The Thermal Management Solutions Market size is projected to grow from USD 4.3 billion in 2022 to USD 6.1 billion by 2028, registering a CAGR of 5.9% during the forecast period. The growing demand for energy-efficient solutions in various industries, such as oil and gas, chemical, automotive, and manufacturing, the increasing focus on renewable energy sources, such as solar and geothermal, and rapid industrialization and urbanization in emerging economies are fueling the demand for thermal management solutions.
The key players in this market are 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), and Dupont (US). These players have adopted various strategies such as mergers & acquisitions, new product launches, and investment & expansion to strengthen their market position. For instance, in June 2022, Chevron completed the acquisition of the Renewable Energy Group. This acquisition is expected to help the company leverage its strengths to deliver lower carbon energy.
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ExxonMobil is an American multinational oil & gas company formed by the merger of Exxon and Mobil on November 30, 1999. The company offers a wide portfolio of resources and is one of the largest integrated fuels, lubricants, and chemical companies in the world. It has organized its operations through five segments: Upstream, Energy products, Chemical products, specialty products, and Corporate & Financing. ExxonMobil offers thermal management solutions under the brand Mobiltherm through the specialty products segment. It offers its products to the textile, solar, rubber, petroleum, chemical, food & beverage, and pharmaceutical industries. It offers thermal management solutions in three different chemistries such as mineral oils, synthetic fluids, and silicon polymer. The company also offers high-temperature thermal management solutions and low-temperature thermal management solutions under the brand name Mobiltherm and Mobil COOLANOL, respectively. The company offers thermal management solutions products in Drums and Others (Barrel) packaging.
The company serves customers in various countries such as the US, Guyana, Indonesia, Papua New Guinea, Qatar, and others globally. It has expanded its footprint in North America, South America, Asia Pacific, and the Middle East region. ExxonMobil has 37 oil refineries in 21 countries globally.
The Dow Chemical Company is one of the leading manufacturers and marketers of chemical products. The company has organized its operations through four segments: Packaging & Specialty Plastics, Industrial Intermediates & Infrastructure, Performance Materials & Coatings, and Corporate. It offers thermal management solutions through its Industrial Intermediaries & Infrastructure segment and manufactures under the brand name Dowtherm and Ucartherm. It offers thermal management solutions in three different chemistries, including synthetic organic, inhibited glycols, and silicone. The company offers high-temperature thermal management solutions under the Dowtherm brand name and low-temperature thermal management solutions under the Syltherm brand name. It serves various end-user industries, such as chemical manufacturing, oil & gas, consumer goods and appliances, electronics, data center, industrial and institutional cleaning, mining, paints & coatings, power, water, plastic & fiber, and telecommunications. The company offers thermal management solutions products packaging in Drums and others (KG, LBS, and Cartridges).
The Dow Chemical Company has a strong presence in 160 countries across North America, South America, Europe, Asia Pacific, and the Middle East & Africa.
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
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