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Global Shell & Tube Heat Exchanger Market to reach USD 7.08 billion by the end of 2029

Global Shell & Tube Heat Exchanger Market Size study & Forecast, by Material ( Steel, Nickel & Nickel Alloys, Titanium, Tantalum, Others) by Application ( Chemicals, Petrochemicals and Oil & Gas, HVAC & Refrigeration, Food & Beverages, Power Generation, Pulp & Paper and Others), and Regional Analysis, 2022-2029

Product Code: CMAM-10079625
Publish Date: 25-01-2023
Page: 200

Global Shell & Tube Heat Exchanger Market is valued approximately USD 4.58 billion in 2021 and is anticipated to grow with a healthy growth rate of more than 5.6% over the forecast period 2022-2029. A shell and tube heat exchanger are a class of heat exchanger designs. It is the most common type of heat exchanger in oil refineries and other large chemical processes, and is suited for higher-pressure applications. The Shell & Tube Heat Exchanger market is expanding because of factors such as rising investment in industrial projects and manufacturing projects, growth in the oil refineries and petrochemical plants. However, rising Volatility in raw material prices may halt market growth.

The International Energy Agency (IEA) estimates that Asia Pacific produces more than 50% of the world’s petrochemicals. In addition, several significant manufacturers are enlarging their production facilities around Asia-Pacific in order to take advantage of the opportunity in the region’s rising economies. The India Brand Equity Foundation predicts that by 2025, the chemical industry would contribute USD 300 billion to India’s GDP, and that demand for chemicals will rise by 9% annually. According to BP’s statistical review of World Energy 2022, China’s nuclear power generation was 407.7 TW-hour in 2021, and natural gas production increased by 8.1% to 209.2 billion cubic meters. As shell & tube heat exchangers are widely used in the power and oil & gas industries, these statistics will have a significant impact on the shell & tube heat exchangers market in China. Additionally, the market is seeing new prospects due to the expanding aftermarket for shell & tube heat exchangers.

The key regions considered for the Global Shell & Tube Heat Exchanger Market study includes Asia Pacific, North America, Europe, Latin America, and Rest of the World. Asia Pacific dominated the market in terms of revenue, owing to availability of low-cost raw materials and labour, coupled with growing industrialization, makes the region an attractive investment destination for shell & tube heat exchanger manufacturers. The rising population, urbanization, and industrialization are some of the factors that will drive the shell & tube heat exchanger market in this region. Europe is expected to grow significantly during the forecast period, owing to factors such as rising industrial development, and manufacturing sector in the region.

Major market player included in this report are:
Alfa Laval Ab
Hrs Heat Exchangers
Api Heat Transfer
Koch Heat Transfer
Manninng & Lewis

Recent Developments in the Market:
 In September 2018, Kelvion combined its double tube safety technology with its compact fin system to produce the new ComFin Safety heat exchanger. The benefits are optimized energy efficiency, small footprint, and efficient performance due to enlarged surface through fins. The Material can be used in various industries such as power, marine and heavy industry.
 In October 2021, Kelvion is expanding its, The Port of Catoosa site, to meet the growing demand in the North American market. The company investment of USD 6 million will increase manufacturing and create jobs.

Global Shell & Tube Heat Exchanger Market Report Scope:
Historical Data 2019-2020-2021
Base Year for Estimation 2021
Forecast period 2022-2029
Report Coverage Revenue forecast, Company Ranking, Competitive Landscape, Growth factors, and Trends
Segments Covered Material, Application, Region
Regional Scope North America; Europe; Asia Pacific; Latin America; Rest of the World
Customization Scope Free report customization (equivalent up to 8 analyst’s working hours) with purchase. Addition or alteration to country, regional & segment scope*

The objective of the study is to define market sizes of different segments & countries in recent years and to forecast the values to the coming years. The report is designed to incorporate both qualitative and quantitative aspects of the industry within countries involved in the study.

The report also caters detailed information about the crucial aspects such as driving factors & challenges which will define the future growth of the market. Additionally, it also incorporates potential opportunities in micro markets for stakeholders to invest along with the detailed analysis of competitive landscape and Material offerings of key players. The detailed segments and sub-segment of the market are explained below:
By Material:
Nickel & Nickel Alloys

By Application:
Petrochemicals and Oil & Gas
HVAC & Refrigeration
Food & Beverages
Power Generation
Pulp & Paper

By Region:
North America
Asia Pacific
South Korea
Latin America
Rest of the World

Chapter 1. Executive Summary
1.1. Market Snapshot
1.2. Global & Segmental Market Estimates & Forecasts, 2019-2029 (USD Billion)
1.2.1. Shell & Tube Heat Exchanger Market, by Region, 2019-2029 (USD Billion)
1.2.2. Shell & Tube Heat Exchanger Market, by Material, 2019-2029 (USD Billion)
1.2.3. Shell & Tube Heat Exchanger Market, by Application, 2019-2029 (USD Billion)
1.3. Key Trends
1.4. Estimation Methodology
1.5. Research Assumption
Chapter 2. Global Shell & Tube Heat Exchanger Market Definition and Scope
2.1. Objective of the Study
2.2. Market Definition & Scope
2.2.1. Scope of the Study
2.2.2. Industry Evolution
2.3. Years Considered for the Study
2.4. Currency Conversion Rates
Chapter 3. Global Shell & Tube Heat Exchanger Market Dynamics
3.1. Shell & Tube Heat Exchanger Market Impact Analysis (2019-2029)
3.1.1. Market Drivers Rising investment in industrial projects and manufacturing projects Growth in the oil refineries and petrochemical plants
3.1.2. Market Challenges Rising Volatility in raw material prices
3.1.3. Market Opportunities Growing aftermarket for shell & tube heat exchangers
Chapter 4. Global Shell & Tube Heat Exchanger Market Industry Analysis
4.1. Porter’s 5 Force Model
4.1.1. Bargaining Power of Suppliers
4.1.2. Bargaining Power of Buyers
4.1.3. Threat of New Entrants
4.1.4. Threat of Substitutes
4.1.5. Competitive Rivalry
4.2. Futuristic Approach to Porter’s 5 Force Model (2019-2029)
4.3. PEST Analysis
4.3.1. Political
4.3.2. Economical
4.3.3. Social
4.3.4. Technological
4.4. Investment Adoption Model
4.5. Analyst Recommendation & Conclusion
4.6. Top investment opportunity
4.7. Top winning strategies
Chapter 5. Risk Assessment: COVID-19 Impact
5.1. Assessment of the overall impact of COVID-19 on the industry
5.2. Pre COVID-19 and post COVID-19 Market scenario
Chapter 6. Global Shell & Tube Heat Exchanger Market, by Material
6.1. Market Snapshot
6.2. Global Shell & Tube Heat Exchanger Market by Material, Performance – Potential Analysis
6.3. Global Shell & Tube Heat Exchanger Market Estimates & Forecasts by Material 2019-2029 (USD Billion)
6.4. Shell & Tube Heat Exchanger Market, Sub Segment Analysis
6.4.1. Steel
6.4.2. Nickel & Nickel Alloys
6.4.3. Titanium
6.4.4. Tantalum
6.4.5. Others
Chapter 7. Global Shell & Tube Heat Exchanger Market, by Application
7.1. Market Snapshot
7.2. Global Shell & Tube Heat Exchanger Market by Application, Performance – Potential Analysis
7.3. Global Shell & Tube Heat Exchanger Market Estimates & Forecasts by Application 2019-2029 (USD Billion)
7.4. Shell & Tube Heat Exchanger Market, Sub Segment Analysis
7.4.1. Chemicals
7.4.2. Petrochemicals and Oil & Gas
7.4.3. HVAC & Refrigeration
7.4.4. Food & Beverages
7.4.5. Power Generation
7.4.6. Pulp & Paper
7.4.7. Others
Chapter 8. Global Shell & Tube Heat Exchanger Market, Regional Analysis
8.1. Shell & Tube Heat Exchanger Market, Regional Market Snapshot
8.2. North America Shell & Tube Heat Exchanger Market
8.2.1. U.S. Shell & Tube Heat Exchanger Market Material breakdown estimates & forecasts, 2019-2029 Application breakdown estimates & forecasts, 2019-2029
8.2.2. Canada Shell & Tube Heat Exchanger Market
8.3. Europe Shell & Tube Heat Exchanger Market Snapshot
8.3.1. U.K. Shell & Tube Heat Exchanger Market
8.3.2. Germany Shell & Tube Heat Exchanger Market
8.3.3. France Shell & Tube Heat Exchanger Market
8.3.4. Spain Shell & Tube Heat Exchanger Market
8.3.5. Italy Shell & Tube Heat Exchanger Market
8.3.6. Rest of Europe Shell & Tube Heat Exchanger Market
8.4. Asia-Pacific Shell & Tube Heat Exchanger Market Snapshot
8.4.1. China Shell & Tube Heat Exchanger Market
8.4.2. India Shell & Tube Heat Exchanger Market
8.4.3. Japan Shell & Tube Heat Exchanger Market
8.4.4. Australia Shell & Tube Heat Exchanger Market
8.4.5. South Korea Shell & Tube Heat Exchanger Market
8.4.6. Rest of Asia Pacific Shell & Tube Heat Exchanger Market
8.5. Latin America Shell & Tube Heat Exchanger Market Snapshot
8.5.1. Brazil Shell & Tube Heat Exchanger Market
8.5.2. Mexico Shell & Tube Heat Exchanger Market
8.6. Rest of The World Shell & Tube Heat Exchanger Market

Chapter 9. Competitive Intelligence
9.1. Top Market Strategies
9.2. Company Profiles
9.2.1. Alfa Laval Ab Key Information Overview Financial (Subject to Data Availability) Product Summary Recent Developments
9.2.2. Hrs Heat Exchangers
9.2.3. Kelvion
9.2.4. Xylem
9.2.5. Api Heat Transfer
9.2.6. Koch Heat Transfer
9.2.7. Manninng & Lewis
9.2.8. Mersen
9.2.9. Thermax
9.2.10. Thermofin
Chapter 10. Research Process
10.1. Research Process
10.1.1. Data Mining
10.1.2. Analysis
10.1.3. Market Estimation
10.1.4. Validation
10.1.5. Publishing
10.2. Research Attributes
10.3. Research Assumption

At Bizwit Research and Consultancy, we employ a thorough and iterative research methodology with the goal of minimizing discrepancies, ensuring the provision of highly accurate estimates and predictions over the forecast period. Our approach involves a combination of bottom-up and top-down strategies to effectively segment and estimate quantitative aspects of the market, utilizing our proprietary data & AI tools. Our Proprietary Tools allow us for the creation of customized models specific to the research objectives. This enables us to develop tailored statistical models and forecasting algorithms to estimate market trends, future growth, or consumer behavior. The customization enhances the accuracy and relevance of the research findings.
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Data Collection:
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In addition to primary sources, we extensively utilize secondary sources to enhance our research. These include directories, databases, journals focusing on related industries, company newsletters, and information portals such as Bloomberg, D&B Hoovers, and Factiva. These secondary sources enable us to identify and gather valuable information for our comprehensive, technical, market-oriented, and commercial study of the market. Additionally, we utilize AI algorithms to automate the collection of vast amounts of data from various sources such as surveys, social media platforms, online transactions, and web scraping. And employ Big Data technologies for storage and processing of large datasets, ensuring that no valuable information is missed during the data collection process.
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Our team of experts carefully examine the gathered data using suitable statistical techniques and qualitative analysis methods. For quantitative analysis, we employ descriptive statistics, regression analysis, and other advanced statistical methods, depending on the characteristics of the data. This analysis may also incorporate the utilization of AI tools and big data analysis techniques to extract meaningful insights.
To ensure the accuracy and reliability of our findings, we extensively leverage data science techniques, which help us minimize discrepancies and uncertainties in our analysis. We employ Data Science to clean and preprocess the data, ensuring its quality and reliability. This involves handling missing data, removing outliers, standardizing variables, and transforming data into suitable formats for analysis. The application of data science techniques enhances our accuracy, efficiency, and depth of analysis, enabling us to stay competitive in dynamic market environments.
Market Size Estimation:
Our proprietary data tools play a crucial role in deriving our market estimates and forecasts. Each study involves the creation of a unique and customized model. The model incorporates the gathered information on market dynamics, technology landscape, application development, and pricing trends. AI techniques, such as machine learning and deep learning, aid us to analyze patterns within the data to identify correlations, trends, and relationships. By recognizing patterns in consumer behavior, purchasing habits, or market dynamics, our AI algorithms aid us in more precise estimations of market size. These factors are simultaneously analyzed within the model, allowing for a comprehensive assessment. To quantify their impact over the forecast period, correlation, regression, and time series analysis are employed.
To estimate and validate the market size, we employ both top-down and bottom-up approaches. The preference is given to a bottom-up approach, where key regional markets are analyzed as separate entities. This data is then integrated to obtain global estimates. This approach is crucial as it provides a deep understanding of the industry and helps minimize errors.
In our forecasting process, we consider various parameters such as economic tools, technological analysis, industry experience, and domain expertise. By taking all these factors into account, we strive to produce accurate and reliable market forecasts. When forecasting, we take into consideration several parameters, which include:
Market driving trends and favorable economic conditions
Restraints and challenges that are expected to be encountered during the forecast period.
Anticipated opportunities for growth and development
Technological advancements and projected developments in the market
Consumer spending trends and dynamics
Shifts in consumer preferences and behaviors.
The current state of raw materials and trends in supply versus pricing
Regulatory landscape and expected changes or developments.
The existing capacity in the market and any expected additions or expansions up to the end of the forecast period.
To assess the market impact of these parameters, we assign weights to each one and utilize weighted average analysis. This process allows us to quantify their influence on the market and derive an expected growth rate for the forecasted period. By considering these various factors and applying a weighted analysis approach, we strive to provide accurate and reliable market forecasts.
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