Thermal Protector Market

Market Overview

The global thermal protector market size was valued at USD 57.95 million in 2022. It is estimated to reach USD 78.84 million by 2031, growing at a CAGR of 3.48% during the forecast period (2023–2031). The global thermal protector market is witnessing strong growth propelled by raising awareness regarding the safety of electronic and electrical gadgets. With the increasing global demand for consumer electronics and residential appliances, it is crucial to prioritize the development of efficient thermal protection measures. Thermal protectors are also vital to the automotive industry as they help in automotive thermal management. Thus, the automotive sector has surged in demand for thermal protectors, boosting global market expansion.

A thermal protector is a specialized device that safeguards electrical appliances and equipment against excessive heat by automatically breaking the electrical circuit when the temperature is beyond a specific limit. The main objective of a thermal protector is to safeguard the equipment and mitigate the potential for fire hazards.

Thermal protectors encompass a variety of forms and find widespread application in diverse electronic and electrical equipment, including motors, transformers, heating elements, and other appliances. Thermal protectors can be classified into two primary categories: temperature switches and thermal fuses. Thermal protectors are crucial when excessive heat is a worry, as they offer an additional level of security to prevent disastrous failures and guarantee the durability of the machinery.

Market Dynamics

Global Thermal Protector Market Drivers:

Increasing Demand from the Consumer Electronics Industry

The global market expansion is propelled by the growing use of thermal protection in the consumer electronics industry. Thermal protectors are used extensively in various electronic products, including computers, smartphones, tablets, cameras, and gaming consoles, to safeguard against overheating and thermal runaway. Thermal protectors contribute to the elongation of battery lifespan and enhancement of device performance.

According to a report by Statista, the worldwide consumer electronics industry is predicted to reach USD 406.90 billion by 2023, with a CAGR of 9.08% from 2023 to 2028. The consumer electronics market is expected to reach a user base of 2.2 billion by 2028. The projected user penetration rate is 26.6% in 2023 and is anticipated to reach 30.6% by 2028. This indicates a significant need for thermal insulation in the consumer electronics sector, contributing to the global market's growth.

Rising Demand from Automotive Sector

The increasing need for thermal protection in the automotive sector is also a key driver for the global thermal protector market. Thermal protectors are crucial elements in several automobile systems, including engine cooling, air conditioning, battery management, electric power steering, and electric vehicles. Thermal protectors serve the purpose of averting excessive heat, fire outbreaks, and electrical malfunctions, all of which have the potential to inflict prominent harm on both the vehicle and its occupants.

Moreover, the global automotive thermal management market is expected to have a value of USD 134 billion by 2030, as stated in a report by Straits Research. This growth is anticipated at a CAGR of approximately 6% from 2022 to 2030. Thus, an enormous potential for growth in the automotive sector is indicated for the thermal protector market.

Global Thermal Protector Market Restraint:

High Cost of Thermal Protection Systems

A significant limitation of the thermal protector market is the high expense and intricate nature of thermal protection systems. Thermal protectors necessitate rigorous design, engineering, and testing to guarantee their dependability and precision. Thermal protectors must also be suitable for various applications and conditions' distinct requirements and specifications. Moreover, thermal protectors are susceptible to deterioration, erosion, and degradation as they age, impacting their performance and longevity. These aspects contribute to escalating expenses and upkeep of thermal protection systems, impeding market expansion.

Global Thermal Protector Market Opportunities:

Emergence of Smart Thermal Protection Systems 

An emerging opportunity for the thermal protector market is the development of smart thermal protection systems. Smart thermal protection systems use sensors, controllers, and communication modules to facilitate live monitoring, diagnosis, and control of the temperature conditions of electrical equipment. Smart thermal protection systems can also offer data analysis, feedback, and optimization of the equipment's thermal performance and energy efficiency.

Smart thermal protection systems can improve many applications' safety, dependability, and sustainability, including smart homes, buildings, grids, and cities. As per a report from Straits Research, the global smart home market is projected to attain a value of USD 230.81 billion by 2031, with a CAGR of 12.02% from 2023 to 2031. This indicates that the thermal protector market's smart thermal protection systems segment has enormous growth potential.

Regional Analysis

Asia-Pacific Dominates the Global Market

Based on region, the global thermal protector market is bifurcated into North America, Europe, Asia-Pacific, Latin America, and the Middle East and Africa.

Asia-Pacific is the most significant global thermal protector market shareholder and is expected to expand substantially over the forecast period. The Asia-Pacific region is experiencing the most rapid global thermal protector market growth. This is primarily due to fast-paced industrialization, urbanization, and digitalization. There is also a growing demand for thermal protection in emerging economies like China, India, Japan, and South Korea. Moreover, there has been a significant increase in investments and innovations within the thermal protection sector. The increasing demand for thermal protection in electric vehicles, the rising popularity of smart homes and smart structures, and the growing consciousness regarding energy conservation and environmental protection are the primary factors propelling market expansion in the region. As reported by the Times of India, the number of smart homes in India is estimated to be about 13 million in 2023. The country is projected to experience a 12.84% increase in the adoption of smart home technologies by 2025.

Furthermore, the rising consumer demand for smart home technology, driven by government initiatives and financial support for smart city development, is expected to have a favorable effect on the growth of India's smart home market. As to the India Brand Equity Foundation, the Smart Cities Mission in India has been granted an allocation of Rs. 6,450 crore (USD 868 Mn) under the Union Budget 2021-22, which is an increase from Rs. 3,400 crore (USD 457 Mn) in FY21. The increasing popularity of smart homes has resulted in a significant rise in household use of smart devices. Consequently, this trend is projected to fuel the demand for thermal protection in these devices.

In North America, the global thermal protector market is experiencing substantial growth. This can be attributed to the presence of leading thermal protector manufacturers such as Texas Instruments, Honeywell, Emerson, and Sensata Technologies. The widespread use of thermal protection in industries like automotive, aerospace, consumer electronics, and industrial machinery contributes to this growth. Moreover, the stringent regulations and standards for electrical equipment safety and energy efficiency also drive the market's expansion. Market participants in the region effectively increase their market share by implementing various strategic initiatives. In July 2023, Boston Materials (located in Billerica, Massachusetts, United States) and Textron Systems (based in Wilmington, Massachusetts, United States) announced a collaboration to create a thermal protection system (TPS) for hypersonic vehicles. This TPS aims to enhance durability and lower deployment expenses. The new Thermal Protection System (TPS) will incorporate Boston Materials' unique Z-axis Fiber technology. This TPS is designed to be placed externally to the outer structural skin of a launch vehicle, protecting against severe temperatures during atmospheric re-entry.

Furthermore, NASA has chosen Fiber Materials Inc. of Biddeford, Maine, to supply thermal protection systems (TPS) for three NASA missions funded by the agency's Science Mission Directorate: Mars Sample Return (MSR) / Earth Entry Vehicle; MSR Sample Return Lander; and Dragonfly. Each of these initiatives necessitates using ablative TPS materials for ground testing and flight. The performance period commenced in January 2021 and will last until January 2026. The contract is an indefinite-delivery/indefinite-quantity agreement with a set price. Its maximum value is USD 24 million, and the minimum order value will be met by the first order placed. The initial purchase amounts to a grand sum of USD 635,748.29. These factors contribute to expanding the North American thermal protector market.

The European region experiences a high need for thermal protection in the automotive, aerospace, consumer electronics, and industrial machinery industries. Strict rules and standards for electrical equipment safety and energy efficiency drive this demand. Moreover, there has been an increase in the research and development conducted by numerous institutes and companies. In December 2016, researchers at Imperial College London found that tantalum carbide and hafnium carbide materials can endure extremely high temperatures of over 4000 degrees Celsius. Tantalum carbide (TaC) and hafnium carbide (HfC) are classified as refractory ceramics due to their exceptional heat resistance. Refractory ceramics possess exceptional resilience to endure exceedingly severe conditions, making them suitable for implementation in thermal protection systems for high-velocity vehicles and as fuel cladding in the intensely hot surroundings of nuclear reactors. This material has the potential to be utilized in the creation of innovative thermal protectors. Therefore, these advancements are expected to enhance the market expansion in this area.

Segmental Analysis

The global thermal protector market is segmented by type and application.

Based on type, the global thermal protector market is divided into metal material, plastic material, ceramic material, and others. 

Ceramic material comprises inorganic compounds such as metallic oxides, nitrides, or carbides. Ceramic materials have brittleness, hardness, high compressive strength, and low resistance to shearing and stress. Ceramics typically exhibit excellent thermal resistance, withstanding temperatures ranging from 1,000 °C to 1,600 °C (1,800 °F to 3,000 °F). In addition, the researchers are working on developing sophisticated ceramic materials that may be utilized in a wide range of applications to endure and tolerate harsh and challenging conditions. Multiple nations are at present competing to create the most cutting-edge hypersonic vehicles.

Notably, a group of scientists at Missouri S&T has recently secured a substantial USD 2.6 million grant to support the United States in this endeavor. Dr. Gregory E. Hilmas, a highly esteemed professor of ceramic engineering, is currently focused on the research and development of ceramic materials that possess enhanced resistance to extreme temperatures encountered during the flight of hypersonic vehicles. "We are actively engaged in the research and development of advanced ceramic materials that are essential for advancing these vehicles," states Dr. Hilmas. This is expected to boost the demand for ceramic thermal protectors.

Based on application, the global thermal protector market is segmented into motors, compressors, transformers, and others.

Thermal protectors are essential for ensuring compressors' secure and effective functioning, particularly in situations where the risk of overheating is a worry. Compressors are apparatuses that enhance the pressure of a gas to generate a stream, and they are extensively employed in diverse sectors, like refrigeration, air conditioning, and manufacturing. Compressor motors can produce a substantial quantity of heat when in operation. Thermal protectors are specifically engineered to monitor and regulate the temperature of the motor winding. Once the temperature exceeds a safe threshold, the thermal protector interrupts the electrical circuit to the motor, resulting in its cessation of operation and preventing damage caused by excessive heat.

Moreover, elevated temperatures can cause the degradation of insulation and present a potential danger of perilous fires. Thermal protectors function as a safety mechanism, mitigating the possibility of electrical fires by cutting off the power supply when temperatures reach hazardous levels. Consequently, using thermal protectors in compressors significantly enhances the expansion of this segment.

Recent Developments

• November 2023- JIOS Aerogel inaugurated a manufacturing facility in Singapore dedicated to producing thermal protection materials for electric vehicle (EV) batteries. The creation of this facility is a crucial element of JIOS' continuous investment strategy, aimed at assisting automakers in using aerogel-based technology to improve the safety and performance of electric vehicle (EV) batteries.
• May 2023- LG unveiled four new Electric Vehicle chargers equipped with both electric and thermal protection.