India Gasketed Plate Heat Exchanger Market Expected to Reach $276.2 Million by 2031

According to a new report published by Allied Market Research, titled, " India Gasketed Plate Heat Exchanger Market by Type, Material, and End-use industry:  Opportunity Analysis and Industry Forecast, 2022–2031," The India gasketed plate heat exchanger market size was valued at $184.7 million in 2021, and projected to reach $276.2 million by 2031, with a CAGR of 4.1% from 2022 to 2031.

Gasket plate heat exchangers, are best suited for fluid-to-fluid heat exchange or when heat is transferred from fluids to vapors. They operate by passing fluids through a sequence of plates that are tightly packed together. Gasket stops leakage by sealing the plates. Plates of this exchanger can be easily removed, and are compact in design, which significantly reduces manufacturing costs.

Gasketed plate heat exchangers made up 56.9% of the overall revenue share in 2019 due to its widespread use in power plants owing to its low maintenance requirements and small size. In the upcoming years, increase in demand for gasketed plate heat exchangers, mainly in the automotive, petrochemical, and power generating industries, is projected to drive the product demand. Due to its compactness and improved heat transfer efficiency, the demand for gasketed plate heat exchangers in the oil & gas industry is predicted to increase. Furthermore, because of their improved performance in corrosive environments and minimal space requirements, they are also utilized in the heat recovery process in the separation of oil from water and gas.

Increase in investment of the government as well as private institutions to improve the environmental conditions drives the market growth. Presence of high competition and need for huge capital for the operation of the company hinder the development of the market. Further, lack of skilled workforce and technological advancement hamper the India gasketed plate heat exchanger market growth.

The India Gasketed Plate Heat Exchanger market forecast is segmented on the basis of type, material, and end use.

By type, the market is segregated into industrial GPHE, semi-welded GPHE, and widegap GPHE. The Industrial GPHE segment dominated the India gasketed plate heat exchanger market in 2021, and is anticipated to grow at a CAGR of 4.3% during forecast period. The industrial GPHE segment is anticipated to grow as a result of rise in use of these devices in the petrochemical, food and beverage, and hydrocarbon processing industries. Moreover, industrial gasketed plate heat exchanger possesses various properties such as improve operational efficiency, cutting maintenance costs, and limiting equipment failure due to overheating which give rise to industrial gasketed plate heat exchanger market.

By material, the market is fragmented into stainless steel, titanium, and tungsten. In 2021, the stainless steel segment was the largest revenue generator, and is anticipated to grow at a CAGR of 4.2% during the forecast period. The primary drivers fuelling the increase in product demand include, rise in steel production, rise in R&D efforts, and expanding building sector. In addition, stainless steel is eco-friendly, anticorrosive, long-lasting, neutral alloy, and infinitely recyclable owing to such properties market expansion for stainless steel gasketed plate heat exchanger is anticipated to grow in upcoming year.

By end use, it is divided into chemical, oil & gas, HVAC & refrigeration, food & beverage, and others. By end use, the food & beverage segment dominated the India market in 2021, and is anticipated to grow at a CAGR of 4.5% during forecast period. The growth in the food & beverages sector is being fuelled by a number of factors, including rapid urbanization, changing eating and lifestyle habits of consumers, and rise in household consumption rates. Meanwhile, the industry has developed and widened its scope with newly emerging trends in consumer preferences and the development in technologies adapted to meet those preferences. To offer new items such ready-to-eat foods, drinks, processed fruits & vegetables, processed marine and meat products, etc., competitors are now focusing on implementing new projects which include the establishment of cold storage facilities, food parks, packaging centres, irradiation centres, and modernized processing plants. 

The major companies profiled in india gasketed plate heat exchanger market analysis  include, Alfa Laval, Danfoss, Delta Cooling Towers P. Ltd., Heatex Industries Ltd., HRS Process Systems Ltd., HYDAC International GmbH, Kelvion Holding GmbH, Majestic Marine & Engineering Services, Process Engineers and Associates, Ved Engineering, Transcon Engineers Pvt. Ltd., Techtrans Engineers, Tranter, and Xylem, which hold significant share of the market.

COVID-19 analysis

COVID-19 is an infectious disease that originated in the Hubei province of the Wuhan city in China in late December 2019. This highly contagious disease is caused by a virus, namely, severe acute respiratory syndrome coronavirus 2 (SARS-CoV-2), which is transmitted among humans. The disease has spread to almost 213 countries around the globe since the outbreak in December 2019 with the World Health Organization declaring it a pandemic on March 11, 2020.

The COVID-19 pandemic affected the growth of various industries. Several industries were forced to cease operations as a result of the strict lockdowns that were enforced in many nations. Activities related to infrastructure were stopped because of the nationwide lockdowns. The impact of the outbreak is varied, as few industries registered a drop in demand, whereas numerous other industries remained unscathed and exhibited promising growth opportunities. The COVID-19 outbreak along with the decline in price of crude oil in first quarter wreaked havoc on the economic landscape. Manufacturers of gasketed plate heat exchangers are facing unexpected difficulties as a result of the crisis, including delayed production due to lockdown limitations, reduced worker availability, supply chain delays, nationwide lockdowns, and fluctuations in the price of raw materials. However, stimulus packages from various governments globally have assisted the nations in supporting their lagging economies. These programs are also anticipated to benefit a number of end-use industries and promote economic recovery period the COVID-19 crisis.

Key findings of the study

• By type, the industrial GPHE segment garnered the 69% of market share in 2021.
• By material, the stainless-steel segment contributed nearly 82% of market revenue in          2021.
• By end use, the food and beverage segment dominated the India gasketed plate heat exchanger market share by 49% in 2021