As cited by 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 LLC, global thermal management market was worth USD 44.75 billion in 2020 and is estimated to expand significantly over 2021-2026.
 

Advancements in electronics vertical, and increased use of electronics due to rising disposable income of people in highly populated countries are the major factors driving the global thermal management market growth.
 

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For the record, advanced thermal management technology can increase the mileage of electric vehicles, reduce fuel consumption of conventional vehicles, enhance safety of automotive, improve the comfort of drivers & passengers, and ensure battery operation at a suitable temperature.
 

Vehicle thermal management system incorporates correlation matching, control and optimization of air-conditioner, battery, vehicle engine, motor, and other related subsystems & components to effectively solve the thermal-related problems of the vehicle and make functional modules at optimal temperature operating range to enhance the economic & dynamic property of the vehicle and to ensure the safe operation of the vehicle.
 

Considering the end-user range, global thermal management industry is segmented into automotive, aerospace & defense, servers & data centers, consumer electronics, and healthcare. By devices type, the business space is divided into conduction cooling devices, hybrid cooling devices, convection cooling devices, and advanced cooling devices.
 

Based on material type, the marketplace is categorized into adhesive materials, and non-adhesive materials. Among these, non-adhesive materials segment is poised to grab the largest market share in the coming years, owing to benefits like getting recharged with changing ambient temperature and superior mechanical shock absorption capacity, making them ideal for several applications that require temperature control.
 

Expert analysts cite that Asia Pacific held a significant market share in 2020, with countries like Japan and China making immense contribution. This can be credited to increasing adoption of electric vehicles in the region.
 

Companies swaying the worldwide thermal management industry trends are Henkel AG & Co. KGaA, Honeywell International Inc., Delta Electronics Inc., Boyd Corporation, Vertiv Holdings Co., Gentherm Inc., Mahle GmbH, Valeo S.A., DENSO Corp., and Hanon Systems.