PUBLISHER: AnalystView Market Insights | PRODUCT CODE: 1070404
PUBLISHER: AnalystView Market Insights | PRODUCT CODE: 1070404
The Thermal Interface Materials market is estimated to be worth US$ 2,708.5 million in 2020. Thermal Interface Materials market is expected to expand at a 12.4% CAGR during the forecast period.
Thermal Interface Materials or TIMs are an integral component of any successful thermal management system. Their job is to transfer heat from one solid surface to another. Thermal interface materials include phase change compounds, gap fillers, and thermal grease, among other things. In electronics, thermal interface materials are employed to provide efficient heat dissipation and avoid local temperature overloads. This ensures that electrical equipment and components operate reliably and consistently. Thermal interface materials are used to conduct heat between two hard surfaces and are used when there is a higher need for current electrical gadgets. Over the next few years, the commercial availability of various thermal interface materials in a variety of forms, combined with rising applications in the electronics sector, is expected to enhance penetration.
The increasing reliance of consumers on electronic devices like cell phones, and tablets, coupled with the growth of the automotive industry, especially in the emerging economies, is projected to result in high growth prospects for the thermal interface materials market. In addition to this, the growing demand for miniaturization and automation of electronic products like mobile phones, touch screens and displays, and medical equipment is propelling the growth of thermal interface materials. As electronics become smaller, the components become more concentrated, causing them to heat up more easily. This raises the heat density on the electronic equipment's surface. Increased heat dissipation necessitates the use of TIMs. The electronics industry's consumption of TIMs has increased as a result of the expanding global demand for these electronic devices. In comparison to other major industries, the market has seen a drop of nearly 7% in demand, due to the COVID-19 pandemic. Teleconferencing and remote working technologies are becoming more popular, indicating that the telecom industry is expanding. As more organizations adopt a work-from-home policy, sales of PCs, laptops, video games, and smartphones have increased. People who stay at home want individual consumer gadgets for personal use, which has raised the demand for consumer durables. Because of the unexpected increase in demand for medical machinery during the epidemic, demand for TIMs in medical devices skyrocketed.
The Thermal Interface Materials Market is segmented by Type, Chemistry, Application, regional distribution, and competitive landscape. Based on chemistry, the thermal interface materials market is fragmented on into silicone, polyimide, epoxy, and others. The silicone segment dominates the global thermal interface materials by chemistry and is expected to witness lucrative growth during the forecast period. The growth of this segment is mainly driven by the superior properties of silicone, such as shock resistance, vibration resistance and temperature variation stability, resistance to chemical stability, and mechanical stress stability. Due to the recent significant penetration of data and smartphones in the United States, there is an obvious high need for thermal interface material in the telecommunication business as well. In order to provide high-speed networks and provide original content, more bandwidth is required, resulting in optimal system performance. Due to the rise in automation, innovation, and IT job rates, the computer industry is following the same trajectory.
The major market participants are adopting various strategies such as new product launches, mergers, acquisitions, and partnerships to strengthen their presence in the market. For instance, in September 2020, Parker Hannifin Corporation announced the launch of THERM-A-GAP GEL 37, a single component used as a thermally conductive dispensable material. In July 2020, DOW launched Dowsil TC-3065 Thermal Gel, a gel geared to dissipate heat away from sensitive electronic components.
The scope of this report covers the market by its major segments, which include as follows: