Shell And Tube Heat Exchanger Market Is Projected To Grow Robustly By 2030 Shell And Tube Heat Exchanger

Rahul Nikade

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Shell And Tube Heat Exchanger Market Is Projected To Grow Robustly By 2030

Shell And Tube Heat Exchanger Industry

The global shell and tube heat exchangers market is expected to reach USD 9,203.2 million by 2030, expanding at a compound annual growth rate (CAGR) of 5.6% from 2025 to 2030, according to a new report by Grand View Research, Inc. This growth is largely driven by the increasing adoption of shell and tube heat exchangers in industries such as chemicals and petrochemicals. Furthermore, declining prices of exotic metals and the rising demand for shell and tube heat exchangers in the oil and gas industry are expected to further propel the market in the coming years.

In particular, the chemical industry in China is expected to grow at a rate of approximately 6% year-on-year over the next few years, as reported by the International Monetary Fund. This growth is expected to boost the construction of new chemical plants, thereby increasing the demand for shell and tube heat exchangers in the region. With the expansion of the chemical sector, especially in emerging markets, the need for efficient heat exchange systems is expected to rise significantly.

Titanium shell and tube heat exchangers are gaining popularity due to their resistance to stress corrosion in various liquids, including aqueous chlorides like seawater and brine, wet halogens and halides, as well as hot acidic and highly oxidizing solutions like nitric acid and ferric chloride. These properties make titanium an ideal material for shell and tube heat exchangers in challenging environments, such as those found in chemical, petrochemical, power generation, and desalination plants. As a result, the demand for titanium heat exchangers is expected to rise in various industries.

The adoption of additive manufacturing (AM) techniques is revolutionizing the production of advanced titanium shell and tube heat exchangers. Traditional manufacturing methods such as welding, brazing, die-casting, milling, and stamping often have limitations in terms of precision and efficiency. Additive manufacturing overcomes these challenges, allowing for the creation of more advanced, customized, and efficient heat exchangers. This is expected to foster innovation and improvements in the performance of shell and tube heat exchangers, particularly in industries requiring high-performance materials like titanium.

Traditional heat exchangers often occupy large physical spaces, increasing the overall facility layout area and construction costs. Additionally, the maintenance and disassembly of these systems result in further costs for facility owners. As a result, there has been a growing demand for heat exchangers with smaller sizes and improved heat transfer efficiency, which also reduce energy loss and building costs. As part of this trend, welded spiral heat exchangers, plate and frame heat exchangers, shell and tube heat exchangers, and micro-channel heat exchangers have gained more traction in end-use industries.

To stay competitive and capture a larger market share, key companies in the shell and tube heat exchanger market are focusing on strategies such as research and development (R&D), mergers and acquisitions, and geographic expansion. For instance, in August 2022, Bell & Gossett, a brand of Xylem, announced the integration of their online plate and shell & tube heat exchanger selection program, ESP-Thermal, into the Xylem ESP-Systemwize selection tool. This move is expected to streamline the selection process for customers, making it easier to choose the right heat exchanger for their specific needs and boosting the company's revenue generation.

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Shell And Tube Heat Exchanger Market Segments Highlights:

The steel material segment accounted for 31.2% of the global revenue in 2024. The material is available in different varieties like stainless steel, duplex steel, carbon steel, super duplex steel, and others. Carbon steel tubes find application in condensers & heat exchangers for heat transfer and pneumatic & hydraulic tubing. Carbon steel shell & tube heat exchangers are used in various end-use industries including petrochemical, water treatment, food, nuclear, pharmaceutical, agrochemical, fine chemical, and oil & gas
Nickel & Nickel Alloys segment is expected to witness the fastest CAGR of 6.1% over the forecast period. The nickel alloy shell & tube heat exchangers are used in the tubing of steam generators in nuclear power plants, oil & gas extraction, high-temperature aircraft systems, and desalination equipment. In addition, these heat exchangers are used for the storage and low-pressure transport of helium, oxygen, and nitrogen
The chemical segment accounted for a dominant share of 22.2% of the global revenue in 2024. Shell & tube heat exchangers are used in the chemical processing industry (CPI) on account of their properties such as design flexibility and high corrosion resistance. Their properties provide them with the ability to handle fluids having varying levels of solids. These heat exchangers are majorly used in the production processes of sulfuric acid, nitric acid, phosphoric acid, and urea
Asia Pacific region is anticipated to grow at the fastest CAGR of 6.9% over the forecast period. The increasing investments in the chemical sector are further expected to have a positive impact on the Asia Pacific shell & tube heat exchangers industry. Furthermore, ongoing investments in the commercial and residential construction industry are expected to drive the demand for HVAC and refrigeration over the forecast period. Shell & tube heat exchangers play a crucial role in enhancing the overall energy efficiency of a heating or cooling system

Shell And Tube Heat Exchanger Market Report Segmentation

Grand View Research has segmented the global shell and tube heat exchanger market report based on material, end use and region:

Shell And Tube Heat Exchanger Material Outlook (Revenue, USD Million, 2018 - 2030)