Thermal Interface Materials Market is forecasted to reach USD 5.33 Billion by 2032
Between 2022 and 2032, the global thermal interface materials market is anticipated to grow at a CAGR of 11.2%. The market will be worth USD 2.05 billion in 2022 and is expected to grow to USD 5.33 billion by 2032.
Thermal interface materials are usually inserted between two components or surfaces in order to improve the thermal coupling and heat flow between the two surfaces or components. Nowadays, electronic assemblers know the importance of thermal interface materials and use them in almost every application where heat flow is a critical part of operation.
These materials are used primarily due to the uneven, rough, and wavy surfaces of machined parts, which lead to few actual points of contact between the two joined components. These rough surfaces form air gaps when joined, resulting in insulation, and act as a thermal barriers for small scale power applications.
Thermal interface materials help eliminate air gaps and increase the heat conductance between the joined surfaces. These materials are available in several forms; however, their selection depends on several factors. Thermal conductivity is the primary selection criteria. Besides thermal conductivity, ease of usage during assembly, ability to rework, and long term stability are also important in selecting these materials for high-end applications.
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The electronics industry, especially in developing countries such as China and India, has been expanding rapidly, primarily due to the high domestic demand for electronic products. This can be ascribed to the growth in middle class population, rise in disposable income, favourable duty structures, and increase in government projects in developing countries. Mobile devices account for significant share of the electronics & semiconductor industry. The mobile devices industry in developing countries is driven by the rise in demand for mobile handsets, reduction in prices of these handsets, and decrease in voice and data tariffs.
Electrification of transportation vehicles is also an important factor boosting the global thermal interface materials market. Advancements in battery and fuel cell technologies along with power train systems have led to the introduction of highly efficient vehicles in the market. Incorporation of electric and electronic devices in vehicles has been rising consistently. Thus, thermal management has become a prominent feature for vehicle manufacturers.
Increase in demand for electric vehicles is also expected to be a key driver of the market. The electric vehicles industry in developed regions such as North America and Europe has been expanding significantly since the last few years. China has the largest electric vehicle industry across all the regions. Electric vehicles are also one of the major users of thermal interface materials. Growth in the electric vehicles industry is estimated to boost the market for thermal interface materials in the near future.
Global Thermal Interface Materials Market Key Players
Network Medical Products Ltd., Olympus, Lohmann & Rauscher, Meril Life Sciences Pvt Ltd., FABCO, Aegis Lifesciences, Summit Health, Smith & Nephew, Stryker Corporation, Medtronic plc.
Recent Developments in Global Thermal Interface Materials Market
- Lately, 3M stretched its operations in Clinton, Tennessee by investing around USD 470 million and adding around 600 new jobs by 2025 at its plant in Clinton, Tennessee.
- In 2022, Ray Techniques Ltd introduced an innovative technology for nanodiamonds manufacturing or laser ablation. The nanodiamonds obtained through this technology have high purity and homogeneity.
- Henkel AG & Co. KGaA launched a new TIM Bergquist Gap Filler TGF 7000. It is used for various applications, such as automotive ADAS systems, power conversion systems, electric pumps, and others. With this launch, the company strengthens its product portfolio in the TIMs market.
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Thermal Interface Materials Market by Segmentation
By Product Type:
- Tapes and films
- Elastomeric Pads
- Greases and adhesives
- Phase change materials
By Application Outlook:
- Medical devices
- Industrial machinery
- Consumer durables
- Automotive electronics
- North America
- Latin America
- East Asia
- South Asia
- Middle East and Africa