1 Global Thermal Interface Materials Market Insight Analysis
The global thermal interface materials market is valued at USD 1,963.15 million in 2024, with a CAGR of 11.55% from 2024 to 2033.
A thermal interface material (shortened to TIM) is any material that is inserted between two components in order to enhance the thermal coupling between them. A common use is heat dissipation, in which the TIM is inserted between a heat-producing device (e.g. an integrated circuit) and a heat-dissipating device (e.g. a heat sink).
Figure Global Thermal Interface Materials Market Size (M USD) and CAGR (2024-2033)
2 Thermal Interface Materials Market Growth Drivers and Restraints
In terms of driving factors, the booming downstream industries have provided strong impetus for the thermal interface materials market. The popularity of electronic devices is one of the important driving forces. With the rapid development of the global economy, consumers’ disposable income has increased, and the purchase of electronic devices such as personal computers and mobile devices has continued to rise. These electronic devices generate a lot of heat during operation, and the demand for thermal interface materials continues to grow to ensure the stable operation and performance of the equipment.
The rise of the electric vehicle industry has also brought new opportunities to the thermal interface materials market. With the rapid expansion of the electric vehicle market, the automotive industry is undergoing profound changes. The energy density of modern electric vehicle propulsion systems (including battery packs, power converters and motors) continues to increase, which puts special requirements on the thermal management of various components.
As an important part of the thermal management system of electric vehicles, thermal interface materials can improve thermal contact and maximize heat transfer, and their market demand has grown with the development of the electric vehicle industry. It is expected that by 2031, the production of electric vehicles will reach 50% of all light vehicle production worldwide, which will further promote the development of the thermal interface materials market.
The emergence of faster networks has also driven market growth. The rapid development of networks represented by 5G and gigabit Internet has given rise to a higher demand for effective thermal management. The high-frequency active antenna units in 5G technology are composed of densely arranged components that generate a lot of heat when in operation, requiring high-performance thermal interface materials to ensure their maximum functionality. The widespread application and development of 5G networks have created new growth space for the thermal interface materials market.
However, the growth of the thermal interface materials market also faces some limiting factors. Material compatibility issues cannot be ignored. In many modern electronic applications, material compatibility is often overlooked, but in some cases, it may cause serious problems. For example, some humidity and gas sensors may be damaged when exposed to silicone vapor, which requires careful consideration when selecting thermal interface materials; plastic optics and silicone-encapsulated LEDs may also be damaged when exposed to certain organic vapors, which limits the application scope of some thermal interface materials.
3 Technological Innovations in the Thermal Interface Materials Market
In terms of technological innovation, new materials continue to emerge. As a thermal conductive dielectric filler for thermal interface materials, the performance improvement of ceramics has become a research hotspot, and researchers are committed to improving their performance to reduce dependence on carbon or metal substitutes. The emergence of boron nitride carbon nanotubes (BNNTs) and nanosheets (BNNSs) provides new possibilities for improving the performance of thermal interface materials.
Metals occupy a certain share in the market as additives, and there are also innovations to promote their development, such as the application exploration of alternative metals by the startup Arieca and the research and development results of Indium Corporation in liquid metal. Carbon-based materials such as pitch-based carbon fiber, graphite, carbon nanotubes and graphene have also attracted much attention. They have extremely high thermal conductivity, but due to their electrical conductivity, additional design factors need to be considered when applying them. Dexerials’ CF pad is a practical application example of such materials.
Manufacturing processes are also continuously improving. There are many innovative manufacturing methods in the industry. For example, a method for manufacturing thermal interface materials includes forming a carbon nanotube array on a substrate, immersing the carbon nanotubes in a liquid polymer material, curing the material and cutting it to obtain the final product. This process improvement helps to improve product performance and production efficiency.
In terms of corporate mergers and acquisitions, the industry integration trend is obvious. On July 1, 2021, DuPont completed the acquisition of Laird Performance Materials. Laird Performance Materials is a world leader in high-performance electromagnetic shielding and thermal management solutions. After this acquisition, its business was integrated into DuPont Electronics & Industrial’s interconnect solutions business. This acquisition has enhanced DuPont’s competitiveness in the thermal interface materials market. By integrating the resources of both parties, it can provide customers with more comprehensive solutions and enhance its voice in the market.
The expansion plan of the company is also worthy of attention. DuPont announced an investment of approximately US$30 million to build a new adhesive production facility in Zhangjiagang, East China, which is expected to be put into operation in early 2023. The facility will produce adhesive products to support industry trends such as electric vehicles and lightweighting, including thermal interface materials for battery thermal management, adhesives for battery sealing and assembly, and structural adhesives for body structure and battery connection, which reflects the company’s keen insight into market demand and active layout.
Shin-Etsu Chemical developed silicone thermal interface materials for electric vehicle and hybrid vehicle applications in January 2021. With the development of automotive electrification, the demand for heat dissipation measures for lithium-ion batteries and various electronic control systems has become increasingly complex and diverse. This move by Shin-Etsu Chemical will help meet the market demand for high-performance thermal interface materials and consolidate its market position in this field.
4 Global Thermal Interface Materials Market Size by Type
Greases & adhesives are among the most widely used types of thermal interface materials due to their high thermal conductivity and ease of application. In 2024, the revenue generated from greases & adhesives is projected to be 683.70 million USD, accounting for approximately 34.83% of the global market share. These materials are particularly popular in consumer electronics and telecommunications industries, where they are used to enhance thermal coupling between components and heat sinks.
Tapes & films are another significant segment within the thermal interface materials market. These materials offer flexibility and ease of handling, making them suitable for a wide range of applications. In 2024, the revenue from tapes & films is expected to be 297.81 million USD, representing about 15.17% of the global market share. Tapes & films are commonly used in consumer electronics, automotive, and LED industries, where their thin and flexible nature allows for efficient heat dissipation in compact designs.
Gap fillers are designed to fill irregular gaps between components, providing effective thermal management in applications where thermal conductivity and mechanical compliance are crucial. In 2024, the revenue from gap fillers is projected to be 313.63 million USD, constituting approximately 15.98% of the global market share. These materials are widely used in consumer electronics and automotive industries, where they help to ensure reliable thermal performance by filling gaps and reducing thermal resistance.
Metal-based thermal interface materials (TIMs) are known for their high thermal conductivity and are often used in applications requiring superior thermal performance. In 2024, the revenue from metal-based TIMs is expected to be 95.29 million USD, accounting for about 4.85% of the global market share. These materials are commonly used in high-performance computing, telecommunications, and automotive applications, where their ability to dissipate heat quickly is essential for maintaining system performance.
Phase change materials (PCMs) are unique in their ability to change state at specific temperatures, providing effective thermal management during operation. In 2024, the revenue from phase change materials is projected to be 288.13 million USD, representing approximately 14.68% of the global market share. These materials are widely used in consumer electronics, telecommunications, and automotive industries, where their ability to absorb and release heat during phase changes helps to maintain stable operating temperatures.
Table Global Thermal Interface Materials Market Size and Share by Type in 2024
Type | Market Size (M USD) 2024 | Market Share 2024 |
|---|---|---|
Greases & Adhesives | 683.70 | 34.83% |
Tapes & Films | 297.81 | 15.17% |
Gap Fillers | 313.63 | 15.98% |
Metal-Based TIMs | 95.29 | 4.85% |
Phase Change Materials | 288.13 | 14.68% |
Others | 284.59 | 14.50% |
5 Global Thermal Interface Materials Market Size by Application
Consumer electronics is the largest application segment for thermal interface materials, driven by the increasing demand for high-performance and reliable devices. In 2024, the revenue from consumer electronics is expected to be 796.25 million USD, representing approximately 40.56% of the global market share. This segment includes personal computers, smartphones, tablets, and gaming consoles, where effective thermal management is crucial for maintaining performance and longevity.
The telecommunications industry is another significant application area for thermal interface materials, particularly with the rapid expansion of 5G networks. In 2024, the revenue from the telecommunications industry is projected to be 564.77 million USD, accounting for about 28.77% of the global market share. High-frequency active antenna units and other components in 5G infrastructure require advanced thermal management solutions to ensure optimal performance and reliability.
The automotive industry, especially with the growth of electric vehicles (EVs), is a key application area for thermal interface materials. In 2024, the revenue from the automotive industry is expected to be 177.08 million USD, representing approximately 9.02% of the global market share. Thermal management is critical in EVs to ensure the efficient operation of battery packs, power converters, and motors, making thermal interface materials an essential component in modern automotive thermal management systems.
The LED industry also relies on thermal interface materials to ensure the efficient operation and longevity of LED lighting solutions. In 2024, the revenue from the LED industry is projected to be 122.37 million USD, accounting for about 6.23% of the global market share. Effective thermal management helps to maintain the brightness and efficiency of LED lights, making thermal interface materials a vital component in this industry.
Table Global Thermal Interface Materials Market Size and Share by Application in 2024
Application | Market Size (M USD) 2024 | Market Share 2024 |
|---|---|---|
LED Industry | 122.37 | 6.23% |
Consumer Electronics | 796.25 | 40.56% |
Automotive Industry | 177.08 | 9.02% |
Telecommunications Industry | 564.77 | 28.77% |
Others | 302.67 | 15.42% |
6 Global Thermal Interface Materials Market Size by Region
The Asia-Pacific region is the largest market for thermal interface materials, driven by the robust electronics manufacturing industry in countries like China, Japan, and South Korea. In 2024, the revenue from the Asia-Pacific region is projected to be 944.63 million USD, representing approximately 48.12% of the global market share. The region’s growth is further supported by the increasing adoption of electric vehicles and the expansion of 5G infrastructure.
North America is the second-largest market for thermal interface materials, driven by the presence of major technology companies and continuous advancements in the telecommunications sector. In 2024, the revenue from North America is expected to be 501.90 million USD, accounting for about 25.57% of the global market share. The region benefits from strong research and development activities and a focus on high-performance computing and automotive industries.
Europe is another significant market for thermal interface materials, with a focus on automotive and industrial applications. In 2024, the revenue from Europe is projected to be 415.27 million USD, representing approximately 21.15% of the global market share. The region’s growth is supported by the increasing adoption of electric vehicles and the expansion of 5G infrastructure.
South America is a smaller but growing market for thermal interface materials, driven by the increasing demand for consumer electronics and telecommunications infrastructure. In 2024, the revenue from South America is expected to be 59.11 million USD, accounting for about 3.01% of the global market share. The region’s growth is further supported by the expansion of the automotive industry and the increasing adoption of renewable energy solutions.
The Middle East & Africa region is also a growing market for thermal interface materials, driven by the increasing demand for consumer electronics and telecommunications infrastructure. In 2024, the revenue from the Middle East & Africa is projected to be 42.23 million USD, representing approximately 2.15% of the global market share. The region’s growth is further supported by the expansion of the automotive industry and the increasing adoption of renewable energy solutions.
Figure Global Thermal Interface Materials Market Size (M USD) by Region in 2024
7 Global Thermal Interface Materials Market Analysis by Major Players
Henkel
Company Profile
Henkel is a leading global company with a rich history dating back to 1876. Headquartered in Düsseldorf, Germany, Henkel operates worldwide with a strong presence in three main business areas: Adhesive Technologies, Beauty Care, and Laundry & Home Care. The company is renowned for its innovative products and technologies, which have made it a household name in both industrial and consumer markets.
Business Overview
Henkel’s Adhesive Technologies division is a global leader in the development and production of adhesives, sealants, and functional coatings. The company’s products are used in a wide range of industries, including automotive, aerospace, electronics, and consumer goods. Henkel’s commitment to innovation and sustainability has enabled it to maintain a strong market position and drive continuous growth.
Products Offered
Henkel offers a comprehensive range of thermal interface materials designed to meet the diverse needs of various industries. Key products include LOCTITE® Bergquist® thermally conductive adhesives, which are available in film, tape, or liquid form. These adhesives are known for their high thermal conductivity, ease of application, and reliability. Henkel’s thermal interface materials are widely used in consumer electronics, telecommunications, and automotive applications, where effective thermal management is crucial for performance and longevity.
Laird Performance Materials (DuPont)
Company Profile
Laird Performance Materials, a business unit of DuPont, is a global leader in the development and production of high-performance electromagnetic shielding and thermal management solutions. Established in 2021 following DuPont’s acquisition of Laird, the company has a strong legacy of innovation and excellence in material sciences. Headquartered in Wilmington, Delaware, USA, Laird Performance Materials operates worldwide with a focus on delivering advanced solutions for electronics protection.
Business Overview
Laird Performance Materials specializes in creating industry-leading solutions that protect electronics from electromagnetic interference and manage thermal loads. The company’s expertise in material sciences allows it to develop products that suppress, shield, or absorb disruptive electromagnetic interference and transfer unwanted heat away from sensitive electronics. Laird’s custom-engineered precision and structural metal parts also provide solutions for complex and challenging device designs.
Products Offered
Laird Performance Materials offers a wide range of thermal interface materials, including the Slim TIM 10000, an ultra-thin thermal gap filler. This product utilizes a unique polymer package that enables free-standing, thin films without the need for carrier films, minimizing contact thermal resistance. The Slim TIM 10000 is designed to survive multiple solder reflow operations and allows for easy rework. It is widely used in consumer electronics, telecommunications, and automotive applications, where its high thermal performance and reliability are essential.
Dow
Company Profile
Dow, founded in 1897, is a global leader in materials science and manufacturing. Headquartered in Midland, Michigan, USA, Dow operates 113 manufacturing sites in 31 countries and employs approximately 37,000 people. The company’s portfolio includes performance materials, industrial intermediates, and plastics, which are used in a wide range of high-growth segments such as packaging, infrastructure, and consumer care.
Business Overview
Dow combines a broad range of technology sets with asset integration, focused innovation, and global scale to achieve profitable growth. The company is committed to becoming the most innovative, customer-centric, inclusive, and sustainable materials science company. Dow’s focus on sustainability and innovation has enabled it to develop advanced solutions that meet the evolving needs of its customers and contribute to a more sustainable future.
Products Offered
Dow offers a variety of thermal interface materials, including Dow Corning TC-3040 Thermally Conductive Gel. This single-component, heat-curable gel is designed for microelectronics thermal interface applications. It exhibits high thermal conductivity, improved heat dissipation, and reliable performance. The gel is composed of polydimethylsiloxane and can be applied manually or through automated processes. Dow’s thermal interface materials are widely used in consumer electronics, telecommunications, and automotive applications, where their high performance and reliability are crucial for maintaining system efficiency and longevity.