Global Shell and Tube Heat Exchanger Market is segmented By Applications (Boilers, Heating/cooling of gaseous or liquid fluids, Refining, White water heat recovery unit, Steam condenser, OFWF & ONWF Transformer oil coolers, Others), By Type (Floating head heat exchangers, Fixed tube sheet, U-Tube), By Components (Header, Tube plate, Shell, Tubes, Baffles, Bonnet, Saddles, Tie Rods and Spacers, Others), By Material (Stainless Steel, Brass, Cu-Ni 90/10 and 70-30, Aluminium, Titanium, Copper, Monel, Inconel, Solvent-based, Others), By End Users (Biotech and Pharmaceuticals, Food and Beverage, Marine and Transportation, Power generation plant, Petrochemicals, Mining, Others), and By Region (North America, Latin America, Europe, Asia Pacific, Middle East, and Africa) – Share, Size, Outlook, and Opportunity Analysis, 2024-2031
Report Overview
The Global Shell and Tube Heat Exchanger Market is estimated to reach at a CAGR of 6.2% during the forecast period (2024-2031).
A shell & tube heat exchanger consists of tubes mounted inside a cylindrical shell to exchange heat of two fluids. The fluids tend to flow in a parallel or cross-flow direction and can be single based on the arrangement. These exchangers have a simple design, low maintenance cost and robust characteristics. Shell & tube heat exchangers are very popular and commonly found in industrial use. This is mainly due to their versatility. A shell and tube exchanger consists of a shell, tube bundle and two heads or caps at both ends of the shell.
The shell & tube exchangers are generally of 3 types: Fixed tube sheet exchangers, U-tube exchangers and Floating header exchangers. The selection for the type of heat exchanger is made based on the following factors: selection of fluids to the shell-side and tube side, selection of shell type, selection of front end and rear end header types and selection of exchanger geometry.
Market Summary
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Metrics |
Details |
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Market CAGR |
6.2% |
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Segments Covered |
By Applications, By Type, By Components, By Material, By End Users and By Region |
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Report Insights Covered |
Competitive Landscape Analysis, Company Profile Analysis, Market Size, Share, Growth, Demand, Recent Developments, Mergers and acquisitions, New Product Launches, Growth Strategies, Revenue Analysis, and Other key insights. |
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Fastest Growing Region |
North America |
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Largest Market Share |
Asia Pacific |
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Market Dynamics
The global shell & tube heat exchanger market growth is driven by expanding chemical industry and continuous support from global organizations.
The continuous support from global organizations is expected to drive market growth
Global organizations like Tubular Exchanger Manufacturers Association (TEMA) have set various standards for the construction of shell & tube heat exchangers. The association meets industry standards regularly to update and revise the standards, respond to inquiries, and discuss topics related to the industry. TEMA has been accepted globally as the regulatory authority for the shell and tube heat exchangers market. For this reason, 70% of the industries are interested in doing business with companies associated with TEMA. Some of the leading players of shell and tube heaters associated with the organization are Brask Inc, Dunn Heat Exchangers, Inc, Energy Exchanger Corp, Fabsco Shell and Tube, Graham Corporation, Heat Transfer Equipment Company, Perry Products and various others.
Substitutes of shell & tube exchangers are likely to affect the market growth
The shell & tube heat exchanger market is likely to get impacted by the presence of plate heat exchangers, microchannel, and welded spiral heat exchangers. According to Hikasa Works Ltd., it provides more compactness, efficiency and ease of maintenance compared to shell & tube heat exchangers.
COVID-19 Impact Analysis
Due to the pandemic, stakeholders across the shell & tube heat exchanger industry have seen a notable impact as all the manufacturing industries were closed. The shell & tube heat exchanger market suffered a decline with the decline in food and beverage, transportation, power plants, petrochemicals, pulp & papers, mining and other end-user industries. The market was also hindered by a shortage of raw materials, halts and supply chain disruption due to restrictions imposed by the government across China, European countries, Japan, and the U.S.
However, the shell & tube exchanger market is expected to recover in upcoming years with recovery from the mining, petrochemicals and other related industries.
Market Segmentation Analysis
By applications, the shell & tube heat exchanger market is classified into refining, boilers, steam condenser and others.
The applications in refining for shell & tube heat exchanger is expected to grow at the fastest CAGR during the forecast period (2023-2030)
The refining applications for shell & tube heat exchanger is expected to hold the largest market in the forecast due to the following advantages: it provides more heat transfer efficiency, is more affordable compared to the plate type coolers, have a key role in the crude preheat train, relatively simple manufacturing and have the adaptability for different operating conditions.
The shell & tube heat exchangers are best used with high operating temperatures and pressures. For this reason, it has vital applications in power generation, oil & gas, chemical, process industries. The applications of heat exchangers are involved in evaporator, condenser, cooler for gas scrubbing water and amine recovery on gas cleaning. Also, according to the industry analysis, more than 35 % of heat exchangers used are of shell and tube type in the industries. With expanding production in China, India and South Easters countries, such as, according to China National Petroleum Corp.’s Economics & Technology Research Institute country’s crude processing capacity is expected to reach 1 billion tons per year by 2025. Hence with the growing oil & industry and other related industries, the market for shell and tube heat exchangers market is also forecasted to grow.
Market Geographical Share
Asia Pacific region holds the largest market for the global shell & tube heat exchanger globally
The Asia Pacific holds the largest market for shell & tube heat exchangers globally and is forecasted to continue its dominance with increasing demand for shell & tube heat exchangers with expanding chemical and petrochemical sectors in the region. According to Kelvion Holding GmbH, Asia accounts for almost 50 per cent of global sales and by 2030, almost half of the top ten chemical companies will be from Asia with Asian companies taking two-thirds of the market, hence incorporating demand for shell and tube heat exchangers in the region. Furthermore, significant growth in food & beverages and power generation sectors in the countries including China, India and Japan is projected to drive the demand for heat exchangers.
North America has also seen significant growth in the shell and tube heat exchanger market with expanding chemical projects in countries like the U.S, which is expected to boost the market. For instance, in 2017, TEMA has supplied 46 stainless steel exchangers for the Flour Technip Integrated Sasol project to the Lake Charles Chemicals Project.
Companies and Competitive Landscape
The shell & tube heat exchanger market is moderately competitive with the local player’s presence followed by the global companies who contribute to the major share in the market growth. In addition, some of the key players contributing to the growth of the market are United Heat Exchangers, Ametek Inc., Bitzer SE, Kelvion Holdings GmbH, Thermax Limited, American Heating Company, Enerquip LLC Manson Manufacturing LLC, Mezzo Technologies, Thermofin and others. The major players are adopting various new strategies to dominate the market, such as launching new products, acquisitions and collaborations, which are contributing to the growth of the shell & tube heat exchanger market globally.
Bitzer SE
Overview: Bitzer SE provides solutions and products for air and refrigeration conditioning technologies. The company is headquartered in Sindelfingen, Germany and has 19 production locations with 3,800 employees worldwide.
Product Portfolio: The Company manufactures a wide range of products including reciprocating compressors, screw compressors, Scroll compressors, Heat exchangers, Pressure vessels, electronic components, ammonia compressor packs, condensing units and others.
Key Development: In 2018, Bitzer SE had acquired Alfa Laval’s entire product portfolio for shell-and-tube heat exchangers.
Why Purchase the Report?
- Visualize the segmentation of the shell & tube heat exchanger market by applications, type, components, material, end-users and region, highlighting the key commercial assets and players.
- Identify commercial opportunities in the shell & tube heat exchanger by analyzing trends and co-development deals.
- Excel data sheet with thousands of data points of shell & tube heat exchanger market-level 4/5 segmentation.
- PDF report with the most relevant analysis cogently put together after exhaustive qualitative interviews and in-depth market study.
- Product mapping in excel for the key product of all major market players
The global shell & tube heat exchanger market report would provide access to an approx: 77 market data tables, 90 figures and 180 pages.
Target Audience 2024
- Service Providers/ Buyers
- Industry Investors/Investment Bankers
- Education & Research Institutes
- Research Professionals
- Emerging Companies
- Manufacturers
