Shell And Tube Heat Exchanger Market Size, Share, Report 2023-2032
The global shell and tube heat exchanger market was surpassed at USD 6.29 billion in 2022 and is expected to hit around USD 10.17 billion by 2032, growing at a CAGR of 4.92% from 2023 to 2032. The shell and tube heat exchanger market in the United States was accounted for USD 980.8 million in 2022.
Key Pointers
Report Scope of the Shell And Tube Heat Exchanger Market
| Report Coverage | Details |
| Revenue Share of Europe in 2022 | 32% |
| Revenue Forecast by 2032 | USD 10.17 billion |
| Growth Rate from 2023 to 2032 | CAGR of 4.92% |
| Base Year | 2022 |
| Forecast Period | 2023 to 2032 |
| Market Analysis (Terms Used) | Value (US$ Million/Billion) or (Volume/Units) |
| Companies Covered | Alfa Laval; HRS Heat Exchangers; Kelvion Holding GmbH; API Heat Transfer; Brask, Inc.; Koch Heat Transfer Company; Xylem Inc.; WCR, Inc.; Southern Heat Exchanger Corporation; Manning and Lewis; Elanco, Inc.; Mersen; Thermex; Tinita Engineering Pvt. Ltd; Barriquand Technologies Thermiques |
Shell & tube heat exchangers have become increasingly popular due to rapid industrialization in the emerging countries of Asia and the Pacific and expanding investments in commercial, manufacturing, and industrial projects. The expanded use of the product across a wide range of end-use industries including petrochemicals, power generation, HVAC & refrigeration, chemical, and food & beverage, is expected to surge the market growth. There has been a noticeable shift in the demand for shell & tube heat exchangers between developed countries like Europe and North America and emerging economies in the Asia Pacific like China and India. Due to increasing investments, strong government control, tightening environmental regulations, high sector fragmentation, and the increasing significance of specialty chemicals, the chemical industry is one of the largest in China.
The chemical industry is among the largest manufacturing industry in the U.S. and serves both domestic and export needs. Shell & tube heat exchangers are used in the manufacturing of chemicals in industrial chemical production. Moreover, in an industrial process, shell & tube heat exchangers are required for cooling, heating, and mixing a substance at a desired temperature. The rapid expansion of the chemical industry in the country is expected to act as a major factor in steering market growth.
Shell & tube heat exchangers are used in a wide variety of industries for pharmaceutical products for the market, refining oil, ensuring that food and dairy products are safe to eat, and helping breweries create the perfect pint of beer, among other use cases. These equipment are designed and manufactured in line with appropriate industry standards.
The three combinations of shell & tube heat exchangers, namely, fixed tube sheet exchangers, U-tube exchangers, and floating header exchangers, are primarily used. The parameters considered while designing the shell & tube heat exchangers include diameter layout, pitch, the number of tubes, type & position of baffles, and type of shell. Other technical specifications related to mechanical & thermal design, include shell-side flow distribution, tube-side pressure drop, mean temperature difference, overall heat transfer coefficient, shell thickness, and flange thickness, among others. These factors play an important role in designing the product.
Conventional manufacturing techniques are changing with the rising adoption of advanced manufacturing techniques, such as 3D printing (additive manufacturing), which aid in the fabrication of compact and complex heat exchangers. This process aids in the production of the entire heat exchanger without the need for welding or brazing of components.
Material Insights
The steel material segment led the market and accounted for 32% of the global revenue share in 2022. Due to the growing demand for highly efficient plant operations and the elimination of expensive plant shutdowns, stainless steel shell & tube heat exchanger sales are expected to increase significantly. The material's low-cost aids in increasing its uptake in a variety of end-use sectors. It is anticipated that the characteristics of stainless steel, such as its resistance to corrosion in chemical environments and cooling waters, high-temperature resistance to scaling and oxidation, good strength in low- and high-temperature applications, and resistance to fouling caused by corrosion, will increase material penetration in heat exchangers.
The different materials considered as part of nickel & nickel alloys include Inconel, Monel, Nickel 200, Nickel 201, Alloy 200, Monel 400, Monel R405, Monel K500, Inconel 600, Inconel 601, Inconel 625, and Inconel X 750. The nickel & nickel alloys segment is expected to witness the fastest growth on account of rising demand for Monel and Inconel heat exchangers in end-use industries including chemical, oil & gas, and pharmaceutical.
Nickel heat exchangers are majorly used in chemical processing and nuclear industries on account of their properties such as high-temperature bearing capacity, high durability, corrosion resistance, and high tensile strength. A protective film is applied to the inside surface of these heat exchangers to boost their resistance to corrosion.
Titanium is categorized as a corrosion-resistant alloy (CRAs) or reactive metal. The characteristics portrayed by the metals in this category include sustenance in an oxidizing or reducing environment and resistance to stress, crevice, pitting, corrosion, and high temperatures. Other characteristics of titanium include the ability to retain structural properties, high tensile strength ranging from 30,000 psi to 200,000 psi (210-1380 MPa), biocompatibility, and high melting point compared to aluminum & steel.
End-use Insights
The chemical end-use segment led the market and accounted for 22% of the global revenue share in 2022. Major products manufactured in the chemical industry include fertilizers, agrochemicals, pesticides, inorganic chemicals, basic chemicals, roof & window coatings, and LED lightings. Acquisitions and capacity expansions of chemical facilities in the Asia Pacific and Europe are anticipated to drive the chemical industry over the forecast period.
Increasing awareness regarding the advantages of renewable energy sources over conventional sources has resulted in their increased utilization, thereby driving the power generation industry's growth. Shell & tube heat exchangers are used in hydroelectric dams as coolers to minimize the downtime of transformers, generators, and turbines. Shell & tube heat exchangers are excellent for heat recovery applications, pre-heating, and effluent cooling applications.
Growing construction projects in the commercial and residential sectors such as supermarkets, apartments, swimming pools, and public buildings are expected to augment the demand for HVAC over the forecast period. Furthermore, increasing consumer spending, coupled with the growing demand for thermal management in residential and commercial establishments, is anticipated to boost the growth of the HVAC industry over the forecast period.
The augmenting demand for high-quality paper is expected to drive the paper & pulp industry over the forecast period. Furthermore, rising awareness regarding eco-friendly paper in the printing industry is likely to boost industry growth. However, declining consumption of printed material is anticipated to hamper the paper & pulp industry over the coming years.
Reheating water or steam forms an essential part of the paper manufacturing process. Shell & tube heat exchangers are used in various heating and cooling applications in the pulp & paper industry. One of the major benefits offered by shell & tube heat exchangers is that they avoid the fouling caused while handling highly viscous media such as slurries and other fouling process fluids.
Regional Insights
Europe led the shell & tube heat exchangers market and accounted for 32% of the global revenue share in 2022. The European Union is one of the leading chemical manufacturing and exporting regions in the world. Total chemical sales in the EU were around USD 702.2 billion in 2021, which was the second highest after China, according to Cefic 2023 report. The construction sector is a major buyer of chemicals and is anticipated to surge owing to several factors like low-interest rates and growing infrastructure investments. Therefore, the demand for chemicals is anticipated to be stable in the years to come, thereby having a positive impact on shell & tube market growth.
According to the World Nuclear Association (WNA), the U.S. leads other countries in the world for the number of operational nuclear reactors. The U.S. has 98 operating nuclear power reactors in 30 states, which are operated by 30 power companies. Ongoing construction activities for additional nuclear capacities are anticipated to boost the power generation sector over the foreseeable future.
Asia Pacific is characterized by several developing countries such as China, India, Thailand, and Indonesia as well as developed countries such as Japan and Australia. Rapid urbanization, coupled with the growing population in several countries including China and India, is expected to drive industrial growth in the region.
The oil & gas industry in Africa is expected to be strongly driven by investments in deep-water exploration. Nigeria and Angola are set to witness a strong surge in investments in offshore acreage. However, uncertain regulatory frameworks, corruption, and volatility of foreign currency are anticipated to restrain the growth of the oil & gas industry in Africa, thereby hampering the Middle East & Africa shell & tube heat exchangers industry.
Shell And Tube Heat Exchanger Market Segmentations:
By Material
By End-use
By Regional
Chapter 1. Introduction
1.1. Research Objective
1.2. Scope of the Study
1.3. Definition
Chapter 2. Research Methodology
2.1. Research Approach
2.2. Data Sources
2.3. Assumptions & Limitations
Chapter 3. Executive Summary
3.1. Market Snapshot
Chapter 4. Market Variables and Scope
4.1. Introduction
4.2. Market Classification and Scope
4.3. Industry Value Chain Analysis
4.3.1. Raw Material Procurement Analysis
4.3.2. Sales and Distribution Channel Analysis
4.3.3. Downstream Buyer Analysis
Chapter 5. COVID 19 Impact on Shell And Tube Heat Exchanger Market
5.1. COVID-19 Landscape: Shell And Tube Heat Exchanger Industry Impact
5.2. COVID 19 - Impact Assessment for the Industry
5.3. COVID 19 Impact: Global Major Government Policy
5.4. Market Trends and Opportunities in the COVID-19 Landscape
Chapter 6. Market Dynamics Analysis and Trends
6.1. Market Dynamics
6.1.1. Market Drivers
6.1.2. Market Restraints
6.1.3. Market Opportunities
6.2. Porter’s Five Forces Analysis
6.2.1. Bargaining power of suppliers
6.2.2. Bargaining power of buyers
6.2.3. Threat of substitute
6.2.4. Threat of new entrants
6.2.5. Degree of competition
Chapter 7. Competitive Landscape
7.1.1. Company Market Share/Positioning Analysis
7.1.2. Key Strategies Adopted by Players
7.1.3. Vendor Landscape
7.1.3.1. List of Suppliers
7.1.3.2. List of Buyers
Chapter 8. Global Shell And Tube Heat Exchanger Market, By Material
8.1. Shell And Tube Heat Exchanger Market, by Material, 2023-2032
8.1.1. Haste Alloy
8.1.1.1. Market Revenue and Forecast (2020-2032)
8.1.2. Titanium
8.1.2.1. Market Revenue and Forecast (2020-2032)
8.1.3. Nickel & Nickel Alloys
8.1.3.1. Market Revenue and Forecast (2020-2032)
8.1.4. Tantalum
8.1.4.1. Market Revenue and Forecast (2020-2032)
8.1.5. Steel
8.1.5.1. Market Revenue and Forecast (2020-2032)
8.1.6. Others
8.1.6.1. Market Revenue and Forecast (2020-2032)
Chapter 9. Global Shell And Tube Heat Exchanger Market, By End-use
9.1. Shell And Tube Heat Exchanger Market, by End-use, 2023-2032
9.1.1. Power Generation
9.1.1.1. Market Revenue and Forecast (2020-2032)
9.1.2. Petrochemicals
9.1.2.1. Market Revenue and Forecast (2020-2032)
9.1.3. Chemical
9.1.3.1. Market Revenue and Forecast (2020-2032)
9.1.4. Food & Beverages
9.1.4.1. Market Revenue and Forecast (2020-2032)
9.1.5. HVAC & Refrigerators
9.1.5.1. Market Revenue and Forecast (2020-2032)
9.1.6. Pulp & Paper
9.1.6.1. Market Revenue and Forecast (2020-2032)
9.1.7. Others
9.1.7.1. Market Revenue and Forecast (2020-2032)
Chapter 10. Global Shell And Tube Heat Exchanger Market, Regional Estimates and Trend Forecast
10.1. North America
10.1.1. Market Revenue and Forecast, by Material (2020-2032)
10.1.2. Market Revenue and Forecast, by End-use (2020-2032)
10.1.3. U.S.
10.1.3.1. Market Revenue and Forecast, by Material (2020-2032)
10.1.3.2. Market Revenue and Forecast, by End-use (2020-2032)
10.1.4. Rest of North America
10.1.4.1. Market Revenue and Forecast, by Material (2020-2032)
10.1.4.2. Market Revenue and Forecast, by End-use (2020-2032)
10.2. Europe
10.2.1. Market Revenue and Forecast, by Material (2020-2032)
10.2.2. Market Revenue and Forecast, by End-use (2020-2032)
10.2.3. UK
10.2.3.1. Market Revenue and Forecast, by Material (2020-2032)
10.2.3.2. Market Revenue and Forecast, by End-use (2020-2032)
10.2.4. Germany
10.2.4.1. Market Revenue and Forecast, by Material (2020-2032)
10.2.4.2. Market Revenue and Forecast, by End-use (2020-2032)
10.2.5. France
10.2.5.1. Market Revenue and Forecast, by Material (2020-2032)
10.2.5.2. Market Revenue and Forecast, by End-use (2020-2032)
10.2.6. Rest of Europe
10.2.6.1. Market Revenue and Forecast, by Material (2020-2032)
10.2.6.2. Market Revenue and Forecast, by End-use (2020-2032)
10.3. APAC
10.3.1. Market Revenue and Forecast, by Material (2020-2032)
10.3.2. Market Revenue and Forecast, by End-use (2020-2032)
10.3.3. India
10.3.3.1. Market Revenue and Forecast, by Material (2020-2032)
10.3.3.2. Market Revenue and Forecast, by End-use (2020-2032)
10.3.4. China
10.3.4.1. Market Revenue and Forecast, by Material (2020-2032)
10.3.4.2. Market Revenue and Forecast, by End-use (2020-2032)
10.3.5. Japan
10.3.5.1. Market Revenue and Forecast, by Material (2020-2032)
10.3.5.2. Market Revenue and Forecast, by End-use (2020-2032)
10.3.6. Rest of APAC
10.3.6.1. Market Revenue and Forecast, by Material (2020-2032)
10.3.6.2. Market Revenue and Forecast, by End-use (2020-2032)
10.4. MEA
10.4.1. Market Revenue and Forecast, by Material (2020-2032)
10.4.2. Market Revenue and Forecast, by End-use (2020-2032)
10.4.3. GCC
10.4.3.1. Market Revenue and Forecast, by Material (2020-2032)
10.4.3.2. Market Revenue and Forecast, by End-use (2020-2032)
10.4.4. North Africa
10.4.4.1. Market Revenue and Forecast, by Material (2020-2032)
10.4.4.2. Market Revenue and Forecast, by End-use (2020-2032)
10.4.5. South Africa
10.4.5.1. Market Revenue and Forecast, by Material (2020-2032)
10.4.5.2. Market Revenue and Forecast, by End-use (2020-2032)
10.4.6. Rest of MEA
10.4.6.1. Market Revenue and Forecast, by Material (2020-2032)
10.4.6.2. Market Revenue and Forecast, by End-use (2020-2032)
10.5. Latin America
10.5.1. Market Revenue and Forecast, by Material (2020-2032)
10.5.2. Market Revenue and Forecast, by End-use (2020-2032)
10.5.3. Brazil
10.5.3.1. Market Revenue and Forecast, by Material (2020-2032)
10.5.3.2. Market Revenue and Forecast, by End-use (2020-2032)
10.5.4. Rest of LATAM
10.5.4.1. Market Revenue and Forecast, by Material (2020-2032)
10.5.4.2. Market Revenue and Forecast, by End-use (2020-2032)
Chapter 11. Company Profiles
11.1. Alfa Laval
11.1.1. Company Overview
11.1.2. Product Offerings
11.1.3. Financial Performance
11.1.4. Recent Initiatives
11.2. HRS Heat Exchangers
11.2.1. Company Overview
11.2.2. Product Offerings
11.2.3. Financial Performance
11.2.4. Recent Initiatives
11.3. Kelvion Holding GmbH
11.3.1. Company Overview
11.3.2. Product Offerings
11.3.3. Financial Performance
11.3.4. Recent Initiatives
11.4. API Heat Transfer
11.4.1. Company Overview
11.4.2. Product Offerings
11.4.3. Financial Performance
11.4.4. LTE Scientific
11.5. Brask, Inc.
11.5.1. Company Overview
11.5.2. Product Offerings
11.5.3. Financial Performance
11.5.4. Recent Initiatives
11.6. Koch Heat Transfer Company
11.6.1. Company Overview
11.6.2. Product Offerings
11.6.3. Financial Performance
11.6.4. Recent Initiatives
11.7. Xylem Inc.
11.7.1. Company Overview
11.7.2. Product Offerings
11.7.3. Financial Performance
11.7.4. Recent Initiatives
11.8. WCR, Inc.
11.8.1. Company Overview
11.8.2. Product Offerings
11.8.3. Financial Performance
11.8.4. Recent Initiatives
11.9. Southern Heat Exchanger Corporation
11.9.1. Company Overview
11.9.2. Product Offerings
11.9.3. Financial Performance
11.9.4. Recent Initiatives
11.10. Manning and Lewis
11.10.1. Company Overview
11.10.2. Product Offerings
11.10.3. Financial Performance
11.10.4. Recent Initiatives
Chapter 12. Research Methodology
12.1. Primary Research
12.2. Secondary Research
12.3. Assumptions
Chapter 13. Appendix
13.1. About Us
13.2. Glossary of Terms
Cross-segment Market Size and Analysis for
Mentioned Segments
Additional Company Profiles (Upto 5 With No Cost)
Additional Countries (Apart From Mentioned Countries)
Country/Region-specific Report
Go To Market Strategy
Region Specific Market DynamicsRegion Level Market Share Import Export AnalysisProduction AnalysisOthers