Thermal Management Technologies Market to Hit USD 27.50 Billion by 2032 Owing to Rising Demand for High-Performance Cooling Solutions | SNS Insider

GlobeNewswire On March 12, 2025 18:15 IST

The growing use of advanced cooling solutions in data centers, consumer electronics, EVs, and aerospace is fueling the thermal management technologies market.

Austin, March 12, 2025 (GLOBE NEWSWIRE) — Thermal Management Technologies Market Size & Growth Insights:

According to the SNS Insider,“The Thermal Management Technologies Market size was USD 13.49 Billion in 2023 and is expected to reach USD 27.50 Billion by 2032, growing at a CAGR of 8.24% over the forecast period of 2024-2032.”

Advanced Cooling Solutions Drive Thermal Management Market Growth Amid Rising Demand in Electronics, EVs, and HPC

The increasing need for efficient cooling solutions is fueled by technological progress in electronics, EVs, and industrial use. Data centers, one of the major drivers, produce high heat levels as computational power increases. North America dominates the market with its leadership in quantum and high-performance computing, while Europe experiences fast growth from AI-based cooling and semiconductor technology. The major developments are phase change materials, liquid cooling, and high-efficiency heat sinks. With rising heat intensity in HPC, breakthroughs such as two-phase cooling, nanomaterials, and thermal modeling of 3D-ICs improve energy efficiency. Increasing R&D in the aerospace and automotive sectors further speed up the dissemination of advanced thermal management technologies.

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Leading Market Players with their Product Listed in this Report are:

Advanced Cooling Technologies, Inc. (USA – Heat Pipes, Vapor Chambers, PCM Solutions)
Delta Electronics, Inc. (Taiwan – Thermal Modules, Cooling Fans, Liquid Cooling Systems)
Honeywell International Inc. (USA – Phase Change Materials, Thermal Interface Materials, Heat Exchangers)
Siemens AG (Germany – Industrial Cooling Systems, Heat Recovery Solutions)
STMicroelectronics (Switzerland – Power Semiconductor Cooling, Thermal Sensors)
Fujikura Ltd. (Japan – Flexible Heat Pipes, Thermal Interface Materials)
Boyd Corporation (USA – Liquid Cooling, Heat Sinks, Thermal Insulation Solutions)
Aavid Thermalloy, LLC (USA – Heat Sinks, Liquid Cooling, Thermal Management Systems)
Vertiv Holdings Co (USA – Data Center Cooling, Precision Air Conditioning)
Wakefield-Vette, Inc. (USA – Extruded Heat Sinks, Liquid Cooling Plates)
Heatex Inc. (Madison Industries) (USA – Heat Exchangers, Air-to-Air Cooling Solutions)
Henkel AG & Co. KGaA (Germany – Thermal Interface Materials, Adhesives, Encapsulation Resins)
Laird Thermal Systems Inc. (USA – Thermoelectric Coolers, Liquid Cooling Systems)
Momentive Performance Materials Inc. (USA – Silicone-Based Thermal Management Solutions)
Parker-Hannifin Corp. (USA – Liquid Cooling Systems, Thermal Control Valves)
Thermal Management Technologies (USA – Heat Pipes, Custom Thermal Solutions).

Thermal Management Technologies Market Report Scope:

Report Attributes	Details
Market Size in 2023	USD 13.49 Billion
Market Size by 2032	USD 27.50 Billion
CAGR	CAGR of 8.24% From 2024 to 2032
Report Scope & Coverage	Market Size, Segments Analysis, Competitive Landscape, Regional Analysis, DROC & SWOT Analysis, Forecast Outlook
Key Segmentation	• By Material (Adhesive Material, Non-adhesive Material) • By Device(Conduction Cooling Device, Convention Cooling Device, Advance Cooling Device, Others) • By Service(Installation & Calibration, Optimization & Post Sales Service) • By End-Use(Consumer Electronics, Service & Data Centers, Automotive, Healthcare, Others)
Key Drivers	• Ensuring EV Battery Safety and Efficiency The Growing Need for Advanced Thermal Management Technologies. • Expanding EV Market Drives Demand for Next-Generation Thermal Management Technologies.

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Key Industry Segmentation

By Material, Adhesive Materials Lead Thermal Management Market, While Non-Adhesive Solutions See Rapid Growth

In 2023, adhesive materials were the market leaders, holding about 65% of the overall market share. Adhesive materials, such as thermal interface adhesives and conductive pastes, offer excellent heat dissipation and bonding capability, making them suitable for EV, consumer electronics, and HPC applications. The growth rate is highest for non-adhesive materials, however, due to the growing use of phase change materials, thermal interface films, and metal-based heat spreaders.

By Device, Conduction Cooling Devices Dominate Market, While Advanced Cooling Solutions Gain Momentum

Conduction cooling products dominated the market share in 2023 with 51%, due to their superior performance in direct heat transfer applications. Conduction cooling products are largely applied in consumer electronics, electric vehicles, and AI applications. Liquid cooling and thermoelectric cooling are emerging as the latest advanced cooling devices, driven by the increasing use of efficient cooling in data centers and HPC environments.

By Service, Installation & Calibration Lead Market, While AI-Driven Optimization Services See Rapid Growth

The installation and calibration segment captured 70% of the market in 2023, as the accurate installation is essential to maintaining system efficiency and lifespan. However, the most rapidly expanding segment is optimization and post-sales services due to the growth in the adoption of AI-based predictive maintenance and remote monitoring technologies.

By End-Use, Consumer Electronics Dominate the Thermal Management Market, While the Automotive Sector Sees the Fastest Growth

Consumer electronics led the thermal management market in 2023 with a 53% share, driven by increasing demand for high-performance computing equipment, gaming consoles, and 5G smartphones. Effective cooling systems are needed to avoid overheating and extend the life of devices. The automotive industry is the fastest-growing sector, led by the growth of electric vehicles (EVs) and advanced driver-assistance systems (ADAS). These technologies need advanced thermal management to maximize battery performance and electronic component reliability. With the growing adoption of EVs and advances in semiconductor technology, the demand for creative cooling solutions in consumer electronics and automotive applications is on the rise.

North America Dominates Thermal Management Market, While Europe Leads in Growth with EV and AI Innovations

North America was the largest in the thermal management technologies market in 2023, holding a revenue share of 41%. This is because the region has registered important developments in EVs, HPC, and aerospace sectors, coupled with the presence of major players such as Honeywell, 3M, and Parker Hannifin. The U.S. is ahead in terms of AI-driven cooling and phase change materials, while Canada enjoys government backing for sustainable energy projects.

Europe is the growth leader, with rising investments in electric vehicles, renewable energy, and data centers fueling growth. The European Union’s strict CO2 emissions norms have spurred the adoption of next-generation cooling technologies in automotive and industrial uses. R&D leaders in liquid cooling, AI-informed thermal solutions, and phase change materials include countries such as Germany, France, and the UK.

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Recent Developments

Feb 12, 2025 – Advanced Cooling Technologies, Inc. (ACT) announced a breakthrough in Constant Conductance Heat Pipes (CCHPs) for space-based thermal management applications, expanding its portfolio for satellite payloads and deep-space missions.
June 24, 2024 – Siemens Digital Industries Software launched Calibre 3DThermal, a new 3D-IC thermal analysis tool designed to enhance thermal modeling for high-performance semiconductor applications. The tool integrates with Siemens’ Calibre and Simcenter Flotherm platforms to optimize heat dissipation strategies in complex 3D chip architectures.

Table of Contents – Major Points

1. Introduction

2. Executive Summary

3. Research Methodology

4. Market Dynamics Impact Analysis

5. Statistical Insights and Trends Reporting

5.1 Adoption Rate by Region

5.2 Thermal Resistance Reduction Trends

5.3 Heat Dissipation Density in High-Performance Computing

5.4 Efficiency Gain Due to Thermal Management Solutions

5.5 Innovation and R&D

6. Competitive Landscape

7. Thermal Management Technologies Market Segmentation, by Material

8. Thermal Management Technologies Market Segmentation, by Device

9. Thermal Management Technologies Market Segmentation, by Service

10. Thermal Management Technologies Market Segmentation, by End-Use

11. Regional Analysis

12. Company Profiles

13. Use Cases and Best Practices

14. Conclusion

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