Thermal Management Global Market Report 2023: Featuring Allcell Technologies, Jaro Thermal, European Thermodynamics, Thermotek, Vertiv & More


Dublin, Jan. 30, 2023 (GLOBE NEWSWIRE) -- The "Thermal Management Market by Material, Device (Conduction Cooling Devices, Convection Cooling Devices), Service (Installation & Calibration, Optimization & Post-sales Support), End-user Industry and Region - Global Forecast to 2028" report has been added to's offering.

The global thermal management market was valued at USD 10.7 billion in 2022 and is projected to reach USD 19.3 billion by 2028, registering a CAGR of 9.7% from 2023 to 2028.

Material Type: Non-adhesive materials segment is expected to witness highest CAGR in thermal management market during forecast period

The non-adhesive materials segment is expected to record the highest CAGR of 9.8% during the forecast period. This growth is attributed to the wide use of non-adhesive materials such as thermal pads, gap fillers, and grease in consumer electronics such as computers, laptops, and other handheld devices, including tablets. Non-adhesive materials are also very proficient in handling mechanical shocks and absorption, providing more security and reliability to users. Thermal pads or other applicants, such as gap fillers, can structure their physical characteristics according to the requirements of electronic devices. Thermal pads are easily compressible to accommodate different profile heights of multiple components and remain stress-free while offering outstanding mechanical shock absorption. Though the conduction of heat by thermal pads is lesser effective than a minimal amount of thermal grease, these pads are widely used as they are clean and generally easy to install.

Advanced cooling devices segment to register highest CAGR in thermal management market from 2023 to 2028

The advanced cooling devices segment is anticipated to record the highest CAGR of 12.8% during the forecast period. Advanced cooling devices, such as cold plates, are used in several thermal management applications, including heating, ventilation, air conditioning (HVAC), temperature calibration, and control.

Increasing R&D investments to carry out technical advancements in thermal management solutions and systems, including the development of thermal protection materials for space reentry vehicles and the incorporation of nanoscale heat transfer in next-generation electronic devices, are leading to the growth of the advanced cooling devices segment of the thermal management market across the world. Moreover, these advanced cooling devices are widely used in various types of computers, ranging from laptops to supercomputers and are embedded with heat pipes to prevent overheating. These factors are contributing to the growth of the thermal management market.

Optimization & post-sales support service type segment is estimated to witness the highest CAGR of thermal management market between 2023 and 2028

The optimization & post-sales support service type segment accounted for the largest market share of ~59% in 2022 and is expected to witness the highest CAGR of 10.5% during the forecast period. An effective post-sales process will ensure the client's satisfaction with the product and overall experience. Also, this will allow the manufacturer to understand where the process is thriving and needs improvement. These are some key factors contributing to the rising demand for optimization & post-sales support services.

Automotive end-user industry segment is expected to record highest CAGR in thermal management market during forecast period

The automotive end-user industry is expected to witness the highest CAGR of 11.1% during the forecast period. The increasing use of electric vehicles (EVs), which enable e-mobility and compliance with CO2 emission regulations, is driving the growth of the automotive segment in the market. In the automotive industry, thermal management of HVAC systems, instrument panels, infotainment systems, satellite navigation systems, head-up displays, and engine and brake management systems is essential.

North American market is estimated to grow at second-highest CAGR during forecast period

The North American market is expected to grow at the second-highest CAGR of 8.1% during the forecast period. The growth in the region is attributed to the significant presence of numerous players in the ecosystem, such as Honeywell International Inc., Vertiv Co, Parker Chomerics, Boyd, LORD Corporation, API Heat Transfer, Advanced Cooling Technologies, Inc., Master Bond Inc., and ThermoTek.

Report AttributeDetails
No. of Pages251
Forecast Period2022 - 2028
Estimated Market Value (USD) in 2022$10.7 Billion
Forecasted Market Value (USD) by 2028$19.3 Billion
Compound Annual Growth Rate9.7%
Regions CoveredGlobal

Key Topics Covered:


2.Research Methodology

3.Executive Summary

4.Premium Insights

5.Market Overview

6.Thermal Management Market, by Material Type
6.1. Introduction
6.2. Adhesive Materials
6.3. Nonadhesive Materials

7.Thermal Management Market, by Device
7.1. Introduction
7.2. Conduction Cooling Devices
7.3. Convection Cooling Devices
7.4. Advanced Cooling Devices
7.5. Hybrid Cooling Devices

8.Thermal Management Market, by Service
8.1. Introduction
8.2. Installation & Calibration
8.3. Optimization & Post-Sales Support

9.Thermal Management Market, by End-Use Industry
9.1. Introduction
9.2. Consumer Electronics
9.3. Servers & Data Centers
9.4. Automotive
9.5. Aerospace & Defense
9.6. Enterprises
9.7. Healthcare
9.8. Other End-Use Industries

10.Thermal Management Market, by Region

11.Competitive Landscape

12.Company Profiles


Companies Mentioned

  • Advanced Cooling Technologies, Inc.
  • AI Technology, Inc.
  • Allcell Technologies, LLC
  • Api Heat Transfer
  • Autoneum Holding Ag
  • Boyd
  • Cox & Company, Inc. Valeo
  • Danfoss
  • Dau Thermal Solutions Inc
  • Delta Electronics, Inc.
  • European Thermodynamics Ltd.
  • Gentherm
  • Heatex
  • Henkel
  • Honeywell International Inc.
  • Jaro Thermal
  • Kelvion
  • Laird Thermal Systems
  • Lord Corporation
  • Master Bond Inc.
  • Outlast Technologies LLC
  • Parker Chomerics
  • Tat Technologies Ltd.
  • Thermotek
  • Vertiv Co

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Global Thermal Management Market

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