CHICAGO, Feb. 21, 2024 /PRNewswire/ -- The report "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 - Global Forecast to 2028", 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 exchanger market is mainly driven by the growing industrialization in emerging regions. Moreover, it is also driven by stringent environmental and energy efficiency regulations.
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"Stainless Steel segment is projected to grow at fastest CAGR, in terms of value, during the forecast period."
Stainless steel stands as a versatile and widely used material type in plate and tube heat exchangers, offering excellent properties that cater to diverse industrial applications. Renowned for its exceptional corrosion resistance, stainless steel ensures longevity and durability in aggressive environments, making it well-suited for various sectors. Its ability to resist corrosion from acids, alkalis, and harsh chemicals makes it a preferred choice in industries such as chemical processing, food & beverage, pharmaceuticals, HVAC, and more. Furthermore, stainless steels hygienic properties and ease of maintenance align well with stringent industry standards, particularly in food processing or pharmaceutical applications, where cleanliness and product purity are paramount. Its robustness, coupled with high-temperature resistance, allows for use in high-stress applications such as power generation or high-temperature processes.
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"Asia Pacific is expected to be the fastest growing market for plate and tube heat exchanger during the forecast period, in terms of value."
The markets of Asia Pacific are registering high growth, and the trend is projected to continue during the forecast period. With burgeoning industrialization and robust infrastructure development, nations such as China, India, and Southeast Asian economies are driving significant demand for energy across diverse sectors. This escalating need for efficient heat transfer solutions, such as plate and tube heat exchangers, spans industries including power generation, manufacturing, chemicals, and oil & gas. Moreover, stringent environmental regulations and a growing emphasis on sustainability propel the adoption of energy-efficient technologies.
Key Players
Deals and expansions are the major growth strategies adopted by the key players in the market. The key global players in the plate and tube heat exchanger market include Alfa Laval (Sweden), Kelvion Holding GmbH (Germany), API Heat Transfer (US), HRS Heat Exchanger (UK), SPX Flow (US), Danfoss (Denmark), HFM Plate Heat Exchanger (China), Xylem (US), Wabtec Corporation (US), Thermex (UK).
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