Shell & Tube Heat Exchangers Market Leading Players Updates and Industry Analysis Report till 2027

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.

 

Get Free PDF Sample Copy of the Report (Including Full TOC, List of Tables & Figures, Chart and Covid-19 Impact Analysis) : https://www.millioninsights.com/industry-reports/shell-tube-heat-exchangers-market/request-sample

 

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.

 

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%.

 

COVID-19 Impact Insights

The global shell & tube heat exchangers market has been negatively impacted on account of the COVID-19 pandemic. The stagnancy in construction activities of manufacturing facilities is expected to hinder the market growth. Also, economic uncertainty about the future is driving manufacturers to repair and maintain their operational devices rather than purchasing new ones. As the majority of the key players and raw material suppliers are located across China, their supply chain has been hindered due to restrictions over international cargo movement. Further, the imposition of lockdown across many countries has led to a shortage in the availability of skilled laborers. As the petrochemicals and industrial industries will require more time to retrieve their market positions, the market for heat exchangers is anticipated to face challenges over the post-pandemic period.

Global Shell & Tube Heat Exchangers Market : Key Players

Thermex; Xylem Inc; Alfa Laval; HRS Heat Exchangers; Elanco, Inc.; and Brask, Inc.

 

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