period- 2023-2029
- Segment Covered- By Source, By Product Type, By Applications
- Competitive Landscape- Archer Daniels Midland Co., Ingredion Inc., Kerry Group Plc, Cargill
- , and others
Global Heat Exchangers Market Report by Segment
By Type
- Shell & Tube
- Plate & Frame
- Air-Cooled
- Others (Finned Coil, Adiabatic Wheel)
By End-user
- Chemical
- HVACR
- Food & Beverages
- Power Generation
- Automobile
- Pharmaceutical
- Other (Pulp & Paper)
Global Heat Exchangers Market Report by Region
North America
- United States
- Canada
Europe
- UK
- Germany
- Italy
- Spain
- France
- Rest of Europe
Asia-Pacific
- China
- India
- Japan
- South Korea
- Rest of Asia-Pacific
Rest of the World
- Latin America
- Middle East & Africa
The Report Covers
- Market value data analysis of 2020 and forecast to 2027.
- Annualized market revenues ($ million) for each market segment.
- Country-wise analysis of major geographical regions.
- Key companies operating in the global heat exchangers market. Based on the availability of data, information related to new product launches, and relevant news is also available in the report.
- Analysis of business strategies by identifying the key market segments positioned for strong growth in the future.
- Analysis of market-entry and market expansion strategies.
- Competitive strategies by identifying ‘who-stands-where’ in the market.
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