The global thermal interface materials market size is likely to reach USD 4.31 billion by the end of 2027 and is expected to grow at a compound annual growth rate (CAGR) of 10.9% during the forecast period 2020 to 2027. The report offers an up-to-date analysis regarding the current market scenario, latest trends and drivers, market share analysis, potential challenges, profitability graph and the overall market environment.
Thermal Interface Materials (TIMs) is the secondary materials inserted between the devices and the heat sink to enhance the thermal transfer between them. They are prominently used in large number of electronic applications that are CPUs/Desktops, electric vehicles, tablets, smartphones, industrial & architectural lighting, and many more. The prime factor that drives the industry growth is the increasing demand from major end-use industries for example consumer electronics. There are wide varieties of thermal interface materials available commercially in the market are greases & adhesives, tapes & films, phase change materials, gap fillers, metal based TIMs, among others.
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Presently, rising need for the thermal management system across various verticals significantly boosts the industry growth. The thermal management system helps in the smooth operation of electronic equipment. Besides this, rising demand from the medical device industry particularly in the North America and the Asia Pacific regions anticipated to propel the market growth over the analysis timeframe.
Furthermore, increasing demand for highly sophisticated and faster electronic devices has played an important role in escalating the market growth for thermal interface materials. In addition, requirement for energy efficient lighting solutions is the other prime factor that drives the market globally. Subsequently, rising electrification in the transportation industry is likely to offer immense opportunities for the growth over the forecast period. Hence, increasing demand for seamless connectivity across the globe expected to impart a robust future for the market.
- The Asia Pacific led the market with the highest revenue share of more than 37% in 2019 owing to the presence of large manufacturing base for various industries in the region
- North America and Europe were the other most promising markets; however the sales in the region was deeply impacted with the outbreak of COVID-19
- Greases & adhesives led the global market accounting for more than 35% value share in 2019 owing to its large application in consumer products along with high thermal resistance property
- The elastomeric pads expected to possess significant value share in the market on the basis of its easy assembly compared to greases & adhesives
- Phase change product exhibits the fastest growth rate during the analysis period attributed to its major application in construction activity
- The computer application accounted for the maximum market share of more than 24.0% in 2019 because of its increasing utilization in offices
- The telecom application expected to witness remarkable demand during the upcoming time period mainly due to the rising preference for a cashless and digital economy
Key Market Players and Strategies
The companies operating in the thermal interface materials industry are integrating and diversifying their business processes with an intention to cater to the value chain aspects of their enterprise. Further, the market players are adopting inorganic growth strategies such as merger & acquisition, joint venture, collaboration, and partnership to maintain their competitiveness in the global market as well as the strategy help the companies to expand their product portfolio and to improve their consumer base.
The industry is likely to witness an increasing investment in the R&D sector to enhance thermal interface materials characteristics, thereby increasing the chances for market penetration for the market players. The presence of international players in the industry expected to experience disruptive competition from the emerging players in the Asia Pacific region because of low cost solutions offered by them.
Certain noticeable players in the thermal interface materials market are:
- Dow Corning Company
- The 3M Company
- Honeywell International, Inc.
- Parker Chomerics
- Indium Corporation
- Henkel AG & Co, KGaA
- Momentive Performance Materials, Inc.
- GrafTech International Ltd.
- Laird Technologies, Inc.
- Fuji Polymer Industries Co., Ltd.
- AIM Specialty Materials
- Shin-Etsu Chemical Co. Ltd.
- Wakefield-Vette, Inc.
- DK Thermal
- AOS Thermal Compounds LLC
- Elastomeric Pads
- Tapes & Films
- Greases & Adhesives
- Metal Based
- Phase Change Materials
- Medical Devices
- Consumer Durables
- Industry Machinery
- Automotive Electronics
- North America (United States, Canada)
- Europe (Germany, France, UK, Italy, Russia and Rest of Europe)
- Asia-Pacific (China, Japan, India, Southeast Asia, Korea and Rest of Asia Pacific)
- Latin America (Brazil and Rest of Latin America)
- The Middle East and Africa (GCC, North Africa, South Africa and Rest of Middle East & Africa)
The Asia Pacific dominated the industry with a value share of around 40% in 2019 because of the presence of significant number of manufacturing bases in the region. In addition, the region registered prominent growth in the consumer electronics, telecom, automotive, and healthcare sectors that again impel the market growth to a considerable rate. Increasing investment for the infrastructure development in terms of building construction and transportation infrastructure expected to boost the demand for thermal interface materials.
North America and Europe contributed notable value share in the industry; however the sales in the region have prominently declined with the outbreak of the pandemic. Although, the whole world is fighting equally against this pandemic situation, the market in the Asia Pacific is recovering faster compared to North America and Europe. This may adversely impact the overall industry growth over a significant time frame.
Why should you invest in this report?
If you are aiming to enter the global thermal interface materials market, this report is a comprehensive guide that provides crystal clear insights into this niche market. All the major application areas for thermal interface materials are covered in this report and information is given on the important regions of the world where this market is likely to boom during the forecast period of 2020-2027 so that you can plan your strategies to enter this market accordingly.
Besides, through this report, you can have a complete grasp of the level of competition you will be facing in this hugely competitive market and if you are an established player in this market already, this report will help you gauge the strategies that your competitors have adopted to stay as market leaders in this market. For new entrants to this market, the voluminous data provided in this report is invaluable.
Data points covered under thermal interface materials market research study:
- The historic and forecast market estimation from years 2016 to 2027
- Market estimation and research analysis for the global market by distribution channel
- Market estimation and research analysis for the global market by region
- Research analysis on market dynamics including drivers, restraints, opportunities, trends, and market challenges.
- Competitive scenery and business strategies by key players
- SWOT Analysis
- PORTER’s five force research analysis
- PEST Analysis
- DR impact analysis
- Heat map analysis
- Investment feasibility analysis
Key Questions Answered by the Report:
- What will be the size of the global thermal interface materials market in 2027?
- What is the expected CAGR for the thermal interface materials market between 2020 and 2027?
- Which are the top players active in this global market?
- What are the key drivers of this global market?
- How will the market situation change in the coming years?
- Which region held the highest market share in this global market?
- What are the common business tactics adopted by players?
- What is the growth outlook of the global thermal interface materials market?
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Carolina is an author who specializes in covering healthcare, chemical, and the automotive industry. Before joining Market Stats News, Carolina covered some of the biggest companies in Silicon Valley for the San Jose Mercury News. She loves all things French and the written word. Articles by Carolina