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Aug 15, 2023

Thermal Management Solutions Market Report 2023: Rapid Industrialization and Supportive Renewable Energy Policies in Asia

Global Thermal Management Solutions Market Dublin, June 06, 2023 (GLOBE

Global Thermal Management Solutions Market

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 Type6.1 Introduction6.2 Drums6.2.1 Provides Ease of Transportation with Cost-Effectiveness6.3 Bulk Containers6.3.1 Transportation of Large Amounts of Thermal Management Solutions with Ease

7 Thermal Management Solutions Market, by Product Type7.1 Introduction7.2 Alkyl Benzene7.2.1 Increased Use in High-Temperature Applications due to High Thermal Stability7.3 Mineral Oil7.3.1 Widely Used in Chemical and Oil & Gas Industries7.4 Synthetic Fluid7.4.1 Suitable for High-Temperature Applications7.5 Silicon Polymer7.5.1 Rising Demand from Food & Beverage and Pharmaceutical Industries7.6 Glycol-based Fluid7.6.1 Anti-Corrosive Additives Reduce Maintenance Costs7.7 Water7.7.1 Numerous Applications in Various Industries7.8 Steam7.8.1 Easy Availability and Cost-Effectiveness Drive Demand in Power Generation Industry7.9 Others

8 Thermal Management Solutions Market, by Form8.1 Introduction8.2 Aqueous Form8.2.1 Prevents Corrosion, Freezing, Scaling, and Fouling of Equipment8.3 Non-Aqueous Form8.3.1 Designed for High-Temperature Industrial Applications8.4 Gaseous Form8.4.1 Suitable for Both Low-Temperature and High-Temperature Applications

9 Thermal Management Solutions Market, by Temperature Class9.1 Introduction9.2 High-Temperature Thermal Management Solutions9.2.1 High Thermal Stability Eliminates Corrosion and Degradation9.3 Low-Temperature Thermal Management Solutions9.3.1 Utilized in Various End-use Industries Due to Efficient Heat Transfer Below Freezing Point

10 Thermal Management Solutions Market, by End-use Industry10.1 Introduction10.2 Energy & Power10.2.1 Thermal Management Solutions Find Application in Steam Generation in Power Generation10.2.2 Non-Renewable Energy10.2.3 Renewable Energy10.3 Chemical & Petrochemical10.3.1 Thermal Management Solutions Used in Chemical Processing Industries for Distillation and Crystallization Purposes10.4 Oil & Gas10.4.1 Thermal Management Solutions Used in Heating & Cooling of Equipment, Process Heating, and Temperature Control10.5 Plastic & Fiber Processing Industry10.5.1 Water and Mineral Oil Commonly Used Thermal Management Solutions in Plastic Processing Industry10.6 Automobile10.6.1 Engine Oils, Batteries, Compressors, Automatic Transmission, and Motors Utilize Thermal Management Solutions10.7 Food & Beverage10.7.1 Water and Glycol-based Thermal Management Solutions Find Application in Food & Beverage Industry10.8 Pharmaceutical10.8.1 Silicone Fluid Used in Pharmaceutical Industry for Its Broad Operating Temperature Range10.9 HVAC10.9.1 Duct Heating, Boilers, Flanged Heaters, and Thermal Energy Storage Systems Utilize Thermal Management Solutions in HVAC Systems10.10 Data Centers10.10.1 Thermal Management Solutions Used for Absorbing Heat Generated by Servers and IT Equipment10.11 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

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

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Global Thermal Management Solutions Market