Massive use of gasketed plate heat exchanger in pharmaceutical, oil & gas, and food & beverages industries drive the growth of the global gasketed plate heat exchanger market.
PORTLAND, Ore., Oct. 5, 2022 /PRNewswire/ -- Allied Market Research recently published a report, titled, "Gasketed Plate Heat Exchanger Market by Type (Industrial GPHE, Wide Gap GPHE, Semi Welded GPHE), by Material (Stainless Steel, Titanium, Tungsten), by End User (Food and Beverage, Oil and Gas, HVAC and Refrigeration, Chemical, Others): Global Opportunity Analysis and Industry Forecast, 2021-2031." As per the report, the global Gasketed Plate Heat Exchanger industry was estimated at $3.1 billion in 2021, and is set to reach $5.1 billion by 2031, growing at a CAGR of 5.2% from 2022 to 2031. The report offers a detailed analysis of changing market trends, top segments, key investment pockets, value chains, regional landscapes, and competitive scenarios.
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Drivers, restraints, and opportunities
Massive use of gasketed plate heat exchanger in pharmaceutical, oil & gas, and food & beverages industries drive the growth of the global gasketed plate heat exchanger market. In addition, a prominent demand for medicines, gasoline, and other food products globally is predicted to boost market trends. Moreover, the increase in the need for water treatment and purification plants will create new growth opportunities for the global market in the years ahead. However, the possibility of leakages in gasketed plate heat exchanger due to higher pressure drops can obstruct the growth of the global market.
Covid-19 scenario:
- The COVID-19 pandemic severely impacted the growth of the global gasketed plate heat exchanger market owing to supply chain disruptions, economic uncertainty, and weakened economic activities.
- Economic uncertainty and volatility in financial and commodity markets along with the reduction in demand for oil and gas due to disagreements with the organization of the petroleum exporting countries (OPEC) during the COVID-19 pandemic impacted the growth of the global market.
- Post lockdown, chemical, petrochemical, and food & beverages industries have commenced their functions at a rapid pace and are trying to recover their losses.
The industrial GPHE segment to dominate the global market in terms of revenue by 2031
Based on the type, the industrial GPHE segment contributed to the highest market share in 2021, accounting for more than two-thirds of the global gasketed plate heat exchanger market share. Reportedly, this segment is predicted to contribute majorly toward overall market share by 2031. The growth of the segment over the forecast period can be attributed to the use of gasketed plate heat exchanger in chemicals, biotechnology, adhesives, pharmaceuticals, food & beverages, solvents, and water & sewage. Furthermore, this same segment is predicted to register the fastest CAGR of nearly 5.6% from 2022 to 2031. The report also analysis other segments such as Wide Gap GPHE and Semi Welded GPHE.
The stainless steel segment to hold the major market share from 2022-2031
On basis of the material, the stainless steel segment is set to contribute more than four-fifths of the global gasketed plate heat exchanger market in 2031. Furthermore, the same segment also accounted majorly for the global market share in 2021. In addition, the stainless steel segment is anticipated to record the fastest CAGR of 5.4% during the forecast period. The growth of the segment over the forecast timeline can be attributed to rise in demand for petrochemicals and products such as binders, resins, dyes, pigments, latex, acids, alkalis, petroleum products, and solvents leading to a rise in demand for stainless-steel gasketed plate heat exchanger. The report also includes other segments such as Titanium and Tungsten.
The food and beverage segment to dominate the global market by 2031
In terms of the end user, the food and beverage segment contributed to the highest market share in 2021, accounting for half of the global gasketed plate heat exchanger market share. Reportedly, this segment is predicted to contribute majorly toward an overall market share in 2031. The expansion of this segment over the forecast timeline is due to rising demand for packed products such as juice, glucose, cold drinks, sauces, and others leading to enhanced demand for gasketed plate heat exchanger. Furthermore, the food and beverage segment is predicted to register the fastest CAGR of nearly 5.6% from 2022 to 2031. The report also analyzes segments such as Oil and Gas, HVAC and Refrigeration, Chemical, and Others.
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Asia Pacific to retain global market domination over 2022-2031
By Region, Asia-Pacific contributed notably in 2021, and is projected to continue its dominance during the forecast period. The region accounted for more than two-fifths of the global gasketed plate heat exchanger market in 2021. The growth of the market in the region over the forecast timespan can be attributed to the rise in population and urbanization in the region leading to an increase in water purification engineering in the Asia-Pacific and may act as the major driving factor for the regional market. In addition, the Asia-Pacific region is anticipated to record the fastest CAGR of 5.6% from 2022 to 2031. The report analyzes other segments such as Europe, LAMEA, and North America.
Major market players
- Danfoss
- Heatex Industries Ltd.
- HRS Process Systems Ltd.
- HYDAC International GmbH
- Alfa Laval
- Kelvion Holding GmbH
- Majestic Marine & Engineering Services
- Process Engineers and Associates
- Xylem
- Ved Engineering
- Transcon Engineers Pvt. Ltd.
- Delta Cooling Towers P. Ltd.
- Techtrans Engineers
- Tranter
The report analyzes these key players in the global gasketed plate heat exchanger market. These players have implemented key business strategies such as strategic expansion, new product launches, alliances, and joint ventures for enhancing market penetration and reinforcing their position in the industry. The report helps the target audience in determining the market performance, performance of each segment, product portfolio development in the market, and contributions made by each player to the market expansion.
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