Thermal Interface Materials Market to Surpass US$ 5,590.08 Million by 2030 - Coherent Market Insights
BURLINGAME, Calif., Nov. 20, 2023 /PRNewswire/ -- According to Coherent Market Insights, global thermal interface materials market is estimated to be valued at US$ 2,428.6 million in 2022 and is expected to exhibit a CAGR of 10.98% during the forecast period (2023-2030). The rising demand from computer application along with growing adoption of automation in manufacturing sector is propelling growth of the global thermal interface materials market. Moreover, the polymer compounds and microgels are gaining significant popularity in the market. This is further creating several growth opportunities in the global market.
Increasing popularity of GAP-filling TIMs is a major trend in the global thermal interface materials market expected to augment the market growth. The use of GAP-filling TIMs is common in applications that need to fill small air gaps in mating surfaces, especially in micro-electronics and various other small-scale assembly designs. In such cases, the gap between a transistor or a hot chip and a metal heat sink is mostly on the micron scale. Many factors, including uneven holes in the substrates or rough mating surfaces cause these gaps. TIMs are capable of reducing such resistances, as they can fill the voids and offer higher contact in these mating surfaces.
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Key Market Takeaways:
Global Thermal Interface Materials Market is expected to surpass US$ 5,590.08 Mn by 2030 and is anticipated to witness a CAGR of 10.98% during the forecast period 2023-2030, owing to expansion of LED market. With growing demand for LED lighting, the demand for thermal interface materials is on rise, in turn driving growth of the market.
On the basis of Product, Greases & Adhesives segment is expected to hold a dominant position, owing to widespread use of this product for maintaining the internal working temperatures of devices, and its thermal resistance to the devices.
On the basis of Application, Computers segment is expected to hold a dominant position, owing to growing use of computers in end-use offices, affordable costs of desktops leading to increased demand for products.
On the basis of region, Asia Pacific is expected to hold a dominant position over the forecast period, due to robust presence of major manufacturers of electronic goods, increasing economic growth, reduce service and goods tax, growing disposable income, and increasing health awareness in the region.
Key players operating in the thermal interface materials market include Shin-Etsu Chemical Co. Ltd., The 3M Company, Fuji Polymer Industries, Co. Ltd., Dow Corning Corporation, Momentive Performance Materials, Inc., Honeywell International, Inc., Laird Technologies, Inc., Indium Corporation, Parker Chomerics, Henkel AG & Co, and KGaA etc.
Thermal Interface Materials Market Key Developments:
In January 2022, 3M announced expansion of its operations in Tennessee. The company announced investment of nearly US$ 470 million creating around 600 ne jobs by 2025 at its new plant in Clinton, Tennessee.
In September 2020, Parker Hannifin Corporation introduced THERM-A-GAP GEL 37. The new product is a single component with thermal conductivity dispensable material. This product launch is likely to help the company strengthen its portfolio in thermal interface materials market.
Read complete market research report, "Thermal Interface Materials Market, By Product, By Application, By Geography and Segment Forecast 2023 - 2030", Published by Coherent Market Insights.
Thermal Interface Materials Market Segmentation:
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