The global air-cooled heat exchanger market is projected to grow from USD 4.27 billion in 2025 to USD 10.02 billion by 2035, according to a new report from ResearchAndMarkets.com. This reflects a compound annual growth rate (CAGR) of 8.9% over the forecast period.
Growth is driven by advancements in HVAC technologies focused on air quality and dynamic temperature control, along with increasing investments in research and development. The adoption of microchannel heat exchangers is expanding air cooling applications, particularly in the automotive and aerospace sectors. Additionally, the oil and gas industry remains a key end-user, contributing to overall market expansion.
Among product types, the shell and tube segment currently holds the largest share due to its heat transfer capacity and versatility. However, plate and frame systems are expected to grow faster due to broader industrial use. In terms of materials, carbon steel leads due to cost-efficiency and availability, while copper and stainless steel are set to grow due to their enhanced thermal and physical characteristics.
The chemical industry represents the largest application segment, with growth in the petrochemical sector driven by cooling and heat recovery needs. Commercial users currently dominate the end-user category, while the industrial segment is forecast to expand significantly, supported by energy-intensive sectors.
Geographically, Asia leads the market, supported by industrial growth in China and India. Europe is expected to achieve the highest CAGR due to increased R&D investment in air-cooled technologies.
The report includes segmentation by product type, material, application, end-user, and region, along with company profiles, patent analysis, and competitive landscape. Companies mentioned in the study include Alfa Laval, Daikin, Danfoss, SPX, Thermax, and Xylem.