Heat Exchanger Market Size, Share & Trends Analysis Report By Product (Plate & Frame, Shell & Tube, Air-cooled), By Material, By End-use (Chemical & Petrochemical, Oil & Gas), By Region, And Segment Forecasts, 2026 - 2033
Description
Heat Exchanger Market Summary
The global heat exchanger market size was estimated at USD 19,724.0 million in 2025 and is projected to reach USD 32,961.4 million by 2033, growing at a CAGR of 6.9% from 2026 to 2033. Rising focus on efficient thermal management in various industries, including oil & gas, power generation, chemical & petrochemical, food & beverage, and HVAC & refrigeration, is expected to drive the demand for heat exchangers over the forecast period.
Continuous technological advancements in heat exchanger design and materials are enhancing performance and expanding applications. Innovations such as micro-channel heat exchangers, improved corrosion-resistant materials, and compact designs contribute to higher efficiency and durability. These advancements are particularly beneficial in industries like aerospace, automotive, and renewable energy, where efficient thermal management is critical. Additionally, rapid industrialization in emerging economies is driving the demand for heat exchangers to support various industrial processes. The combination of technological progress and industrial growth is propelling the heat exchanger market forward.
Global Heat Exchanger Market Report Segmentation
This report forecasts revenue growth at global, regional, and country levels and provides an analysis of the latest industry trends in each of the sub-segments from 2021 to 2033. For this study, Grand View Research has segmented the global heat exchanger market report based on product, material, end use, and region:
The global heat exchanger market size was estimated at USD 19,724.0 million in 2025 and is projected to reach USD 32,961.4 million by 2033, growing at a CAGR of 6.9% from 2026 to 2033. Rising focus on efficient thermal management in various industries, including oil & gas, power generation, chemical & petrochemical, food & beverage, and HVAC & refrigeration, is expected to drive the demand for heat exchangers over the forecast period.
Continuous technological advancements in heat exchanger design and materials are enhancing performance and expanding applications. Innovations such as micro-channel heat exchangers, improved corrosion-resistant materials, and compact designs contribute to higher efficiency and durability. These advancements are particularly beneficial in industries like aerospace, automotive, and renewable energy, where efficient thermal management is critical. Additionally, rapid industrialization in emerging economies is driving the demand for heat exchangers to support various industrial processes. The combination of technological progress and industrial growth is propelling the heat exchanger market forward.
Global Heat Exchanger Market Report Segmentation
This report forecasts revenue growth at global, regional, and country levels and provides an analysis of the latest industry trends in each of the sub-segments from 2021 to 2033. For this study, Grand View Research has segmented the global heat exchanger market report based on product, material, end use, and region:
- Product Outlook (Revenue, USD Million, 2021 - 2033)
- Plate & Frame Heat Exchanger
- Brazed Plate & Frame Heat Exchanger
- Gasketed Plate & Frame Heat Exchanger
- Welded Plate & Frame Heat Exchanger
- Others
- Shell & Tube Heat Exchanger
- Air-Cooled Heat Exchanger
- Others
- Material Outlook (Revenue, USD Million, 2021 - 2033)
- Metals
- Alloys
- Others
- End Use Outlook (Revenue, USD Million, 2021 - 2033)
- Chemical & Petrochemical
- Oil & Gas
- HVAC & refrigeration
- Power Generation
- Food & Beverage
- Pulp & Paper
- Others
- Regional Outlook (Revenue, USD Million, 2021 - 2033)
- North America
- U.S.
- Canada
- Mexico
- Europe
- Germany
- France
- Italy
- Spain
- UK
- Asia Pacific
- China
- India
- Japan
- South Korea
- Australia
- Latin America
- Brazil
- Argentina
- Middle East and Africa
- Saudi Arabia
- UAE
- South Africa
Table of Contents
150 Pages
- Chapter 1. Methodology and Scope
- 1.1. Market Segmentation & Scope
- 1.2. Market Definition
- 1.3. Information Procurement
- 1.3.1. Purchased Database
- 1.3.2. GVR’s Internal Database
- 1.3.3. Secondary Sources & Third-Party Perspectives
- 1.3.4. Primary Research
- 1.4. Information Analysis
- 1.4.1. Data Analysis Models
- 1.5. Market Formulation & Data Visualization
- 1.6. Data Validation & Publishing
- Chapter 2. Executive Summary
- 2.1. Market Snapshot
- 2.2. Segment Snapshot
- 2.3. Competitive Landscape Snapshot
- Chapter 3. Global Heat Exchanger Market Variables, Trends & Scope
- 3.1. Market Concentration & Growth Prospect Mapping
- 3.2. Industry Value Chain Analysis
- 3.2.1. Raw Material/Component Outlook
- 3.2.2. Manufacturer Outlook
- 3.2.3. Distribution Outlook
- 3.2.4. End User Outlook
- 3.3. Regulatory Framework
- 3.4. Technology Overview
- 3.5. Market Dynamics
- 3.5.1. Market Driver Analysis
- 3.5.2. Market Restraint Analysis
- 3.5.3. Market Challenges Analysis
- 3.5.4. Market Opportunity Analysis
- 3.6. Economic Mega-Trend Analysis
- 3.7. Industry Analysis Tools
- 3.7.1. Porter’s Five Forces Analysis
- 3.7.2. Macro-environmental Analysis
- Chapter 4. Heat Exchanger Market - Product Estimates & Trend Analysis
- 4.1. Heat Exchanger Market: Product Movement Analysis & Market Share, 2025 & 2033
- 4.2. Plate & Frame Heat Exchanger
- 4.2.1. Market Estimates & Forecasts, 2021 - 2033 (USD Million)
- 4.2.2. Brazed Heat Exchanger
- 4.2.2.1. Market Estimates & Forecasts, 2021 - 2033 (USD Million)
- 4.2.3. Gasketed Heat Exchanger
- 4.2.3.1. Market Estimates & Forecasts, 2021 - 2033 (USD Million)
- 4.2.4. Welded Heat Exchanger
- 4.2.4.1. Market Estimates & Forecasts, 2021 - 2033 (USD Million)
- 4.2.5. Other Plate & Frame Heat Exchangers
- 4.2.5.1. Market Estimates & Forecasts, 2021 - 2033 (USD Million)
- 4.3. Shell & Tube Heat Exchanger
- 4.3.1. Market Estimates & Forecasts, 2021 - 2033 (USD Million)
- 4.4. Air-Cooled Heat Exchanger
- 4.4.1. Market Estimates & Forecasts, 2021 - 2033 (USD Million)
- 4.5. Other Heat Exchangers
- 4.5.1. Market Estimates & Forecasts, 2021 - 2033 (USD Million)
- Chapter 5. Global Heat Exchanger Market: Material Estimates & Trend Analysis
- 5.1. Process Movement Analysis & Market Share, 2025 & 2033
- 5.2. Global Heat Exchanger Market Estimates & Forecast, By Process, 2021 to 2033 (USD Million)
- 5.3. Metals
- 5.3.1. Market Revenue Estimates and Forecasts, 2021 - 2033 (USD Million)
- 5.4. Alloys
- 5.4.1. Market Revenue Estimates and Forecasts, 2021 - 2033 (USD Million)
- 5.5. Others
- 5.5.1. Market Revenue Estimates and Forecasts, 2021 - 2033 (USD Million)
- Chapter 6. Global Heat Exchanger Market: End Use Estimates & Trend Analysis
- 6.1. Heat Exchanger Market: End-Use Movement Analysis & Market Share, 2025 & 2033
- 6.2. Chemical & Petrochemical
- 6.2.1. Market Estimates & Forecasts, 2021 - 2033 (USD Million)
- 6.3. Oil & Gas
- 6.3.1. Market Estimates & Forecasts, 2021 - 2033 (USD Million)
- 6.4. HVAC & Refrigeration
- 6.4.1. Market Estimates & Forecasts, 2021 - 2033 (USD Million)
- 6.5. Power Generation
- 6.5.1. Market Estimates & Forecasts, 2021 - 2033 (USD Million)
- 6.6. Food & Beverage
- 6.6.1. Market Estimates & Forecasts, 2021 - 2033 (USD Million)
- 6.7. Pulp & Paper
- 6.7.1. Market Estimates & Forecasts, 2021 - 2033 (USD Million)
- 6.8. Others
- 6.8.1. Market Estimates & Forecasts, 2021 - 2033 (USD Million)
- Chapter 7. Global Heat Exchanger Market: Regional Estimates & Trend Analysis
- 7.1. Regional Movement Analysis & Market Share, 2025 & 2033
- 7.2. North America
- 7.2.1. Market Estimates & Forecast, 2021 - 2033 (USD Million)
- 7.2.2. Market estimates & forecast, by product, 2021 - 2033 (USD Million)
- 7.2.3. Market estimates & forecast, by material, 2021 - 2033 (USD Million)
- 7.2.4. Market estimates & forecast, by end use, 2021 - 2033 (USD Million)
- 7.2.5. U.S.
- 7.2.5.1. Key country dynamics
- 7.2.5.2. Market estimates & forecast, 2021 - 2033 (USD Million)
- 7.2.5.3. Market estimates & forecast, by product, 2021 - 2033 (USD Million)
- 7.2.5.4. Market estimates & forecast, by material, 2021 - 2033 (USD Million)
- 7.2.5.5. Market estimates & forecast, by end use, 2021 - 2033 (USD Million)
- 7.2.6. Canada
- 7.2.6.1. Key country dynamics
- 7.2.6.2. Market estimates & forecast, 2021 - 2033 (USD Million)
- 7.2.6.3. Market estimates & forecast, by product, 2021 - 2033 (USD Million)
- 7.2.6.4. Market estimates & forecast, by material, 2021 - 2033 (USD Million)
- 7.2.6.5. Market estimates & forecast, by end use, 2021 - 2033 (USD Million)
- 7.2.7. Mexico
- 7.2.7.1. Key country dynamics
- 7.2.7.2. Market estimates & forecast, 2021 - 2033 (USD Million)
- 7.2.7.3. Market estimates & forecast, by product, 2021 - 2033 (USD Million)
- 7.2.7.4. Market estimates & forecast, by material, 2021 - 2033 (USD Million)
- 7.2.7.5. Market estimates & forecast, by end use, 2021 - 2033 (USD Million)
- 7.3. Europe
- 7.3.1. Market estimates & forecast, 2021 - 2033 (USD Million)
- 7.3.2. Market estimates & forecast, by product, 2021 - 2033 (USD Million)
- 7.3.3. Market estimates & forecast, by material, 2021 - 2033 (USD Million)
- 7.3.4. Market estimates & forecast, by end use, 2021 - 2033 (USD Million)
- 7.3.5. Germany
- 7.3.5.1. Key country dynamics
- 7.3.5.2. Market estimates & forecast, 2021 - 2033 (USD Million)
- 7.3.5.3. Market estimates & forecast, by product, 2021 - 2033 (USD Million)
- 7.3.5.4. Market estimates & forecast, by material, 2021 - 2033 (USD Million)
- 7.3.5.5. Market estimates & forecast, by end use, 2021 - 2033 (USD Million)
- 7.3.6. France
- 7.3.6.1. Key country dynamics
- 7.3.6.2. Market estimates & forecast, 2021 - 2033 (USD Million)
- 7.3.6.3. Market estimates & forecast, by product, 2021 - 2033 (USD Million)
- 7.3.6.4. Market estimates & forecast, by material, 2021 - 2033 (USD Million)
- 7.3.6.5. Market estimates & forecast, by end use, 2021 - 2033 (USD Million)
- 7.3.7. UK
- 7.3.7.1. Key country dynamics
- 7.3.7.2. Market estimates & forecast, 2021 - 2033 (USD Million)
- 7.3.7.3. Market estimates & forecast, by product, 2021 - 2033 (USD Million)
- 7.3.7.4. Market estimates & forecast, by material, 2021 - 2033 (USD Million)
- 7.3.7.5. Market estimates & forecast, by end use, 2021 - 2033 (USD Million)
- 7.3.8. Italy
- 7.3.8.1. Key country dynamics
- 7.3.8.2. Market estimates & forecast, 2021 - 2033 (USD Million)
- 7.3.8.3. Market estimates & forecast, by product, 2021 - 2033 (USD Million)
- 7.3.8.4. Market estimates & forecast, by material, 2021 - 2033 (USD Million)
- 7.3.8.5. Market estimates & forecast, by end use, 2021 - 2033 (USD Million)
- 7.3.9. Spain
- 7.3.9.1. Key country dynamics
- 7.3.9.2. Market estimates & forecast, 2021 - 2033 (USD Million)
- 7.3.9.3. Market estimates & forecast, by product, 2021 - 2033 (USD Million)
- 7.3.9.4. Market estimates & forecast, by material, 2021 - 2033 (USD Million)
- 7.3.9.5. Market estimates & forecast, by end use, 2021 - 2033 (USD Million)
- 7.4. Asia Pacific
- 7.4.1. Market Estimates & Forecast, 2021 - 2033 (USD Million)
- 7.4.2. Market estimates & forecast, 2021 - 2033 (USD Million)
- 7.4.3. Market estimates & forecast, by product, 2021 - 2033 (USD Million)
- 7.4.4. Market estimates & forecast, by material, 2021 - 2033 (USD Million)
- 7.4.5. Market estimates & forecast, by end use, 2021 - 2033 (USD Million)
- 7.4.6. China
- 7.4.6.1. Key country dynamics
- 7.4.6.2. Market estimates & forecast, 2021 - 2033 (USD Million)
- 7.4.6.3. Market estimates & forecast, by product, 2021 - 2033 (USD Million)
- 7.4.6.4. Market estimates & forecast, by material, 2021 - 2033 (USD Million)
- 7.4.6.5. Market estimates & forecast, by end use, 2021 - 2033 (USD Million)
- 7.4.7. India
- 7.4.7.1. Key country dynamics
- 7.4.7.2. Market estimates & forecast, 2021 - 2033 (USD Million)
- 7.4.7.3. Market estimates & forecast, by product, 2021 - 2033 (USD Million)
- 7.4.7.4. Market estimates & forecast, by material, 2021 - 2033 (USD Million)
- 7.4.7.5. Market estimates & forecast, by end use, 2021 - 2033 (USD Million)
- 7.4.8. Japan
- 7.4.8.1. Key country dynamics
- 7.4.8.2. Market estimates & forecast, 2021 - 2033 (USD Million)
- 7.4.8.3. Market estimates & forecast, by product, 2021 - 2033 (USD Million)
- 7.4.8.4. Market estimates & forecast, by material, 2021 - 2033 (USD Million)
- 7.4.8.5. Market estimates & forecast, by end use, 2021 - 2033 (USD Million)
- 7.4.9. Australia
- 7.4.9.1. Key country dynamics
- 7.4.9.2. Market estimates & forecast, 2021 - 2033 (USD Million)
- 7.4.9.3. Market estimates & forecast, by product, 2021 - 2033 (USD Million)
- 7.4.9.4. Market estimates & forecast, by material, 2021 - 2033 (USD Million)
- 7.4.9.5. Market estimates & forecast, by end use, 2021 - 2033 (USD Million)
- 7.4.10. South Korea
- 7.4.10.1. Market estimates & forecast, 2021 - 2033 (USD Million)
- 7.4.10.2. Market estimates & forecast, by product, 2021 - 2033 (USD Million)
- 7.4.10.3. Market estimates & forecast, by material, 2021 - 2033 (USD Million)
- 7.4.10.4. Market estimates & forecast, by end use, 2021 - 2033 (USD Million)
- 7.5. Latin America
- 7.5.1. Market estimates & forecast, 2021 - 2033 (USD Million)
- 7.5.2. Market estimates & forecast, by product, 2021 - 2033 (USD Million)
- 7.5.3. Market estimates & forecast, by material, 2021 - 2033 (USD Million)
- 7.5.4. Market estimates & forecast, by end use, 2021 - 2033 (USD Million)
- 7.5.5. Brazil
- 7.5.5.1. Key country dynamics
- 7.5.5.2. Market estimates & forecast, 2021 - 2033 (USD Million)
- 7.5.5.3. Market estimates & forecast, by product, 2021 - 2033 (USD Million)
- 7.5.5.4. Market estimates & forecast, by material, 2021 - 2033 (USD Million)
- 7.5.5.5. Market estimates & forecast, by end use, 2021 - 2033 (USD Million)
- 7.5.6. Argentina
- 7.5.6.1. Key country dynamics
- 7.5.6.2. Market estimates & forecast, 2021 - 2033 (USD Million)
- 7.5.6.3. Market estimates & forecast, by product, 2021 - 2033 (USD Million)
- 7.5.6.4. Market estimates & forecast, by material, 2021 - 2033 (USD Million)
- 7.5.6.5. Market estimates & forecast, by end use, 2021 - 2033 (USD Million)
- 7.6. Middle East & Africa
- 7.6.1. Market Estimates & Forecast, 2021 - 2033 (USD Million)
- 7.6.2. Market estimates & forecast, by product, 2021 - 2033 (USD Million)
- 7.6.3. Market estimates & forecast, by material, 2021 - 2033 (USD Million)
- 7.6.4. Market estimates & forecast, by end use, 2021 - 2033 (USD Million)
- 7.6.5. Saudi Arabia
- 7.6.5.1. Key country dynamics
- 7.6.5.2. Market estimates & forecast, 2021 - 2033 (USD Million)
- 7.6.5.3. Market estimates & forecast, by product, 2021 - 2033 (USD Million)
- 7.6.5.4. Market estimates & forecast, by material, 2021 - 2033 (USD Million)
- 7.6.5.5. Market estimates & forecast, by end use, 2021 - 2033 (USD Million)
- 7.6.6. UAE
- 7.6.6.1. Key country dynamics
- 7.6.6.2. Market estimates & forecast, 2021 - 2033 (USD Million)
- 7.6.6.3. Market estimates & forecast, by product, 2021 - 2033 (USD Million)
- 7.6.6.4. Market estimates & forecast, by material, 2021 - 2033 (USD Million)
- 7.6.6.5. Market estimates & forecast, by end use, 2021 - 2033 (USD Million)
- 7.6.7. South Africa
- 7.6.7.1. Key country dynamics
- 7.6.7.2. Market estimates & forecast, 2021 - 2033 (USD Million)
- 7.6.7.3. Market estimates & forecast, by product, 2021 - 2033 (USD Million)
- 7.6.7.4. Market estimates & forecast, by material, 2021 - 2033 (USD Million)
- 7.6.7.5. Market estimates & forecast, by end use, 2021 - 2033 (USD Million)
- Chapter 8. Global Heat Exchanger Market - Competitive Landscape
- 8.1. Recent Developments & Impact Analysis, By Key Market Participants
- 8.2. Company Categorization
- 8.3. Company Dashboard Analysis
- 8.4. Vendor Landscape
- 8.4.1. List of Key Raw Material/Component Providers
- 8.4.2. List of Key Manufacturers
- 8.4.3. List of Key Distributors
- 8.5. Company Market Share Analysis, 2025
- 8.6. Company Positioning Analysis, 2025
- 8.7. Company Heat Map Analysis, 2025
- 8.8. Strategy Mapping
- 8.9. Company Profiles
- 8.9.1. Alfa Laval
- 8.9.1.1. Company Overview
- 8.9.1.2. Financial Performance
- 8.9.1.3. Product Benchmarking
- 8.9.1.4. Strategic Initiatives
- 8.9.2. Danfoss
- 8.9.2.1. Company Overview
- 8.9.2.2. Financial Performance
- 8.9.2.3. Product Benchmarking
- 8.9.2.4. Strategic Initiatives
- 8.9.3. Kelvion Holding GmbH
- 8.9.3.1. Company Overview
- 8.9.3.2. Financial Performance
- 8.9.3.3. Product Benchmarking
- 8.9.3.4. Strategic Initiatives
- 8.9.4. Güntner Group GmbH
- 8.9.4.1. Company Overview
- 8.9.4.2. Financial Performance
- 8.9.4.3. Product Benchmarking
- 8.9.4.4. Strategic Initiatives
- 8.9.5. Xylem Inc.
- 8.9.5.1. Company Overview
- 8.9.5.2. Financial Performance
- 8.9.5.3. Product Benchmarking
- 8.9.5.4. Strategic Initiatives
- 8.9.6. API Heat Transfer
- 8.9.6.1. Company Overview
- 8.9.6.2. Financial Performance
- 8.9.6.3. Product Benchmarking
- 8.9.6.4. Strategic Initiatives
- 8.9.7. Mersen
- 8.9.7.1. Company Overview
- 8.9.7.2. Financial Performance
- 8.9.7.3. Product Benchmarking
- 8.9.7.4. Strategic Initiatives
- 8.9.8. Hisaka Works, Ltd.
- 8.9.8.1. Company Overview
- 8.9.8.2. Financial Performance
- 8.9.8.3. Product Benchmarking
- 8.9.8.4. Strategic Initiatives
- 8.9.9. Baker Hughes Company
- 8.9.9.1. Company Overview
- 8.9.9.2. Financial Performance
- 8.9.9.3. Product Benchmarking
- 8.9.9.4. Strategic Initiatives
- 8.9.10. Johnson Controls International
- 8.9.10.1. Company Overview
- 8.9.10.2. Financial Performance
- 8.9.10.3. Product Benchmarking
- 8.9.10.4. Strategic Initiatives
- 8.9.11. HRS Heat Exchangers
- 8.9.11.1. Company Overview
- 8.9.11.2. Financial Performance
- 8.9.11.3. Product Benchmarking
- 8.9.11.4. Strategic Initiatives
- 8.9.12. ITT INC.
- 8.9.12.1. Company Overview
- 8.9.12.2. Financial Performance
- 8.9.12.3. Product Benchmarking
- 8.9.12.4. Strategic Initiatives
- 8.9.13. Thermax Limited
- 8.9.13.1. Company Overview
- 8.9.13.2. Financial Performance
- 8.9.13.3. Product Benchmarking
- 8.9.13.4. Strategic Initiatives
- 8.9.14. Metalforms Heat Transfer
- 8.9.14.1. Company Overview
- 8.9.14.2. Financial Performance
- 8.9.14.3. Product Benchmarking
- 8.9.14.4. Strategic Initiatives
- 8.9.15. Southern Heat Exchanger Corporation
- 8.9.15.1. Company Overview
- 8.9.15.2. Financial Performance
- 8.9.15.3. Product Benchmarking
- 8.9.15.4. Strategic Initiatives
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