Shell And Tube Heat Exchanger Market To Reach $9,203.2 Million By 2030

Shell And Tube Heat Exchanger Market Growth & Trends

The global shell and tube heat exchangers market size is expected to reach USD 9,203.2 million by 2030, expanding at 5.6% CAGR from 2025 to 2030, according to a new report by Grand View Research, Inc. The increasing penetration of shell & tube heat exchangers in the chemicals and petrochemical industry is anticipated to expand the market growth. Furthermore, declining prices of exotic metals and escalating demand for shell & tube heat exchangers in the oil & gas industry would also surge demand over the coming years.

China’s chemical industry is expected to grow by approximately 6% (y-o-y) over the coming years according to the International Monetary Fund. This is expected to boost the construction of new chemical plants, resulting in surging the demand for shell and tube heat exchangers over the forecast period.

Titanium shell & tube heat exchangers are used in a wide range of applications in chemical, power generation, petrochemical, and desalination plants. The characteristics of titanium, such as high resistance to stress corrosion in various liquids, including aqueous chlorides such as seawater or brine, wet halogens & halides, and hot acidic & highly oxidizing solutions, such as nitric acid & ferric chloride, are expected to augment its demand in shell & tube heat exchangers.

Additive manufacturing techniques are replacing traditional manufacturing methods such as welding or brazing, alignment, die-casting, milling, stamping, or a combination of methods. Additive manufacturing (AM) aids in facilitating the innovation of advanced titanium shell & tube heat exchangers. The limitations of traditional methods are rectified in AM techniques.

Traditional heat exchangers registered an enormous footprint, thus, augmenting the facility layout area and overall construction expenses of the facility. Maintenance and disassembly of the equipment result in further costs for facility owners. Shell & tube components also incur expensive maintenance costs owing to their large size and component weight.

Heat exchangers with smaller sizes and improved heat transfer efficiency have been developed in response to growing concerns about energy loss and building costs. Due to the aforementioned causes, welded spiral heat exchangers, plate & frame, shell & tube, and micro-channel heat exchangers are now more commonly utilized in end-use industries.

Key companies are strategizing to increase revenue generation, with a focus on R&D, mergers & acquisitions, and geographic expansion. For instance, in August 2022, Bell & Gossett, a brand of Xylem, announced that the company has unified ESP-Thermal, an online plate, and shell & tube heat exchanger selection program, into the Xylem ESP-Systemwize selection tool.

 Request a free sample copy or view report summary: Shell And Tube Heat Exchanger Market Report

Shell And Tube Heat Exchanger Market Report Highlights

• The steel material segment accounted for 31.2% of the global revenue in 2024. The material is available in different varieties like stainless steel, duplex steel, carbon steel, super duplex steel, and others. Carbon steel tubes find application in condensers & heat exchangers for heat transfer and pneumatic & hydraulic tubing. Carbon steel shell & tube heat exchangers are used in various end-use industries including petrochemical, water treatment, food, nuclear, pharmaceutical, agrochemical, fine chemical, and oil & gas

• Nickel & Nickel Alloys segment is expected to witness the fastest CAGR of 6.1% over the forecast period. The nickel alloy shell & tube heat exchangers are used in the tubing of steam generators in nuclear power plants, oil & gas extraction, high-temperature aircraft systems, and desalination equipment. In addition, these heat exchangers are used for the storage and low-pressure transport of helium, oxygen, and nitrogen

• The chemical segment accounted for a dominant share of 22.2% of the global revenue in 2024. Shell & tube heat exchangers are used in the chemical processing industry (CPI) on account of their properties such as design flexibility and high corrosion resistance. Their properties provide them with the ability to handle fluids having varying levels of solids. These heat exchangers are majorly used in the production processes of sulfuric acid, nitric acid, phosphoric acid, and urea

• Asia Pacific region is anticipated to grow at the fastest CAGR of 6.9% over the forecast period. The increasing investments in the chemical sector are further expected to have a positive impact on the Asia Pacific shell & tube heat exchangers industry. Furthermore, ongoing investments in the commercial and residential construction industry are expected to drive the demand for HVAC and refrigeration over the forecast period. Shell & tube heat exchangers play a crucial role in enhancing the overall energy efficiency of a heating or cooling system

Shell And Tube Heat Exchanger Market Segmentation

Grand View Research has segmented the global shell and tube heat exchanger market report based on material, end use and region:

Shell And Tube Heat Exchanger Material Outlook (Revenue, USD Million, 2018 - 2030)

• Haste Alloy

• Titanium

• Nickel & Nickel Alloys

• Tantalum

• Steel

  • Stainless Steel

  • Duplex Steel

  • Carbon Steel

  • Super Duplex Steel

  • Others

• Others

Shell And Tube Heat Exchanger End Use Outlook (Revenue, USD Million, 2018 - 2030)

• Power Generation

• Petrochemicals

• Chemical

• Food & Beverages

• HVAC & Refrigerators

• Pulp & Paper

• Others

Shell And Tube Heat Exchanger Region Outlook (Revenue, USD Million, 2018 - 2030)

• North America

  • U.S.

  • Canada

  • Mexico

• Europe

  • Germany

  • France

  • Italy

  • Spain

  • UK

• Asia Pacific

  • China

  • India

  • Japan

  • South Korea

  • Australia

• Central & South America

  • Brazil

  • Argentina

• Middle East & Africa

  • Saudi Arabia

  • UAE

  • South Africa

List of Key Players of Shell And Tube Heat Exchanger Market

• 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