Home
»
Press Room
»
Heat Exchangers Market To Reach $32,961.4Mn By 2033

Heat Exchangers Market To Reach $32,961.4 Million By 2033

June 2025 | Report Format: Electronic (PDF)

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.

key Request a free sample copy or view report summary: Heat Exchangers Market Report

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.

Heat Exchangers Market Segmentation

Grand View Research has segmented the global heat exchanger market report based on product, material, end use, and region:

Heat Exchanger Product Outlook (Revenue, USD Million, 2021 - 2033)

Plate & Frame Heat Exchanger
- Brazed Plate & Frame Heat Exchanger
- Gasketed Plate & Frame Heat Exchanger
- Welded Plate & Frame Heat Exchanger
- Others
Shell & Tube Heat Exchanger
Air-Cooled Heat Exchanger
Others