International.
The global heat exchanger market was valued at $14.1 million in 2014, and is projected to grow at a compound annual growth rate (CAGR) of 6.5% from 2015 to 2020, according to a report by P&S Market Research.
Factors driving the growth of this sector include advancing technology and growth in HVAC, petrochemical, food processing, and chemical industries. The chemical industry is growing in the end-user sector for heat exchangers, due to the huge investment from Asia-Pacific.
The demand for heat exchangers by the HVAC industry is increasing throughout the world market, due to infrastructure and improved standard of living. The oil and gas industries are driving the growth of this market due to the increasing number of gas processing facilities, liquefied natural gas facilities, tankers, and other related infrastructure.
On the other hand, during the forecast period, a large number of plants are expected to come online to reap the economic advantage of natural gas for the production of ethane, the predominant raw material for the petrochemical industry.
