Welded Spiral Heat Exchangers Market Analysis Report By End Use, By Region And Segment Forecasts From 2019 To 2025

Industry Insights

The global welded spiral heat exchangers market size was accounted for USD 1.4 billion in 2018. It is projected to expand at a CAGR of over 4.0% during the forecast period, 2019 to 2025. Increasing demand for heat exchangers in HVAC, petrochemicals, chemical, and food & beverages industries across the developing countries in South America and the Asia Pacific is mainly boosting the market growth.

The spiral heat exchanger is made by the formation of two concentric channels around the central rod with the help of rolling metal sheets. The endpoint is sealed with welding. It provides benefits to heat exchangers so the fluid can be visible to a larger area. Welded type spiral heat exchangers are ideal for leakage of aggressive and dangerous fluid. 

These heat exchangers are broadly used across industries like power generation, refrigeration, chemical, pulp, and paper. Increasing demand from the petrochemical & chemical industry, along with technological innovation is projected to proliferate the market growth. 

The U.S. market is estimated to expand at a significant rate due to the rising adoption of products across various sectors. The increasing chemical industry is expected to play a vital role in market growth. Rising refinery abilities and new chemical factories are boosting the demand for the welded heat exchangers. 

Key players are focusing on economies of scope rather than economies of scale since the product offers multiple applications. In addition, new product launches along with marketing strategies are expected to gain traction in the market. 

End-Use Insights

Depending on end-use, the welded spiral heat exchanger market is fragmented into petrochemical, HVAC and refrigeration, power generation, paper and pulp, food & beverages, chemical, and others. The food and beverages segment is projected to register the fastest CAGR of over 5.0% from 2019 to 2025. Welded type heat exchangers have a self-cleaning ability which helps in carrying high viscosity media in pulp, paper, and food industries.

In 2018, HVAC and refrigeration segment contributed to a market share of over 20.0% of the total market. The product offers greater thermal efficiency than tube & shell type heat exchangers. These exchangers are very simple to access while cleaning and maintenance process. These key factors are anticipated to foster the demand for welded-type heat exchangers. 

In the chemical sector, chemical reactions cause the deposition of unwanted material in heat exchangers that make the cleaning process more difficult. Welded type exchangers help to avoid these problems as they offer self-cleaning features through a single channeled design. 

Regional Insights

In 2018, Asia Pacific led the welded spiral heat exchangers market with a share of over 37.6% and is estimated to grow at the CAGR of around 5.2% over the forecast period. With the increasing need for petrochemical products across industries like plastic, the packaging is estimated to drive market growth. 

In 2018, Europe contributed to a market share of 28.4% in the global market. The rising automobile and construction industry is supporting market growth. The growing adoption of welded plated type heat exchangers in chemical & refineries due to strict government policies is mainly driving the market growth. 

MEA and CSA markets are projected to grow at a CAGR of 2.9% and 6.3% respectively during the forecast period.  Increasing demand for products in heat recovery solutions in HVAC and the chemical sector is projected to boost the product demand in the next few years. 

COVID-19 Impact Analysis

The outbreak of COVID-19 has negatively impacted the market. COVID-19 crisis has disrupted the production of heat exchangers. Lack of labor force and supply chain disruption are the major factors affecting production. During, the pandemic, several companies across the globe were facing challenges in imports of drives and compressors which are made in China.

With the partial lifting of lockdown, some of the companies have started working; however, the productivity rate is low. The long-term projection for the market is expected to be positive owing to the increased spending by companies in the energy business. For example, Danfoss India has announced to increase their investment by USD 3.4 million to boost its production capacity. 

Welded Spiral Heat Exchangers Market Share Insights

The market is highly competitive in nature. Regional and global players engage in new product designing and distribution of heat exchangers. Companies in the market invest in advanced technologies to develop high-quality products. Key players in the market are Alfa Laval AB, Nexson Group, Gooch Thermal Systems, Elanco Inc., Danfoss A/S, Smartheat Inc., and Kurose Chemical Equipment Co. Ltd.

Report Scope

Segments Covered in the Report

This report forecasts revenue growth at global, regional, and country levels and provides an analysis of the latest industry trends and opportunities in each of the sub-segments from 2014 to 2025. For this study, Million Insights has segmented the global welded spiral heat exchangers market report based on end-use and region:

• End-Use Outlook (Revenue, USD Billion, 2014 - 2025)
    • Chemical
    • Food & Beverages
    • HVAC & Refrigeration
    • Petrochemicals
    • Power Generation
    • Pulp & Paper
    • Others

• Regional Outlook (Revenue, USD Billion, 2014 - 2025)
    • North America
        • U.S.
        • Canada
    • Europe
        • Germany
        • France
        • Italy
    • The Asia Pacific
        • China
        • Japan
        • India
    • Central & South America
        • Brazil
    • Middle East & Africa
        • UAE