Thermal Management Solutions Market worth $6.1 billion by 2028 – At a CAGR of 5.9%

According to a market research report, 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”, size is projected to reach USD 6.1 billion by 2028, at a CAGR of 5.9% from USD 4.3 billion in 2022. The increasing demand from the oil & gas and renewable energy industries, coupled with new developing technologies, will contribute to the rapid growth in the demand for thermal management solutions.


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294 Market data Tables

57 Figures

297 Pages and in-depth TOC on “Thermal Management Solutions Market – Global Forecast to 2028”

This report also provides a comprehensive analysis of the companies listed below:


The key global players in the thermal management solutions market include 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 (Germany), and Dupont (US) and others.


Merger & acquisitions, investments & expansions, partnerships & collaborations, and new product developments are some of the major strategies adopted by these key players to enhance their positions in the thermal management solutions market.


Recent Developments in Thermal Management Solutions Market

Eastman plans to expand the Therminol 66 thermal management solutions manufacturing capacity in Anniston, Alabama in July 2022. By 2024, the expansion of the plant is anticipated to be finished, which will result in a 50% augmentation in the capacity of the US-based facility.

In June 2022, Chevron finalized the acquisition of the Renewable Energy Group, with the aim of utilizing its expertise to provide energy with lower carbon emissions by leveraging the company’s strengths.

Eastman introduced Fluid Genius in June 2021, which is a patent-pending product that utilizes artificial intelligence technology and Eastman’s proficiency to enhance the performance of heat transfer systems with predictive analytics. By providing end-users with predictive insights, Fluid Genius aids in optimizing the performance of thermal management solutions and maximizing the life cycle of thermal management solutions for diverse system applications.

In April 2019, Eastman expanded its product offerings by acquiring Marlotherm from Sasol (South Africa). Marlotherm is a brand of thermal management solutions.

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Based on form, the thermal management solutions market has been segmented into aqueous, non-aqueous, and gaseous forms. The aqueous form holds the second-largest market share in terms of value during the forecast period. Aqueous form heat transfer fluids are commonly used for transferring heat in various industrial and commercial applications. It typically consists of water mixed with additives or chemicals that enhance its thermal properties, such as anti-freeze agents, corrosion inhibitors, and surfactants. They are commonly used in heating and cooling systems, refrigeration systems, thermal energy storage systems, and other applications where reliable and efficient heat transfer is critical.


Based on type, the thermal management solutions market has been segmented into alkyl benzenes, mineral oils, synthetic fluids, silicon polymer, glycol (ethylene glycol, propylene glycol), water, steam, and others. Glycol type thermal management solutions hold the third-largest market share in terms of value during the forecast period. Glycol is a common water-miscible coolant used in cooling and heat transfer applications. Glycol-based thermal management solutions are high-performance fluids with high thermal efficiency and durability designed for industrial applications. Its enclosed system guarantees cleanliness, minimizes wear and tear, and eliminates filtering requirements. Anticorrosive additives are included in the formulation of industrial grade glycols to lower maintenance costs.


Based on temperature, the thermal management solutions market has been segmented into high-temperature and low-temperature thermal management solutions. High-temperature thermal management solutions have higher demand in this industries seek to increase their productivity, there is a growing need for high-temperature thermal management solutions that can operate at higher temperatures and under more challenging conditions. For example, the increasing demand for electric vehicles and renewable energy technologies has led to the development of high-temperature thermal management solutions for batteries and power electronics that can withstand extreme operating conditions and help to improve their efficiency and performance.


Based on packaging, the thermal management solutions market has been segmented into drums and bulk containers packaging. The drums are designed to withstand high temperatures and pressure and are typically made from durable materials such as steel or plastic that are compatible with the specific heat transfer fluid being packaged. They are carefully sealed to prevent any leakage or contamination during storage and transportation and may be equipped with additional features such as venting systems or temperature monitoring devices to ensure optimal performance. Proper labeling and handling instructions are also included on the drums to provide clear guidance for users, ensuring safe and efficient use of the heat transfer fluids.


Based on end-use industries, the thermal management solutions market has been segmented into energy & power, non-renewable energy, renewable energy, solar, chemical & petrochemical, plastic & fiber, oil & gas, HVAC, pharmaceuticals, automotive, food & beverage, data center, and other end-use industries. Energy & Power is the third fastest-growing end-use industry in the thermal management solutions market. Heat transfer fluids are critical components used in various energy and power applications, including oil and gas, renewable energy, and power generation. The growing demand for energy and power, along with the increasing focus on energy efficiency and sustainability, is driving the demand for advanced heat transfer fluids that can offer high thermal stability, low environmental impact, and improved performance. Thus, the energy and power industry’s evolving needs are propelling the growth of the thermal management solutions market.


The Asia Pacific region is experiencing the most significant and fastest growth in thermal management solutions, driven by increased consumer awareness and supportive government policies in countries like India and China. The growing middle class and population, along with higher disposable incomes, are creating a demand for high-quality consumer goods. Additionally, low labor costs and access to raw materials make the region attractive to manufacturers looking to supply the emerging markets. The increasing application of thermal management solutions in end-use industries, such as energy & power, oil & gas, food & beverage, HVAC, data center in Asia Pacific, is expected to support the thermal management solutions market growth during the forecast period.


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