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Heat Exchangers Market Size, Share Global Analysis Report, 2022–2028

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Heat Exchangers Market By Material (Steel, Non-Steel), By Type (Shell & Tube, Plate & Frame, Air Cooled), By End-use Industries (Chemical, Energy, HVACR, Food & Beverage, Power Generation, Pulp & Paper), and By Region – Global and Regional Industry Overview, Market Intelligence, Comprehensive Analysis, Historical Data, and Forecast 2022–2028

Industry Insights

[215+ Pages Report] According to Facts and Factors, the global heat exchangers market was worth around USD 15,489.5 million in 2021 and is estimated to grow to about USD 20,521.3 million by 2028, with a compound annual growth rate (CAGR) of approximately 4.8% over the forecast period. The report analyzes the heat exchangers market’s drivers, restraints/challenges, and the effect they have on the demands during the projection period. In addition, the report explores emerging opportunities in the heat exchangers market.

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logoMarket Overview

Heat exchangers are a staple in multiple industries and are crucial to multiple thermal processes in industries such as chemical and energy. The rapid increase in industrialization on a global scale has bolstered the demand for heat exchangers and is expected to drive the growth of the heat exchangers market over the forecast period.

High demand for heat exchangers from the chemical, HVACR, petrochemical, and oil & gas industries is expected to be a prominent trend in the global market landscape. Heat exchangers companies will see new opportunities from the nations of India, Brazil, and China where supportive government initiatives are boosting industrial activity.

However, high costs of manufacturing due to fluctuating raw material prices are expected to have a hindering effect on the global market growth through 2028.

logoCOVID-19 Impact:

The COVID-19 pandemic had a significantly adverse impact on the heat exchangers market. The pandemic brought the industrial sector to a near standstill and plunged the heat exchangers market into a negative growth trend as the sales and production of heat exchangers fell due to restricted activity under lockdown restrictions on a global scale

Disrupted supply chain and logistics were also negatively influencing the heat exchangers market growth in the pandemic. The disrupted industrial activity also had an adverse impact on international trade and this was due to reduced manufacturing activity in industries.  

As the world returns to normal and the coronavirus infections diminish the market for heat exchangers is expected to record steady growth through 2028. Re-opening operations at multiple industries and manufacturing facilities will drive heat exchanger sales over the forecast period.  

logo Growth Drivers

  • Rapid Industrialization to Boost Market potential

The world has seen a substantial increase in industrial activity in recent years and this trend has majorly propelled the sales of heat exchangers. This trend is expected to be frequent over the forecast period as well and will be a major driver for the heat exchanger's market potential. Emerging economies of India, China, and Brazil are expected to lead the rapid industrialization trend and are expected to emerge as highly rewarding markets for heat exchangers companies through 2028. The rising demand for thermal energy is also expected to boost heat exchangers’ market potential.

logo Restraints

  • Fluctuations in Pricing

Heat exchanger manufacturing is largely dependent on raw materials such as copper, aluminum, steel, etc. and these are prone to fluctuation in pricing owing to changing economic landscape on a global scale. Supply conditions and exchange rates of currencies also play a pivotal role in governing the prices of these raw materials and rising uncertainty for the same will have a hampering effect on the global heat exchangers market through 2028.

logoSegmentation Analysis

The global heat exchangers market is segregated based on material, type, end-use industries, and region.

By material, the market is divided into steel and non-steel. The steel segment is anticipated to be the dominant segment and maintain this stance through 2028. The high use of steel in the manufacturing of heat exchangers is expected to boost the demand for it through the forecast period.

By End-use industries, the heat exchangers market is segmented into chemical, energy, HVACR, food & beverage, power generation, pulp & paper. The chemical industry is a major user of heat exchangers and is expected to hold a dominant outlook over the forecast period. Increasing demand for chemicals and rapid expansion of chemical manufacturing and processing industries on a global scale will aid this segment growth over the forecast period.

logoReport Scope

Report Attribute


Market Size in 2021

USD 15,489.5 Million

Projected Market Size in 2028

USD 20,521.3 Million

CAGR Growth Rate

4.8% CAGR

Base Year


Forecast Years


Key Market Players

ALFA LAVAL (Sweden), Kelvion Holding GmbH (Germany), Exchanger Industries Limited (Canada), Mersen (France), and Danfoss (Denmark), among others

Key Segment

By Material, Type, End-use Industries, and Region

Major Regions Covered

North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa

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logoRegional Landscape

The market for heat exchangers in Europe held a dominant outlook and is expected to maintain the same through the forecast period. The region is expected to be majorly driven by the government initiatives that are focused on sustainability and are striving to reduce their global carbon footprint and these regulations are expected to propel the demand for heat exchangers from the commercial and residential sectors alike. The increasing popularity of sustainable and renewable energy in this region is expected to drive the heat exchangers market growth over the forecast period. The nations of Germany, France, and the United Kingdom are expected to be prominent markets for heat exchangers through 2028.

Asia Pacific region leads will experience the fastest growth in the heat exchangers market and this will majorly be driven by rapid industrialization in the economies of India and China. The rising demand for heat exchangers from the growing chemical industries in this region will also prove to be a beneficial factor for heat exchangers market growth over the forecast period.  

logoRecent Developments

  • In November 2021 – Alfa Laval a leading name in specialized manufacturing announced the inauguration of a new facility in San Bonifacio, Italy, that will be responsible for manufacturing brazed heat exchangers (BHE) and will have additional capacity to accommodate increasing demand from multiple industries

logoCompetitive Landscape

Some of the main competitors dominating the global heat exchangers market include -

  • ALFA LAVAL (Sweden)
  • Kelvion Holding GmbH(Germany)
  • Exchanger Industries Limited (Canada)
  • Mersen (France)
  • Danfoss (Denmark).

The global heat exchangers market is segmented as follows:

logoBy Material Segment Analysis

  • Steel
  • Non-Steel

logoBy Type Segment Analysis

  • Shell & Tube
  • Plate & Frame
  • Air-Cooled
  • Others

logoBy End-use Industries Segment Analysis

  • Chemical
  • Energy
  • Food & Beverages
  • Power Generation
  • Pulp & Paper
  • Others

logoBy Regional Segment Analysis

  • North America
    • The U.S.
    • Canada
    • Mexico
    • Rest of North America
  • Europe
    • France
    • The UK
    • Spain
    • Germany
    • Italy
    • Nordic countries
      • Denmark
      • Finland
      • Iceland
      • Sweden
      • Norway
    • Benelux Reunion
      • Belgium
      • The Netherlands
      • Luxembourg
    • Rest of Europe
  • Asia Pacific
    • China
    • Japan
    • India
    • New Zealand
    • Australia
    • South Korea
    • Southeast Asia
      • Indonesia
      • Thailand
      • Malaysia
      • Singapore
      • Rest of Southeast Asia
    • Rest of Asia Pacific
  • The Middle East & Africa
    • Saudi Arabia
    • UAE
    • Egypt
    • Kuwait
    • South Africa
    • Rest of the Middle East & Africa
  • Latin America
    • Brazil
    • Argentina
    • Rest of Latin America

Industry Major Market Players

  • ALFA LAVAL (Sweden)
  • Kelvion Holding GmbH (Germany)
  • Exchanger Industries Limited (Canada)
  • Mersen (France)
  • Danfoss (Denmark)