According to the research report titled ‘Global Thermal Management Market - Analysis By Materials (Adhesive, Non-Adhesive), Devices, End Users, By Region, By Country (2021 Edition): Market Insights, Covid-19 Impact, Competition and Forecast (2021-2026)’, available with MarketStudyReport, global thermal management market was worth USD 44.75 billion in the year 2020 and is projected to grow substantially during the forecast timespan of 2021-2026.
 

As per the findings of the report, growing disposable income, increasing electronic consumption in densely populated nations such as China and India, and technological advancements are mainly driving global thermal management market growth.
 

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Furthermore, penetration of consumer electronics in this era of communications & entertainment, coupled with increasing demand for features like enhanced mobility, wireless connectivity, and advanced which are paving the way for a variety of new products, including laptops, servers, hybrid routers, data centers, ruggedized laptops, and cameras, are expected to create new growth opportunities in the industry.
 

For those unversed, vehicle thermal management systems effectively solve automobile’s thermal-related problems and keep the functional modules at the optimal temperature operating range, which improves the vehicle's dynamic and economic properties to ensure safe operation of the vehicle.
 

Advanced thermal management technology can reduce conventional vehicle fuel consumption, boost electric vehicle mileage, improve vehicle safety by ensuring that the battery works at a safe temperature, and improve driver and passenger comfort.
 

Based on material type, global thermal management industry is fragmented into adhesive and non-adhesive. Among these, non-adhesive materials segment is expected to hold a substantial share of the industry over the forecast duration, attributable to product benefits such as mechanical shock absorption capacity, and ability to recharge in changing ambient temperature, which makes it ideal for various applications that require temperature control.
 

With respect to geographical aspect, the industry size spans across Americas (U.S., Canada, Mexico), Europe (France, Germany, Italy), and Asia Pacific (Japan, India, China, South Korea). Among these, Asia Pacific market accounted for a significant market size in 2020, due to increasing adoption of EVs in the region, especially in China.
 

Considering the competitive landscape, Henkel AG & Co. KGaA, Honeywell International Inc., Delta Electronics Inc., Boyd Corp., Vertiv Holdings Co., Gentherm Inc., Mahle GmbH, Valeo SE, Denso Corp., and Hanon Systems, are the major contenders influencing global thermal management industry trends.