The global shell & tube heat exchangers market is anticipated to value USD 9.19 billion until 2027. It is also expected to register a CAGR of 6.2% over the forecasted years, 2020 to 2027. The surging need for heat transfer to carry out several manufacturing activities is expected to drive the market growth of shell & tube heat exchangers across the globe.
In 2019, the steel segment dominated the global market with a share of 30.9% due to features like enhanced corrosion resistance in cooling waters and chemical environments and improved temperature resistance. On the other hand, the nickel & nickel alloys segment is expected to register the highest CAGR of 6.6% over the forecasted years owing to its rising demand across petrochemical and chemical industries.
The end-use segment of chemical dominated the global market with a share of around 20.2% in 2019 on account of its characteristics of heat exchangers such as ease of repair and maintenance and designing flexibility. The petrochemical segment is anticipated to witness substantial growth from 2020 to 2027 owing to its wide range of industrial applications like separating oil from gas and water in the process of heat recovery.
The Asia Pacific dominated the global market in 2019 owing to the rising investments across petrochemical and chemical industries across this region. While Europe accounted for the second-largest share due to the imposition of regulations by governing authorities for reducing greenhouse gas and CO2 emissions.
The shell & tube heat exchangers market includes key players such as Thermex; Xylem Inc; Alfa Laval; HRS Heat Exchangers; Elanco, Inc.; and Brask, Inc. They are engaged in implementing strategies like acquisitions, alliances, and mergers to gain a competitive advantage. Also, many local players have started entering the global market thereby creating stiff competition for the key players.
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Further key findings from the report suggest:
• The material segment of steel accounted for the largest share across the global market in 2019.
• The petrochemical end-use segment is anticipated to register significant growth over the forecasted period, 2020 to 2027.
• In 2019, Asia Pacific dominated the global shell and tube heat exchangers market with share of around 36.3%.
• The key players in this market are Thermex; Xylem Inc; Alfa Laval; HRS Heat Exchangers; Elanco, Inc.; and Brask, Inc.
Million Insights has segmented the global shell & tube heat exchangers market based on material, end use, and region:
Shell & Tube Heat Exchangers Material Outlook (Revenue, USD Million, 2016 - 2027)
• Nickel & Nickel Alloys
• Stainless Steel
• Duplex Steel
• Carbon Steel
• Super Duplex Steel
Shell & Tube Heat Exchangers End-use Outlook (Revenue, USD Million, 2016 - 2027)
• Power Generation
• Food & Beverages
• HVAC & Refrigeration
• Pulp & Paper
Shell & Tube Heat Exchangers Regional Outlook (Revenue, USD Million, 2016 - 2027)
• North America
• Asia Pacific
• Central & South America
• Middle East & Africa
• Saudi Arabia
• South Africa