쉘 및 튜브형 열교환기 시장 규모, 점유율, 동향, 산업 분석 보고서 : 재료별, 최종 용도별, 지역별 - 시장 예측(2025-2034년)

The global shell and tube heat exchanger market size is expected to reach USD 11.72 billion by 2034, according to a new study by Polaris Market Research. The report "Shell and Tube Heat Exchanger Market Size, Share, Trends, Industry Analysis Report: By Material, End Use (Power Generation, Petrochemicals, Chemical, Food & Beverages, HVAC & Refrigerator, Pulp & Paper, and Others), and Region (North America, Europe, Asia Pacific, Latin America, and Middle East & Africa) - Market Forecast, 2025-2034" gives a detailed insight into current market dynamics and provides analysis on future market growth.

The shell and tube heat exchanger market is growing due to the expansion of production capacities by food and beverage manufacturers. Companies are increasing their output to meet rising consumer demand. The food & beverages industry primarily employs shell and tube heat exchangers for cooling, pasteurization, and temperature control processes. Thus, the expansion in production capacities is positively impacting the shell and tube heat exchangers market expansion.

The shell and tube heat exchanger market is expected to grow due to increased investment in the petrochemical industry. This rise in capital is likely to encourage petrochemical manufacturers to invest more in advanced systems that enhance production efficiency, which will drive the demand for shell and tube heat exchanger equipment. For instance, in October 2024, the government of India announced its plans to invest USD 45 billion in the petrochemical sector, indicating a significant inflow of capital. Furthermore, the anticipated entry of new players into the market, fueled by rising capital investments, is expected to contribute to the growth of the shell and tube heat exchanger market during the forecast period.

Chemical industries are major consumers of shell and tube heat exchanger systems for processes such as distillation, evaporation, and condensation. Therefore, the growth of the chemical industry is propelling the growth of the shell and tube heat exchanger market.

Shell and Tube Heat Exchanger Market Report Highlights

Based on material, the steel segment is expected to experience the highest CAGR in the global market during the forecast period due to the cost-effectiveness of steel material.

The chemical segment, by end use, recorded the largest revenue share of the shell and tube heat exchanger market in 2024 due to the growing application of shell and tube heat exchanger systems in chemical manufacturing processes.

In 2024, North America held the largest revenue share in the shell and tube heat exchanger market due to the expansion of the food and beverage industries.

The shell and tube heat exchanger market in India is projected for substantial growth due to an increase in government spending on power generation.

A few global key market players are Alfa Laval; HRS Heat Exchangers; Kelvion Holding GmbH; API Heat Transfer; Brask, Inc.; Koch Heat Transfer Company; Xylem Inc.; WCR, Inc.; Southern Heat Exchanger Corporation; Manning and Lewis; Elanco, Inc.; Mersen; Thermex; Tinita Engineering Pvt. Ltd; and Barriquand Heat Exchanger.

Polaris market research has segmented the shell and tube heat exchanger market report on the basis of material, end use, and region:

By Material Outlook (Revenue - USD Billion, 2020-2034)

• Haste Alloy
• Titanium
• Nickel & Nickel Alloys
• Tantalum
• Steel
• Stainless Steel
• Duplex Steel
• Carbon Steel
• Super Duplex Steel
• Others
• Others

By End Use Outlook (Revenue - USD Billion, 2020-2034)

• Power Generation
• Petrochemicals
• Chemical
• Food & Beverages
• HVAC & Refrigerators
• Pulp & Paper
• Others

By Regional Outlook (Volume, Billion Units, Revenue - USD Billion, 2020-2034)

• North America
• US
• Canada
• Europe
• Germany
• UK
• France
• Italy
• Spain
• Russia
• Netherlands
• Rest of Europe
• Asia Pacific
• China
• India
• Japan
• South Korea
• Indonesia
• Malaysia
• Australia
• Rest of Asia Pacific
• Latin America
• Argentina
• Brazil
• Mexico
• Rest of Latin America
• Middle East & Africa
• UAE
• Saudi Arabia
• Israel
• South Africa
• Rest of Middle East & Africa

Table of Contents

1. Introduction

• 1.1. Report Description
  • 1.1.1. Objectives of the Study
  • 1.1.2. Market Scope
  • 1.1.3. Assumptions
• 1.2. Stakeholders

2. Executive Summary

• 2.1. Market Highlights

3. Research Methodology

• 3.1. Overview
  • 3.1.1. Data Mining
• 3.2. Data Sources
  • 3.2.1. Primary Sources
  • 3.2.2. Secondary Sources

4. Global Shell and Tube Heat Exchanger Market Insights

• 4.1. Shell and Tube Heat Exchanger Market - Market Snapshot
• 4.2. Shell and Tube Heat Exchanger Market Dynamics
  • 4.2.1. Drivers and Opportunities
    • 4.2.1.1. Rising Investment in Manufacturing Sector
    • 4.2.1.2. Growing Demand for HVAC Equipment
  • 4.2.2. Restraints and Challenges
    • 4.2.2.1. High Initial Investment
• 4.3. Porter's Five Forces Analysis
  • 4.3.1. Bargaining Power of Suppliers (Moderate)
  • 4.3.2. Threats of New Entrants: (Low)
  • 4.3.3. Bargaining Power of Buyers (Moderate)
  • 4.3.4. Threat of Substitute (Moderate)
  • 4.3.5. Rivalry among existing firms (High)
• 4.4. PESTEL Analysis
• 4.5. Shell and Tube Heat Exchanger Market End Use Trends
• 4.6. Value Chain Analysis
• 4.7. COVID-19 Impact Analysis

5. Global Shell and Tube Heat Exchanger Market, by Material

• 5.1. Key Findings
• 5.2. Introduction
  • 5.2.1. Global Shell and Tube Heat Exchanger Market, by Material, 2020-2034 (USD Billion)
• 5.3. Haste Alloy
  • 5.3.1. Global Shell and Tube Heat Exchanger Market, by Haste Alloy, by Region, 2020-2034 (USD Billion)
• 5.4. Titanium
  • 5.4.1. Global Shell and Tube Heat Exchanger Market, by Titanium, by Region, 2020-2034 (USD Billion)
• 5.5. Nickel & Nickel Alloys
  • 5.5.1. Global Shell and Tube Heat Exchanger Market, by Nickel & Nickel Alloys, by Region, 2020-2034 (USD Billion)
• 5.6. Tantalum
  • 5.6.1. Global Shell and Tube Heat Exchanger Market, by Tantalum, by Region, 2020-2034 (USD Billion)
• 5.7. Steel
  • 5.7.1. Global Shell and Tube Heat Exchanger Market, by Steel, by Region, 2020-2034 (USD Billion)
  • 5.7.2. Stainless Steel
    • 5.7.2.1. Global Shell and Tube Heat Exchanger Market, by Stainless Steel, by Region, 2020-2034 (USD Billion)
  • 5.7.3. Duplex Steel
    • 5.7.3.1. Global Shell and Tube Heat Exchanger Market, by Duplex Steel, by Region, 2020-2034 (USD Billion)
  • 5.7.4. Carbon Steel
    • 5.7.4.1. Global Shell and Tube Heat Exchanger Market, by Carbon Steel, by Region, 2020-2034 (USD Billion)
  • 5.7.5. Super Duplex Steel
    • 5.7.5.1. Global Shell and Tube Heat Exchanger Market, by Super Duplex Steel, by Region, 2020-2034 (USD Billion)
  • 5.7.6. Others
    • 5.7.6.1. Global Shell and Tube Heat Exchanger Market, by Others, by Region, 2020-2034 (USD Billion)
• 5.8. Others
  • 5.8.1. Global Shell and Tube Heat Exchanger Market, by Others, by Region, 2020-2034 (USD Billion)

6. Global Shell and Tube Heat Exchanger Market, by End Use

• 6.1. Key Findings
• 6.2. Introduction
  • 6.2.1. Global Shell and Tube Heat Exchanger Market, by End Use, 2020-2034 (USD Billion)
• 6.3. Power Generation
  • 6.3.1. Global Shell and Tube Heat Exchanger Market, by Power Generation, by Region, 2020-2034 (USD Billion)
• 6.4. Petrochemicals
  • 6.4.1. Global Shell and Tube Heat Exchanger Market, by Petrochemicals, by Region, 2020-2034 (USD Billion)
• 6.5. Chemical
  • 6.5.1. Global Shell and Tube Heat Exchanger Market, by Chemical, by Region, 2020-2034 (USD Billion)
• 6.6. Food & Beverages
  • 6.6.1. Global Shell and Tube Heat Exchanger Market, by Food & Beverages, by Region, 2020-2034 (USD Billion)
• 6.7. HVAC & Refrigerators
  • 6.7.1. Global Shell and Tube Heat Exchanger Market, by HVAC & Refrigerators, by Region, 2020-2034 (USD Billion)
• 6.8. Pulp & Paper
  • 6.8.1. Global Shell and Tube Heat Exchanger Market, by Pulp & Paper, by Region, 2020-2034 (USD Billion)
• 6.9. Others
  • 6.9.1. Global Shell and Tube Heat Exchanger Market, by Others, by Region, 2020-2034 (USD Billion)

7. Global Shell and Tube Heat Exchanger Market, by Geography

• 7.1. Key Findings
• 7.2. Introduction
  • 7.2.1. Shell and Tube Heat Exchanger Market Assessment, By Geography, 2020-2034 (USD Billion)
• 7.3. Shell and Tube Heat Exchanger Market - North America
  • 7.3.1. North America: Shell and Tube Heat Exchanger Market, by Material, 2020-2034 (USD Billion)
  • 7.3.2. North America: Shell and Tube Heat Exchanger Market, by End Use, 2020-2034 (USD Billion)
  • 7.3.3. Shell and Tube Heat Exchanger Market - U.S.
    • 7.3.3.1. U.S.: Shell and Tube Heat Exchanger Market, by Material, 2020-2034 (USD Billion)
    • 7.3.3.2. U.S.: Shell and Tube Heat Exchanger Market, by End Use, 2020-2034 (USD Billion)
  • 7.3.4. Shell and Tube Heat Exchanger Market - Canada
    • 7.3.4.1. Canada: Shell and Tube Heat Exchanger Market, by Material, 2020-2034 (USD Billion)
    • 7.3.4.2. Canada: Shell and Tube Heat Exchanger Market, by End Use, 2020-2034 (USD Billion)
• 7.4. Shell and Tube Heat Exchanger Market - Europe
  • 7.4.1. Europe: Shell and Tube Heat Exchanger Market, by Material, 2020-2034 (USD Billion)
  • 7.4.2. Europe: Shell and Tube Heat Exchanger Market, by End Use, 2020-2034 (USD Billion)
  • 7.4.3. Shell and Tube Heat Exchanger Market - UK
    • 7.4.3.1. UK: Shell and Tube Heat Exchanger Market, by Material, 2020-2034 (USD Billion)
    • 7.4.3.2. UK: Shell and Tube Heat Exchanger Market, by End Use, 2020-2034 (USD Billion)
  • 7.4.4. Shell and Tube Heat Exchanger Market - France
    • 7.4.4.1. France: Shell and Tube Heat Exchanger Market, by Material, 2020-2034 (USD Billion)
    • 7.4.4.2. France: Shell and Tube Heat Exchanger Market, by End Use, 2020-2034 (USD Billion)
  • 7.4.5. Shell and Tube Heat Exchanger Market - Germany
    • 7.4.5.1. Germany: Shell and Tube Heat Exchanger Market, by Material, 2020-2034 (USD Billion)
    • 7.4.5.2. Germany: Shell and Tube Heat Exchanger Market, by End Use, 2020-2034 (USD Billion)
  • 7.4.6. Shell and Tube Heat Exchanger Market - Italy
    • 7.4.6.1. Italy: Shell and Tube Heat Exchanger Market, by Material, 2020-2034 (USD Billion)
    • 7.4.6.2. Italy: Shell and Tube Heat Exchanger Market, by End Use, 2020-2034 (USD Billion)
  • 7.4.7. Shell and Tube Heat Exchanger Market - Spain
    • 7.4.7.1. Spain: Shell and Tube Heat Exchanger Market, by Material, 2020-2034 (USD Billion)
    • 7.4.7.2. Spain: Shell and Tube Heat Exchanger Market, by End Use, 2020-2034 (USD Billion)
  • 7.4.8. Shell and Tube Heat Exchanger Market - Netherlands
    • 7.4.8.1. Netherlands: Shell and Tube Heat Exchanger Market, by Material, 2020-2034 (USD Billion)
    • 7.4.8.2. Netherlands: Shell and Tube Heat Exchanger Market, by End Use, 2020-2034 (USD Billion)
  • 7.4.9. Shell and Tube Heat Exchanger Market - Russia
    • 7.4.9.1. Russia: Shell and Tube Heat Exchanger Market, by Material, 2020-2034 (USD Billion)
    • 7.4.9.2. Russia: Shell and Tube Heat Exchanger Market, by End Use, 2020-2034 (USD Billion)
  • 7.4.10. Shell and Tube Heat Exchanger Market - Rest of Europe
    • 7.4.10.1. Rest of Europe: Shell and Tube Heat Exchanger Market, by Material, 2020-2034 (USD Billion)
    • 7.4.10.2. Rest of Europe: Shell and Tube Heat Exchanger Market, by End Use, 2020-2034 (USD Billion)
• 7.5. Shell and Tube Heat Exchanger Market - Asia Pacific
  • 7.5.1. Asia Pacific: Shell and Tube Heat Exchanger Market, by Material, 2020-2034 (USD Billion)
  • 7.5.2. Asia Pacific: Shell and Tube Heat Exchanger Market, by End Use, 2020-2034 (USD Billion)
  • 7.5.3. Shell and Tube Heat Exchanger Market - China
    • 7.5.3.1. China: Shell and Tube Heat Exchanger Market, by Material, 2020-2034 (USD Billion)
    • 7.5.3.2. China: Shell and Tube Heat Exchanger Market, by End Use, 2020-2034 (USD Billion)
  • 7.5.4. Shell and Tube Heat Exchanger Market - India
    • 7.5.4.1. India: Shell and Tube Heat Exchanger Market, by Material, 2020-2034 (USD Billion)
    • 7.5.4.2. India: Shell and Tube Heat Exchanger Market, by End Use, 2020-2034 (USD Billion)
  • 7.5.5. Shell and Tube Heat Exchanger Market - Malaysia
    • 7.5.5.1. Malaysia: Shell and Tube Heat Exchanger Market, by Material, 2020-2034 (USD Billion)
    • 7.5.5.2. Malaysia: Shell and Tube Heat Exchanger Market, by End Use, 2020-2034 (USD Billion)
  • 7.5.6. Shell and Tube Heat Exchanger Market - Japan
    • 7.5.6.1. Japan: Shell and Tube Heat Exchanger Market, by Material, 2020-2034 (USD Billion)
    • 7.5.6.2. Japan: Shell and Tube Heat Exchanger Market, by End Use, 2020-2034 (USD Billion)
  • 7.5.7. Shell and Tube Heat Exchanger Market - Indonesia
    • 7.5.7.1. Indonesia: Shell and Tube Heat Exchanger Market, by Material, 2020-2034 (USD Billion)
    • 7.5.7.2. Indonesia: Shell and Tube Heat Exchanger Market, by End Use, 2020-2034 (USD Billion)
  • 7.5.8. Shell and Tube Heat Exchanger Market - South Korea
    • 7.5.8.1. South Korea: Shell and Tube Heat Exchanger Market, by Material, 2020-2034 (USD Billion)
    • 7.5.8.2. South Korea: Shell and Tube Heat Exchanger Market, by End Use, 2020-2034 (USD Billion)
  • 7.5.9. Shell and Tube Heat Exchanger Market - Australia
    • 7.5.9.1. Australia: Shell and Tube Heat Exchanger Market, by Material, 2020-2034 (USD Billion)
    • 7.5.9.2. Australia: Shell and Tube Heat Exchanger Market, by End Use, 2020-2034 (USD Billion)
  • 7.5.10. Shell and Tube Heat Exchanger Market - Rest of Asia Pacific
    • 7.5.10.1. Rest of Asia Pacific: Shell and Tube Heat Exchanger Market, by Material, 2020-2034 (USD Billion)
    • 7.5.10.2. Rest of Asia Pacific: Shell and Tube Heat Exchanger Market, by End Use, 2020-2034 (USD Billion)
• 7.6. Shell and Tube Heat Exchanger Market - Middle East & Africa
  • 7.6.1. Middle East & Africa: Shell and Tube Heat Exchanger Market, by Material, 2020-2034 (USD Billion)
  • 7.6.2. Middle East & Africa: Shell and Tube Heat Exchanger Market, by End Use, 2020-2034 (USD Billion)
  • 7.6.3. Shell and Tube Heat Exchanger Market - Saudi Arabia
    • 7.6.3.1. Saudi Arabia: Shell and Tube Heat Exchanger Market, by Material, 2020-2034 (USD Billion)
    • 7.6.3.2. Saudi Arabia: Shell and Tube Heat Exchanger Market, by End Use, 2020-2034 (USD Billion)
  • 7.6.4. Shell and Tube Heat Exchanger Market - UAE
    • 7.6.4.1. UAE: Shell and Tube Heat Exchanger Market, by Material, 2020-2034 (USD Billion)
    • 7.6.4.2. UAE: Shell and Tube Heat Exchanger Market, by End Use, 2020-2034 (USD Billion)
  • 7.6.5. Shell and Tube Heat Exchanger Market - Israel
    • 7.6.5.1. Israel: Shell and Tube Heat Exchanger Market, by Material, 2020-2034 (USD Billion)
    • 7.6.5.2. Israel: Shell and Tube Heat Exchanger Market, by End Use, 2020-2034 (USD Billion)
  • 7.6.6. Shell and Tube Heat Exchanger Market - South Africa
    • 7.6.6.1. South Africa: Shell and Tube Heat Exchanger Market, by Material, 2020-2034 (USD Billion)
    • 7.6.6.2. South Africa: Shell and Tube Heat Exchanger Market, by End Use, 2020-2034 (USD Billion)
  • 7.6.7. Shell and Tube Heat Exchanger Market - Rest of Middle East & Africa
    • 7.6.7.1. Rest of Middle East & Africa: Shell and Tube Heat Exchanger Market, by Material, 2020-2034 (USD Billion)
    • 7.6.7.2. Rest of Middle East & Africa: Shell and Tube Heat Exchanger Market, by End Use, 2020-2034 (USD Billion)
• 7.7. Shell and Tube Heat Exchanger Market - Latin America
  • 7.7.1. Latin America: Shell and Tube Heat Exchanger Market, by Material, 2020-2034 (USD Billion)
  • 7.7.2. Latin America: Shell and Tube Heat Exchanger Market, by End Use, 2020-2034 (USD Billion)
  • 7.7.3. Shell and Tube Heat Exchanger Market - Mexico
    • 7.7.3.1. Mexico: Shell and Tube Heat Exchanger Market, by Material, 2020-2034 (USD Billion)
    • 7.7.3.2. Mexico: Shell and Tube Heat Exchanger Market, by End Use, 2020-2034 (USD Billion)
  • 7.7.4. Shell and Tube Heat Exchanger Market - Brazil
    • 7.7.4.1. Brazil: Shell and Tube Heat Exchanger Market, by Material, 2020-2034 (USD Billion)
    • 7.7.4.2. Brazil: Shell and Tube Heat Exchanger Market, by End Use, 2020-2034 (USD Billion)
  • 7.7.5. Shell and Tube Heat Exchanger Market - Argentina
    • 7.7.5.1. Argentina: Shell and Tube Heat Exchanger Market, by Material, 2020-2034 (USD Billion)
    • 7.7.5.2. Argentina: Shell and Tube Heat Exchanger Market, by End Use, 2020-2034 (USD Billion)
  • 7.7.6. Shell and Tube Heat Exchanger Market - Rest of Latin America
    • 7.7.6.1. Rest of Latin America: Shell and Tube Heat Exchanger Market, by Material, 2020-2034 (USD Billion)
    • 7.7.6.2. Rest of Latin America: Shell and Tube Heat Exchanger Market, by End Use, 2020-2034 (USD Billion)

8. Competitive Landscape

• 8.1. Vendor's Landscape
• 8.2. Expansion and Acquisition Analysis
  • 8.2.1. Expansion
  • 8.2.2. Acquisitions
• 8.3. Partnerships/Collaborations/Agreements/Exhibitions

9. Company Profiles

• 9.1. Alfa Laval
  • 9.1.1. Company Overview
  • 9.1.2. Financial Performance
  • 9.1.3. Material Benchmarking
  • 9.1.4. Recent Development
• 9.2. HRS Heat Exchangers
  • 9.2.1. Company Overview
  • 9.2.2. Financial Performance
  • 9.2.3. Material Benchmarking
  • 9.2.4. Recent Development
• 9.3. Kelvion Holding GmbH
  • 9.3.1. Company Overview
  • 9.3.2. Financial Performance
  • 9.3.3. Material Benchmarking
  • 9.3.4. Recent Development
• 9.4. API Heat Transfer
  • 9.4.1. Company Overview
  • 9.4.2. Financial Performance
  • 9.4.3. Material Benchmarking
  • 9.4.4. Recent Development
• 9.5. Brask, Inc.
  • 9.5.1. Company Overview
  • 9.5.2. Financial Performance
  • 9.5.3. Material Benchmarking
  • 9.5.4. Recent Development
• 9.6. Koch Heat Transfer Company
  • 9.6.1. Company Overview
  • 9.6.2. Financial Performance
  • 9.6.3. Material Benchmarking
  • 9.6.4. Recent Development
• 9.7. Xylem Inc.
  • 9.7.1. Company Overview
  • 9.7.2. Financial Performance
  • 9.7.3. Material Benchmarking
  • 9.7.4. Recent Development
• 9.8. WCR, Inc.
  • 9.8.1. Company Overview
  • 9.8.2. Financial Performance
  • 9.8.3. Material Benchmarking
  • 9.8.4. Recent Development
• 9.9. Southern Heat Exchanger Corporation
  • 9.9.1. Company Overview
  • 9.9.2. Financial Performance
  • 9.9.3. Material Benchmarking
  • 9.9.4. Recent Development
• 9.10. Manning and Lewis
  • 9.10.1. Company Overview
  • 9.10.2. Financial Performance
  • 9.10.3. Material Benchmarking
  • 9.10.4. Recent Development
• 9.11. Elanco, Inc.
  • 9.11.1. Company Overview
  • 9.11.2. Financial Performance
  • 9.11.3. Material Benchmarking
  • 9.11.4. Recent Development
• 9.12. Mersen
  • 9.12.1. Company Overview
  • 9.12.2. Financial Performance
  • 9.12.3. Material Benchmarking
  • 9.12.4. Recent Development
• 9.13. Thermex
  • 9.13.1. Company Overview
  • 9.13.2. Financial Performance
  • 9.13.3. Material Benchmarking
  • 9.13.4. Recent Development
• 9.14. Tinita Engineering Pvt. Ltd
  • 9.14.1. Company Overview
  • 9.14.2. Financial Performance
  • 9.14.3. Material Benchmarking
  • 9.14.4. Recent Development
• 9.15. Barriquand Heat Exchanger
  • 9.15.1. Company Overview
  • 9.15.2. Financial Performance
  • 9.15.3. Material Benchmarking
  • 9.15.4. Recent Development