The global Thermal Interface Materials market Growth Accelerated by Demand from Electronics Industry
Thermal interface materials fill air pockets between two surfaces to reduce thermal resistance and allow heat to dissipate more efficiently. They are ideal for electronics as they help keep components cool and functioning properly. Thermal interface materials are increasing used in devices such as central processing units, graphic processing units, and power electronics.
The global Thermal Interface Materials Market is estimated to be valued at US$4.2 billion in 2023 and is expected to exhibit a CAGR of 6.4% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
The demand from the electronics industry is driving significant growth in the thermal interface materials market. Modern electronic devices generate substantial heat during operation that must be quickly dissipated to prevent overheating and potential damage or failure. Thermal interface materials are critical as they fill air gaps between components and heatsinks/cooling systems, allowing heat to transfer more effectively. Their insulating properties help optimize thermal conductivity while preventing electrical shorts. With the proliferation of devices like smartphones, tablets, laptops, and electric vehicles that require sophisticated cooling systems, the market for thermal interface materials continues expanding rapidly. Mass production of devices demands high volumes of thermal interface materials and innovations to improve performance, ensuring this trend persists throughout the forecast period.
Segment Analysis
The global thermal interface materials market is dominated by greases sub-segment. Grease-based thermal interface materials hold around 55-60% share of the total market and are the most widely used category. This is because greases offer advantages like ease of application and removal during repair/replacement while providing excellent thermal conductivity. They also prevent cracks due to temperature variations. The paste sub-segment is expected to witness the highest growth during the forecast period owing to rising use of pastes in applications requiring high thermal dissipation like LED lighting.
Key Takeaways
The Global Thermal Interface Materials Market Share is expected to witness high growth during the forecast period of 2023 to 2030. The market is driven by factors such as growing demand for compact and high-performance electronic devices, rapid expansion of the automotive electronics industry and rising production of electric vehicles. The global Thermal Interface Materials Market is estimated to be valued at US$4.2 billion in 2023 and is expected to exhibit a CAGR of 6.4% over the forecast period 2023 to 2030.
Regional analysis: Asia Pacific dominates the global market and is expected to maintain its lead during the forecast period as well. This is attributed to the massive production and export of consumer electronics from countries like China, Taiwan and South Korea. The region accounts for over 50% share of the total electronics production globally. North America and Europe are other major markets driven by high demand for advanced automotive and industrial equipment requiring heat dissipation.
Key players: Key players operating in the thermal interface materials market include Honeywell International Inc., Bergquist Company, Dow Corning Corporation, 3M Company, Henkel AG & Co. KGaA. These companies focus on developing innovative products with advanced thermal properties and expanding business across different regions through partnerships with OEMs.
For more insights, Read- https://www.insightprobing.com/thermal-interface-materials-market-growth-market-size-share-analysis/
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