Global Thermal Management Solutions Market Report 2023: Sector is Projected to Reach $6.1 Billion by 2028 at a CAGR of 5.9%

DUBLIN, May 24, 2023 /PRNewswire/ -- 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

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

For more information about this report visit https://www.researchandmarkets.com/r/u2qcof

About ResearchAndMarkets.com
ResearchAndMarkets.com is the world's leading source for international market research reports and market data. We provide you with the latest data on international and regional markets, key industries, the top companies, new products and the latest trends.

Media Contact:
Research and Markets
Laura Wood, Senior Manager
[email protected]
 
For E.S.T Office Hours Call +1-917-300-0470
For U.S./CAN Toll Free Call +1-800-526-8630
For GMT Office Hours Call +353-1-416-8900
 
U.S. Fax: 646-607-1907
Fax (outside U.S.): +353-1-481-1716

Logo: https://mma.prnewswire.com/media/539438/Research_and_Markets_Logo.jpg

SOURCE Research and Markets