New York, Nov. 21, 2023 (GLOBE NEWSWIRE) -- The global thermal interface materials market size is projected to expand at ~8% CAGR between 2023 and 2035. The market is expected to garner a revenue of USD 20 billion by the end of 2035, up from a revenue of ~USD 10 billion in the year 2022.The market has been growing steadily due to the increasing demand for electronics and electronic components that generate significant amounts of heat. As electronic devices become more powerful and compact, managing heat becomes crucial to ensure their reliable and efficient operation. Thermal interface materials help bridge the gap between different materials' thermal conductivities, such as between a semiconductor chip and a heat sink.
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The Thermal Interface Materials (TIM) market refers to the industry involved in producing and supplying materials that improve the transfer of heat between two surfaces, typically in electronic devices and components. These materials are used to enhance the thermal conductivity between surfaces, allowing heat to dissipate more efficiently and preventing overheating. Thermal greases are viscous compounds that fill in microscopic air gaps and imperfections between two surfaces. They provide good thermal conductivity and are relatively easy to apply. The Thermal Interface Materials market is poised for continued growth as electronic devices become more ubiquitous and advanced.
Increasing Advancements in Electronics chemicals and materials Industry across the Globe to Boost Market Growth
The electronics industry's continuous drive for innovation and miniaturization fuels the demand for efficient thermal management solutions, propelling the TIM market forward. According to the Semiconductor Industry Association, global semiconductor sales reached USD 439 billion in the year 2022, reflecting the robust growth of the electronics sector. Ongoing research and development efforts are leading to the creation of TIM with improved thermal conductivity, durability, and ease of application, attracting investments and boosting market expansion. The proliferation of smartphones, laptops, and wearable devices drives the demand for compact and efficient thermal management solutions to ensure user safety and device reliability. Advancements in 5G technology, artificial intelligence, and the Internet of Things (IoT) have increased the demand for efficient thermal management solutions, driving the market. Environmental regulations and energy efficiency standards are pushing manufacturers to develop and use more efficient TIMs to reduce energy consumption and environmental impact. With the growth of cloud computing and data centers, there is an increasing need for TIMs to manage the heat generated by servers, CPUs, and other high-performance computing equipment. As electronic devices become smaller and more powerful, the need for effective thermal management becomes critical.
Thermal Interface Materials Market: Regional Overview
The market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa region.
Expanding Electronics Manufacturing Hub to Drive the Market Growth in Asia Pacific Region
The thermal interface materials market in Asia Pacific region is estimated to garner the largest revenue by the end of 2035. The region's prominence as an electronics manufacturing hub is a primary driver of the market. The growing production of electronic devices, including smartphones, laptops, and consumer electronics, necessitates efficient thermal management, spurring demand for thermal interface materials. According to the World Bank, the Asia Pacific region is the world's largest manufacturing hub, accounting for over 50% of global manufacturing value added. The surging adoption of consumer electronics, driven by factors such as rising disposable incomes, urbanization, and digitalization, contributes to the expansion of the market. Efficient heat dissipation is critical for the reliability and longevity of these devices. The rapid deployment of 5G networks across the Asia Pacific region is increasing the demand for TIMs. Telecommunications equipment, including base stations and networking infrastructure, requires effective thermal management to ensure optimal performance and longevity. The automotive industry is a significant consumer of TIMs for managing heat generated by electronic components, power electronics, and batteries in electric vehicles. The region's status as a major automotive manufacturing hub fuels the demand for TIMs.
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Thriving Electronics Manufacturing Hub to Propel the Growth in the North America Region
The North America thermal interface materials market is estimated to garner the highest CAGR by the end of 2035. North America's prominence as an electronics manufacturing hub is a primary driver of the TIM market. The growing production of electronic devices, including consumer electronics, industrial machinery, and telecommunications equipment, necessitates efficient thermal management. TIMs play a pivotal role in ensuring the reliability and longevity of these devices. According to the World Bank, North America remains a significant global manufacturing hub, with a diverse range of electronic goods being produced in the region. The exponential growth of data centers, driven by the digital transformation of businesses and the proliferation of cloud services, fuels the demand for TIMs. Efficient thermal management is critical to maintain the optimal operating conditions and extend the lifespan of data center equipment. The rapid deployment of 5G networks and telecommunications infrastructure necessitates effective thermal management solutions. TIMs are crucial for maintaining the performance and longevity of networking equipment, base stations, and related infrastructure. It is predicted that North America will have over 600 million 5G connections by 2025.
Thermal Interface Materials, Segmentation by Type
- Greases
- Tapes
Amongst these segments, the greases segment is anticipated to hold the largest share over the forecast period. As energy efficiency becomes a focal point across industries, thermal greases are crucial for optimizing the thermal management of electronic components. By reducing energy wastage due to overheating, these materials align with energy efficiency initiatives and environmental sustainability objectives. Energy-efficient products are gaining traction. According to the International Energy Agency (IEA), energy efficiency measures could contribute up to 40% of the emissions reductions needed by 2040 to meet climate goals. In the semiconductor industry, the trend towards advanced technologies, such as 5G, artificial intelligence, and quantum computing, necessitates high-performance thermal greases. These materials are vital for maintaining optimal operating conditions and preventing overheating in complex semiconductor devices, further boosting the greases segment. The renewable energy sector, including wind turbines and solar inverters, depends on thermal greases to optimize the thermal interface between power electronics and heat sinks. These materials are pivotal in ensuring the efficiency and reliability of renewable energy technologies, making them a key growth driver for the greases segment.
Thermal Interface Materials, Segmentation by End User
- Electronics
- Automotive
- Telecommunications
Amongst these segments, the automotive segment is anticipated to hold a significant share over the forecast period. The global shift toward electric vehicles is one of the most significant growth drivers for the automotive segment of the TIM market. Electric vehicles rely on sophisticated thermal management systems to maintain battery efficiency and longevity. TIMs play a pivotal role in optimizing heat transfer within these systems, ensuring the safety and performance of EVs. According to the International Energy Agency (IEA), global electric car sales surpassed 3 million in 2020. ADAS technologies, including adaptive cruise control and lane-keeping systems, are becoming standard features in modern vehicles. These systems generate heat, requiring efficient thermal management to prevent overheating. TIMs are essential to maintain the optimal operating conditions of ADAS components. Power electronics are integral to modern vehicles, from hybrid powertrains to infotainment systems. These components generate substantial heat, necessitating effective thermal management solutions. TIMs are used to enhance the thermal performance of power electronics, ensuring their reliability and longevity. In the quest for reduced emissions and enhanced fuel efficiency, automakers are increasingly turning to lightweight materials and advanced thermal management systems. TIMs play a critical role in optimizing the thermal performance of lightweight components, contributing to improved vehicle efficiency.
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Few of the well-known industry leaders in thermal interface materials market that are profiled by Research Nester are Emerson Electric Co., Siemens AG, ABB Ltd., Honeywell International Inc., Endress+Hauser Group, Yokogawa Electric Corporation, Krohne Group, Badger Meter, Inc., Schneider Electric SE, IDEX Corporation, and other key market players.
Recent Development in the Market
- Dow Corning, a global leader in silicones and specialty chemicals, announced that it has partnered with Mengniu Dairy, one of China's largest dairy companies, to develop sustainable packaging solutions for Mengniu's all-polyethylene yogurt pouches. The new packaging solutions are made with Dow Corning's EcoTay™ Renew silicone elastomer, which is a bio-based and recyclable material.
- Dow Corning, a global leader in silicones and specialty chemicals, reported its second quarter 2023 results on Tuesday, July 25, 2023. The company reported net sales of USD 5.8 billion for the quarter, up 11% from the same quarter last year. Earnings per share were USD 1.15, up 25% from the same quarter last year.
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