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United States Heat Exchanger Market Size, Share, Analysis: By Type: Air Cooled, Shell and Tube, Plate and Frame, Others; By Material: Stainless Steel, Carbon Steel, Nickel, Others; By End Use: Oil and Gas, Chemical and Petrochemical, Power Generation, Others; Regional Analysis; Market Dynamics; Competitive Landscape; 2024-2032
United States Heat Exchanger Market Outlook
The United States heat exchanger market size reached approximately USD 3.85 billion in 2023. The market is estimated to grow at a CAGR of 4.3% in the forecast period of 2024-2032, reaching a value of around USD 5.67 billion by 2032.
Key Trends in the Market
A heat exchanger is a system which is used to transfer thermal energy between two fluids that are at different temperatures. Some of its common examples include air preheaters, evaporators, condensers, and superheaters, among others.
- Increased incorporation of stainless steel-based heat exchangers, which possess high thermal conductivity and energy efficiency, superior corrosion resistance, and the ability to withstand high flow rates, is one of the key United States heat exchanger market trends.
- Growing applications of heat exchangers in HVAC systems to improve indoor air quality and lower the overall utility costs by maintaining a steady flow of fresh air and reducing the energy required to maintain optimal temperature is another crucial trend boosting the US market expansion.
- The increasing integration of advanced nanotechnology on the surface of heat exchangers to improve their heat transfer capabilities also contributes to the United States heat exchanger market growth.
- Developmental efforts by market players to improve the heat exchanger design for efficient heat transfer is another significant trend fuelling the market growth. For example, in October 2023, Mitsubishi announced the launch of aluminium vertical flat tube designs for heat exchangers that reduce their refrigerant charge and improve their performance efficiency by about 40%.
Market Analysis
Based on type, the market is divided into air cooled, shell and tube, and plate and frame, among others. The United States heat exchanger market segmentation, on the basis of material, includes stainless steel, carbon steel, and nickel, among others.
Based on end use, the market is classified into oil and gas, chemical and petrochemical, power generation, HVAC and refrigeration, and food and beverage, among others. The major regional markets of heat exchangers in the United States include New England, Mideast, Great Lakes, Plains, Southeast, Southwest, Rocky Mountain, and Far West.
The comprehensive EMR report provides an in-depth assessment of the market based on the Porter's five forces model along with giving a SWOT analysis. The report gives a detailed analysis of the following key players in the United States heat exchanger market, covering their competitive landscape and latest developments like mergers, acquisitions, investments, and expansion plans.
- Koch Industries, Inc. (Koch Heat Transfer Company)
- Mersen SA
- Chart Industries, Inc.
- SHECO Industries, Inc.
- HEATTRAN
- Alfa Laval AB
- Mason Manufacturing LLC
- Kelvion Holding GmbH
- Xylem Inc.
- Danfoss A/S
- Others
Market Share by Type
Shell and tube exchangers occupy a significant portion of the United States heat exchanger market share as they offer efficient heat transfer between two liquids, liquids and gases, and two gases. They find growing applications in the food and beverage sector for the preservation and sterilisation of food. They are also widely utilised in condensing systems to condense a broad range of liquids.
Meanwhile, plate and frame exchangers are anticipated to witness robust growth in the forecast period, owing to their increased usage in petrochemical plants and refineries.
Market Share by End Use
As per the United States heat exchanger market analysis, the chemical and petrochemical sector accounts for a substantial share of the US market, due to the increased implementation of heat exchangers for concentrating solutions. It is also used as a condenser in steam turbines to produce a vacuum in the exhaust.
Moreover, the rising usage of heat exchangers in the petrochemical sector for the liquefaction and separation of natural gas also provides ample market growth opportunities.
Competitive Landscape
Koch Industries, Inc. (Koch Heat Transfer Company) is a pioneer in heat transfer technology, with its headquarters in Texas, the United States. Some of its major products include shell and tube heat exchangers, hairpin heat exchangers, tank heaters, and tank heating coils, among others.
Mersen SA is an electrical power and advanced materials company, founded in 1891 and based in La Défense, France. The company offers its products and services in the sectors of corrosive chemicals, energy, electronics, and transportation, among others.
Chart Industries, Inc., originally established in 1859 as John Marston Ltd., is a global leader in cryogenic equipment. The company, headquartered in Georgia, the United States, also offers heat transfer systems, and repair, service, and leashing services, among others.
Other United States heat exchanger market players include SHECO Industries, Inc., HEATTRAN, Alfa Laval AB, Mason Manufacturing LLC, Kelvion Holding GmbH, Xylem Inc., and Danfoss A/S, among others.
Key Highlights of the Report
| REPORT FEATURES | DETAILS |
| Base Year | 2023 |
| Historical Period | 2018-2023 |
| Forecast Period | 2024-2032 |
| Scope of the Report |
Historical and Forecast Trends, Industry Drivers and Constraints, Historical and Forecast Market Analysis by Segment:
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| Breakup by Type |
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| Breakup by Material |
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| Breakup by End Use |
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| Breakup by Region |
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| Market Dynamics |
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| Competitive Landscape |
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| Companies Covered |
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*At Expert Market Research, we strive to always give you current and accurate information. The numbers depicted in the description are indicative and may differ from the actual numbers in the final EMR report.
1 Preface
2 Report Coverage – Key Segmentation and Scope
3 Report Description
3.1 Market Definition and Outlook
3.2 Properties and Applications
3.3 Market Analysis
3.4 Key Players
4 Key Assumptions
5 Executive Summary
5.1 Overview
5.2 Key Drivers
5.3 Key Developments
5.4 Competitive Structure
5.5 Key Industrial Trends
6 Market Snapshot
7 Opportunities and Challenges in the Market
8 North America Heat Exchanger Market Overview
8.1 Key Industry Highlights
8.2 North America Heat Exchanger Historical Market (2018-2023)
8.3 North America Heat Exchanger Market Forecast (2024-2032)
8.4 North America Heat Exchanger Market Share by Region
8.4.1 United States
8.4.2 Canada
9 United States Heat Exchanger Market Overview
9.1 Key Industry Highlights
9.2 United States Heat Exchanger Historical Market (2018-2023)
9.3 United States Heat Exchanger Market Forecast (2024-2032)
10 United States Heat Exchanger Market by Type
10.1 Air Cooled
10.1.1 Historical Trend (2018-2023)
10.1.2 Forecast Trend (2024-2032)
10.2 Shell and Tube
10.2.1 Historical Trend (2018-2023)
10.2.2 Forecast Trend (2024-2032)
10.3 Plate and Frame
10.3.1 Historical Trend (2018-2023)
10.3.2 Forecast Trend (2024-2032)
10.4 Others
11 United States Heat Exchanger Market by Material
11.1 Stainless Steel
11.1.1 Historical Trend (2018-2023)
11.1.2 Forecast Trend (2024-2032)
11.2 Carbon Steel
11.2.1 Historical Trend (2018-2023)
11.2.2 Forecast Trend (2024-2032)
11.3 Nickel
11.3.1 Historical Trend (2018-2023)
11.3.2 Forecast Trend (2024-2032)
11.4 Others
12 United States Heat Exchanger Market by End Use
12.1 Oil and Gas
12.1.1 Historical Trend (2018-2023)
12.1.2 Forecast Trend (2024-2032)
12.2 Chemical and Petrochemical
12.2.1 Historical Trend (2018-2023)
12.2.2 Forecast Trend (2024-2032)
12.3 Power Generation
12.3.1 Historical Trend (2018-2023)
12.3.2 Forecast Trend (2024-2032)
12.4 HVAC and Refrigeration
12.4.1 Historical Trend (2018-2023)
12.4.2 Forecast Trend (2024-2032)
12.5 Food and Beverage
12.5.1 Historical Trend (2018-2023)
12.5.2 Forecast Trend (2024-2032)
12.6 Others
13 United States Heat Exchanger Market by Region
13.1 New England
13.1.1 Historical Trend (2018-2023)
13.1.2 Forecast Trend (2024-2032)
13.2 Mideast
13.2.1 Historical Trend (2018-2023)
13.2.2 Forecast Trend (2024-2032)
13.3 Great Lakes
13.3.1 Historical Trend (2018-2023)
13.3.2 Forecast Trend (2024-2032)
13.4 Plains
13.4.1 Historical Trend (2018-2023)
13.4.2 Forecast Trend (2024-2032)
13.5 Southeast
13.5.1 Historical Trend (2018-2023)
13.5.2 Forecast Trend (2024-2032)
13.6 Southwest
13.6.1 Historical Trend (2018-2023)
13.6.2 Forecast Trend (2024-2032)
13.7 Rocky Mountain
13.7.1 Historical Trend (2018-2023)
13.7.2 Forecast Trend (2024-2032)
13.8 Far West
13.8.1 Historical Trend (2018-2023)
13.8.2 Forecast Trend (2024-2032)
14 Market Dynamics
14.1 SWOT Analysis
14.1.1 Strengths
14.1.2 Weaknesses
14.1.3 Opportunities
14.1.4 Threats
14.2 Porter’s Five Forces Analysis
14.2.1 Supplier’s Power
14.2.2 Buyer’s Power
14.2.3 Threat of New Entrants
14.2.4 Degree of Rivalry
14.2.5 Threat of Substitutes
14.3 Key Indicators for Demand
14.4 Key Indicators for Price
15 Competitive Landscape
15.1 Market Structure
15.2 Company Profiles
15.2.1 Koch Industries, Inc. (Koch Heat Transfer Company)
15.2.1.1 Company Overview
15.2.1.2 Product Portfolio
15.2.1.3 Demographic Reach and Achievements
15.2.1.4 Certifications
15.2.2 Mersen SA
15.2.2.1 Company Overview
15.2.2.2 Product Portfolio
15.2.2.3 Demographic Reach and Achievements
15.2.2.4 Certifications
15.2.3 Chart Industries, Inc.
15.2.3.1 Company Overview
15.2.3.2 Product Portfolio
15.2.3.3 Demographic Reach and Achievements
15.2.3.4 Certifications
15.2.4 SHECO Industries, Inc.
15.2.4.1 Company Overview
15.2.4.2 Product Portfolio
15.2.4.3 Demographic Reach and Achievements
15.2.4.4 Certifications
15.2.5 HEATTRAN
15.2.5.1 Company Overview
15.2.5.2 Product Portfolio
15.2.5.3 Demographic Reach and Achievements
15.2.5.4 Certifications
15.2.6 Alfa Laval AB
15.2.6.1 Company Overview
15.2.6.2 Product Portfolio
15.2.6.3 Demographic Reach and Achievements
15.2.6.4 Certifications
15.2.7 Mason Manufacturing LLC
15.2.7.1 Company Overview
15.2.7.2 Product Portfolio
15.2.7.3 Demographic Reach and Achievements
15.2.7.4 Certifications
15.2.8 Kelvion Holding GmbH
15.2.8.1 Company Overview
15.2.8.2 Product Portfolio
15.2.8.3 Demographic Reach and Achievements
15.2.8.4 Certifications
15.2.9 Xylem Inc.
15.2.9.1 Company Overview
15.2.9.2 Product Portfolio
15.2.9.3 Demographic Reach and Achievements
15.2.9.4 Certifications
15.2.10 Danfoss A/S
15.2.10.1 Company Overview
15.2.10.2 Product Portfolio
15.2.10.3 Demographic Reach and Achievements
15.2.10.4 Certifications
15.2.11 Others
16 Key Trends and Developments in the Market
List of Key Figures and Tables
1. North America Heat Exchanger Market: Key Industry Highlights, 2018 and 2032
2. United States Heat Exchanger Market: Key Industry Highlights, 2018 and 2032
3. United States Heat Exchanger Historical Market: Breakup by Type (USD Billion), 2018-2023
4. United States Heat Exchanger Market Forecast: Breakup by Type (USD Billion), 2024-2032
5. United States Heat Exchanger Historical Market: Breakup by Material (USD Billion), 2018-2023
6. United States Heat Exchanger Market Forecast: Breakup by Material (USD Billion), 2024-2032
7. United States Heat Exchanger Historical Market: Breakup by End Use (USD Billion), 2018-2023
8. United States Heat Exchanger Market Forecast: Breakup by End Use (USD Billion), 2024-2032
9. United States Heat Exchanger Historical Market: Breakup by Region (USD Billion), 2018-2023
10. United States Heat Exchanger Market Forecast: Breakup by Region (USD Billion), 2024-2032
11. United States Heat Exchanger Market Structure
Key Questions Answered in the Report
In 2023, the market reached an approximate value of USD 3.85 billion.
The market is projected to grow at a CAGR of 4.3% between 2024 and 2032.
The market is estimated to witness a healthy growth in the forecast period of 2024-2032, reaching a value of around USD 5.67 billion by 2032.
The major market drivers are the growing demand for heat exchangers in the chemical and oil and gas sectors and technological advancements and innovations.
The key trends of the market include increased incorporation of stainless steel-based heat exchangers, growing applications of heat exchangers in HVAC systems, the advent of advanced nanotechnology on the surface of heat exchangers, and developmental efforts by market players.
The major regions in the market are New England, Mideast, Great Lakes, Plains, Southeast, Southwest, Rocky Mountain, and Far West.
Different heat exchanger types are air cooled, shell and tube, and plate and frame, among others.
The key players in the market are Koch Industries, Inc. (Koch Heat Transfer Company), Mersen SA, Chart Industries, Inc., SHECO Industries, Inc., HEATTRAN, Alfa Laval AB, Mason Manufacturing LLC, Kelvion Holding GmbH, Xylem Inc., and Danfoss A/S, among others.
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