Press release
Thermal Interface Materials Market Size to Reach USD 7.49 Billion by 2033
Driven by significant growth in the consumer electronics sector, rising investments in renewable energy
STUDY ASSUMPTION YEARS
• Base Year: 2024
• Historical Year/Period: 2019-2024
• Forecast Year/Period: 2025-2033
MARKET KEY TAKEAWAYS
• Current Market Size: USD 3.77 Billion in 2024
• CAGR: 8.96% during 2025-2033
• Forecast Period: 2025-2033
• Asia Pacific dominates the market, driven by rapid industrialization and growth of electronics industries in China, Japan, and South Korea.
• Growing demand in consumer electronics sector substantially fuels market expansion.
• Increased investments in renewable energy projects foster greater use of thermal management solutions.
• Advancements in automotive technologies, particularly electric and self-driving vehicles, substantially increase demand.
• Rapid adoption of 5G and growth of data centers drive need for effective thermal management.
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MARKET GROWTH FACTORS
The thermal interface materials market is expected to grow from the increasing demand for electronics, especially consumer electronics. The global market for consumer electronics should reach USD 950.0 Billion by 2024. Smartphones, laptops, and game consoles are examples of compact electronics that are high-performance and commonly generate substantial heat. Thermal Interface Materials improve the surface area contact between the components and their heatsinks. Thermal Interface Materials also improve heat flow. This enables the electronic device to work at its best and also increases its longevity. The increase in the number of electronic wearable devices and IOT devices has added to the demand.
Investment in renewable energy development is driving the power electronics market. Investment in renewable energy doubled between 2018 and 2023 (USD 248 Billion). Power electronics systems such as solar inverters and wind controllers also impose meaningful heat loads, and thermal management is possibly the most important design consideration. Designs worldwide attempt to improve their footprint through reduced carbon emissions by using advanced TIMs inside renewable energy projects.
Another driver for TIMs is the automotive market with an increase in electric vehicles (EVs) in which the batteries and electronic control modules need to be thermally managed. By 2023, more than 1 million EVs were sold annually in the US. ADAS were used in over 60% of new US vehicles. New technologies, including graphene-improved and phase-change TIMs, improved the performance and safety of new automotive displays and electronics.
MARKET SEGMENTATION
Analysis by Product Type:
• Tapes and Films
• Elastomeric Pads
• Greases and Adhesives
• Phase Change Materials
• Metal Based Materials
• Others
The biggest volume applications are greases and adhesives, because of high thermal conductivity and ease of application. Since grease fills small surface voids a high performance interface is established. The combination of thermal conductivity and mechanical adhesion allows adhesives to be used almost anywhere.
Analysis by Application:
• Telecom
• Computer
• Medical Devices
• Industrial Machinery
• Consumer Durables
• Automotive Electronics
• Others
Thermal management products are used most heavily in the computer market, where high performance computing, and the continual miniaturization of electronics assembly drive the technology requirements. The increased demand for performance and power requests in processors, graphics cards, gaming PCs, workstations, and data centers continues to cause the need for thermal management.
REGIONAL INSIGHTS
Asia Pacific should dominate in the thermal interface materials market during 2024 because industries rapidly expand and because electronics demand increases within developing manufacturing hubs like China, Japan, and South Korea. As investors increasingly manufacture electric vehicles and research and develop them, the electric vehicle demand should grow throughout Asia Pacific. This growth will likely propel the market. Growth within regional consumer electronics, automotive electronics, and technology-enabled products is expected to drive demand.
RECENT DEVELOPMENTS & NEWS
• November 2024: Smart High Tech and Henkel announced a principal agreement for Smart High Tech's GT-TIM® technology partnership to accelerate technology adoption combining innovation and sales channels.
• October 2024: Chomerics Division introduced new TIM products including THERM-A-FORMTM CIP 60, THERM-A-GAPTM 80LO, and THERM-GAPTM GEL 75VT, plus rapid sampling and prototyping service.
• October 2024: Dow and Carbice formed a strategic partnership to advance TIMs for electronics, mobility, and semiconductor sectors, combining silicone expertise and CNT technology, planning new products in 2025.
• March 2024: Resonac Corporation revealed plans to increase production of high-performance semiconductor materials (NCF and TIMs) by 3.5 to 5 times, investing 15 billion yen with expanded operations from 2024.
• February 2023: Indium Corporation showcased high-performance metal TIMs, including pure indium and indium alloys with superior thermal conductivity at TestConX in Mesa, Arizona.
KEY PLAYERS
• 3M Company
• Dow Inc.
• Henkel AG & Co. KGaA
• Honeywell International Inc.
• Indium Corporation
• Kitagawa Industries America Inc.
• Laird Technologies Inc.
• Momentive Performance Materials Inc.
• Parker-Hannifin Corporation
• Zalman Tech Co. Ltd
Ask Our Expert & Browse Full Report with TOC & List of Figures: https://www.imarcgroup.com/request?type=report&id=2187&flag=E
CONTACT US
IMARC Group,
134 N 4th St. Brooklyn, NY 11249, USA
Email: sales@imarcgroup.com
Tel No: (D) +91 120 433 0800
United States: +1-201971-6302
ABOUT US
IMARC Group is a global management consulting firm that helps the world's most ambitious changemakers to create a lasting impact. The company provides a comprehensive suite of market entry and expansion services.
IMARC offerings include thorough market assessment, feasibility studies, company incorporation assistance, factory setup support, regulatory approvals and licensing navigation, branding, marketing and sales strategies, competitive landscape and benchmarking analyses, pricing and cost research, and procurement research.
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