세계의 열전재료 시장 예측(-2032년) : 재료 유형, 온도 범위, 모듈 유형, 형태, 용도, 최종사용자, 지역별 분석

According to Stratistics MRC, the Global Thermoelectric Materials Market is accounted for $0.86 billion in 2025 and is expected to reach $2.07 billion by 2032 growing at a CAGR of 13.4% during the forecast period. Thermoelectric materials are advanced substances that convert heat energy directly into electrical energy and vice versa through the Seebeck and Peltier effects. These materials enable solid-state energy conversion without moving parts, making them highly reliable and efficient for power generation and cooling applications. They are commonly used in waste heat recovery, refrigeration, and energy harvesting across industries such as automotive, aerospace, and electronics due to their unique thermal and electrical conductivity properties.

Market Dynamics:

Driver:

Rising demand for waste heat recovery systems

Industries such as automotive, manufacturing, and power generation produce vast amounts of waste heat, leading to increased interest in technologies that can convert this lost energy into usable electricity. Thermoelectric materials offer a reliable and maintenance-free solution for energy recovery, making them ideal for integration into compact, solid-state systems. As global energy efficiency standards tighten and sustainability goals become more aggressive, companies are adopting waste heat recovery to reduce operational costs and emissions, further boosting demand for advanced thermoelectric materials that can optimize energy use.

Restraint:

Limited availability of high-performance materials

Efficient thermoelectric conversion requires materials with a high figure of merit (ZT), which are often rare, expensive, or difficult to synthesize at scale. Elements like tellurium, bismuth, and germanium commonly used in high-performance thermoelectric compounds are either scarce or subject to supply chain disruptions. Additionally, the complexity of processing and integrating these materials into reliable, durable devices poses manufacturing challenges. These limitations hinder mass adoption across industries, restrict cost-effectiveness, and slow down research and development efforts, ultimately constraining the growth potential of the thermoelectric materials market.

Opportunity:

Growing demand for portable and wearable devices

Wearable devices such as fitness trackers and medical sensors increasingly rely on compact, energy-efficient power sources, with thermoelectric generators emerging as a smart solution thanks to their ability to harness body heat and convert it into usable electricity. Innovations in flexible, miniaturized thermoelectric materials have made it easier to embed them into garments and accessories. At the same time, growing environmental awareness is driving interest in sustainable technologies. As the Internet of Things (IoT) and connected healthcare devices become more widespread, the need for constant, battery-free power harvesting is accelerating, placing thermoelectric materials at the forefront of wearable tech advancements.

Threat:

Competition from other energy recovery technologies

Alternative technologies such as organic Rankine cycles, heat exchangers, and phase change materials often offer higher efficiency, lower costs, or better scalability for specific applications. These mature and widely adopted systems overshadow thermoelectric solutions, especially in large-scale industrial setups where performance and return on investment are critical. Moreover, advancements in competing technologies continue to widen the performance gap. As a result, industries may hesitate to invest in thermoelectric systems, limiting their deployment despite their advantages in portability, solid-state operation, and low maintenance requirements.

Covid-19 Impact:

The COVID-19 pandemic significantly disrupted the thermoelectric materials market. Supply chain disruptions, factory closures, and labor shortages in key manufacturing regions hindered production and material availability. Reduced demand from the automotive and consumer electronics sectors further slowed growth. However, increased adoption of data centers and remote work spurred demand for thermoelectric coolers in IT and telecom, partially mitigating the overall negative impact. The market is now recovering, driven by renewed industrial activity and a global focus on energy efficiency.

The bismuth telluride (Bi2Te3) segment is expected to be the largest during the forecast period

The bismuth telluride (Bi2Te3) segment is expected to account for the largest market share during the forecast period, due to its high efficiency at near-room temperatures, making it ideal for applications in refrigeration, cooling of electronic devices, and portable power generation. Its excellent thermoelectric properties, including high Seebeck coefficient and low thermal conductivity, drive its widespread use. The increasing demand for compact, silent, and reliable solid-state cooling systems continues to boost the growth of bismuth telluride in the thermoelectric materials market.

The automotive segment is expected to have the highest CAGR during the forecast period

Over the forecast period, the automotive segment is predicted to witness the highest growth rate, due to the growing emphasis on energy efficiency and emission reduction. Thermoelectric generators are increasingly integrated into vehicles to convert waste heat from exhaust systems into electricity, improving overall fuel efficiency. Additionally, electric and hybrid vehicles benefit from thermoelectric modules for thermal management and battery cooling. The push for sustainable mobility and stricter environmental regulations further accelerates thermoelectric adoption in automotive applications.

Region with largest share:

During the forecast period, the Asia Pacific region is expected to hold the largest market share, due to rapid industrialization, increasing automotive production, and rising demand for energy-efficient technologies. Countries like China, Japan, and South Korea are investing heavily in electronics, automotive innovation, and renewable energy, driving thermoelectric applications. Additionally, government incentives for clean energy and significant R&D investments in advanced materials further contribute to the market's expansion across the region.

Region with highest CAGR:

Over the forecast period, the North America region is anticipated to exhibit the highest CAGR, owing to strong demand in automotive, aerospace, and defense sectors, where energy efficiency and advanced thermal management are critical. The region benefits from robust research funding, technological innovation, and early adoption of energy-harvesting solutions. Growing interest in sustainable energy, coupled with government initiatives supporting clean technologies and waste heat recovery systems, further fuels market growth across industries such as electronics, healthcare, and industrial manufacturing.

Key players in the market

Some of the key players in Thermoelectric Materials Market include Ferrotec Holdings Corporation, Custom Thermoelectric LLC, Laird Thermal Systems, Phononic, Inc., Gentherm Inc., Thermonamic Electronics Corp. Ltd., Coherent Corp., TE Technology, Inc., Kyocera Corporation, Evident Thermoelectrics, Komatsu Ltd., TEC Microsystems GmbH, Global Power Technologies Inc., European Thermodynamics Limited, and CUI Devices.

Key Developments:

In March 2024, Hach introduced the new BioTector B7000 Online ATP Monitoring System for real-time detection of microbial contamination in water treatment processes. It provides rapid results in 5-10 minutes.

In March 2024, Thermo Fisher launched the new Dionex Inuvion Ion Chromatography system designed for simplified and versatile ion analysis for environmental, industrial and municipal water testing labs.

In February 2024, Thermo Fisher announced the launch of its 'Make in India' Class 1 analyser-based Continuous Ambient Air Quality Monitoring System (CAAQMS) to support India's environmental monitoring efforts.

Material Types Covered:

• Bismuth Telluride (Bi2Te3)
• Lead Telluride (PbTe)
• Silicon-Germanium (SiGe)
• Skutterudites
• Magnesium Silicide
• Other Material Types

Temperature Ranges Covered:

• Low Temperature (Below 300°C)
• Medium Temperature (300°C to 600°C)
• High Temperature (Above 600°C)

Module Types Covered:

• Single-Stage
• Multi-Stage

Forms Covered:

• Bulk Thermoelectric
• Thin Films
• Nanostructured Thermoelectric

Applications Covered:

• Waste Heat Recovery
• Power Generation
• Energy Harvesting
• Cooling & Refrigeration
• Other Applications

End Users Covered:

• Automotive
• Telecommunications
• Industrial
• Aerospace & Defense
• Consumer Electronics
• Healthcare
• Other End Users

Regions Covered:

• North America
  • US
  • Canada
  • Mexico
• Europe
  • Germany
  • UK
  • Italy
  • France
  • Spain
  • Rest of Europe
• Asia Pacific
  • Japan
  • China
  • India
  • Australia
  • New Zealand
  • South Korea
  • Rest of Asia Pacific
• South America
  • Argentina
  • Brazil
  • Chile
  • Rest of South America
• Middle East & Africa
  • Saudi Arabia
  • UAE
  • Qatar
  • South Africa
  • Rest of Middle East & Africa

What our report offers:

• Market share assessments for the regional and country-level segments
• Strategic recommendations for the new entrants
• Covers Market data for the years 2024, 2025, 2026, 2028, and 2032
• Market Trends (Drivers, Constraints, Opportunities, Threats, Challenges, Investment Opportunities, and recommendations)
• Strategic recommendations in key business segments based on the market estimations
• Competitive landscaping mapping the key common trends
• Company profiling with detailed strategies, financials, and recent developments
• Supply chain trends mapping the latest technological advancements

Free Customization Offerings:

All the customers of this report will be entitled to receive one of the following free customization options:

• Company Profiling
  • Comprehensive profiling of additional market players (up to 3)
  • SWOT Analysis of key players (up to 3)
• Regional Segmentation
  • Market estimations, Forecasts and CAGR of any prominent country as per the client's interest (Note: Depends on feasibility check)
• Competitive Benchmarking
  • Benchmarking of key players based on product portfolio, geographical presence, and strategic alliances

Table of Contents

1 Executive Summary

2 Preface

• 2.1 Abstract
• 2.2 Stake Holders
• 2.3 Research Scope
• 2.4 Research Methodology
  • 2.4.1 Data Mining
  • 2.4.2 Data Analysis
  • 2.4.3 Data Validation
  • 2.4.4 Research Approach
• 2.5 Research Sources
  • 2.5.1 Primary Research Sources
  • 2.5.2 Secondary Research Sources
  • 2.5.3 Assumptions

3 Market Trend Analysis

• 3.1 Introduction
• 3.2 Drivers
• 3.3 Restraints
• 3.4 Opportunities
• 3.5 Threats
• 3.6 Application Analysis
• 3.7 End User Analysis
• 3.8 Emerging Markets
• 3.9 Impact of Covid-19

4 Porters Five Force Analysis

• 4.1 Bargaining power of suppliers
• 4.2 Bargaining power of buyers
• 4.3 Threat of substitutes
• 4.4 Threat of new entrants
• 4.5 Competitive rivalry

5 Global Thermoelectric Materials Market, By Material Type

• 5.1 Introduction
• 5.2 Bismuth Telluride (Bi2Te3)
• 5.3 Lead Telluride (PbTe)
• 5.4 Silicon-Germanium (SiGe)
• 5.5 Skutterudites
• 5.6 Magnesium Silicide
• 5.7 Other Material Types

6 Global Thermoelectric Materials Market, By Temperature Range

• 6.1 Introduction
• 6.2 Low Temperature (Below 300°C)
• 6.3 Medium Temperature (300°C to 600°C)
• 6.4 High Temperature (Above 600°C)

7 Global Thermoelectric Materials Market, By Module Type

• 7.1 Introduction
• 7.2 Single-Stage
• 7.3 Multi-Stage

8 Global Thermoelectric Materials Market, By Form

• 8.1 Introduction
• 8.2 Bulk Thermoelectric
• 8.3 Thin Films
• 8.4 Nanostructured Thermoelectric

9 Global Thermoelectric Materials Market, By Application

• 9.1 Introduction
• 9.2 Waste Heat Recovery
• 9.3 Power Generation
• 9.4 Energy Harvesting
• 9.5 Cooling & Refrigeration
• 9.6 Other Applications

10 Global Thermoelectric Materials Market, By End User

• 10.1 Introduction
• 10.2 Automotive
• 10.3 Telecommunications
• 10.4 Industrial
• 10.5 Aerospace & Defense
• 10.6 Consumer Electronics
• 10.7 Healthcare
• 10.8 Other End Users

11 Global Thermoelectric Materials Market, By Geography

• 11.1 Introduction
• 11.2 North America
  • 11.2.1 US
  • 11.2.2 Canada
  • 11.2.3 Mexico
• 11.3 Europe
  • 11.3.1 Germany
  • 11.3.2 UK
  • 11.3.3 Italy
  • 11.3.4 France
  • 11.3.5 Spain
  • 11.3.6 Rest of Europe
• 11.4 Asia Pacific
  • 11.4.1 Japan
  • 11.4.2 China
  • 11.4.3 India
  • 11.4.4 Australia
  • 11.4.5 New Zealand
  • 11.4.6 South Korea
  • 11.4.7 Rest of Asia Pacific
• 11.5 South America
  • 11.5.1 Argentina
  • 11.5.2 Brazil
  • 11.5.3 Chile
  • 11.5.4 Rest of South America
• 11.6 Middle East & Africa
  • 11.6.1 Saudi Arabia
  • 11.6.2 UAE
  • 11.6.3 Qatar
  • 11.6.4 South Africa
  • 11.6.5 Rest of Middle East & Africa

12 Key Developments

• 12.1 Agreements, Partnerships, Collaborations and Joint Ventures
• 12.2 Acquisitions & Mergers
• 12.3 New Product Launch
• 12.4 Expansions
• 12.5 Other Key Strategies

13 Company Profiling

• 13.1 Ferrotec Holdings Corporation
• 13.2 Custom Thermoelectric LLC
• 13.3 Laird Thermal Systems
• 13.4 Phononic, Inc.
• 13.5 Gentherm Inc.
• 13.6 Thermonamic Electronics Corp. Ltd.
• 13.7 Coherent Corp.
• 13.8 TE Technology, Inc.
• 13.9 Kyocera Corporation
• 13.10 Evident Thermoelectrics
• 13.11 Komatsu Ltd.
• 13.12 TEC Microsystems GmbH
• 13.13 Global Power Technologies Inc.
• 13.14 European Thermodynamics Limited
• 13.15 CUI Devices