The global thermal interface materials market size is projected to reach USD 4.1 billion by 2027, expanding at a CAGR of 11.0%, according to a new report by Grand View Research, Inc. Growing demand for electrical and electronic gadgets is anticipated to boost the demand for thermal interface materials over the forecast period.
Increased demand for high specification electronic goods in light of new launches in the field of consumer electronics and technological innovations are likely to support the demand for thermal interface materials. Moreover, growing demand for latest technological gadgets and specialty electronics for high end operations are expected to augment the market in the projected time.
Commercial availability and enhanced performance characteristics of the products to reduce the heat transfer is likely to support the demand. Thermal interface materials are known to conduct more heat than air which it displaces as a substance to fill the imperfection between the physical contacts of solid surfaces. These substances can also be used to extract waste heat generated when a semiconductor electronic device is used to its maximum potential.
Increasing reliance on electronic devices, growing adoption of electric cars, and rising demand for smart devices are anticipated to drive the demand of the product in the estimated time frame. The market is highly competitive in nature as market influencers like high degree of innovation in terms of product development and performance, remarkable impact of e-commerce in the shopping experience, and product substitutes.
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The computer application segment registered the highest market share in utilizing the product followed by the telecom sector at over 20.0% in 2019. This is owing to rising reliance on computers and laptops globally for personal and professional use
The market share for greases and adhesives product in 2019 stood at USD 617.3 million and is expected to witness a CAGR of 10.7% over the projected period owing to their suitable lubrication properties like viscosity, thermal stability, and oxidation resistance
Asia Pacific was the largest regional segment accounting for 37.5% of the total market share in terms of revenue in 2019 due to the prominence of expansion in the medical and pharmaceutical industry in the emerging economies
Tapes and films accounted for a revenue of USD 257.9 million in 2019 on account of high demand in the electronic and electrical equipment due to requirements related to heat dissipation
Key companies operating in the country are involved in the production of advanced materials in order to increase the market share and revenues in the market.
Grand View Research has segmented the global thermal interface materials market on the basis of product, application and region.
Thermal Interface Materials Product Outlook (Revenue, USD Million, 2016 - 2027)
Tapes and films
Greases and Adhesives
Phase change materials
Thermal Interface Materials Application Outlook (Revenue, USD Million, 2016 - 2027)
Thermal Interface Materials Regional Outlook (Revenue, USD Million, 2016 - 2027)
Central & South America
Middle East & Africa
List of Key Players of Thermal Interface Materials Market
The 3M Company
The Dow Chemical Company
Honeywell International Inc.
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