Dublin, June 06, 2023 (GLOBE NEWSWIRE) -- The "Thermal Management Solutions Market by Type (Water, Gas/Steam, Alkyl Benzenes, Mineral Oils, Synthetic Fluids, Silicon Polymer, Glycol, Molten Salts), Form, Temperature Class, Package Type, End-Use Industry, and Region - Global Forecast to 2028" report has been added to ResearchAndMarkets.com's offering.
The global thermal management solutions market is projected to reach USD 6.1 billion by 2028, at a CAGR of 5.9% from USD 4.3 billion in 2022. The market is expected to experience significant growth opportunities due to rising demand from emerging markets and growing consumer awareness, which will benefit thermal management solutions manufacturers.
Energy & Power accounted for the largest share in the end-use industry segment of the thermal management solutions market in terms of value.
Thermal management solutions play a crucial role in the energy and power sector, as they help in maintaining the optimal temperature for various systems. They are widely used in thermal power plants, nuclear power plants, solar power plants, and oil and gas refineries. These solutions facilitate the transfer and control of heat, enabling the systems to function efficiently. The demand for renewable energy sources and sustainable heat transfer solutions has contributed to the growth of the thermal management solutions market in the energy and power sector. The adoption of environmentally friendly solutions has become increasingly necessary to mitigate the impact of industrial activities on the environment.
Glycol accounted for the third largest share in the type segment of the thermal management solutions market, in terms of value.
Glycol-based thermal management solutions are frequently utilized in a variety of industrial applications due to their exceptional thermal characteristics and adaptability. These fluids are typically composed of glycol, which is a type of organic compound that can be derived from ethylene or propylene. These fluids are known for their high thermal stability, low toxicity, and excellent heat transfer efficiency. They are commonly used in systems that require freeze protection, such as HVAC systems, refrigeration systems, solar thermal systems, and geothermal systems. Glycol-based thermal management solutions are capable of operating over a wide temperature range, making them suitable for both heating and cooling applications.
South America is estimated to be the second-largest market for thermal management solutions.
South America's varying climate conditions, ranging from tropical to subpolar, make it necessary to use thermal management solutions in various applications, including space and district heating, and industrial processes. The region's significant agricultural sector, which produces crops like sugarcane, coffee, and soybeans, requires thermal management solutions for processing and preservation. Additionally, the growing industrial base, including sectors like petrochemicals, food and beverage, and pharmaceuticals, relies on thermal management solutions for efficient heat transfer in manufacturing processes.
The increasing focus on renewable energy sources such as solar and biomass in South America has driven the demand for thermal management solutions in solar thermal systems and bioenergy production. Favourable government policies, growing investments in infrastructure, and technological advancements are also contributing to the growth of the thermal management solutions market in South America.
Market Dynamics
Drivers
- Rapid Industrialization and Supportive Renewable Energy Policies in Asia-Pacific
- Growing Number of Concentrated Solar Power Projects
- Increased Use of Thermal Management Solutions to Reduce Operating Costs and Save Energy
Restraints
- Volatile Raw Material Prices
Opportunities
- Increasing Need for Energy Conservation and Clean Energy
- Government Schemes Focused on Energy Efficiency and Renewable Energy
Challenges
- Fire and Explosion Hazards Related to Thermal Management Solutions
Key Attributes:
| Report Attribute | Details |
| No. of Pages | 286 |
| Forecast Period | 2023 - 2028 |
| Estimated Market Value (USD) in 2023 | $4.3 Billion |
| Forecasted Market Value (USD) by 2028 | $6.1 Billion |
| Compound Annual Growth Rate | 5.9% |
| Regions Covered | Global |
Key Topics Covered:
1 Introduction
2 Research Methodology
3 Executive Summary
4 Premium Insights
5 Market Overview
6 Thermal Management Solutions Market, by Package Type
6.1 Introduction
6.2 Drums
6.2.1 Provides Ease of Transportation with Cost-Effectiveness
6.3 Bulk Containers
6.3.1 Transportation of Large Amounts of Thermal Management Solutions with Ease
7 Thermal Management Solutions Market, by Product Type
7.1 Introduction
7.2 Alkyl Benzene
7.2.1 Increased Use in High-Temperature Applications due to High Thermal Stability
7.3 Mineral Oil
7.3.1 Widely Used in Chemical and Oil & Gas Industries
7.4 Synthetic Fluid
7.4.1 Suitable for High-Temperature Applications
7.5 Silicon Polymer
7.5.1 Rising Demand from Food & Beverage and Pharmaceutical Industries
7.6 Glycol-based Fluid
7.6.1 Anti-Corrosive Additives Reduce Maintenance Costs
7.7 Water
7.7.1 Numerous Applications in Various Industries
7.8 Steam
7.8.1 Easy Availability and Cost-Effectiveness Drive Demand in Power Generation Industry
7.9 Others
8 Thermal Management Solutions Market, by Form
8.1 Introduction
8.2 Aqueous Form
8.2.1 Prevents Corrosion, Freezing, Scaling, and Fouling of Equipment
8.3 Non-Aqueous Form
8.3.1 Designed for High-Temperature Industrial Applications
8.4 Gaseous Form
8.4.1 Suitable for Both Low-Temperature and High-Temperature Applications
9 Thermal Management Solutions Market, by Temperature Class
9.1 Introduction
9.2 High-Temperature Thermal Management Solutions
9.2.1 High Thermal Stability Eliminates Corrosion and Degradation
9.3 Low-Temperature Thermal Management Solutions
9.3.1 Utilized in Various End-use Industries Due to Efficient Heat Transfer Below Freezing Point
10 Thermal Management Solutions Market, by End-use Industry
10.1 Introduction
10.2 Energy & Power
10.2.1 Thermal Management Solutions Find Application in Steam Generation in Power Generation
10.2.2 Non-Renewable Energy
10.2.3 Renewable Energy
10.3 Chemical & Petrochemical
10.3.1 Thermal Management Solutions Used in Chemical Processing Industries for Distillation and Crystallization Purposes
10.4 Oil & Gas
10.4.1 Thermal Management Solutions Used in Heating & Cooling of Equipment, Process Heating, and Temperature Control
10.5 Plastic & Fiber Processing Industry
10.5.1 Water and Mineral Oil Commonly Used Thermal Management Solutions in Plastic Processing Industry
10.6 Automobile
10.6.1 Engine Oils, Batteries, Compressors, Automatic Transmission, and Motors Utilize Thermal Management Solutions
10.7 Food & Beverage
10.7.1 Water and Glycol-based Thermal Management Solutions Find Application in Food & Beverage Industry
10.8 Pharmaceutical
10.8.1 Silicone Fluid Used in Pharmaceutical Industry for Its Broad Operating Temperature Range
10.9 HVAC
10.9.1 Duct Heating, Boilers, Flanged Heaters, and Thermal Energy Storage Systems Utilize Thermal Management Solutions in HVAC Systems
10.10 Data Centers
10.10.1 Thermal Management Solutions Used for Absorbing Heat Generated by Servers and IT Equipment
10.11 Others
11 Thermal Management Solutions Market, by Region
12 Competitive Landscape
13 Company Profiles
14 Appendix
Companies Mentioned
- Arkema
- Basf
- Chemfax
- Chevron
- Clariant AG
- Dupont
- Duratherm
- Dynalene
- Eastman Chemical Company
- Exxonmobil
- Global Heat Transfer
- Glyeco
- Hindustan Petroleum Corporation
- Huntsman Corporation
- Interstate Chemical Company
- Isel
- Lanxess
- Paratherm
- Petro-Canada
- Phillips 66
- Radco Industries
- Schaeffer Specialized Lubricants
- Shell PLC
- The Dow Chemical Company
- Wacker Chemie AG
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