Shell & Tube Heat Exchangers Market: Rapid Growth in the Adoption of Novel Techniques of Additive Manufacturing

Shell & Tube Heat Exchangers Market was valued at USD 6.41 Billion in 2021, and is expected to reach USD 10.43 Billion by 2029, exhibiting a CAGR of 6.28 % during the forecast period (2022-2029) Titanium shell & tube heat exchangers are used in a wide range of applications in the chemical, petrochemical, power generation, and desalination plants. Rapid growth in the adoption of novel techniques of additive manufacturing in the production of Shell & Tube Heat Exchangers is expected to complement Shell & Tube Heat Exchangers market growth. Ongoing technological advancements to improve energy efficiency, total life cycle cost, durability, and compactness of Shell & Tube Heat Exchangers are expected to drive the Shell & Tube Heat Exchangers market growth over the forecast period. New nuclear power projects and growing manufacturing industry across Asia Pacific countries such as India and China are expected to drive the demand for Shell & Tube Heat Exchangers over the forecast period. The rising demand for Shell & Tube Heat Exchangers in manufacturing facilities as an effective heating solution owing to minimal maintenance and lifecycle cost is expected to drive Shell & Tube Heat Exchangers market growth over the forecast period. The presence of favorable government regulations in the emerging economies of China, India, Brazil, and Mexico pertaining to setting up new manufacturing facilities is expected to augment the demand for Shell & Tube Heat Exchangers in various industries. Furthermore, rising energy demand has resulted in several governments investing heavily in the generation of energy from renewable sources, thereby driving Shell & Tube Heat Exchangers market growth. Heat exchanger offers eco-friendly solutions to energy-intensive industries in comparison to other heating or cooling equipment. Moreover, stringent wastewater treatment regulation regarding rising water pollution is expected to increase the demand for shell & tube heat exchangers in water treatment plants. However, unwanted deposits on the heat exchangers used in power station steam condensers are likely to increase the discharge of greenhouse gas, thereby restraining the Shell & Tube Heat Exchangers market growth. Shell & Tube Heat Exchangers MarketTo know about the Research Methodology :- Request Free Sample Report

Shell & Tube Heat Exchangers Market Competitive Landscape

The global Shell & Tube Heat Exchangers market comprises both global as well as regional players that are engaged in designing, manufacturing, and distributing Shell & Tube Heat Exchangers. Major players involved in the production of Shell & Tube Heat Exchangers include Mersen; Alfa Laval AB; API Heat Transfer; Tinita Engineering Pvt. Ltd.; Kelvion Holding GmbH; Thermex; Xylem, Inc.; and HRS Heat Exchangers. Other notable players in the Shell & Tube Heat Exchangers market include Barriquand Group, Koch Heat Transfer Company, Elanco Heat Transfer Systems, WCR, Inc., Southern Heat Exchanger Corporation, Manning and Lewis, and Brask, Inc. Manufacturers of Shell & Tube Heat Exchangers are engaged in adopting various strategies including mergers & acquisitions, new product development, diversification, and geographical expansion. These strategies aid the companies in augmenting their market penetration and in catering to the changing technological demand of various end-use industries. For instance, in April 2019, Alfa Laval AB launched a new product portfolio of gas-to-liquid plate heat exchangers that are designed especially for gas cooling duties. Furthermore, in September 2018, Kelvion Holding GmbH completed the acquisition of Rocore Holding GmbH and all its direct as well as indirect subsidiaries. Rocore is a U.S. based producer and supplier of heat transfer products. Overall the global Shell & Tube Heat Exchangers market is highly competitive and dependent on product development and technological advancements. Product manufacturers strive to obtain a competitive edge over their competitors by increasing the application scope of their products. Presence of local players majorly in Asia is expected to pose a significant threat to large global players in terms of price and quality of products, which are provided to the consumers. Shell & Tube Heat Exchangers Market 1 Shell & Tube Heat Exchangers Market 2

Shell & Tube Heat Exchangers Market Dynamics

Increasing Penetration of Shell & Tube Heat Exchanger in the Petrochemical Industry The petrochemical industry is expected to witness significant growth on account of the rising demand for plastics globally. Furthermore, the demand for petrochemical products has doubled since 2000 owing to the increasing penetration of plastic packaging, fertilizers, synthetic rubber, and detergents globally. Most processes in petrochemical facilities involve high pressure and temperature; thus, they necessitate the optimization of heat transfer process and enhance energy savings. Growing concerns regarding fouling in heat exchangers have urged companies to develop sensors for early warning and high-temperature coatings for enhanced durability. Various types of Shell & Tube Heat Exchangers, such as a single helical tube, spiral tube, and dual tube coil (DTC), are used in petrochemical plants. The penetration of Shell & Tube Heat Exchangers is witnessing significant growth in the oil refineries and petrochemical plants on account of their easy maintenance, robust geometry construction, and possible upgrades. For high pressure and temperature applications, shell & tube is utilized owing to its high resilience to temperature and corrosive environments. Furthermore, Shell & Tube Heat Exchangers are expected to gain prominence owing to their enhanced resilience to high-temperature applications and ability to provide protection against fouling. Major functions of heat exchangers in petrochemical production include the cooling of water circuits & hydrocarbons and heating/cooling of reactors and production containers. These factors are expected to drive the Shell & Tube Heat Exchangers market growth during the forecast period. Shell & Tube Heat Exchangers Market 3Rapid Industrialization in Asia Pacific to drive the Growth of Shell & Tube Heat Exchangers Market Rapid industrialization in the developing Asia Pacific economies and rising investments in the manufacturing, commercial, and industrial projects have contributed to the overall growth of the heat exchangers market and eventually Shell & Tube Heat Exchangers in the region. This growth is attributed to the increased penetration of the product in various end-use industries, including power generation, petrochemicals, chemical, HVAC & refrigeration, and food & beverage. A significant shift in demand for shell & tube heat exchanger is observed from mature markets, such as Europe and North America, and the developing economies of Asia Pacific such as China and India. The chemical industry is one of the largest in China owing to rising investments, strong government influence, tightening of environmental regulation, high industry fragmentation, and the growing importance of specialty chemicals. Rapid industrialization has resulted in an increased demand for energy from various residential, commercial, and industrial establishments. Shell & Tube Heat Exchangers are used in multiple applications in the power & energy sector, including feedwater heaters, air preheaters, power plant condensers, boiler feed pump coolers, bunker fuel heaters, hydrogen coolers, modular radiators, and waste heat recovery systems. Rising demand for energy is expected to have a positive impact on the Shell & Tube Heat Exchangers market growth on account of the aforementioned applications of the product. Potential Threat of Substitution from Other Heat Exchangers to Restraint the Shell & Tube Heat Exchangers Market Growth Traditional heat exchangers require a huge footprint, thus, increasing the facility layout area and overall construction costs of the facility. Maintenance and disassembly of the equipment add to additional costs to the facility owners. Shell & tube units incur high maintenance costs owing to their large size and component weights. Growing concerns regarding energy loss and construction costs have spurred the development of heat exchangers with reduced size and enhanced heat transfer efficiency. The aforementioned factors have caused a shift in the end-use industries toward welded spiral heat exchanger, plate & frame, shell & tube, and micro-channel heat exchangers. Reduced size of channels in micro-channel heat exchangers cause larger heat transfer area per volume and heat transfer coefficient. The compact design of microchannel heat exchangers is expected to drive their significance in facilities with space constraints. The aforementioned factors are expected to drive its significance in air conditioning in automotive, residential, and commercial applications. Potential applications of this product include thermal management in the aerospace and electronics industries. Ongoing research on the miniaturization of electronic products is also expected to drive micro-channel heat exchangers demand over the forecast period. This is expected to hamper the growth of Shell & Tube Heat Exchangers market during the forecast period.

Shell & Tube Heat Exchangers Market Segment Analysis

Based on material, stainless steel Shell & Tube Heat Exchangers are expected to witness significant growth on account of rising demand for high-efficiency of plant operations and reduction in high-cost plant shutdowns. The low cost associated with the material helps boost its penetration in various end-use industries. The properties of stainless steel including resistance to corrosion in chemical environments & cooling waters, high-temperature resistance to scaling & oxidation, good strength in low- & high-temperature applications, and resistance to fouling due to corrosion are expected to boost material penetration in heat exchangers. Furthermore, the availability of stainless steel in various compositions including seamless & welded tubing for Shell & Tube Heat Exchangers, thin flat-rolled strips & sheets for plate exchangers, plates for tube sheets, and bar & wire for mechanical fasteners is expected to augment the material demand in heat exchangers. Based on End-Use, Chemical segment is expected to hold the major share in the Shell & Tube Heat Exchangers market during the forecast period. Several factors including the growing manufacturing and automotive sectors, rising exports, favorable shale gas economies, and high demand from end-use industries are some of the factors having a positive impact on chemical industry in North America, especially in the U.S. Furthermore, the utilization of chemicals for water treatments coupled with rising demand for potable water is anticipated to augment the growth of chemical industry. Capacity expansions and acquisitions of chemical facilities in Europe and Asia Pacific are expected to drive chemical industry over the forecast period.

Shell & Tube Heat Exchangers Market Regional Insights

Asia Pacific is the fastest-growing region in the world, contributing to over two-thirds of the global economic growth. Factors such as the deepening U.S.-China trade tensions coupled with the regional tension such as the bilateral relationship of Korea and Japan are anticipated to impact the overall economic growth of the region. Furthermore, rising geopolitical risks coupled with increasing incidences of natural disasters such as the Australian wildfires are expected to have affect the region's economic growth. 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. In addition, increasing investments in chemical sector are further expected to have a positive impact on the Asia Pacific Shell & Tube Heat Exchangers market. 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. The China Shell & Tube Heat Exchangers market is expected to be driven by the growing investments in chemical, petrochemical, and HVAC sectors among others. China is the largest chemical producer in the world. The country accounted for around 38.5% of the global chemical sales in 2018, which increased from 18.2% in 2008. In addition, several chemical and petrochemical multinational companies are expected to open new manufacturing plants in China owing to the favorable government policies. For instance, in January 2020, INEOS Styrolution announced to build a new acrylonitrile butadiene styrene (ABS) plant in Zhejiang Province of China. Chemical industry is one of the critical industries contributing to the overall growth of India’s economy. According to the National Investment Promotion and Facilitation Agency, chemical industry in the country is expected to reach USD 304 billion by 2025. The growth of chemical industry is further expected to be supplemented by the proposed investments in the sector. For instance, in February 2020, Nissan Chemical Corporation and Bharat Rasayan Limited announced their joint venture, namely Nissan Bharat Rasayan Private Limited. This joint venture company will construct a new manufacturing facility in India that will focus on the production of agrochemical active ingredients.

Shell & Tube Heat Exchangers Market Scope: Inquiry Before Buying

Shell & Tube Heat Exchangers Market
Report Coverage Details
Base Year: 2021 Forecast Period: 2022-2029
Historical Data: 2017 to 2021 Market Size in 2021: US 6.41 Bn.
Forecast Period 2022 to 2029 CAGR: 6.28 % Market Size in 2029: US 10.43 Bn.
Segments Covered: by Material • Hastelloy • Titanium • Nickel & Nickel Alloys • Tantalum • Steel • Others
by End-Use • Power Generation • Petrochemicals • Chemical • Food & Beverages • HVAC & Refrigeration • Pulp & Paper • Others
by Region • North America • Europe • Asia Pacific • MEA • South America

Shell & Tube Heat Exchangers Market Key Players are:

• 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 • Mersen • Elanco, Inc. • Thermex • Tinita Engineering Pvt. Ltd. • Barriquand Technologies Thermiques • Titanium Equipment and Anode Manufacturing Company Ltd. Frequently Asked Questions: 1] What is the growth rate of the Global Shell & Tube Heat Exchangers Market? Ans. The Global Shell & Tube Heat Exchangers Market is growing at a significant rate of 6.28% during the forecast period. 2] Which region is expected to have the highest growth rate in the Global Shell & Tube Heat Exchangers Market? Ans. The Asia Pacific region is expected to hold the highest growth rate in the Shell & Tube Heat Exchangers Market during the forecast period. 3] What is the market size of the Global Shell & Tube Heat Exchangers Market by 2029? Ans. The market size of the Shell & Tube Heat Exchangers Market by 2029 is expected to reach USD 10.43 Bn. 4] What are the major key players of the Global Shell & Tube Heat Exchangers Market? Ans. The major key players of the Global Shell & Tube Heat Exchangers Market are Alfa Laval, HRS Heat Exchangers, Kelvion Holding GmbH, API Heat Transfer, Brask, Inc., and Koch Heat Transfer Company. 5] What factors are driving the growth of the Global Shell & Tube Heat Exchangers Market in 2021? Ans. Rising demand for advanced modern equipment in the petrochemical, pharmaceutical, and power generation industries, providing high efficiency and corrosion resistance are the major factors expected to drive the Global Shell & Tube Heat Exchangers Market during the forecast period.
1. Global Shell & Tube Heat Exchangers Market Size: Research Methodology 2. Global Shell & Tube Heat Exchangers Market Size: Executive Summary 2.1. Market Overview and Definitions 2.1.1. Introduction to Global Shell & Tube Heat Exchangers Market Size 2.2. Summary 2.2.1. Key Findings 2.2.2. Recommendations for Investors 2.2.3. Recommendations for Market Leaders 2.2.4. Recommendations for New Market Entry 3. Global Shell & Tube Heat Exchangers Market Size: Competitive Analysis 3.1. MMR Competition Matrix 3.1.1. Market Structure by region 3.1.2. Competitive Benchmarking of Key Players 3.2. Consolidation in the Market 3.2.1 M&A by region 3.3. Key Developments by Companies 3.4. Market Drivers 3.5. Market Restraints 3.6. Market Opportunities 3.7. Market Challenges 3.8. Market Dynamics 3.9. PORTERS Five Forces Analysis 3.10. PESTLE 3.11. Regulatory Landscape by region • North America • Europe • Asia Pacific • The Middle East and Africa • South America 3.12. COVID-19 Impact 4. Global Shell & Tube Heat Exchangers Market Size Segmentation 4.1. Global Shell & Tube Heat Exchangers Market Size, by Material (2021-2029) • Hastelloy • Titanium • Nickel & Nickel Alloys • Tantalum • Steel • Others 4.2. Global Shell & Tube Heat Exchangers Market Size, by End-Use (2021-2029) • Power Generation • Petrochemicals • Chemical • Food & Beverages • HVAC & Refrigeration • Pulp & Paper • Others 5. North America Shell & Tube Heat Exchangers Market (2021-2029) 5.1. North America Shell & Tube Heat Exchangers Market Size, by Material (2021-2029) • Hastelloy • Titanium • Nickel & Nickel Alloys • Tantalum • Steel • Others 5.2. North America Shell & Tube Heat Exchangers Market Size, by End-Use (2021-2029) • Power Generation • Petrochemicals • Chemical • Food & Beverages • HVAC & Refrigeration • Pulp & Paper • Others 5.3. North America Shell & Tube Heat Exchangers Market, by Country (2021-2029) • United States • Canada • Mexico 6. Europe Shell & Tube Heat Exchangers Market (2021-2029) 6.1. Europe Shell & Tube Heat Exchangers Market, by Material (2021-2029) 6.2. Europe Shell & Tube Heat Exchangers Market, by End-Use (2021-2029) 6.3. Europe Shell & Tube Heat Exchangers Market, by Country (2021-2029) • UK • France • Germany • Italy • Spain • Sweden • Austria • Rest of Europe 7. Asia Pacific Shell & Tube Heat Exchangers Market (2021-2029) 7.1. Asia Pacific Shell & Tube Heat Exchangers Market, by Material (2021-2029) 7.2. Asia Pacific Shell & Tube Heat Exchangers Market, by End-Use (2021-2029) 7.3. Asia Pacific Shell & Tube Heat Exchangers Market, by Country (2021-2029) • China • India • Japan • South Korea • Australia • ASEAN • Rest of APAC 8. Middle East and Africa Shell & Tube Heat Exchangers Market (2021-2029) 8.1. Middle East and Africa Shell & Tube Heat Exchangers Market, by Material (2021-2029) 8.2. Middle East and Africa Shell & Tube Heat Exchangers Market, by End-Use (2021-2029) 8.3. Middle East and Africa Shell & Tube Heat Exchangers Market, by Country (2021-2029) • South Africa • GCC • Egypt • Nigeria • Rest of ME&A 9. South America Shell & Tube Heat Exchangers Market (2021-2029) 9.1. South America Shell & Tube Heat Exchangers Market, by Material (2021-2029) 9.2. South America Shell & Tube Heat Exchangers Market, by End-Use (2021-2029) 9.3. South America Shell & Tube Heat Exchangers Market, by Country (2021-2029) • Brazil • Argentina • Rest of South America 10. Company Profile: Key players 10.1. Alfa Laval 10.1.1. Company Overview 10.1.2. Financial Overview 10.1.3. Global Presence 10.1.4. Capacity Portfolio 10.1.5. Business Strategy 10.1.6. Recent Developments 10.2. HRS Heat Exchangers 10.3. Kelvion Holding GmbH 10.4. API Heat Transfer 10.5. Brask, Inc. 10.6. Koch Heat Transfer Company 10.7. Xylem Inc 10.8. WCR, Inc. 10.9. Southern Heat Exchanger Corporation 10.10. Manning and Lewis 10.11. Mersen 10.12. Elanco, Inc. 10.13. Thermex 10.14. Tinita Engineering Pvt. Ltd. 10.15. Barriquand Technologies Thermiques 10.16. Titanium Equipment and Anode Manufacturing Company Ltd.

About This Report

Report ID 168948
Category Material & Chemical
Published Date Dec 2022
Updated Date
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