Heat Exchangers Market Size, Share, Growth Analysis, By Product (Plate, Shell & Tubes), By End Use (Chemicals & Petrochemicals, Oil & Gas), By Material (Metals, Alloys), By Region - Industry Forecast 2025-2032

Heat Exchangers Market size was valued at USD 15.81 Billion in 2023 and is poised to grow from USD 16.46 Billion in 2024 to USD 22.74 Billion by 2032, growing at a CAGR of 0.0412 during the forecast period (2025-2032).

The market is characterized by the presence of a few well-established players. New product launches, partnerships and investing in research & development have been a key business strategy. Some of their recent developments are as follows: 'Alfa Laval AB (Sweden) ', 'Danfoss A/S (Denmark) ', 'Kelvion Holding GmbH (Germany) ', 'Xylem Inc. (United States) ', 'API Heat Transfer Inc. (United States) ', 'GEA Group AG (Germany) ', 'Hisaka Works Ltd. (Japan) ', 'HRS Heat Exchangers Ltd. (United Kingdom) ', 'SWEP International AB (Sweden) ', 'Tranter Inc. (United States) ', 'Accessen Group Co. Ltd. (China) ', 'Barriquand Technologies Thermiques (France) ', 'Chart Industries Inc. (United States) ', 'Doucette Industries Inc. (United States) ', 'Fischer Maschinen und Apparatebau GmbH (Germany) ', 'Mueller Industries Inc. (United States) ', 'Sondex A/S (Denmark) ', 'SPX Flow Inc. (United States) ', 'Vahterus Oy (Finland) ', 'Zhejiang Forwon Plate Heat Exchanger Co. Ltd. (China)', 'In March 2022, Alfa Laval at their first online net-zero launch event launches new, cutting-edge thinking in energy-efficiency, clean energy, and circular-economy solutions, including the new Alfa Laval AC65 brazed plate heat exchanger.', 'In February 2022, Bharat Heavy Electricals Limited (BHEL), an Indian government-owned engineering and manufacturing enterprise, has received an order from Hindustan Aeronautics Limited (HAL) to supply Compact Heat Exchanger sets for 83 light combat Tejas MK1A aircraft for an undisclosed sum. This order calls for the production, assembly, testing, and supply of compact heat exchangers for the LCA Tejas aircraft.', 'In February 2022,Wieland acquired Provides, a leading company in the research, development and production of heat exchangers with locations in Italy, USA and China.', 'In June 2021, GE's R&D division tested the new 3D- printed heat exchanger at a temperature of 900 degrees. GE is developing products that can sustain a temperature of more than 200 degrees, which is the capability of already existing heat exchangers.', 'In January 2021, BOYD Corporation opened a new production plant in Juarez, Mexico, to extend its North American activities. In an automated factory fuelled by renewable energy, the business will manufacture thermal systems and diverse engineered materials. The quality management system will be accredited for the 40, 000-square-meter facility. To cater to the North American market, the growth plan will provide extra capacity to create very complicated liquid cooling systems, liquid cold plates, and sophisticated rotary die-cutting capabilities.'

The market will be driven by rising industrialization in developing economies. Rapid industrialization in APAC emerging nations such as China and India is predicted to drive demand for heat exchangers due to rising investments, raw material costs, and low-cost labour. Manufacturing, commercial, and industrial developments in the area have also contributed to the global heat exchangers market's overall growth. Increased demand for heat exchangers is being driven by the chemical, HVACR, petrochemical, and oil & gas sectors, as well as government initiatives in countries like as Japan and India to produce thermal and solar energy. Furthermore, the growing need for petrochemical products is projected to benefit the heat exchangers industry.

In terms of regional insights, in 2020, Europe held the dominant market position with a revenue share of 33%. It is expected that the European market will grow at a modest CAGR of 5% between 2020-2027. This growth was attributed to the demand for heat exchangers from various industries in Germany, France, UK. Furthermore, the increasing demand for heat exchangers from HVAC and refrigeration will further expand the market growth. The regions of the Middle East and North America will see positive market growth by 2027.