Shell & Tube Heat Exchanger Market Analysis

Material Segment Analysis

The steel segment is predicted to account for 30% share of the global shell & tube heat exchanger market by 2035. The desire for highly efficient plant operations and the reduction of costly plant shutdowns are expected to drive an enormous rise in sales of stainless-steel shell and tube heat exchangers. The inexpensive cost of the material contributes to its increased adoption in multiple end-use industries. Stainless steel is expected to have more material penetration in heat exchangers due to its properties, which include durability against corrosion in chemical environments and cooling waters, high-temperature resistance to scaling and oxidation, good strength in low- and high-temperature applications, and resistance to corrosion-caused fouling. 

End-Use Segment Analysis

The petrochemical and oil & gas industry segment is projected to generate the highest market share of over 30% over the forecast period. This growth of the segment is set to be influenced by rising demand for oil & gas. The demand for crude oil (including biofuels) was expected to reach approximately 100 million barrels per day in 2023, up from about 98 million barrels per day in 2022. Therefore, the demand for shell & tube heat exchanger is also projected to grow. This is since, high temperatures are frequently involved in oil and gas operations, and maintaining accurate temperature management is crucial to the operations' continued efficacy. By transferring heat between various fluids, shell & tube heat exchangers assist in temperature regulation and enable processes to be carried out at the appropriate temperature ranges. Furthermore, vaporization or condensation of fluids is a common process in the oil and gas industry. Shell & tube heat exchangers transmit heat among a cooling or heating medium and the fluid that needs to be evaporated or condensed, enabling these phase shifts.

Our in-depth analysis of the global market includes the following segments: