Thermal Interface Materials Market Size Projected to Reach USD 6.0 billion by 2031, With 8.9% CAGR: Transparency ... - Yahoo Finance

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Transparency Market Research

Green energy initiatives and advances in semiconductor technology are expected to drive demand for thermal interface materials.

Wilmington, Delaware, United States, Dec. 12, 2023 (GLOBE NEWSWIRE) -- Transparency Market Research Inc. - The thermal interface materials market was valued at US$ 2.8 billion in 2022. A CAGR of 8.9% is expected between 2023 and 2031, resulting in a market size of US$ 6.0 billion by 2031. Increasing integration levels and smaller process nodes in semiconductor technologies generate more heat in electronic components.

Materials used at the thermal interfaces of these advanced semiconductor devices play a key role in optimizing their thermal performance. Thermal Interface Materials (TIMs) are important components used to build devices that are used for power electronics, computers, sensors, and energy storage. To enhance the ability of the heat transfer between heat sources and heat sinks, TIMs are used to fill the void between them.

The importance of high-quality thermal interface materials is becoming increasingly recognized as industries become more aware of thermal management's impact on device reliability. As a result, advanced thermal solutions are being adopted across a variety of industries. TIMs are thriving and evolving rapidly as a result of the growing demand for power and heat generated by emerging industries like 5G, data centers, and advanced driver assistance systems. The markets for these industries are huge, and they have a lot of potential.

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Global Thermal Interface Materials Market: Key Players

As companies continue to develop new products and expand their portfolios, their market share for thermal interface materials continues to rise.

Key Findings of the Market Report

• Mobile devices and electric vehicles are contributing significantly to the global market for thermal interface materials.

• Material-based gap fillers are expected to drive thermal interface material demand.

• As automobile sales increase, thermal interface materials will see an increase in demand.

• With increased electronic and automotive sales in the Asia Pacific region, thermal interface materials are expected to experience huge demand.

Global Thermal Interface Materials Market: Growth Drivers

• The proliferation of electronic devices, such as smartphones, laptops, tablets, and wearable devices, increases the need for effective thermal management solutions. With the increase in power and compactness of electronic components, efficient thermal interface materials are becoming increasingly important. Miniaturization and increased functionality result in a greater power density of electronic components. Thermal interface materials with higher thermal conductivity are necessary for proper heat dissipation and to prevent overheating.

• Electronics are increasingly used for advanced driver assistance systems (ADAS), infotainment systems, and electric vehicle components. Managing heat efficiently is crucial for automotive electronics to function and last. With the rise of green energy solutions, including renewable energy systems and electric vehicles, thermal interface materials have become increasingly important. Power electronics in renewable energy applications and electric vehicles must be thermally managed efficiently to be reliable and perform well.

• Electronics are continuously evolving and innovating, resulting in an increased demand for thermal interface materials. Thermal management solutions are more important than ever as manufacturers strive to produce devices with enhanced performance and features. The optimization of thermal management becomes increasingly important across various industries as energy efficiency grows. Electronic systems can be made more sustainable and energy efficient with the use of thermal interface materials that can improve heat transfer efficiency.

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Global Thermal Interface Materials Market: Regional Landscape

• North America has a high demand for thermal interface materials (TIMs). Considering the region's status as a hub for the electronics industry, there is a strong need for thermal management to ensure the proper operation of electronic devices.

• Medical devices, which require optimal thermal management to function properly, make up a significant portion of the TIM market in North America. The automotive industry in the United States is also expected to see an increase in demand for thermal interface materials.

• Different industries and applications may require different thermal interface materials in the United States. As computer applications increase and manufacturing becomes more automated, the thermal interface materials global market is also expected to grow.

Key Developments

• In July 2023, Parker Hannifin Corporation's Chomerics Division launched THERM-A-GAPTM PAD 80, a high-performance gap-filling pad. Design engineers can use this innovative product to enhance heat transfer in communications and electronics devices, as it has a thermal conductivity of 8.3 W/mK.

• In November 2023, GELID Solutions unveiled a new Phase Change Thermal Interface Material (TIM) that is suitable for high-performance computing. Designed for protection against electrical hazards, HeatPhase Ultra reduces the possibility of short circuits, making it particularly useful in sensitive electronic applications.

Global Thermal Interface Materials Market: Segmentation

By Material

By Application

• Computers

• Automotive Electronics

• Industrial Machinery

• Telecommunications

• Consumer Durables

• Medical Devices

• Others

By Region

• North America

• Latin America

• Asia Pacific

• Europe

• Middle East & Africa

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About Transparency Market Research

Transparency Market Research, a global market research company registered at Wilmington, Delaware, United States, provides custom research and consulting services. Our exclusive blend of quantitative forecasting and trends analysis provides forward-looking insights for thousands of decision makers. Our experienced team of Analysts, Researchers, and Consultants use proprietary data sources and various tools & techniques to gather and analyses information.

Our data repository is continuously updated and revised by a team of research experts, so that it always reflects the latest trends and information. With a broad research and analysis capability, Transparency Market Research employs rigorous primary and secondary research techniques in developing distinctive data sets and research material for business reports.

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