Shell & Tube Heat Exchanger Market Size, Share, Opportunities, And Trends By Classification (One Pass, Two-Pass), By Material (Hastelloy, Titanium, Nickel & Nickel Alloys, Tantalum, Steel, Others), By Application (Chemicals, Petrochemicals And Oil & Gas, HVAC, Food & Beverages, Pulp & Paper, Power Generation), By End-User (Industrial, Non-Industrial), And By Geography - Forecasts From 2023 To 2028

  • Published : Aug 2023
  • Report Code : KSI061615934
  • Pages : 142

The shell & tube heat exchanger market is expected to grow at a CAGR of 7.94% from US$4.803 billion in 2021 to US$8.201 billion in 2028.

Due to the accelerated industrialization of the developing nations in Asia and the Pacific and rising investments in commercial, production, and industrial projects, shell & tube heat exchangers have grown in popularity. The market growth is anticipated to be boosted by the product's expanding application across a variety of end-use sectors, including petroleum products, power generation, HVAC & cooling, chemical, and food & beverage. The need for shell & tube heat exchangers has changed noticeably amongst industrialized nations. The chemical industry is one of the biggest sectors in China as a result of rising investments, tight government supervision, stricter environmental rules, significant sector fragmentation, and the growing significance of speciality chemicals.

Increasing penetration in the petrochemical industry

The shell & tube heat exchanger market is anticipated to experience revenue growth due to the increased demand for plastics around the world which is resulting in the growth of the petrochemical industry. Furthermore, the global increase in the use of plastic packaging, fertilisers, synthetic rubber, and detergents has resulted in a doubling of the demand for petrochemical products since 2000. The majority of operations in petrochemical facilities operate at high pressures and temperatures; as a result, heat transfer procedures must be optimized to increase energy savings. Companies have been compelled to create sensors for early warning and high-temperature coatings for better durability due to growing worries about fouling in heat exchangers.

Increased demand for stainless steel shell & tube heat exchangers

Shell & Tube Heat Exchangers are anticipated to expand significantly as a result of rising demand for extremely efficient plant operations and a drop in costly plant shutdowns. Due to its low cost, the material is being used more frequently in a wide range of end-use industries. The properties of stainless steel, such as resistance to corrosion in aqueous environments and cooling waterways, high-temperature resistance to expanding and oxidation, durability in low- and high-temperature uses, and resistance to fouling brought on by corrosion, are expected to increase goods penetration in heat exchangers.

Additionally, it is anticipated that the availability of stainless steel in a variety of compositions, including seamless and welded tubes, will increase the demand for the material in heat exchangers.

Increasing industrialization

During the projected period, rising industrialization is anticipated to present growth possibilities in the worldwide heat exchanger market. Rapid urbanisation is taking place in the Asia Pacific region, and as a result, more money is being invested in manufacturing, commercial, and industrial developments there. because numerous end-use sectors, such as petrochemicals, energy production, chemicals, HVAC & cooling, and the food and beverage industry, are heavily incorporated. Heat exchanger demand is consequently being created by this. Consequently, there will certainly be plenty of company prospects on the market in the future which increase the shell & tube heat exchanger market share.

Rising use in the pulp & paper industry

The various drying procedures used by the pulp and paper industries consume a lot of energy. The air heat exchanger shell and tube are strong and extremely effective to lower the facility's energy costs because drying is crucial. As a result, the industrial pulp and paper manufacturing process requires a lot of energy. The goal of this industry is to raise the temperature higher using heat pumps. Therefore, the market would experience growth during the forecast period due to the use of shell & tube heat exchangers in various pulp & paper industry applications.

Use of shell & tube heat exchangers in the food and beverage sector.

Shell & Tube heat exchangers aid in production optimisation, raw material exploitation, and the reduction of energy use, waste, and emissions. Very delicate and viscous materials that can pump at high pressure without damaging food particles are treated in Shell & Tube heat exchangers. It is employed at the right temperatures in the food and beverage industries in ovens, cookers, food processing & preheating, milk pasteurisation, beer cooling and pasteurisation, refrigeration or chilling of the finished product. Additionally, by stopping the development of dangerous bacteria, shell & tube heat exchangers increase the shelf life of items and make them safe for ingestion. Therefore, the shell & tube heat exchanger market share is increasing in the food & beverage sector.

Europe is projected to dominate the shell & tube heat exchanger market

During the projected period, the European region is anticipated to lead the shell & tube heat exchanger market. One of the world's top producers and exporters of chemicals is the European Union. According to the Cefic 2023 estimate, the EU had total chemical sales of roughly USD 702.2 billion in 2021, ranking second only to China. Chemical purchases by the construction industry, which is expected to increase due to several causes including cheap lending rates and rising infrastructure spending, are significant. As a result, it is projected that chemical demand will remain steady over the coming years, which would positively affect the growth of the shell & tube market.

Market key launches

  • In March 2021, A new line of compact heat exchangers was introduced by Alfa Laval, a top producer of heat exchangers. The oil and gas, petrochemical, and chemical sectors can use the Alfa Laval DuroShell heat exchangers in high-pressure applications.
  • In January 2021, A new line of shell & tube heat exchangers was introduced, according to Kelvion, a leading provider of heat exchangers worldwide. In a variety of industrial applications, the Kelvion K°Bloc is intended to provide great heat transfer efficiency and minimise pressure loss.
  • In December 2020, Basco Engineered Products, a supplier of heat transfer systems was acquired by API Heat Transfer, a top producer of heat exchangers. The acquisition is anticipated to broaden API Heat Transfer's product line and improve its market position for heat exchangers.
  • In November 2020, q new line of plate heat exchangers was introduced by Tranter, a leading provider of heat exchangers worldwide. In a variety of industrial applications, the Tranter MAXCHANGER® is intended to provide greater thermal performance and lower maintenance costs.


  • By Classification
    • One Pass
    • Two-Pass
  • By Material
    • Hastelloy
    • Titanium
    • Nickel & Nickel Alloys
    • Tantalum
    • Steel
    • Others
  • By Application
    • Chemicals
    • Petrochemicals and Oil & Gas
    • HVAC
    • Food & Beverages
    • Pulp & Paper
    • Power Generation
  • By End-User
    • Industrial
    • Non-Industrial
  • By Geography
    • North America
      • United States
      • Canada
      • Mexico
    • South America
      • Brazil
      • Argentina
      • Others
    • Europe
      • United Kingdom
      • Germany
      • France
      • Spain
      • Others
    • Middle East and Africa
      • Saudi Arabia
      • UAE
      • Israel
      • Others
    • Asia Pacific
      • China
      • Japan
      • India
      • South Korea
      • Indonesia
      • Thailand
      • Others


1.1. Market Overview

1.2. Market Definition

1.3. Scope of the Study

1.4. Market Segmentation

1.5. Currency

1.6. Assumptions

1.7. Base, and Forecast Years Timeline


2.1. Research Data

2.2. Assumptions


3.1. Research Highlights


4.1. Market Drivers

4.2. Market Restraints

4.3. Porter’s Five Force Analysis

4.3.1. Bargaining Power of Suppliers

4.3.2. Bargaining Power of Buyers

4.3.3. Threat of New Entrants

4.3.4. Threat of Substitutes

4.3.5. Competitive Rivalry in the Industry

4.4. Industry Value Chain Analysis


5.1. Introduction

5.2. One Pass

5.3. Two-Pass


6.1. Introduction

6.2. Hastelloy

6.3. Titanium

6.4. Nickel & Nickel Alloys

6.5. Tantalum

6.6. Steel

6.7. Others


7.1. Introduction

7.2. Chemicals

7.3. Petrochemicals and Oil & Gas

7.4. HVAC

7.5. Food & Beverages

7.6. Pulp & Paper

7.7. Power Generation


8.1. Introduction

8.2. Industrial

8.3. Non-Industrial


9.1. Introduction 

9.2. North America

9.2.1. USA

9.2.2. Canada

9.2.3. Mexico

9.3. South America

9.3.1. Brazil

9.3.2. Argentina

9.3.3. Others

9.4. Europe

9.4.1. Germany

9.4.2. France

9.4.3. United Kingdom

9.4.4. Spain

9.4.5. Others

9.5. Middle East And Africa

9.5.1. Saudi Arabia

9.5.2. UAE

9.5.3. Israel

9.5.4. Others

9.6. Asia Pacific

9.6.1. China

9.6.2. Japan

9.6.3. India

9.6.4. South Korea

9.6.5. Indonesia

9.6.6. Taiwan

9.6.7. Others


10.1. Major Players and Strategy Analysis

10.2. Emerging Players and Market Lucrativeness

10.3. Mergers, Acquisitions, Agreements, and Collaborations

10.4. Vendor Competitiveness Matrix


11.1. Alfa Laval

11.2. HRS Heat Exchangers

11.3. Kelvion Holding GmbH

11.4. API Heat Transfer

11.5. Brask, Inc.

11.6. Koch Heat Transfer Company

11.7. Xylem Inc.

11.8. WCR, Inc.

11.9. Southern Heat Exchanger Corporation

11.10. Manning and Lewis

11.11. Elanco, Inc.

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.