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 Market Study Report, global thermal management market amassed USD 44.75 billion in 2020 and is touted to grow momentously over 2021-2026.
 

Extensive adoption of electronics, along with increasing discretionary income leading to high usage of consumer electronics in populated countries are augmenting the growth of worldwide thermal management industry.
 

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Additionally, demand for wireless connectivity, enhanced mobility, and advanced technologies facilitating new products like hybrid routers, laptops, cameras, servers, ruggedized laptops, and data centers are also augmenting the industry outlook.

 

Speaking of material terrain, the industry is bifurcated into adhesive material, and non-adhesive material. Non-adhesive material segment is anticipated to hold decent market share over the study period, owing to beneficial qualities like mechanical shock absorption, getting recharged as per changing ambient temperature, and are ideal for temperature control applications.

 

In terms of end user spectrum, global thermal management industry is classified into healthcare, consumer electronic, servers & data centers, aerospace & defense, and automotive, wherein the lattermost segment is poised to grow modestly through 2026. The thermal management system controls engine, battery, motor, air-conditioner, and other related components and subsystems for the vehicle to solve temperature-related problems efficiently. Advanced thermal system enhances the mileage of electric vehicles, reduces consumption of fuels of conventional vehicles, ensures battery operation at an acceptable temperature, further improving the safety of the vehicle as well as the comfort of drivers and passengers.

 

Based on devices, worldwide thermal management market is segregated into convention, advanced, hybrid, and conduction cooling devices.

 

According to expert verbatim, Asia Pacific lead the market forecast in the year 2020 with countries like Japan and China as major contributors, owing to surging adoption of EVs.

 

Major industry players profiled in the report are Valeo, Gentherm Incorporated, Delta Electronics Inc., Henkel AG & Co. KGaA, Hanon Systems, DENSO Corporation, MAHLE Gmbh, Honeywell International Inc., Vertiv Holdings Co., and Boyd Corporation among others.