PUBLISHER: Polaris Market Research | PRODUCT CODE: 1605873
PUBLISHER: Polaris Market Research | PRODUCT CODE: 1605873
The global shell and tube heat exchanger market size is expected to reach USD 11.72 billion by 2034, according to a new study by Polaris Market Research. The report "Shell and Tube Heat Exchanger Market Size, Share, Trends, Industry Analysis Report: By Material, End Use (Power Generation, Petrochemicals, Chemical, Food & Beverages, HVAC & Refrigerator, Pulp & Paper, and Others), and Region (North America, Europe, Asia Pacific, Latin America, and Middle East & Africa) - Market Forecast, 2025-2034" gives a detailed insight into current market dynamics and provides analysis on future market growth.
The shell and tube heat exchanger market is growing due to the expansion of production capacities by food and beverage manufacturers. Companies are increasing their output to meet rising consumer demand. The food & beverages industry primarily employs shell and tube heat exchangers for cooling, pasteurization, and temperature control processes. Thus, the expansion in production capacities is positively impacting the shell and tube heat exchangers market expansion.
The shell and tube heat exchanger market is expected to grow due to increased investment in the petrochemical industry. This rise in capital is likely to encourage petrochemical manufacturers to invest more in advanced systems that enhance production efficiency, which will drive the demand for shell and tube heat exchanger equipment. For instance, in October 2024, the government of India announced its plans to invest USD 45 billion in the petrochemical sector, indicating a significant inflow of capital. Furthermore, the anticipated entry of new players into the market, fueled by rising capital investments, is expected to contribute to the growth of the shell and tube heat exchanger market during the forecast period.
Chemical industries are major consumers of shell and tube heat exchanger systems for processes such as distillation, evaporation, and condensation. Therefore, the growth of the chemical industry is propelling the growth of the shell and tube heat exchanger market.
Based on material, the steel segment is expected to experience the highest CAGR in the global market during the forecast period due to the cost-effectiveness of steel material.
The chemical segment, by end use, recorded the largest revenue share of the shell and tube heat exchanger market in 2024 due to the growing application of shell and tube heat exchanger systems in chemical manufacturing processes.
In 2024, North America held the largest revenue share in the shell and tube heat exchanger market due to the expansion of the food and beverage industries.
The shell and tube heat exchanger market in India is projected for substantial growth due to an increase in government spending on power generation.
A few global key market 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; Elanco, Inc.; Mersen; Thermex; Tinita Engineering Pvt. Ltd; and Barriquand Heat Exchanger.
Polaris market research has segmented the shell and tube heat exchanger market report on the basis of material, end use, and region: