Thermal Interface Materials Market Size, Share & Trends Report

Thermal Interface Materials Market Size, Share & Trends Analysis Report By Product (Tapes & Films, Adhesives), By Application (Telecom, Computer), By Region, And Segment Forecasts, 2023 - 2030

  • Report ID: GVR-1-68038-289-1
  • Number of Pages: 100
  • Format: Electronic (PDF)

Research Methodology

A three-pronged approach was followed for deducing the thermal interface materials market estimates and forecasts. The process has three steps: information procurement, analysis, and validation. The whole process is cyclical, and steps repeat until the estimates are validated. The three steps are explained in detail below:

Information procurement: Information procurement is one of the most extensive and important stages in our research process, and quality data is critical for accurate analysis. We followed a multi-channel data collection process for thermal interface materials market to gather the most reliable and current information possible.

  • We buy access to paid databases such as Hoover’s and Factiva for company financials, industry information, white papers, industry journals, SME journals, and more.
  • We tap into Grand View’s proprietary database of data points and insights from active and archived monitoring and reporting.
  • We conduct primary research with industry experts through questionnaires and one-on-one phone interviews.
  • We pull from reliable secondary sources such as white papers and government statistics, published by organizations like WHO, NGOs, World Bank, etc., Key Opinion Leaders (KoL) publications, company filings, investor documents, and more.
  • We purchase and review investor analyst reports, broker reports, academic commentary, government quotes, and wealth management publications for insightful third-party perspectives.

Analysis: We mine the data collected to establish baselines for forecasting, identify trends and opportunities, gain insight into consumer demographics and drivers, and so much more. We utilized different methods of thermal interface materials market data depending on the type of information we’re trying to uncover in our research.

  • Market Research Efforts: Bottom-up Approach for estimating and forecasting demand size and opportunity, top-down Approach for new product forecasting and penetration, and combined approach of both Bottom-up and Top-down for full coverage analysis.

  • Value-Chain-Based Sizing & Forecasting: Supply-side estimates for understanding potential revenue through competitive benchmarking, forecasting, and penetration modeling.

  • Demand-side estimates for identifying parent and ancillary markets, segment modeling, and heuristic forecasting.

  • Qualitative Functional Deployment (QFD) Modelling for market share assessment.

Market formulation and validation: We mine the data collected to establish baselines for forecasting, identify trends and opportunities, gain insight into consumer demographics and drivers, and so much more. We utilize different methods of data analysis depending on the type of information we’re trying to uncover in our research.

  • Market Formulation: This step involves the finalization of market numbers. This step on an internal level is designed to manage outputs from the Data Analysis step.

  • Data Normalization: The final market estimates and forecasts are then aligned and sent to industry experts, in-panel quality control managers for validation.

  • This step also entails the finalization of the report scope and data representation pattern.

  • Validation: The process entails multiple levels of validation. All these steps run in parallel, and the study is forwarded for publishing only if all three levels render validated results.

Thermal Interface Materials Market Categorization:

The thermal interface materials market was categorized into four segments, namely product (Tapes And Films, Elastomeric Pads, Greases And Adhesives, Phase Change Materials, Metal Based), application (Telecom, Computer, Medical Devices, Industrial Machinery, Consumer Durables, Automotive Electronics), and regions (North America, Europe, Asia Pacific, Central & South America, Middle East & Africa).

Segment Market Methodology:

The thermal interface materials market was segmented into product, protocols, application, and regions. The demand at a segment level was deduced using a funnel method. Concepts like the TAM, SAM, SOM, etc., were put into practice to understand the demand. We at GVR deploy three methods to deduce market estimates and determine forecasts. These methods are explained below:

Market research approaches: Bottom-up

  • Demand estimation of each product across countries/regions summed up to from the total market.

  • Variable analysis for demand forecast.

  • Demand estimation via analyzing paid database, and company financials either via annual reports or paid database.

  • Primary interviews for data revalidation and insight collection.

Market research approaches: Top-down

  • Used extensively for new product forecasting or analyzing penetration levels.

  • Tool used invoice product flow and penetration models Use of regression multi-variant analysis for forecasting Involves extensive use of paid and public databases.

  • Primary interviews and vendor-based primary research for variable impact analysis.

Market research approaches: Combined

  • This is the most common method. We apply concepts from both the top-down and bottom-up approaches to arrive at a viable conclusion.

Regional Market Methodology:

The thermal interface materials market was analyzed at a regional level. The globe was divided into North America, Europe, Asia Pacific, Central & South America, and Middle East & Africa, keeping in focus variables like consumption patterns, export-import regulations, consumer expectations, etc. These regions were further divided into fifteen countries, namely, the U.S.; Canada; Mexico; France; Germany; the UK.; Italy; China; India; Japan; South Korea; Argentina; Brazil; UAE; and Saudi Arabia

All three above-mentioned market research methodologies were applied to arrive at regional-level conclusions. The regions were then summed up to form the global market.

Thermal interface materials market companies & financials:

The thermal interface materials market was analyzed via companies operating in the sector. Analyzing these companies and cross-referencing them to the demand equation helped us validate our assumptions and conclusions. Key market players analyzed include: 

  • Shin-Etsu Chemical Co., Ltd. is headquartered in Tokyo, Japan. In 1940, the company changed its name from Shin-Etsu Nitrogen Fertilizer Co., Ltd. to Shin-Etsu Chemical Co. Ltd. It develops and manufactures semiconductor devices, polyvinyl chloride, silicones, and rare earth magnets. The company operates its business in six reportable segments including PVC/Chlor-alkali; silicones; semiconductor silicon; electronics & functional materials; specialty chemicals; and processing, trading & specialized services. It operates manufacturing facilities in 20 countries and has sales offices and distribution networks in over 86 locations worldwide.

  • Fuji Polymer Industries Co., Ltd. is headquartered in Tokyo, Japan. It was formed through a joint venture between Chugai Bussan and Dow Corning. The company develops and manufactures thermal interface materials, elastomeric connectors, custom silicone rubber extrusions, and fusible tapes. It has an extensive presence in North America, Europe, and Asia. The company operates 5 domestic facilities and 11 international facilities across the U.S., Japan, Thailand, Taiwan, the UK, Singapore, Hong Kong, and China. It also manages a network of distributors and sales representatives globally.

  • Momentive Performance Materials, Inc. was founded in 2014 and is headquartered in New York, U.S. The company is engaged in the development and manufacturing of specialty silicones and silanes as well as fused quartz and specialty quartz products. It serves various markets, including industrial, building & construction, transportation, agriculture, electronics, healthcare, personal care, semiconductor, and fiber optics. The company operates its business across the Americas, Europe, and Asia through 24 manufacturing facilities located in strategic locations globally. The company operates a network of 24 production facilities, 12 research centers, and sales offices in 100 countries. In September 2018, the company entered into a definitive merger agreement with SJL Partners, KCC Group, and Wonik QnC Corp., where the latter three companies collectively formed the Investor Group. Through this merger, Investor Group acquired Momentive Performance Materials, Inc. in a transaction valued at USD 3.1 billion. The product portfolio is inclusive of adhesives & sealants, antifoams, additives, ceramics, demulsifiers & non-emulsifiers, coatings & additives, elastomers, encapsulant gels & potting, emulsions, grease, mold release agents, modifiers, plastic additives, resin, softeners, quartz, super spreaders, urethane additives, and others.

  • Laird Technologies, Inc. is headquartered in Missouri, U.S. and provides solutions for wireless systems and smart systems. It operates its business through three segments, namely connectivity, performance materials, and thermal systems. The connectivity segment provides solutions for wireless modules, IoT platforms, and RF antennas. The company was acquired by Advent International in 2018. The performance materials segment includes EMC components, precision metals, inductors, electromagnetic interface shields & gaskets, RF/microwave absorbers & dielectrics, and thermal interface materials. The thermal system segment develops thermal management solutions, including thermoelectric modules, assemblies, and liquid cooling systems for medical, industrial, transportation, and telecommunications applications. The controls segment, known as Cattron, offers high performance, wireless control, and connectivity solutions for mission-critical and safety applications. The company operates several manufacturing facilities, R&D centers, and sales offices in the U.S., Brazil, the Czech Republic, Canada, Germany, China, Japan, India, South Korea, Mexico, Malaysia, Singapore, South Africa, and the UK. The company operates as a subsidiary of Laird, plc. Thermal interface products include thermoelectric coolers, thermoelectric cooler assemblies, liquid cooling systems, and temperature controllers.

  • Parker Chomerics is headquartered in Massachusetts, U.S. The company is engaged in the development and application of electrically and thermally conductive materials in electronics, transportation, and alternate energy systems. It offers thermal interface materials, LCD display protection, and enhancement products. The company serves a wide range of end-use industries, including aerospace, automotive, consumer electronics, life sciences, IT, and telecom. It operates its business across North America, Europe, and Asia Pacific and has facilities in the U.S., the UK, and China. The company operates as a subsidiary of Parker-Hannifin Corporation under Engineered Materials Group. The company’s thermal interface material product portfolio includes thermally conductive gels, thermally conductive greases, thermally conductive gap filler pads, thermally conductive attachment tapes, thermally conductive phase change materials, thermally conductive heat spreaders, thermally conductive cure-in-place potting underfill materials, and thermally conductive dielectric pads.

  • Henkel AG & Co., KGaA is headquartered in Düsseldorf, Germany. The company operates its portfolio through three business segments – adhesive technologies, beauty care, and laundry & home care. It is a global producer of adhesive sealants and functional coatings. Loctite, Teroson, Technomelt, Bonderite, and Aquence are the key technology cluster brands under which Henkel, as part of its adhesive technologies segment, manufactures its products. The company’s four global brand platforms in consumer and professional markets include Pritt, Loctite, Ceresit, and Pattex. The company offers thermal interface materials for a variety of applications in energy & utilities, including energy storage and generation devices used in airplanes, automobiles, computers, televisions, and nearly every equipment that employs electronic or electrical components. Product portfolio offered for thermal interface materials include ply, liquid bonds, gap pads, gap fillers, and others.

  • Indium Corporation is headquartered in New York, U.S., and is engaged in the development, manufacturing, and supply of electronic assembly and specialty materials to electronics, thin-film, semiconductor, and thermal management systems markets. Its product portfolio includes solder and fluxes, sputtering targets, thermal interface materials, indium, gallium, germanium, tin metals, and inorganic compounds. The company provides products for a wide range of applications including batteries, fiber optics, semiconductors, medical devices & electronics, PCB assembly, and solar assembly. It has a wide geographic presence with manufacturing facilities located in China, Malaysia, Singapore, South Korea, the UK, and the U.S. Thermal interface materials products offered by the company include heat-spring, m2TIM, HSMF & HSMF-OS, liquid metal, and solid TIM. M2TIM is an interface material, which combines solid metal and liquid metal to offer reliable thermal conductivity. HSMF is made of a non-silicone-based polymer that can be applied for large thermal interface requirements.

  • Honeywell International, Inc. is headquartered in New Jersey, U.S., and offers technologies in the energy, security, safety, productivity, and global urbanization segments. Its offerings include turbochargers; aerospace products & services; process technology for refining & petrochemicals; energy-efficient products & solutions for homes, businesses, and transportation; specialty chemicals; electronic and advanced materials; and productivity, sensing, safety, and security technologies for buildings, homes, and industries. The company had over 1,300 facilities in 70 countries and manages its business operations through four segments – Performance Materials and Technologies, Home and Building Technologies, Aerospace, and Safety & Productivity Solutions. Aerospace segment offers software, products, and services to OEMs and other end-use customers including defense and space contractors, aircraft operators, airlines, and automotive & truck manufacturers. It provides integrated avionics, aircraft engines, systems & service solutions, and services for aircraft manufacturers and turbochargers to improve performance and efficiency of passenger cars and commercial vehicles. It also provides spare parts and MRO services (principally to aircraft operators) for the aftermarket.

  • The Dow Corning Company is headquartered in Michigan, the U.S., and operates as a subsidiary of The Dow Chemical Company. The latter is engaged in the manufacturing and distribution of specialized products, which are used in various automotive, beauty & personal care, aviation & aerospace, chemical manufacturing, construction, electronics, coating & leather, energy, healthcare, and household & cleaning applications. Dow Corning Corporation manufactures silicone & silicone products and operates with coating performance monomers and consumer solutions as major business segments. The company manufactures acrylic binders for architectural paints & coatings, industrial coatings and paper, acrylic sheets, adhesives, coatings, dispersants, flocculants and detergents, impact modifiers, inks & paints, and molding compounds along with several other products through its coating performance monomers. Thermal interface materials offered by the company include thermally conductive compounds, thermally conductive gap fillers, thermally conductive adhesives, re-workable thermal gel, thermally conductive encapsulants, and others. The company operates in over 25 countries with manufacturing facilities and R&D facilities in Belgium, Brazil, China, Germany, Japan, South Korea, the UK, and the U.S.

  • The 3M Company is headquartered in Minnesota, U.S., and manufactures and distributes a wide range of products, including laminates, passive fire protection, adhesives, electronic materials, abrasives, medical products, car-care products, polishes, car shampoos, optical films, and electronic circuits. It operates through various business segments, including safety & graphics; electronics & energy; healthcare; and consumer goods. The company operates in over 70 countries with 127 manufacturing and converting facilities in Asia Pacific, Europe, the Middle East & Africa, Latin America, and North America, with 88 manufacturing plants present in nearly 30 U.S. states. As a technology-driven company, 3M widely invests in research & development projects for new product development. Through significant investments in R&D, sales, and manufacturing, the company ranks among the most innovative in the world. The company offers thermal insulation materials and the product portfolio offered is inclusive of thermally conductive interface tapes, thermally conductive interface pads, thermally conductive greases, thermally conductive adhesives, specialty glass, heat spreading materials, and others.

Value chain-based sizing & forecasting

Supply Side Estimates

  • Company revenue estimation via referring to annual reports, investor presentations, and Hoover’s.

  • Segment revenue determination via variable analysis and penetration modeling.

  • Competitive benchmarking to identify market leaders and their collective revenue shares.

  • Forecasting via analyzing commercialization rates, pipelines, market initiatives, distribution networks, etc.

Demand side estimates

  • Identifying parent markets and ancillary markets

  • Segment penetration analysis to obtain pertinent

  • revenue/volume

  • Heuristic forecasting with the help of subject matter experts

  • Forecasting via variable analysis

Thermal Interface Materials Market Report Objectives:

  • Understanding market dynamics (in terms of drivers, restraints, & opportunities) in the countries.

  • Understanding trends & variables in the individual countries & their impact on growth and using analytical tools to provide high-level insights into the market dynamics and the associated growth pattern.

  • Understanding market estimates and forecasts (with the base year as 2022, historic information from 2018 to 2021, and forecast from 2023 to 2030). Regional estimates & forecasts for each category are available and are summed up to form the global market estimates.

Thermal Interface Materials Market Report Assumptions:

  • The report provides market value for the base year 2022 and a yearly forecast till 2030 in terms of revenue/volume or both. The market for each of the segment outlooks has been provided on region & country basis for the above-mentioned forecast period.

  • The key industry dynamics, major technological trends, and application markets are evaluated to understand their impact on the demand for the forecast period. The growth rates were estimated using correlation, regression, and time-series analysis.

  • We have used the bottom-up approach for market sizing, analyzing key regional markets, dynamics, & trends for various products and end-users. The total market has been estimated by integrating the country markets.

  • All market estimates and forecasts have been validated through primary interviews with the key industry participants.

  • Inflation has not been accounted for to estimate and forecast the market.

  • Numbers may not add up due to rounding off.

  • Europe consists of EU-8, Central & Eastern Europe, along with the Commonwealth of Independent States (CIS).

  • Asia Pacific includes South Asia, East Asia, Southeast Asia, and Oceania (Australia & New Zealand).

  • Latin America includes Central American countries and the South American continent

  • Middle East includes Western Asia (as assigned by the UN Statistics Division) and the African continent.

Primary Research

GVR strives to procure the latest and unique information for reports directly from industry experts, which gives it a competitive edge. Quality is of utmost importance to us, therefore every year we focus on increasing our experts’ panel. Primary interviews are one of the critical steps in identifying recent market trends and scenarios. This process enables us to justify and validate our market estimates and forecasts to our clients. With more than 8,000 reports in our database, we have connected with some key opinion leaders across various domains, including healthcare, technology, consumer goods, and the chemical sector. Our process starts with identifying the right platform for a particular type of report, i.e., emails, LinkedIn, seminars, or telephonic conversation, as every report is unique and requires a differentiated approach.

We send out questionnaires to different experts from various regions/ countries, which is dependent on the following factors:

  • Report/Market scope: If the market study is global, we send questionnaires to industry experts across various regions, including North America, Europe, Asia Pacific, Latin America, and MEA.

  • Market Penetration: If the market is driven by technological advancements, population density, disease prevalence, or other factors, we identify experts and send out questionnaires based on region or country dominance.

The time to start receiving responses from industry experts varies based on how niche or well-penetrated the market is. Our reports include a detailed chapter on the KoL opinion section, which helps our clients understand the perspective of experts already in the market space.

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