CHICAGO, Nov. 7, 2022 /PRNewswire/ -- According to the new market research report "Shell & tube Heat exchanger Market by Material (Steel, Nickel & Nickel Alloys, Titanium, Tantalum), Application (Chemicals, Petrochemicals, HVAC & Refrigeration, Food & Beverages, Power Generation, Pulp & Paper), and Region - Global Forecast to 2027", size is projected to grow from USD 9.0 billion in 2022 to USD 11.7 billion by 2027, at a CAGR of 5.4% between 2022 and 2027.
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Shell & tube heat exchangers are vital equipment for transferring heat from one medium to another in various end-use industries such as chemical processing, food & beverages processing, petrochemical and oil & gas, paper & pulp, HVACR, and power generation industries. Shell & tube heat exchangers are highly energy efficient and used for heating and cooling purposes. These heat exchangers are used in the petrochemical industry in the manufacturing of alcohols, aromatics, detergents, olefins, varnishes, and plastics & wastewater treatment. The rising use of Shell & tube heat exchanger owing to growing industrialization in emerging markets, rising demand for HVACR equipment, and stringent government regulations, drives the shell & tube heat exchanger market.
Steel raw material segment dominates the shell & tube heat exchangers market in 2021.
Based on material, the steel-based shell & tube heat exchangers accounted for the largest market share in 2021. Shell & tube heat exchangers are made of a variety of steel grades. Stainless steel and mild steel are the best suited materials for the construction of shell & tube heat exchangers. In the chemical industry, carbon steel type exchangers are mostly used. Carbon steel type exchangers provide good ductility, high tensile strength, and corrosion resistance.
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The chemical industry is expected to have the fastest growth in the shell & tube heat exchanger market during the forecast period.
Based on application, the chemical segment in the shell & tube heat exchanger market is projected to be the fastest-growing end-user at a CAGR of 6.0%, in terms of value, during the forecast period. Shell & tube heat exchanger are used as coolers, falling film evaporators, heaters, and as absorbers. These wide ranges of applications make shell & tube heat exchangers an essential part of the chemical industry. The containment abilities make shell & tube heat exchanger popular in chemical industry.
Asia Pacific is expected to be the fastest growing market for shell & tube heat exchanger during the forecast period.
Asia Pacific leads the overall shell & tube heat exchanger market in terms of both value and volume, followed by North America and South America. The increasing population, urbanization, industrialization, and the availability of low-cost raw materials and labor, coupled with increasing domestic demand, makes Asia Pacific an attractive investment destination for shell & Tube heat exchanger manufacturers. These are some of the factors expected to drive the shell & tube heat exchanger market in this region.
The key players in this market are Alfa Laval AB (Sweden), HRS Heat Exchangers (UK), Kelvion (Germany), Xylem (US), API Heat Transfer (US), Koch Heat Transfer (US), Thermex (UK), Manning and Lewis (US), Thermofin (Canada), and Mersen (France).
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