A smoking article for insertion into an apparatus for heating smokable material to volatilize at least one component of the smokable material, the smoking article including a body of smokable material and a filter assembly. The filter assembly includes a cooling segment, a filter segment adjacent to the cooling segment and a mouth end segment adjacent to the filter segment for being received in a mouth of a user. The smoking article is arranged so that when the smoking article is fully inserted into the apparatus, a first section of the cooling segment is within the apparatus and a second section of the cooling segment extends outside of the apparatus. The second section of the cooling segment includes a ventilation region to enable air to pass into the cooling segment to mix with the at least one volatilized component of the smokable material.

An exothermal vaporizer is provided. The exothermal vaporizer has a body including an air and vapor mix port, a fluid inlet port in communication with a reservoir, an air inlet, and a wicking material. A mouthpiece is coupled to the body and a temperature indicating cap is removable from the body. A counter flow design exothermal vaporizer, a modular exothermal vaporizer, and a vaporizer which is adjustable to modulate and/or regulate the flow ratio of dilution air and produced vapor are also disclosed.