Product Code: GVR-4-68038-718-6
Heat Exchangers Market Growth & Trends:
The global heat exchangers market size is expected to reach USD 32,961.4 million by 2033, registering at a CAGR of 6.6% from 2025 to 2033, according to a new report by Grand View Research, Inc. Rising demand from various industries, including chemical & petrochemical, and power generation, along with an increasing focus on improving efficiency standards is expected to drive the market.
The presence of favorable government regulations in the emerging economies of China, India, Brazil, and Mexico about setting up new manufacturing facilities is expected to spur the demand for heat exchangers in various industries. In addition, upcoming nuclear power projects, particularly in the Asia Pacific, are anticipated to drive market growth during the forecast period.
Technological advancements coupled with constant efforts and investments by major market participants in product innovation and research & development are expected to increase the market competitiveness over the coming years. The adoption of novel techniques of additive manufacturing in the production of heat exchangers is likely to complement industrial growth.
The COVID-19 pandemic has severely impacted several economies worldwide. Containment measures, including lockdowns imposed by various countries to curb the spread of COVID-19, have resulted in limiting the operations of manufacturing facilities, thereby negatively impacting the demand for heat exchangers in 2020.
Heat Exchangers Market Report Highlights:
- The shell & tube segment held a significant share in the market, accounting for a share of 35.6% in 2024, due to their robust design and ability to handle high-pressure and high-temperature applications.
- The chemical & petrochemical segment held a significant share of the heat exchanger market with a share of 22.7% in 2024, owing to its extensive need for heat transfer in processes such as distillation, condensation, and cooling.
- The metals segment held a significant market share of 62.3% in 2024. Metals dominate the heat exchanger market due to their excellent thermal conductivity and cost-effectiveness.
- Asia Pacific dominated the heat exchanger industry with a 31.5% share in 2024, driven by increasing chemical consumption across various end use sectors, along with a rising demand for heat exchangers that provide greater durability, improved efficiency, and reduced fouling.
Table of Contents
Chapter 1. Methodology and Scope
- 1.1. Market Segmentation & Scope
- 1.2. Market Definition
- 1.3. Information Procurement
- 1.3.1. Purchased Database
- 1.3.2. GVR's Internal Database
- 1.3.3. Secondary Sources & Third-Party Perspectives
- 1.3.4. Primary Research
- 1.4. Information Analysis
- 1.4.1. Data Analysis Models
- 1.5. Market Formulation & Data Visualization
- 1.6. Data Validation & Publishing
Chapter 2. Executive Summary
- 2.1. Market Snapshot
- 2.2. Segment Snapshot
- 2.3. Competitive Landscape Snapshot
Chapter 3. Global Heat Exchanger Market Variables, Trends & Scope
- 3.1. Market Concentration & Growth Prospect Mapping
- 3.2. Industry Value Chain Analysis
- 3.2.1. Raw Material/Component Outlook
- 3.2.2. Manufacturer Outlook
- 3.2.3. Distribution Outlook
- 3.2.4. End User Outlook
- 3.3. Regulatory Framework
- 3.4. Technology Overview
- 3.5. Market Dynamics
- 3.5.1. Market Driver Analysis
- 3.5.2. Market Restraint Analysis
- 3.5.3. Market Challenges Analysis
- 3.5.4. Market Opportunity Analysis
- 3.6. Economic Mega-Trend Analysis
- 3.7. Industry Analysis Tools
- 3.7.1. Porter's Five Forces Analysis
- 3.7.2. Macro-environmental Analysis
Chapter 4. Heat Exchanger Market - Product Estimates & Trend Analysis
- 4.1. Heat Exchanger Market: Product Movement Analysis & Market Share, 2023 & 2033
- 4.2. Plate & Frame Heat Exchanger
- 4.2.1. Market Estimates & Forecasts, 2021 - 2033 (USD Million)
- 4.2.2. Plate & Frame Heat Exchanger Market Estimates & Forecasts, by Product, 2021 - 2033 (USD Million)
- 4.3. Shell & Tube Heat Exchanger
- 4.3.1. Market Estimates & Forecasts, 2021 - 2033 (USD Million)
- 4.4. Air-Cooled Heat Exchanger
- 4.4.1. Market Estimates & Forecasts, 2021 - 2033 (USD Million)
- 4.5. Others
- 4.5.1. Market Estimates & Forecasts, 2021 - 2033 (USD Million)
Chapter 5. Global Heat Exchanger Market: Material Estimates & Trend Analysis
- 5.1. Material Movement Analysis & Market Share, 2024 & 2033
- 5.2. Global Heat Exchanger Market Estimates & Forecast, By Process, 2021 to 2033 (USD Million)
- 5.3. Metals
- 5.3.1. Market Revenue Estimates and Forecasts, 2021 - 2033 (USD Million)
- 5.4. Alloys
- 5.4.1. Market Revenue Estimates and Forecasts, 2021 - 2033 (USD Million)
- 5.5. Others
- 5.5.1. Market Revenue Estimates and Forecasts, 2021 - 2033 (USD Million)
Chapter 6. Global Heat Exchanger Market: End Use Estimates & Trend Analysis
- 6.1. Heat Exchanger Market: End Use Movement Analysis & Market Share, 2023 & 2033
- 6.2. Chemical & Petrochemical
- 6.2.1. Market Estimates & Forecasts, 2021 - 2033 (USD Million)
- 6.3. Oil & Gas
- 6.3.1. Market Estimates & Forecasts, 2021 - 2033 (USD Million)
- 6.4. HVAC & Refrigeration
- 6.4.1. Market Estimates & Forecasts, 2021 - 2033 (USD Million)
- 6.5. Power Generation
- 6.5.1. Market Estimates & Forecasts, 2021 - 2033 (USD Million)
- 6.6. Food & Beverage
- 6.6.1. Market Estimates & Forecasts, 2021 - 2033 (USD Million)
- 6.7. Pulp & Paper
- 6.7.1. Market Estimates & Forecasts, 2021 - 2033 (USD Million)
- 6.8. Others
- 6.8.1. Market Estimates & Forecasts, 2021 - 2033 (USD Million)
Chapter 7. Global Heat Exchanger Market: Regional Estimates & Trend Analysis
- 7.1. Regional Movement Analysis & Market Share, 2024 & 2033
- 7.2. North America
- 7.2.1. Market Estimates & Forecast, 2021 - 2033 (USD Million)
- 7.2.2. Market estimates & forecast, by product, 2021 - 2033 (USD Million)
- 7.2.3. Market estimates & forecast, by material, 2021 - 2033 (USD Million)
- 7.2.4. Market estimates & forecast, by end use, 2021 - 2033 (USD Million)
- 7.2.5. U.S.
- 7.2.5.1. Key country dynamics
- 7.2.5.2. Market estimates & forecast, 2021 - 2033 (USD Million)
- 7.2.5.3. Market estimates & forecast, by product, 2021 - 2033 (USD Million)
- 7.2.5.4. Market estimates & forecast, by material, 2021 - 2033 (USD Million)
- 7.2.5.5. Market estimates & forecast, by end use, 2021 - 2033 (USD Million)
- 7.2.6. Canada
- 7.2.6.1. Key country dynamics
- 7.2.6.2. Market estimates & forecast, 2021 - 2033 (USD Million)
- 7.2.6.3. Market estimates & forecast, by product, 2021 - 2033 (USD Million)
- 7.2.6.4. Market estimates & forecast, by material, 2021 - 2033 (USD Million)
- 7.2.6.5. Market estimates & forecast, by end use, 2021 - 2033 (USD Million)
- 7.2.7. Mexico
- 7.2.7.1. Key country dynamics
- 7.2.7.2. Market estimates & forecast, 2021 - 2033 (USD Million)
- 7.2.7.3. Market estimates & forecast, by product, 2021 - 2033 (USD Million)
- 7.2.7.4. Market estimates & forecast, by material, 2021 - 2033 (USD Million)
- 7.2.7.5. Market estimates & forecast, by end use, 2021 - 2033 (USD Million)
- 7.3. Europe
- 7.3.1. Market estimates & forecast, 2021 - 2033 (USD Million)
- 7.3.2. Market estimates & forecast, by product, 2021 - 2033 (USD Million)
- 7.3.3. Market estimates & forecast, by material, 2021 - 2033 (USD Million)
- 7.3.4. Market estimates & forecast, by end use, 2021 - 2033 (USD Million)
- 7.3.5. Germany
- 7.3.5.1. Key country dynamics
- 7.3.5.2. Market estimates & forecast, 2021 - 2033 (USD Million)
- 7.3.5.3. Market estimates & forecast, by product, 2021 - 2033 (USD Million)
- 7.3.5.4. Market estimates & forecast, by material, 2021 - 2033 (USD Million)
- 7.3.5.5. Market estimates & forecast, by end use, 2021 - 2033 (USD Million)
- 7.3.6. France
- 7.3.6.1. Key country dynamics
- 7.3.6.2. Market estimates & forecast, 2021 - 2033 (USD Million)
- 7.3.6.3. Market estimates & forecast, by product, 2021 - 2033 (USD Million)
- 7.3.6.4. Market estimates & forecast, by material, 2021 - 2033 (USD Million)
- 7.3.6.5. Market estimates & forecast, by end use, 2021 - 2033 (USD Million)
- 7.3.7. UK
- 7.3.7.1. Key country dynamics
- 7.3.7.2. Market estimates & forecast, 2021 - 2033 (USD Million)
- 7.3.7.3. Market estimates & forecast, by product, 2021 - 2033 (USD Million)
- 7.3.7.4. Market estimates & forecast, by material, 2021 - 2033 (USD Million)
- 7.3.7.5. Market estimates & forecast, by end use, 2021 - 2033 (USD Million)
- 7.3.8. Italy
- 7.3.8.1. Key country dynamics
- 7.3.8.2. Market estimates & forecast, 2021 - 2033 (USD Million)
- 7.3.8.3. Market estimates & forecast, by product, 2021 - 2033 (USD Million)
- 7.3.8.4. Market estimates & forecast, by material, 2021 - 2033 (USD Million)
- 7.3.8.5. Market estimates & forecast, by end use, 2021 - 2033 (USD Million)
- 7.3.9. Spain
- 7.3.9.1. Key country dynamics
- 7.3.9.2. Market estimates & forecast, 2021 - 2033 (USD Million)
- 7.3.9.3. Market estimates & forecast, by product, 2021 - 2033 (USD Million)
- 7.3.9.4. Market estimates & forecast, by material, 2021 - 2033 (USD Million)
- 7.3.9.5. Market estimates & forecast, by end use, 2021 - 2033 (USD Million)
- 7.4. Asia Pacific
- 7.4.1. Market Estimates & Forecast, 2021 - 2033 (USD Million)
- 7.4.2. Market estimates & forecast, 2021 - 2033 (USD Million)
- 7.4.3. Market estimates & forecast, by product, 2021 - 2033 (USD Million)
- 7.4.4. Market estimates & forecast, by material, 2021 - 2033 (USD Million)
- 7.4.5. Market estimates & forecast, by end use, 2021 - 2033 (USD Million)
- 7.4.6. China
- 7.4.6.1. Key country dynamics
- 7.4.6.2. Market estimates & forecast, 2021 - 2033 (USD Million)
- 7.4.6.3. Market estimates & forecast, by product, 2021 - 2033 (USD Million)
- 7.4.6.4. Market estimates & forecast, by material, 2021 - 2033 (USD Million)
- 7.4.6.5. Market estimates & forecast, by end use, 2021 - 2033 (USD Million)
- 7.4.7. India
- 7.4.7.1. Key country dynamics
- 7.4.7.2. Market estimates & forecast, 2021 - 2033 (USD Million)
- 7.4.7.3. Market estimates & forecast, by product, 2021 - 2033 (USD Million)
- 7.4.7.4. Market estimates & forecast, by material, 2021 - 2033 (USD Million)
- 7.4.7.5. Market estimates & forecast, by end use, 2021 - 2033 (USD Million)
- 7.4.8. Japan
- 7.4.8.1. Key country dynamics
- 7.4.8.2. Market estimates & forecast, 2021 - 2033 (USD Million)
- 7.4.8.3. Market estimates & forecast, by product, 2021 - 2033 (USD Million)
- 7.4.8.4. Market estimates & forecast, by material, 2021 - 2033 (USD Million)
- 7.4.8.5. Market estimates & forecast, by end use, 2021 - 2033 (USD Million)
- 7.4.9. Australia
- 7.4.9.1. Key country dynamics
- 7.4.9.2. Market estimates & forecast, 2021 - 2033 (USD Million)
- 7.4.9.3. Market estimates & forecast, by product, 2021 - 2033 (USD Million)
- 7.4.9.4. Market estimates & forecast, by material, 2021 - 2033 (USD Million)
- 7.4.9.5. Market estimates & forecast, by end use, 2021 - 2033 (USD Million)
- 7.4.10. South Korea
- 7.4.10.1. Market estimates & forecast, 2021 - 2033 (USD Million)
- 7.4.10.2. Market estimates & forecast, by product, 2021 - 2033 (USD Million)
- 7.4.10.3. Market estimates & forecast, by material, 2021 - 2033 (USD Million)
- 7.4.10.4. Market estimates & forecast, by end use, 2021 - 2033 (USD Million)
- 7.5. Latin America
- 7.5.1. Market estimates & forecast, 2021 - 2033 (USD Million)
- 7.5.2. Market estimates & forecast, by product, 2021 - 2033 (USD Million)
- 7.5.3. Market estimates & forecast, by material, 2021 - 2033 (USD Million)
- 7.5.4. Market estimates & forecast, by end use, 2021 - 2033 (USD Million)
- 7.5.5. Brazil
- 7.5.5.1. Key country dynamics
- 7.5.5.2. Market estimates & forecast, 2021 - 2033 (USD Million)
- 7.5.5.3. Market estimates & forecast, by product, 2021 - 2033 (USD Million)
- 7.5.5.4. Market estimates & forecast, by material, 2021 - 2033 (USD Million)
- 7.5.5.5. Market estimates & forecast, by end use, 2021 - 2033 (USD Million)
- 7.5.6. Argentina
- 7.5.6.1. Key country dynamics
- 7.5.6.2. Market estimates & forecast, 2021 - 2033 (USD Million)
- 7.5.6.3. Market estimates & forecast, by product, 2021 - 2033 (USD Million)
- 7.5.6.4. Market estimates & forecast, by material, 2021 - 2033 (USD Million)
- 7.5.6.5. Market estimates & forecast, by end use, 2021 - 2033 (USD Million)
- 7.6. Middle East & Africa
- 7.6.1. Market Estimates & Forecast, 2021 - 2033 (USD Million)
- 7.6.2. Market estimates & forecast, by product, 2021 - 2033 (USD Million)
- 7.6.3. Market estimates & forecast, by material, 2021 - 2033 (USD Million)
- 7.6.4. Market estimates & forecast, by end use, 2021 - 2033 (USD Million)
- 7.6.5. Saudi Arabia
- 7.6.5.1. Key country dynamics
- 7.6.5.2. Market estimates & forecast, 2021 - 2033 (USD Million)
- 7.6.5.3. Market estimates & forecast, by product, 2021 - 2033 (USD Million)
- 7.6.5.4. Market estimates & forecast, by material, 2021 - 2033 (USD Million)
- 7.6.5.5. Market estimates & forecast, by end use, 2021 - 2033 (USD Million)
- 7.6.6. UAE
- 7.6.6.1. Key country dynamics
- 7.6.6.2. Market estimates & forecast, 2021 - 2033 (USD Million)
- 7.6.6.3. Market estimates & forecast, by product, 2021 - 2033 (USD Million)
- 7.6.6.4. Market estimates & forecast, by material, 2021 - 2033 (USD Million)
- 7.6.6.5. Market estimates & forecast, by end use, 2021 - 2033 (USD Million)
- 7.6.7. South Africa
- 7.6.7.1. Key country dynamics
- 7.6.7.2. Market estimates & forecast, 2021 - 2033 (USD Million)
- 7.6.7.3. Market estimates & forecast, by product, 2021 - 2033 (USD Million)
- 7.6.7.4. Market estimates & forecast, by material, 2021 - 2033 (USD Million)
- 7.6.7.5. Market estimates & forecast, by end use, 2021 - 2033 (USD Million)
Chapter 8. Global Heat Exchanger Market - Competitive Landscape
- 8.1. Recent Developments & Impact Analysis, By Key Market Participants
- 8.2. Company Categorization
- 8.3. Company Dashboard Analysis
- 8.4. Vendor Landscape
- 8.4.1. List of Key Raw Material/Component Providers
- 8.4.2. List of Key Manufacturers
- 8.4.3. List of Key Distributors
- 8.5. Company Market Share Analysis, 2024
- 8.6. Company Positioning Analysis, 2024
- 8.7. Company Heat Map Analysis, 2024
- 8.8. Strategy Mapping
- 8.9. Company Profiles
- 8.9.1. Alfa Laval
- 8.9.1.1. Company Overview
- 8.9.1.2. Financial Performance
- 8.9.1.3. Product Benchmarking
- 8.9.1.4. Strategic Initiatives
- 8.9.2. Danfoss
- 8.9.2.1. Company Overview
- 8.9.2.2. Financial Performance
- 8.9.2.3. Product Benchmarking
- 8.9.2.4. Strategic Initiatives
- 8.9.3. Kelvion Holding GmbH
- 8.9.3.1. Company Overview
- 8.9.3.2. Financial Performance
- 8.9.3.3. Product Benchmarking
- 8.9.3.4. Strategic Initiatives
- 8.9.4. Guntner Group GmbH
- 8.9.4.1. Company Overview
- 8.9.4.2. Financial Performance
- 8.9.4.3. Product Benchmarking
- 8.9.4.4. Strategic Initiatives
- 8.9.5. Xylem Inc.
- 8.9.5.1. Company Overview
- 8.9.5.2. Financial Performance
- 8.9.5.3. Product Benchmarking
- 8.9.5.4. Strategic Initiatives
- 8.9.6. API Heat Transfer
- 8.9.6.1. Company Overview
- 8.9.6.2. Financial Performance
- 8.9.6.3. Product Benchmarking
- 8.9.6.4. Strategic Initiatives
- 8.9.7. Mersen
- 8.9.7.1. Company Overview
- 8.9.7.2. Financial Performance
- 8.9.7.3. Product Benchmarking
- 8.9.7.4. Strategic Initiatives
- 8.9.8. Hisaka Works, Ltd.
- 8.9.8.1. Company Overview
- 8.9.8.2. Financial Performance
- 8.9.8.3. Product Benchmarking
- 8.9.8.4. Strategic Initiatives
- 8.9.9. Chart Industries, Inc.
- 8.9.9.1. Company Overview
- 8.9.9.2. Financial Performance
- 8.9.9.3. Product Benchmarking
- 8.9.9.4. Strategic Initiatives
- 8.9.10. Johnson Controls International
- 8.9.10.1. Company Overview
- 8.9.10.2. Financial Performance
- 8.9.10.3. Product Benchmarking
- 8.9.10.4. Strategic Initiatives
- 8.9.11. HRS Heat Exchangers
- 8.9.11.1. Company Overview
- 8.9.11.2. Financial Performance
- 8.9.11.3. Product Benchmarking
- 8.9.11.4. Strategic Initiatives
- 8.9.12. SPX FLOW, Inc.
- 8.9.12.1. Company Overview
- 8.9.12.2. Financial Performance
- 8.9.12.3. Product Benchmarking
- 8.9.12.4. Strategic Initiatives
- 8.9.13. Funke Warmeaustauscher Apparantebau GmbH
- 8.9.13.1. Company Overview
- 8.9.13.2. Financial Performance
- 8.9.13.3. Product Benchmarking
- 8.9.13.4. Strategic Initiatives
- 8.9.14. Koch Heat Transfer Company
- 8.9.14.1. Company Overview
- 8.9.14.2. Financial Performance
- 8.9.14.3. Product Benchmarking
- 8.9.14.4. Strategic Initiatives
- 8.9.15. Southern Heat Exchanger Corporation
- 8.9.15.1. Company Overview
- 8.9.15.2. Financial Performance
- 8.9.15.3. Product Benchmarking
- 8.9.15.4. Strategic Initiatives