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Market Report
APAC ’ s dominance can be linked to certain factors including a significant demand coming from the power generation sector , which accounted for over 28 % ( in 2024 ) of the total the STHEs demand from the region . Home to > 60 % of the world ’ s population , the APAC region is playing a critical role in shaping the global energy future . Growing economies , increasing energy demand from this region , and a push towards renewable energy sources , etc ., are demanding reliable heat transfer technologies . Studies have predicted that by 2030 , renewables are set to make up 30 % to 50 % of the power-generation mix in most Asia-Pacific markets . This transition is likely to increase the demand for STHEs , as they are essential in optimizing the efficiency of renewable energy systems , such as solar thermal and biomass plants . The petrochemical and chemical industries closely follow the power generation sector in demand for STHEs in the APAC region with a share of ~ 26 %, totalling > USD 370 million in sales value in 2024 . The APAC region also leads the global petrochemical market , with China as the foremost producer of industrial chemicals . In 2023 , the Asia Pacific petrochemical market was valued at ~ USD 325 billion , driven by rapid industrialization and strong demand from industries like automotive and packaging . China ’ s self-sufficiency policy has significantly strengthened its position in the global petrochemical market . Japan & India are the next two large demand generators in Asia-Pacific region together accounting for nearly 30 % of the region ’ s market . Increasing focus on less carbon-intensive activities and demand for sustainable energy usage is driving demand for thermal management solutions like STHEs in the European region too . With countries like Germany and France making substantial contributions to the global STHEs market , Europe stands as the next largest market after Asia-Pacific .
The challenges The STHE market is currently at crossroads witnessing growth alongside some significant challenges , and promising opportunities .
The global shell and tube heat exchangers market forecast ( 2024 – 2030 ).
The production of STHEs is significantly impacted by high raw material costs , which directly affect the initial installation expenses for heat exchanger setups . All types of heat exchangers are prone to corrosion , fouling , etc . due to heavy interaction with liquids , extreme temperatures and different chemicals , etc . To safeguard the equipment from certain challenges , it is vital to the choose proper materials for manufacturing . The best material for noncorrosive heat exchangers depends on the environment they ’ ll be used in , but common choices include stainless steel , nickel alloys , etc . Prices of stainless steel , and nickel – crucial for nickel alloys used in heat exchangers , are projected to be influenced by global supply , shifting economic conditions , and demand dynamics . It is clear that there is a struggle to meet demand due to limited raw material availability or logistic challenges . It also depicts fluctuating prices of crucial raw materials that may experience price pressures due to market conditions , further impacting the STHEs market too . High overall expense makes it challenging for new entrants to compete against established manufacturers and can deter smaller players from entering the market .
Top 10 countries in the global shell & tube heat exchangers market ( USD million in 2024 ).
www . heat-exchanger-world . com Heat Exchanger World March 2025
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