Shell & Tube Heat Exchanger Market is forecast to reach $7.4 billion by 2025, after growing at a CAGR of 4.1% during 2020-2025. Owing to their easy maintenance, robust geometry design, and potential upgrades, shell and tube heat exchanger penetration is witnessing significant growth in oil refineries and petrochemical plants. Also, heat exchangers for shells and tubes are expected to gain popularity in the future due to their improved resistance to high-temperature applications and the ability to deliver protection against fouling. Hence, due to the rising demand for modern, new equipment in the petrochemical, pharmaceutical and power generation industries, providing high efficiency and resistance to corrosion is expected to raise the shell & tube heat exchanger industry in the forecast period.Key Takeaways
Europe dominated the market share of shell & tube heat exchangers in the area due to the large-scale demand of shell & tube heat exchangers for chemicals industry in this region.
Due to the continuous use of shell & tube heat exchangers for the production of various chemicals such as fertilizers and specialty chemicals worldwide, in the chemicals industry is predicted to expand dramatically over the projected era.
Furthermore, the rise in demand for fertilizers, fibers, industrial gasses and other inorganic and organic chemicals, which will increase the demand for the manufacture of appliances, such as heat exchangers, boilers and chillers, would boost market growth in the coming years.
Also, due to the high resistance to extreme temperatures, fluoropolymers such as perfluoro alkoxy alkane (PFA) and fluorinated ethylene propylene (FEP) are used to produce the tubing material in the shell & tube heat exchanger market.
Due to COVID-19 palindrome and nationwide lockdown there is a pause in the manufacturing industry due to the shortage of the supply of raw materials for the production of shell & tube heat exchangers.
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Shell & Tube Heat Exchanger Market Drivers
Rapidly growing demand of shell & tube heat exchanger from pulp & paper
Compared with the refining industry, the pulp & paper manufacturing industry uses large amounts of heat in their processes, typically in the mid and low temperature range. The pulp and paper industries use a great deal of energy in their different drying processes. The drying process is important and as a result, the air heat exchanger shell & tube must be durable and also highly successful in order to reduce the energy bills of the facility.
Shell & Tube Heat Exchanger Market top 10 companies are Kelvion Holdings GmbH, Alfa Laval AB, HRS Heat Exchangers, Brask Inc., Koch Heat Transfer Company, Thermax Limited, SPX Corporation, API Heat Transfer Inc., and Southern Heat Exchanger Corporation
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