The growth of the India heat exchangers market is significantly driven by rapid industrialization that results in high adoption of process plant equipment, which correspondingly increases the demand for heat exchangers. For instance, the food & beverage industry is growing at a noteworthy pace in India, which is the second-largest producer of food after China.
The India heat exchangers market accounted for revenue of $454.4 million in 2018 and is anticipated to generate $890.0 million by 2026. The market is projected to grow at a CAGR of 8.6% from 2019 to 2026.
Heat exchangers play an important role in the food industry, as they used for the production of fruit pulp, food paste, juices, hazelnut pastes, yogurts, and others. Furthermore, many industries in India have adopted high-end energy-saving heat exchangers to mitigate the issue of their loss, owing to rise in the cost of energy, which significantly drives the growth of the market.
The India heat exchangers market is segmented based on type, material of construction, and end-user industry. On the basis of type, the market is categorized into shell & tube, plate & frame, air cooled, microchannel, and others. By material of construction, it is fragmented into carbon steel, stainless steel, nickel, and others.
Chemical is the largest end-user industry, and is anticipated to garner a share of 25.9% in the India heat exchangers market. In 2015, the Government of India launched a draft “National Chemical Policy.” The aim of this policy is to increase the share of the chemical sector in the country’s GDP. Thus, an increase in such initiatives by the Government of India boosts the adoption of process equipment such as heat exchangers, reactors, pressure vessels, and others in the chemical sector, which in turn has significantly contributed toward the growth of the heat exchanger market. On the basis of a material of construction, stainless steel accounted for the highest share of 34.6% in 2018. This is attributable to the fact that stainless steel-based heat exchangers are adopted for long run applications, owing to their characteristics such as erosion resistance at high flow rates of fluid, no requirement of special fluids, and enhanced compatibility with plain water.