The Thermal Management Solutions Market size is projected to grow from USD 4.3 billion in 2022 to USD 6.1 billion by 2028, registering a CAGR of 5.9% during the forecast period. The growing demand for energy-efficient solutions in various industries, such as oil and gas, chemical, automotive, and manufacturing, the increasing focus on renewable energy sources, such as solar and geothermal, and rapid industrialization and urbanization in emerging economies are fueling the demand for thermal management solutions.
Thermal Management Solutions Companies
The key players in this market are The Dow Chemical Company (US), Eastman Chemical Company (US), ExxonMobil (US), Chevron (US), Huntsman Corporation (US), Shell PLC (UK), Lanxess (Germany), Clariant AG (Germany), Wacker Chemie (AG), and Dupont (US). These players have adopted various strategies such as mergers & acquisitions, new product launches, and investment & expansion to strengthen their market position. For instance, in June 2022, Chevron completed the acquisition of the Renewable Energy Group. This acquisition is expected to help the company leverage its strengths to deliver lower carbon energy.
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ExxonMobil is an American multinational oil & gas company formed by the merger of Exxon and Mobil on November 30, 1999. The company offers a wide portfolio of resources and is one of the largest integrated fuels, lubricants, and chemical companies in the world. It has organized its operations through five segments: Upstream, Energy products, Chemical products, specialty products, and Corporate & Financing. ExxonMobil offers thermal management solutions under the brand Mobiltherm through the specialty products segment. It offers its products to the textile, solar, rubber, petroleum, chemical, food & beverage, and pharmaceutical industries. It offers thermal management solutions in three different chemistries such as mineral oils, synthetic fluids, and silicon polymer. The company also offers high-temperature thermal management solutions and low-temperature thermal management solutions under the brand name Mobiltherm and Mobil COOLANOL, respectively. The company offers thermal management solutions products in Drums and Others (Barrel) packaging.
The company serves customers in various countries such as the US, Guyana, Indonesia, Papua New Guinea, Qatar, and others globally. It has expanded its footprint in North America, South America, Asia Pacific, and the Middle East region. ExxonMobil has 37 oil refineries in 21 countries globally.
The Dow Chemical Company is one of the leading manufacturers and marketers of chemical products. The company has organized its operations through four segments: Packaging & Specialty Plastics, Industrial Intermediates & Infrastructure, Performance Materials & Coatings, and Corporate. It offers thermal management solutions through its Industrial Intermediaries & Infrastructure segment and manufactures under the brand name Dowtherm and Ucartherm. It offers thermal management solutions in three different chemistries, including synthetic organic, inhibited glycols, and silicone. The company offers high-temperature thermal management solutions under the Dowtherm brand name and low-temperature thermal management solutions under the Syltherm brand name. It serves various end-user industries, such as chemical manufacturing, oil & gas, consumer goods and appliances, electronics, data center, industrial and institutional cleaning, mining, paints & coatings, power, water, plastic & fiber, and telecommunications. The company offers thermal management solutions products packaging in Drums and others (KG, LBS, and Cartridges).
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The Dow Chemical Company has a strong presence in 160 countries across North America, South America, Europe, Asia Pacific, and the Middle East & Africa.
Renewable Energy industry is projected to grow at fastest CAGR, in terms of value, during the forecast period.
The growth of the renewable energy industry in the thermal management solutions market is being fueled by several factors, including rising demand for renewable energy, favorable government policies, technological advancements, environmental advantages, and cost competitiveness. Moreover, the renewable energy industry is expanding its utilization of thermal management solutions because many renewable energy technologies, such as solar panels and wind turbines, require efficient and reliable thermal management systems to function optimally. These systems play a crucial role in regulating the temperature of components and preventing overheating or freezing, which can lead to system failure and reduced energy efficiency. As a result, there is a corresponding rise in the demand for thermal management solutions in this market.
Silicon Polymer type is projected to be the largest growing type in the thermal management solutions market, in terms of value.
Silicon polymers are ideal for use in high-temperature applications where other types of thermal management solutions may degrade or break down, as they can withstand extreme temperatures. They possess excellent heat transfer properties, enabling efficient transfer of heat from one point to another. In addition, they are typically low in toxicity and environmentally friendly, as they do not contain harmful chemicals or heavy metals. Therefore, the combination of high thermal stability, outstanding thermal performance, versatility, energy efficiency, and environmental friendliness has contributed to the rapid growth of silicon polymer-based thermal management solutions in various industrial applications.
Asia Pacific is expected to be the fastest growing market for thermal management solutions during the forecast period, in terms of value.
The Asia Pacific region's availability of low-cost raw materials and labor has attracted foreign manufacturers to establish their manufacturing plants, and government initiatives against global warming will boost the thermal management solutions market in the region. Additionally, the rising application of thermal management solutions in industries such as Energy & Power, Oil & Gas, Plastic & Fiber, Petrochemical & Chemical, and HVAC will further drive the thermal management solutions market. The region's low living standards and low disposable income of the people may lead to price reductions of thermal management solutions.
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