Thermal Interface Materials Market is projected to be worth USD 4.8 billion by 2030, registering a CAGR of 12% during the forecast period (2021 - 2030).
Thermal Interface Materials Market Overview
The Thermal Interface Materials Market is calculated to have a USD of 2.8 billion in 2020. And in the forecasting period, it is expected to reach growth with USD 4.6 billion by 2025 at the CAGR of 10.4%.
The growth of the Thermal Interface Materials Market is because of the getting the huge growth in the miniaturization of the electronic devices, growing the LED market and the increasing the use of the TIMS in the medical devices is also added advantage for the growth of the Thermal Interface Materials Market. The phase change materials are expected to get huge growth in the forecasting period.
In 2020, the spread of the pandemic has brought great disaster across the world. Many governments had implemented the lockdown to stop the spread of the pandemic, this had made an economic loss in many countries. The government are also planning to provide the vaccine across the world to safeguard the lives of the people from the pandemic. When compared to other markets the Thermal Interface Materials Market has less loss. The demand for electronic devices and the use of the TIMS in medical devices is one of the main reasons for the demand in the Thermal Interface Materials Market.
The main reason for the growth of the Thermal Interface Materials Market is the demand for electronic devices. Due to the spread of the pandemic, the work from home option was implemented by all the companies. The increase in the use of teleconferencing, remote working technologies shows the development and the growth of the telecom sector.
During the lockdown implementation because of the work from home option, the sale of computers, laptops, video games and smart phones have increased the growth of the Thermal Interface Materials Market Size. Sale of the electronic devices like touch screens and displays, medical devices during the pandemic time has increased the growth of the Thermal Interface Materials Market Size.
In the Thermal Interface Materials Market, the high importance of electric vehicles is driving the market growth. This is because of the demand which created in the recent time in getting the electric vehicles, conventional automobile industry. The TIMS is used in medical devices in recent days. This has helped in curing the patients during the pandemic time.
The main restraints in the growth of the Thermal Interface Materials Market Share are the less availability of the raw materials because of the pandemic spread. As the lockdown has been implemented in many regions across the world. There were unavailability of the raw materials and a shortage of labours. This had caused a hindrance in the growth of the Thermal Interface Materials Market Share.
The rapid industrialization and the increase in urbanisation have increased the demand in the Thermal Interface Materials Market Value. But due to the pandemic, there is a lack of transportation and labour. This also impacted the Thermal Interface Materials Market Growth.
The main reason that challenges the Thermal Interface Materials Market Growth is the number of raw materials. Due to the development in technologies in recent days, the cost of raw materials has been increased. This has been caused because of the demand for raw materials because of the pandemic lockdown. Because of the increase in the cost-effectiveness, the products price is also increased.
Cumulative growth analysis
The increase in the use of the Thermal Interface Materials Market has brought growth in the market value. But in recent days the growth of thermal interface products is because of the growth in the telecommunication sector in many regions like the Asia Pacific and North America.
Due to the lockdown implementation, people are suggested to work from their house which caused the growth in smartphones, laptops, video games and computers. This has increased the growth of the Thermal Interface Materials Market Revenue.
Value chain analysis
The growth in the Thermal Interface Materials Market has increased because of the demand for electronic devices. During the pandemic, there was in need for the TIMS devices for medical usage. The increase in demand has paved the way for the growth of the Thermal Interface Materials Market Revenue in a positive way. Secondly, the growth of the Thermal Interface Materials Market is because of electronic devices. As the electronic devices are smaller in size they absorb heat easily, so to increase the heat density of the electronic devices the TIMS are needed. These are the main reason for the growth and it is expected that the Thermal Interface Materials Market Revenue will be increased in the future.
Market segment overview
By material type
The Middle East and Africa
The key players are working hard to adopt several techniques to strengthen their position in the market. Due to the demand in the growth of the Thermal Interface Materials Market many key players are expanding their business to various regions. They are also planning to get to introduce the new product and merge some companies to complete the large scale orders to enhance their growth in the market.
On the other hand, the growth of the TIMS in the medical field is getting better. So the key players are concentrating their development in introducing the new technology in the medical devices.
North America is dominating the Thermal Interface Materials Market. this is because of the growth in the thermal interface in the telecommunication and the information technology industry. This growth in the Thermal Interface Materials Industry in the North American region is because of the countries like the US, Canada and Mexico. Also, people are getting the need for the thermal interface even in their smartphones. So the demand for the thermal interface has been increased in recent days.
The Asia Pacific region is getting rapid growth in the Thermal Interface Materials Industry. The Asia Pacific region is expected to get the growth in the forecast period. This is because of the key player's interest to gain the attention of the people of Asia. The key players are developing and expanding their business to many countries of Asia, they are China, India, Australia, etc. they are also planning to introduce their products in the Asia Pacific region.
Other regions like Europe The Middle East and Africa are calculated and expected to get the growth in the future.
|Market Size||2030: Significant Value|
|Forecast Period||2022 to 2030|
|Historical Data||2019 & 2020|
|Forecast Units||Value (USD Billion)|
|Report Coverage||Revenue Forecast, Competitive Landscape, Growth Factors, and Trends|
|Segments Covered||Type, Application and Region|
|Geographies Covered||North America, Europe, Asia-Pacific, and Rest of the World (RoW)|
|Key Vendors||3M Company (U.S.), Henkel Corporation (U.S.), Bergquist Company (U.S.), Indium Corporation (U.S.), Parker Chomerics (U.S.), Dow Corning (U.S.), Laird Technologies (U.S.), Momentive Performance Materials Inc. (U.S.), and Zalman Tech Co., Ltd. (South Korea) among others.|
|Key Market Opportunities||This is in turn, leading to the growth of the thermal interface material market.|
|Key Market Drivers||The growing demand for high-speed computing and the development of advanced computing equipment to cater to this need is the major driver for the thermal interface materials market.|
Thermal interface materials are used to link heat sinks to the source of heat generation in various applications. Thermal interface materials have a very high thermal conductivity.
The growing demand for high-speed computing and the development of advanced computing equipment to cater to this need is the major driver for the thermal interface materials market.
The thermal interface materials market is expected to exhibit a strong 11% CAGR over the forecast period from 2020 to 2030.
North America is the major regional market for thermal interface materials. Asia Pacific is also expected to exhibit steady progress over the forecast period.
Leading players in the global thermal interface materials market include Henkel Corporation, 3M, Indium Corporation, Laird Technologies, Dow Corning, and Zalman Tech Co. Ltd.