Brazed Aluminum Heat Exchangers Market Report Overview
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The global brazed aluminum heat exchangers market size was USD 644 million in 2020. As per our research, the market is expected to reach USD 921.8 million in 2027, exhibiting a CAGR of 5.3% during the forecast period. The global COVID-19 pandemic has been unprecedented and staggering, with brazed aluminum heat exchangers market experiencing lower-than-anticipated demand across all regions compared to pre-pandemic levels. The sudden rise in CAGR is attributable to the market growth and demand returning to pre-pandemic levels once the pandemic is over.
Brazed aluminum heat exchangers (plate-fin heat exchanger) widely used in many industries, such as Industrial gas production, natural gas processing, petrochemical processing liquid natural gas and others. Vacuum brazing is a high-end joining technology because it results in parts with extremely strong joints and with no residual corrosive flux. The cost of plate-fin heat exchangers is generally higher than conventional heat exchangers due to a higher level of detail required during manufacture. A brazed aluminium heat exchanger is a device used to transfer thermal energy between two fluids. The device consists of a series of small tubes or pipes, typically made from aluminium that is connected at their ends and placed in contact with each other. Brazed aluminium heat exchangers are significant since they can be used to rapidly and proficiently transfer thermal energy between fluids making them ideal for use in a variety of presentations.
Brazed aluminum heat exchangers are a proficient solution for transferring heat between two fluids. The high thermal conductivity of aluminum combined with a brazed joint make these heat exchangers an ideal choice for presentations that require a high performance, lightweight, and cost-effective solution. Furthermore, the market is seeing the development of new technologically sophisticated items in order to improve the products competency. These elements will increase market conflict while simultaneously enhancing market growth. Participants are fixing their efforts on encouraging R&D. The brazed joints are also highly reliable and have a low risk of leakage. Also, the aluminum material is highly resistant to corrosion and is easy to manufacture. Manufacturers need to stay updated with changing market trends and develop products that meet growing consumer needs. Technological development are supporting the regional market growth. Companies coming up with progressive technological solutions for firming their positions.
COVID-19 Impact: Pandemic hampered the market due to unexpected disruption in the sector
COVID- 19 pandemic has extremely affected the whole world. It caused many unexpected disruption and affected the industry. COVID- 19 had negative impact on the market due to economic slowdown, unpredictability in financial sector and high unstable market. The pandemic resulted in decreased demand due to a disrupted supply chain, drop in sales of products, delivery schedules. Travel bans imposed affected business collaboration and partnership. Demand had recently reduced due to travel bans and lockdown during the COVID-19 pandemic. The continuous loss in the business due to the lockdown measures is projected to directly influence the growth of the investments in the market.
Latest Trends
"Use of innovative products to boost the market growth "
Technological improvement and development will further enhance the presentation of the product, allowing it to obtain a varied range of requests in the market. Technological advancement will improve performance and propel the market growth. Technological advancement with high demand are increasingly setting a force to increase the productivity. Some players focus on product improvement to meet consumer requirements and likings. Constant innovation in manufacturing of products is anticipated to stimulate product demand.
Brazed Aluminum Heat Exchangers Market Segmentation
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- By Type Analysis
According to type, the market can be segmented into Plain, Serrated, Perforated, Others.
Serrated will capture the maximum market share through forecast period.
- By Application Analysis
According to application, the market can be segmented into industrial gas production, petrochemical processing, natural gas processing, liquid natural gas, others.
Brazed aluminum heat exchangers market players cover segment as natural gas processing will dominate the market share during forecast period.
Driving Factors
"Increase in demand in various activities to boost the market growth"
The rising importance of natural gas as a fuel source due to its cleaner ignition quality is expected to boost industry growth over the forecast period. It is widely used in many industries, such as industrial gas production, natural gas processing, petrochemical processing liquid natural gas and others. The strong growth might be due to rising consumption of petroleum products and higher crude oil and natural gas.
"Technological advancement and development to upsurge the market"
Technological advancements and innovation activate unique revenue augmenting opportunity which will upsurge the brazed aluminum heat exchangers market growth. Growing investment in research and development activities and growing awareness about benefits of heat exchangers are expected to deliver profitable opportunities for the market. Continuous innovation and investment in technology and capacity enables the customers to maximize their opportunities.
Restraining Factors
"High cost to hamper the market growth"
High cost is hampering development of brazed aluminum heat exchangers market. Investment cost required for the industry is not affordable for all companies. The cost of plate-fin heat exchangers is generally higher than conventional heat exchangers due to a higher level of aspect required during manufacture. Technical difficulties will reduce the industry revenue.
Brazed Aluminum Heat Exchangers Market Regional Insights
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"Asia Pacific to dominate the region due to rapid industrialization"
Asia Pacific is further expected to witness growth in the brazed aluminum heat exchangers market share. The region is dominating the market due to rapid industrialization and developing economies. The rising inhabitants and increasing income levels are also contributing to the development of the market. Upsurge in investments by key market players for the R&D undertakings and enlargement of their production abilities and product portfolios are projected to upsurge the growth. The expansion of regional market is being aided by technological developments.
Key Industry Players
"Key players focus on partnerships to gain competitive advantage."
The key players are dynamically contributing in strategic events that are aimed at maintaining strong market position and increasing market share by merger, partnerships and others. Key players are motivated to introduce new innovative products. They are spending severely on research and development in order to arise with more new technology so that they can maintain and improve their existing market. The market changes are dynamic such as market expansion, partnership and merger.
List of Market Players Profiled
- Linde Engineering (Germany)
- Chart Industries (U.S.)
- Sumitomo Precision Products (Japan)
- Kobe Steel (Japan)
- Hangyang (China)
Report Coverage
The report provides scrutiny and information according to market sectors. Business overview, financial overview, product portfolio, new project launch, recent development enquiry are the factors included in the profile. The report incorporates completely examined and appraised evidence of the noticeable players and their position in the market by methods for various descriptive tools. The report covers national and regional level market size and forecast. The report gives businesses the facility to research new prospect in many areas. The report shows to be an operational tool that players can use to gain a competitive superiority over their opponents and ensure lasting achievement in the market.
| REPORT COVERAGE | DETAILS |
|---|---|
Market Size Value In |
US$ 644 Million in 2020 |
Market Size Value By |
US$ 921.8 Million by 2027 |
Growth Rate |
CAGR of 5.3% from 2020 to 2027 |
Forecast Period |
2021-2027 |
Base Year |
2023 |
Historical Data Available |
Yes |
Regional Scope |
Global |
Segments Covered |
Type and Application |
Frequently Asked Questions
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What value is the brazed aluminum heat exchangers market expected to touch by 2027?
Brazed aluminum heat exchangers market is expected to touch USD 921.8 million by 2027.
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What CAGR is the brazed aluminum heat exchangers market expected to exhibit during 2021-2027?
Brazed aluminum heat exchangers market is expected to exhibit CAGR of 5.3% during 2021-2027.
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What are the driving factors of the Brazed Aluminum Heat Exchangers Market?
Increase in demand in various activities with technological development and advancement are expected to deliver profitable opportunities for the Brazed Aluminum Heat Exchangers market.
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Which are the key players or most dominating companies functioning in the Brazed Aluminum Heat Exchangers market?
The dominating companies in the Brazed Aluminum Heat Exchangers market are Linde Engineering, Chart Industries, Sumitomo Precision Products, Kobe Steel, and Hangyang.
