Shell and Tube Heat Exchangers

Global Shell and Tube Heat Exchangers Market to Reach US$12.7 Billion by 2030

The global market for Shell and Tube Heat Exchangers estimated at US$9.1 Billion in the year 2024, is expected to reach US$12.7 Billion by 2030, growing at a CAGR of 5.8% over the analysis period 2024-2030. Steel, one of the segments analyzed in the report, is expected to record a 6.1% CAGR and reach US$4.5 Billion by the end of the analysis period. Growth in the Nickel & Nickel Alloys segment is estimated at 6.3% CAGR over the analysis period.

The U.S. Market is Estimated at US$2.5 Billion While China is Forecast to Grow at 5.4% CAGR

The Shell and Tube Heat Exchangers market in the U.S. is estimated at US$2.5 Billion in the year 2024. China, the world`s second largest economy, is forecast to reach a projected market size of US$2.0 Billion by the year 2030 trailing a CAGR of 5.4% over the analysis period 2024-2030. Among the other noteworthy geographic markets are Japan and Canada, each forecast to grow at a CAGR of 5.5% and 4.5% respectively over the analysis period. Within Europe, Germany is forecast to grow at approximately 4.8% CAGR.

Global Shell and Tube Heat Exchangers Market - Key Trends and Drivers Summarized

How Are Shell and Tube Heat Exchangers Optimizing Thermal Processes?

Shell and tube heat exchangers are critical components in industrial thermal management, facilitating efficient heat transfer between two fluids. These exchangers consist of a shell containing a series of tubes, allowing one fluid to flow through the tubes while another flows over them within the shell. They are widely used in industries like oil and gas, chemical processing, power generation, HVAC, and food and beverage for applications such as cooling, heating, and condensation. Known for their versatility, durability, and ability to handle high-pressure and high-temperature fluids, shell and tube heat exchangers are integral to ensuring energy efficiency and process optimization in various industrial operations.

What Are the Key Segments in the Shell and Tube Heat Exchangers Market?

Major materials include stainless steel, carbon steel, and nickel alloys, with stainless steel being the most popular due to its corrosion resistance and suitability for a wide range of industrial fluids. Key applications cover cooling, heating, condensation, and evaporation processes, with cooling representing the largest segment due to its essential role in industrial processes. End-user industries encompass oil and gas, chemical processing, power generation, HVAC, and food and beverage, with the oil and gas sector holding a significant market share owing to the high demand for heat exchangers in refining, petrochemicals, and LNG processing.

How Are Shell and Tube Heat Exchangers Being Utilized Across Industries?

In the oil and gas industry, shell and tube heat exchangers are used in refining, gas processing, and petrochemical production to handle tasks such as cooling hot gases, condensing vapors, and recovering waste heat. The chemical processing sector relies on these exchangers for heating and cooling during reaction processes, distillation, and separation, ensuring efficient temperature control and product quality. Power generation plants use shell and tube heat exchangers for steam condensation, turbine cooling, and heat recovery, improving thermal efficiency and reducing energy consumption. In the food and beverage industry, these exchangers are employed for pasteurization, fermentation cooling, and other temperature-sensitive processes, ensuring product safety and quality. Additionally, the HVAC sector uses shell and tube exchangers for air conditioning, refrigeration, and building climate control.

What Factors Are Driving the Growth in the Shell and Tube Heat Exchangers Market?

The growth in the Shell and Tube Heat Exchangers market is driven by several factors, including increasing industrialization and the rising need for energy-efficient heat transfer solutions across sectors like oil and gas, chemicals, and power generation. The growing focus on waste heat recovery, driven by environmental regulations and cost-saving initiatives, has further fueled demand for these heat exchangers. Advancements in materials, such as corrosion-resistant alloys and compact designs, have improved efficiency and broadened the range of applications. The expansion of the chemical processing and oil and gas sectors, particularly in emerging economies, has also contributed to market growth. Additionally, government regulations promoting energy efficiency and sustainable industrial practices have supported the adoption of shell and tube heat exchangers, driving market expansion.

SCOPE OF STUDY:

The report analyzes the Shell and Tube Heat Exchangers market in terms of units by the following Segments, and Geographic Regions/Countries:

Segments:
Material (Steel, Nickel & Nickel Alloys, Titanium, Hastelloy, Tantalum, Other Materials); End-Use (Chemical, Petrochemicals, Food & Beverages, HVAC & Refrigeration, Pulp & Paper, Power Generation, Other End-Uses)

Geographic Regions/Countries:
World; United States; Canada; Japan; China; Europe (France; Germany; Italy; United Kingdom; and Rest of Europe); Asia-Pacific; Rest of World.

Select Competitors (Total 33 Featured) -

• Alfa Laval
• API Heat Transfer Inc
• Balcke-Dürr
• Barriquand Technologies Thermiques
• Brask Inc
• Chicago Bridge and Iron Company
• EJ Bowman
• Enerfin
• GEA Heat Exchangers Group
• Hamon Group
• Harsco Industrial Air-X-Changers
• HISAKA
• Hrs Heat Exchangers Ltd
• Hughes Anderson Heat Exchangers Inc
• Kelvion Holdings GmbH
• Koch Heat Transfer Co
• Manning and Lewis
• SmartHeat
• Sondex
• Southern Heat Exchanger Corp
• SPX Cooling Technologies
• SPX Heat Transfer
• Tranter
• Vahterus
• Xylem

TARIFF IMPACT FACTOR

Our new release incorporates impact of tariffs on geographical markets as we predict a shift in competitiveness of companies based on HQ country, manufacturing base, exports and imports (finished goods and OEM). This intricate and multifaceted market reality will impact competitors by artificially increasing the COGS, reducing profitability, reconfiguring supply chains, amongst other micro and macro market dynamics.

We are diligently following expert opinions of leading Chief Economists (14,949), Think Tanks (62), Trade & Industry bodies (171) worldwide, as they assess impact and address new market realities for their ecosystems. Experts and economists from every major country are tracked for their opinions on tariffs and how they will impact their countries.

We expect this chaos to play out over the next 2-3 months and a new world order is established with more clarity. We are tracking these developments on a real time basis.

As we release this report, U.S. Trade Representatives are pushing their counterparts in 183 countries for an early closure to bilateral tariff negotiations. Most of the major trading partners also have initiated trade agreements with other key trading nations, outside of those in the works with the United States. We are tracking such secondary fallouts as supply chains shift.

To our valued clients, we say, we have your back. We will present a simplified market reassessment by incorporating these changes!

APRIL 2025: NEGOTIATION PHASE

Our April release addresses the impact of tariffs on the overall global market and presents market adjustments by geography. Our trajectories are based on historic data and evolving market impacting factors.

JULY 2025 FINAL TARIFF RESET

Complimentary Update: Our clients will also receive a complimentary update in July after a final reset is announced between nations. The final updated version incorporates clearly defined Tariff Impact Analyses.

Reciprocal and Bilateral Trade & Tariff Impact Analyses:

USA
CHINA
MEXICO
CANADA
EU
JAPAN
INDIA
176 OTHER COUNTRIES.

Leading Economists - Our knowledge base tracks 14,949 economists including a select group of most influential Chief Economists of nations, think tanks, trade and industry bodies, big enterprises, and domain experts who are sharing views on the fallout of this unprecedented paradigm shift in the global econometric landscape. Most of our 16,491+ reports have incorporated this two-stage release schedule based on milestones.

Please note: Reports are sold as single-site single-user licenses. Electronic versions require 24-48 hours as each copy is customized to the client with digital controls and custom watermarks. The Publisher uses digital controls protecting against copying and printing is restricted to one full copy to be used at the same location.

The latest version of Adobe Acrobat Reader is required to view the report. Upon ordering an electronic version, the Publisher will provide a link to download the purchased report.

Prior to fulfillment of an order, the client will be required to sign a document detailing the purchase terms for a publication from this publisher.