Plate Finned Heat Exchanger Market is Expected to Grow with a CAGR of 7.50 % During the Forecast Period of 2018 to 2025, Says Esticast Research and Consulting
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As per the report “Plate-Finned Heat Exchanger Market By Type ( Aluminum Type, Stainless Steel Type ), By Application ( Air Separation & Gas Treatment, Petrochemical Industry, Dynamical Machine, Aerospace & Defense ), Industry Trends, Estimation & Forecast, 2017 – 2025″
In 2017, the Aluminum Type heat exchanger segment generated the highest revenue share. Among major regions, the China was the highest revenue generating market in 2017.
“Continuous research and development in the field of thermodynamics is acting as a stimulating agent for the development of plate finned heat exchangers. Moreover the increasing application of these heat exchangers with the persistent growth of industries such as aerospace and gas generation is also propelling the growth of the very market”
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Plate finned heat exchangers are an indispensable component for all the cryogenic gas processing applications worldwide, such as, Air Separation, LNG liquefaction, Nitrogen Rejection, NGL Recovery, Propane Dehydrogenation and various other natural gas and petrochemical processes. Advantages of plate finned type heat exchanger is that they are highly efficient and can be customized as per the requirement. The emergence of compact and brazed plate finned heat exchangers is also expected to bring a hike in the market growth, owing to its high adoption among numerous industry verticals. However, in terms of growth rate, the dynamical machines plate finned heat exchanger market is expected to grow with the highest CAGR of nearly 7.9% during the forecast period of 2018-2025.
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PLATE FINNED HEAT EXCHANGER MARKET BY APPLICATION, 2017
Aluminum type heat exchanger segment led the global market in 2017 and, is expected to continue this trend throughout the forecast period
Aluminum is a highly cost effective and light weight metal. Moreover, its high corrosion-resistance and heat transfer ability has adopted it extensively for the production of plate finned heat exchangers. Aluminum heat exchangers have better heat transfer capabilities and can be highly cost effective for non-corrosive gases and liquids as compared with traditional shell and-tube exchangers. Plate finned heat exchangers are highly renowned for very close temperature approaches and high thermal effectiveness. Aluminum alloy plate finned heat exchangers are being substantially used in the aircraft and aerospace industries since last four decades. Their implementation in cryogenic processes at natural gas chemical plants, heavy railway engines and vehicles is expected to retain its continuous demand throughout the forecast period. The very market segment held more than 1/3rd share of the global market.
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Owing to a vast industrial presence, China to emerge out as the dominating market for the plate finned heat exchangers
China is one of the largest hubs for mechanical and automobile industry. China is the world’s largest automotive manufacturing country and automotive market. In 2016, annual vehicle production in China accounted for nearly 30 percent of worldwide vehicle production. Moreover, with the rapidly growing air traffic in China, the civil aviation industry of the region is also flourishing. This scenario would turn out to be quite favorable for the growth of plate finned heat exchanger market as they are extensively used in both aircrafts and automobiles. The regional market is expected to grow with the CAGR of 8.2% holding nearly 1/3rd of the global market throughout the forecast period. However, India is expected to witness the highest CAGR of 10.2% during the forecast period of 2018-2024.
Key Findings of Global Plat Finned Heat Exchanger Market, 2017-2025
• The dynamical machine plate finned segment is expected to grow with the highest CAGR of 7.9% during the forecast period
• Stainless steel type plate finned heat exchangers held nearly 1/4th of the global market in 2017.
• Petroleum industry plate finned heat exchangers segment held more than 20% share of the global market revenue.
In order to maintain their existing client base and attract new ones, market players focus on their product quality, product innovation, and market expansion. For instance, Chart Industries have adopted acquisition as their business strategy, in order to complement their existing products and services, along with geographical expansion. Some major players of the market are, Linde Engineering Chart, Five Cryo, Sumitomo Precision, AKG, Kobe Steel, Triumph, API, Donghwa Entec, Lytron, Hongsheng, Xinsheng ,Zhongtai Cryogenic, Jialong and Guanyun.