As per MRFR Analysis, the Global Thermal Interface Materials Market was valued at USD 2.35 billion in 2023 and is projected to reach USD 5.82 billion by 2032, growing at a CAGR of 10.43% from 2024 to 2032. The market is driven by increased demand for high-speed computing, advancements in computing equipment, and the growing popularity of electronic devices. The automotive sector and healthcare applications are also significant contributors to market growth, particularly with the rise of electric vehicles and teleconferencing trends post-COVID-19.
Key trends driving the Thermal Interface Materials market include technological advancements and increased industrialization.
Key players include 3M Company, Henkel Corporation, Bergquist Company, Indium Corporation, Parker Chomerics, Dow Corning, Laird Technologies, Momentive Performance Materials Inc., and Zalman Tech Co., Ltd.
Source: Secondary Research, Primary Research, MRFR Database, and Analyst Review
The rising consumption of high-speed computing drives Market CAGR for Thermal Interface Materials. The expansion of the thermal interface materials market is supported by growing industrialization, a greater acceptance of technological advances in automation, and a growing popularity of electronic devices. The need for the industry has expanded due to the miniaturizing of electronic equipment, developments in the field of telecommunications, and the growing requirement for high-speed computing. The industry is expanding due to expanded use in healthcare and rising demand from automobile manufacturing. During the forecasting period, the market will expand as electric vehicle adoption increases and stricter regulations to reduce carbon emissions are implemented.
Additionally, the demand for the sector is accelerated by the economic expansion of developing countries, the rise in disposable income for consumers, and the growing popularity of smartphones and other portable electronics. The requirement for such interface materials has increased as automation solutions have become more widely adopted in manufacturing, industry, and telecommunications. Several businesses invest in technology development and R&D to introduce cutting-edge, reasonably priced products. Additionally, the popularity of electric vehicles is growing, which supports the growth of the thermal interface material market. Furthermore, the expansion of the computer industry and the rise in IT-related operations will lead to a greater need for fast network systems, greater bandwidth, and enhanced system efficiency.
Although the COVID-19 epidemic caused a significant decline in demand for thermal interface materials, it only persisted for a few months. The materials have been required due to the rising popularity of teleconferencing and remote working trends. The work-from-home approach drove market expansion and increased sales of laptops, smartphones, personal computers, and other gadgets. Due to the surge in demand for medical equipment, there is a greater need for thermal interface materials in healthcare devices.
For instance, many different thermal interface materials, including essential gels, gap-filling and covering pads, adhesive tapes, and greases, are widely used in automobiles. The industrial analysis predicts that by 2030, the automotive sector will be worth less than USD 9 trillion. About 38% of this value will come from sales of new cars. Consequently, the expanding automotive industry will generate favorable opportunities for expanding the market for thermal interface materials. As a result, it is anticipated that demand for Thermal Interface Materials will increase throughout the projection period due to the rising consumption of computing and automobiles. Thus, driving the Thermal Interface Materials market revenue.
The Thermal Interface Materials market segmentation, based on type, includes Greases & Adhesives, Gap Fillers, Elastomeric Pads, and Metal Based. The greases & adhesives dominated the market, accounting for 48% of market revenue (USD 1 billion) in 2022. In the electrical industry, silicone-free thermal greases and adhesives that combine with conductive filler are becoming more popular because they provide better thermal management.
Figure 1: Thermal Interface Materials Market, by Type, 2022 & 2032 (USD billion)
Source: Secondary Research, Primary Research, MRFR Database, and Analyst Review
The Thermal Interface Materials market segmentation, based on Application, includes Telecommunications, Computer, Automotive, and Industrial Machinery. The computer category generated the highest market revenue of about 45% in 2022. It is because high-performance computers with streamlined size and architecture have been made possible by technological advancement in Improved thermal interface materials employed for CPU manufacturing.
By region, the research provides market insights into North America, Europe, Asia-Pacific, and Rest of the World. The North American Thermal Interface Materials market area will dominate, owing to the growing information technology (IT) and telecommunication industry. In addition, the growing number of smartphone users will boost the market growth in this North American Region.
Further, the major countries studied in the market report are The U.S., Canada, German, France, the UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil.
Figure 2: THERMAL INTERFACE MATERIALS MARKET SHARE by Region 2022 (%)
Source: Secondary Research, Primary Research, MRFR Database, and Analyst Review
Europe region's Thermal Interface Materials market is expected to grow significantly during the projected period due to the adoption of electric vehicles that will boost the thermal interface market in this Region. Further, the German Thermal Interface Materials market dominates the market share, and the UK Thermal Interface Materials market is anticipated to grow rapidly in the European Region.
The Asia-Pacific Thermal Interface Materials Market accounts for the second-highest market share. This is due to rising industrialization and urbanization and greater consumption of telecommunication and consumer derives that boost the market demand in this Region. Moreover, China’s Thermal Interface Materials market holds the highest market share, and the Indian Thermal Interface Materials market is anticipated to grow steadily in the Asia-Pacific region.
For instance, emerging economies like China, India, and Korea are significant manufacturing hubs for electronics. Additionally, government-supportive policies and ease in corporate taxes with increased consumer disposable income generate huge demand for the automobile and electronics sector, boosting the overall market growth.
Leading market players are investing heavily in research and development to increase their production, which will help the Thermal Interface Materials market to grow further. Market participants are also undertaking a strategic approach to expand and strengthen their footprint, with important market developments including new product lines, partnerships, mergers and acquisitions, Capital expenditure, and strategic alliances with other organizations. The Thermal Interface Materials industry must offer cost-effective and sustainable solutions to expand and survive in a fragmented market climate.
Manufacturing locally to minimize expenses at the operational level is one of the key business tactics used by private and public organizations in the Thermal Interface Materials industry to benefit customers and capture untapped markets. In the nick of time, the Thermal Interface Materials industry offered some of the most significant advantages to industrialization. Major players in the Thermal Interface Materials market, including 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, are attempting to capture the majority of the market share by investing in research and development operations to produce sustainable and affordable options.
American corporation DuPont Company specializes in biotechnology chemicals and pharmaceutical production. Its main office is in Wilmington, Delaware. DuPont produces various chemicals for industry, synthetic fibers, petroleum-based energy sources and fluids, medications, construction materials, and specialty packaging materials. It also produces building materials and building products. It has locations, affiliates, and subsidiaries all over the world. In November 2021, DuPont proudly announced the opening of their $30 million ground-breaking facility. It will provide a range of materials to promote electrified usage and lightweight building to meet the increasing need for its automotive adhesives. The newest factory will offer cutting-edge limits, effectiveness, and manufacturing capability. The manufacturing facility will be able to meet local demand. It will have excellent accessibility to logistics and shipping benefits and technical support to help guarantee a top-notch consumer experience.
An American company, Parker Hannifin Corporation, focuses on movement control and automation technologies. The company's corporate office is located in Mayfield Heights, Ohio, and it was founded in 1917. It specializes in aircraft, environmental control, filtering, electromechanical, liquid and gaseous handling, hydraulic systems, and shielding. In April 2021, THERM-A-GAP GEL 75 was launched by the Parker Hannifin Corporation as disposable thermal interface material frequently used in high-powered devices and only required one component. The device is designed for power supplies, communications equipment, and automobile security modules.
In October 2023, Moller Chemie and Henkel extended their partnership to the regions of Switzerland, wherein they initiated their focus on thermal interface materials. The, in conjunction with the Bergquist cover, actively converts heat from power electronics, conserving both the reliability and lifetime of the electronic components. This expansion also helps Moller Chemie to provide TIM products from Henkel to the Swiss market thereby augmenting their growth in the electrical and electronics industry.
In October 2024, Dow and Carbice signed an agreement whereby both of them are aided in improving and bettering thermal interface materials, “This partnership seeks to combine Dow’s knowledge and Silicones capabilities with Carbice’s proprietary carbon nanotube (CNT) technology to create effective heat management systems for moving parts of mobility and industrial, consumer and semiconductor electronics.” High-performing electronics are essential for a variety of industries, and this partnership addresses the increasing need for reliability in the escalating thermal interface market, focusing on e-mobility and electronics pads.
In November 2024, Smart High Tech and Henkel reached an agreement whereby they will indulge in the exploration of a potential partnership regarding thermal interface material technology, GT-TIM. This strategic alliance has been designed as a means of accelerating the deployment and wide-scale use of Smart High Tech's advanced thermal technology of GT-TIM owing to the combined efforts and strengths of Henkel’s vast customer support experience and application knowledge.
In September 2023, 3M launched a new set of Thermal Management Interface Tapes that greatly enhanced both the thermal conductivity and conformability. This development reflects the company’s resilient endeavors to improve thermal management systems for diverse applications.
Fujipol Corporation in August 2023, introduced a range of thermal films that are bio-derived for use in portable electronics, especially with rising issues regarding the environmental
| Attribute/Metric | Details |
| Market Size 2023 | USD 2.35 billion |
| Market Size 2024 | USD 2.63 billion |
| Market Size 2032 | USD 5.82 billion |
| Compound Annual Growth Rate (CAGR) | 10.43% (2024-2032) |
| Base Year | 2023 |
| Market Forecast Period | 2024-2032 |
| Historical Data | 2018- 2022 |
| Market Forecast Units | Value (USD Billion) |
| Report Coverage | Revenue Forecast, Market Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | Type, Application, and Region |
| Geographies Covered | North America, Europe, Asia Pacific, and the Rest of the World |
| Countries Covered | The U.S., Canada, German, France, UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil |
| Key Companies Profiled | 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 | The market for thermal interface materials has grown. |
| Key Market Dynamics | The thermal interface material market is primarily driven by the growing need for high-speed computing and the creation of cutting-edge computing hardware to meet this requirement. |
Thermal Interface Materials Market Highlights:
Frequently Asked Questions (FAQ) :
The Thermal Interface Materials market size was valued at USD 2.35 Billion in 2023.
The Thermal Interface Materials market is anticipated to grow at a CAGR of 10.43% during the forecast period, 2024-2032.
North America had the largest share of the Thermal Interface Materials market.
The key players in the Thermal Interface Materials market are 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.
The Greases & Adhesives category dominated the Thermal Interface Materials market in 2023.
The computer Application had the largest share of the Thermal Interface Materials market.
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Team Lead - Research Anshula mandaokar holds an academic degree in chemical engineering and has been contributing to the field for more than 5 years. she has expertise in market research and business consulting and serves as a team lead for a reputed market research firm under the chemicals and materials domain spectrum. she has worked on multiple projects, generating explicit results in a quick turnaround time. her understanding of data interpretation justifies her role as a leader.
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