Welded Plate And Block Heat Exchangers Market Analysis Report By End Use, By Region And Segment Forecasts From 2019 To 2025

Industry Insights

The global welded plate and block heat exchangers market size was worth USD 831.4 million in 2018. It is projected to expand at a 5.9% CAGR over the forecast duration, 2019 to 2025. Increasing demand from several end-user industries such as power generation, petrochemicals, food and beverages, HVAC & refrigeration and others are proliferating the growth of the market. Further, increasing demand from commercial and residential sectors in thermal management coupled with the rise in consumer spending is driving the market growth.

The demand for power generation is growing across the globe, which in turn, is driving the demand for welded plate heat exchangers. In addition, increasing need in the chemical plants, emphasizing on efficiency improvement and technological advancements have paved the way for market development.

Considering the growing demand, companies are focusing to offer customize the product to address to the need of different consumers. Further, major companies are adopting various strategic initiatives like merger and acquisition to strengthen their foothold in the market. Key industry players are capitalizing on reduced cost of feedstock in CSA and Asia Pacific along with increasing their expenditure on research & development to manufacturing sustainable products.

The United States has the most number of nuclear reactors anywhere in the world. Further, the U.S is focusing on increasing its nuclear capacities, thereby, driving the demand for welded plate block heat exchanger. Further, the increasing number of chemical industries in the United States is estimated to positively affect the growth of the market.

End-use Insights

Depending on the end-use, the welded plate and block heat exchanger market is categorized into food and beverages, petrochemicals, chemical, pulp & paper, HVAC and refrigeration, power generation and others. In 2018, the chemical segment held over 10% of the share in the global market. Further, the segment is estimated to grow at 4.9% CAGR over the forecast duration.

Welded plat & block heat exchangers are also used in phosphoric acid, sulphuric acid, urea and nitric acid production. Increasing concerns regarding limited space and cost-driven construction process are estimated to segment the market growth. Further, increasing acquisition of various chemical facilities and capacity expansions across Asia Pacific and Europe are anticipated to propel the market growth over the next few years.

Rising concerns pertaining to corrosion resistance and hygiene in the food processing industry is predicted to positively drive the market growth. In addition, these heat exchangers are increasingly used in brewing, heating and chilling processes. Increasing need to extend the durability of various processed food & beverages is likely to bolster the product demand.

In 2018, the petrochemical segment accounted for USD 122.4 million of market value in 2018. The segment is estimated to witness a 5.0% CAGR over the forecast duration. Increasing use of welded plate and block heat exchangers in recovery of heat while separating oil from gas and water is attributing to the growth of the petrochemical industry segment.

Regional Insights

In 2018, Asia Pacific was the largest shareholder with over 38% of share in the market. Further, the APACis projected to register 7.8% CAGR over the forecast duration. Increasing construction activities in both commercial and industrial domain are driving the growth of the HVAC market, which, in turn, augmenting the product demand. In addition, favorable initiatives by the government in Japan and India to develop solar and thermal energy are driving the market growth.

On the other hand, North America is predicted to account for USD 191.9 million by the end of 2025. Further, the region is expected to register 4.8% CAGR from 2019 to 2025. Rising demand from oil and gas industry across Canada and the United States is propelling the regional growth. In addition, the region is witnessing high demand for energy from both commercial and industrial sectors, thereby, positively driving the market demand.

CSA is predicted to witness robust growth with 8.3% CAGR from 2019 to 2025. Countries such as Venezuela, Brazil and Mexico are witnessing high demand from their oil and gas industries. Moreover, these countries are also seeing increased demand from food and beverages industries. 

Impact of COVID-19

The outbreak of COVID-19 has adversely affected the global market growth. The pandemic outbreak has led to the closure of heat exchangers manufacturing units as the government of various countries imposed lockdown. In addition, the weak supply chain disrupted manufacturing activities. Various end-user industries such as food & beverages, pulp & paper, HVAC & Refrigeration, petrochemicals and others also witnessed sluggish demand for welded plate heat exchangers in the second quarter of 2019, thereby, slowing down the growth of the market.

Welded Plate And Block Heat Exchangers Market Share Insights

The market is characterized by the presence of both local and international players involved in the procuring raw materials, designing, manufacturing, testing and distributing welded plate heat exchangers. Merger and acquisition are among several other strategic initiatives adopted by market players. Strategic initiatives help market players in developing technically advanced products. Major players operating in the market are SPX Flow, Nexson Group, Danfoss, Tranter Inc., Tranter Inc., Barriquand Group and WCR, Inc. among others.

Report Scope

Segments Covered in the Report

This report forecasts revenue growth at global, regional, and country levels, and provides an analysis on latest industry trends in each of the sub-segments from 2014 to 2025. For the purpose of this study, Million Insights has segmented the global welded plate and block heat exchangers market report on the basis of end-use and region:

• End-Use Outlook (Revenue, USD Million, 2014 - 2025)
    • Chemical
    • Food & Beverages
    • HVAC & Refrigeration
    • Petrochemicals
    • Power Generation
    • Pulp & Paper
    • Others

• Regional Outlook (Revenue, USD Million, 2014 - 2025)
    • North America
        • The U.S.
        • Canada
    • Europe
        • Germany
        • France
        • Italy
    • Asia Pacific
        • China
        • Japan
        • India
    • Central & South America
        • Brazil
    • Middle East and Africa
        • UAE