Summary

The thermal management materials and systems market is experiencing significant growth driven by multiple sectors. Key market segments include consumer electronics, electric vehicles, data centers, ADAS sensors, EMI shielding, 5G/6G telecommunications, aerospace, and energy systems. The market features diverse materials including thermal interface materials (TIMs) such as greases, gels, pastes, phase change materials (PCMs), thermal pads, gap fillers, adhesives, carbon-based materials, and metallic solutions.

Electric vehicles represent a particularly dynamic segment, with increasing demand for sophisticated thermal management solutions for batteries, power electronics, and motors. The transition to 800V architectures and higher-power charging systems is driving innovation in cooling technologies. Data centers are another crucial market, with growing power densities necessitating more effective cooling solutions. The trend toward immersion cooling and hybrid systems reflects the industry's need for more efficient thermal management approaches. The emergence of 5G/6G infrastructure has created new thermal challenges, particularly in antenna systems and base stations. Similarly, the ADAS sensor market requires increasingly sophisticated thermal solutions as sensor capabilities expand. Looking toward 2035, the market shows strong growth potential across all segments, with particular emphasis on:

• Advanced materials with higher thermal conductivity
• Integrated cooling systems
• Sustainable and environmentally friendly solutions
• Smart thermal management systems with AI/ML capabilities
• Novel approaches like immersion cooling and phase change materials

The Global Thermal Management Materials and Systems 2025-2035 provides detailed insights into the rapidly evolving thermal management materials and systems industry, covering crucial applications across electric vehicles, data centers, consumer electronics, and emerging technologies. The comprehensive analysis includes market forecasts, technological developments, and competitive landscapes through 2035. Report contents in:

• In-depth analysis of thermal interface materials (TIMs), including greases, phase change materials, thermal pads, and advanced carbon-based solutions
• Detailed examination of cooling technologies: liquid cooling, air cooling, immersion cooling, and hybrid systems
• Comprehensive coverage of electric vehicle thermal management, including battery, power electronics, and motor cooling solutions
• Analysis of data center cooling trends, from traditional air cooling to advanced immersion systems
• Evaluation of emerging technologies in 5G/6G infrastructure cooling
• Assessment of aerospace and defense thermal management applications
• Market opportunities in ADAS sensors and EMI shielding
• Market size and growth projections
• Technology trends and innovation analysis
• Competitive landscape and company profiles. Companies profiled include 3M, Accelsius, ADA Technologies, Adept Materials, Airthium, Aismalibar, AI Technology, Amphenol Advanced Sensors, Andores New Energy, AOK Technologies, AOS Thermal Compounds, Apheros, Arkema, Arieca, Arteco, Asahi Kasei, Aspen Aerogels, Asperitas, ATP Adhesive Systems, Axalta Coating Systems, Axiotherm, Azelio, Bando Chemical Industries, Beam Global, BNNano, BNNT LLC, Boyd Corporation, BYK, Cadenza Innovation, Calyos, Carrar, Carbice Corp, Carbon Waters, Carbodeon, Chilldyne, Climator Sweden, CondAlign, Croda Europe, Cryopak, Dana, Datum Phase Change, Detakta, Devan Chemicals, Dexerials, Dober, Dow Corning, Dupont (Laird Performance Materials), Dymax, ELANTAS Europe, Deyang Carbonene Technology, Elkem Silicones, e-Mersiv, Elkem, Enerdyne Thermal Solutions, Engineered Fluids, Epoxies Etc, Ewald Dörken AG, Exergyn, First Graphene, FUCHS, Fujipoly, Fujitsu Laboratories, GLPOLY, Global Graphene Group, Graphmatech, Green Revolution Cooling (GRC), GuangDong KingBali, HALA Contec, Hamamatsu Carbonics, Goodfellow, Hangzhou Ruhr New Material Technology, H.B. Fuller, HeatVentors, Henkel, Honeywell, Huber Martinswerk, HyMet Thermal Interfaces, Iceotope, Immersion4, Indium Corporation, Inkron, Inuteq, JetCool Technologies, JIOS Aerogel, Kerafol, Kitagawa, KULR Technology Group, Leader Tech, LiquidCool Solutions, LiquidStack, Liquid Wire, LiSAT, MAHLE, Materium Technologies and more.
• Regional market analysis
• Application-specific requirements and solutions
• Material developments and emerging technologies
• Regulatory framework and environmental considerations

Detailed segments covered include:

• Thermal Interface Materials
• Heat Spreaders and Heat Sinks
• Liquid Cooling Systems
• Air Cooling Solutions
• Cooling Plates
• Spray Cooling Technology
• Immersion Cooling Systems
• Phase Change Materials
• Coolant Fluids

Applications analyzed include:

• Electric Vehicle Battery Systems
• Data Center Infrastructure
• Consumer Electronics
• 5G/6G Communications
• Aerospace Systems
• ADAS Sensors
• Power Electronics
• EMI Shielding

This report provides essential insights for:

• Material Manufacturers
• Thermal Solution Providers
• Electronics Manufacturers
• Automotive Companies
• Data Center Operators
• Telecommunications Companies
• Aerospace manufacturers
• Investment Firms
• R&D Organizations

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Table of Contents

1 INTRODUCTION 24

1.1 Thermal management 24
1.1.1 Active 24
1.1.2 Passive 24
1.2 Thermal Management Systems 25
1.2.1 Immersion Cooling Systems for Data Centers 25
1.2.2 Battery Thermal Management for Electric Vehicles 25
1.2.3 Heat Exchangers for Aerospace Cooling 26
1.2.4 Air Cooling Systems 26
1.2.5 Liquid Cooling Systems 27
1.2.6 Vapor Compression Systems 28
1.2.7 Spray Cooling Systems 28
1.2.8 Hybrid Cooling Systems 29
1.2.8.1 Hybrid Liquid-to-Air Cooling 30
1.2.8.2 Hybrid Liquid-to-Liquid Cooling 30
1.2.8.3 Hybrid Liquid-to-Refrigerant Cooling 30
1.2.8.4 Hybrid Refrigerant-to-Refrigerant Cooling 30
1.3 Main types of thermal management materials and technologies 30

2 THERMAL INTERFACE MATERIALS 32

2.1 What are thermal interface materials (TIMs)? 32
2.1.1 Types 33
2.1.2 Thermal conductivity 34
2.2 Comparative properties of TIMs 35
2.3 Advantages and disadvantages of TIMs, by type 36
2.4 Prices 38
2.5 Thermal greases and pastes 40
2.6 Thermal gap pads 42
2.7 Thermal gap fillers 42
2.8 Thermal adhesives and potting compounds 43
2.9 Metal-based TIMs 44
2.9.1 Solders and low melting temperature alloy TIMs 45
2.9.2 Liquid metals 46
2.9.3 Solid liquid hybrid (SLH) metals 46
2.9.3.1 Hybrid liquid metal pastes 46
2.9.3.2 SLH created during chip assembly (m2TIMs) 47
2.10 Carbon-based TIMs 48
2.10.1 Multi-walled nanotubes (MWCNT) 48
2.10.1.1 Properties 49
2.10.1.2 Application as thermal interface materials 50
2.10.2 Single-walled carbon nanotubes (SWCNTs) 50
2.10.2.1 Properties 51
2.10.2.2 Application as thermal interface materials 53
2.10.3 Vertically aligned CNTs (VACNTs) 53
2.10.3.1 Properties 53
2.10.3.2 Applications 53
2.10.3.3 Application as thermal interface materials 54
2.10.4 BN nanotubes (BNNT) and nanosheets (BNNS) 55
2.10.4.1 Properties 55
2.10.4.2 Application as thermal interface materials 55
2.10.5 Graphene 56
2.10.5.1 Properties 57
2.10.5.2 Application as thermal interface materials 58
2.10.5.2.1 Graphene fillers 58
2.10.5.2.2 Graphene foam 58
2.10.5.2.3 Graphene aerogel 58
2.10.6 Nanodiamonds 59
2.10.6.1 Properties 59
2.10.6.2 Application as thermal interface materials 61
2.10.7 Graphite 61
2.10.7.1 Properties 61
2.10.7.2 Natural graphite 61
2.10.7.2.1 Classification 62
2.10.7.2.2 Processing 63
2.10.7.2.3 Flake 63
2.10.7.2.3.1 Grades 63
2.10.7.2.3.2 Applications 64
2.10.7.3 Synthetic graphite 66
2.10.7.3.1 Classification 66
2.10.7.3.1.1 Primary synthetic graphite 66
2.10.7.3.1.2 Secondary synthetic graphite 67
2.10.7.3.1.3 Processing 67
2.10.7.4 Applications as thermal interface materials 67
2.10.8 Hexagonal Boron Nitride 68
2.10.8.1 Properties 69
2.10.8.2 Application as thermal interface materials 70
2.11 Metamaterials 70
2.11.1 Types and properties 71
2.11.1.1 Thermal metamaterials 72
2.11.1.2 Electromagnetic metamaterials 72
2.11.1.2.1 Double negative (DNG) metamaterials 73
2.11.1.2.2 Single negative metamaterials 73
2.11.1.2.3 Electromagnetic bandgap metamaterials (EBG) 73
2.11.1.2.4 Bi-isotropic and bianisotropic metamaterials 74
2.11.1.2.5 Chiral metamaterials 74
2.11.1.2.6 Electromagnetic “Invisibility” cloak 74
2.11.1.3 Terahertz metamaterials 75
2.11.1.4 Photonic metamaterials 75
2.11.1.5 Tunable metamaterials 75
2.11.1.6 Frequency selective surface (FSS) based metamaterials 75
2.11.1.7 Nonlinear metamaterials 75
2.11.1.8 Acoustic metamaterials 76
2.11.2 Application as thermal interface materials 76
2.12 Self-healing thermal interface materials 77
2.12.1 Extrinsic self-healing 78
2.12.2 Capsule-based 78
2.12.3 Vascular self-healing 78
2.12.4 Intrinsic self-healing 78
2.12.5 Healing volume 79
2.12.6 Types of self-healing materials, polymers and coatings 80
2.12.7 Applications in thermal interface materials 81
2.13 Phase change thermal interface materials (PCTIMs) 81
2.13.1 Thermal pads 82
2.13.2 Low Melting Alloys (LMAs) 83
2.14 Global Market forecast 2020-2035 83

3 HEAT SPREADERS AND HEAT SINKS 85

3.1 Design 85
3.2 Materials 86
3.2.1 Aluminum alloys 86
3.2.2 Copper 87
3.2.3 Metal foams 87
3.2.4 Metal matrix composites 87
3.2.5 Graphene 88
3.2.6 Carbon foams and nanotubes 88
3.2.7 Graphite 88
3.2.8 Diamond 89
3.2.9 Liquid immersion cooling 89
3.2.10 Applications 89
3.3 Challenges 90
3.4 Market forecast 90

4 LIQUID COOLING SYSTEMS 92

4.1 Design 92
4.2 Types 93
4.3 Components of Liquid Cooling Systems 93
4.4 Cooling in Data Centers 94
4.4.1 Rack Level 95
4.4.2 Chip Level 96
4.5 Benefits 98
4.6 Challenges 98
4.7 Market forecast 99

5 AIR COOLING 101

5.1 Introduction 101
5.2 Air Cooling Methods 101
5.3 Commercial examples 102
5.4 Optimization of water and power consumption 103
5.5 Applications 103
5.6 Market forecast 104

6 COOLING PLATES 106

6.1 Overview 106
6.1.1 Advanced cooling plates 106
6.1.2 Roll Bond Aluminium Cold Plates 107
6.1.3 Cold Plate Design 107
6.1.4 Commercial examples 108
6.1.5 Graphite heat spreaders 109
6.1.5.1 Commercial examples 109
6.1.6 Cold Plate/Direct to Chip Cooling 109
6.1.7 Liquid Cooling Cold Plates 110
6.1.8 Single-Phase Cold Plate 111
6.1.8.1 Commercial examples 111
6.1.9 Two-Phase Cold Plate 112
6.1.9.1 Commercial examples 112
6.2 Design 114
6.3 Enhancement Techniques 115
6.3.1 Cost 115
6.4 Applications 117
6.5 Market forecast 117

7 SPRAY COOLING 119

7.1 Overview 119
7.2 Heat Transfer Mechanisms 119
7.3 Spray Cooling Fluids 120
7.4 Applications 120
7.5 Market forecast 121

8 IMMERSION COOLING 123

8.1 Overview 123
8.2 Common immersion fluids 124
8.3 Benefits 124
8.4 Single-Phase Immersion Cooling 125
8.5 Two-Phase Immersion Cooling 126
8.6 Commercial examples 127
8.7 Costs 130
8.8 Challenges 130
8.9 Market forecast 132

9 THERMOELECTRIC COOLERS 134

9.1 Thermoelectric Modules 134
9.2 Performance Factors 134
9.3 Electronics Cooling 134

10 COOLANT FLUIDS 136

10.1 Overview 136
10.1.1 Properties 137
10.1.1.1 Electrical 137
10.1.1.2 Corrosion 137
10.1.1.3 Viscosity reduction 138
10.2 EVs 138
10.2.1 Coolant Fluid Requirements 138
10.2.2 Common EV Coolant Fluids 139
10.2.3 Commercial examples 139
10.2.4 Refrigerants for EVs 140
10.2.5 EV coolant fluid trends 140
10.2.6 Design Considerations 141
10.3 Growing adoption of immersion cooling 142
10.4 Market forecast 143

11 PHASE CHANGE MATERIALS 145

11.1 Properties of Phase Change Materials (PCMs) 146
11.2 Types 147
11.2.1 Organic/biobased phase change materials 149
11.2.1.1 Advantages and disadvantages 149
11.2.1.2 Paraffin wax 149
11.2.1.3 Non-Paraffins/Bio-based 150
11.2.2 Inorganic phase change materials 150
11.2.2.1 Salt hydrates 151
11.2.2.1.1 Advantages and disadvantages 151
11.2.2.2 Metal and metal alloy PCMs (High-temperature) 152
11.2.3 Eutectic mixtures 152
11.2.4 Encapsulation of PCMs 152
11.2.4.1 Macroencapsulation 153
11.2.4.2 Micro/nanoencapsulation 153
11.2.5 Nanomaterial phase change materials 153
11.3 Thermal energy storage (TES) 154
11.3.1 Sensible heat storage 154
11.3.2 Latent heat storage 154
11.4 Battery Thermal Management 155
11.5 Market forecast 155

12 MARKETS FOR THERMAL MANAGEMENT MATERIALS AND SYSTEMS 157

12.1 Consumer electronics 157
12.1.1 Market overview 157
12.1.2 Market drivers 157
12.1.3 Applications 158
12.1.3.1 Smartphones and tablets 159
12.1.3.2 Wearable electronics 160
12.1.4 Global market revenues 2020-2035 161
12.2 Electric Vehicles (EV) 162
12.2.1 Overview 162
12.2.2 Electric vehicle thermal system architecture and components 164
12.2.3 Commercial vehicle thermal management systems 165
12.2.3.1 Transition to 800V architecture 167
12.2.4 Market drivers 168
12.2.5 EV Cooling 169
12.2.5.1 Coolant Fluids 169
12.2.5.1.1 Properties 170
12.2.5.1.2 Integration of battery and eAxle cooling 171
12.2.5.2 Refrigerants 172
12.2.5.2.1 PFAS Free Refrigerants 172
12.2.5.2.2 The integration of heat pump systems in EVs 173
12.2.5.3 Active vs Passive Cooling 174
12.2.5.4 Air Cooling 175
12.2.5.5 Liquid Cooling 176
12.2.5.6 Refrigerant Cooling 177
12.2.5.7 Cell-to-pack designs 178
12.2.5.8 Cell-to-chassis/body 179
12.2.5.9 Immersion Cooling 179
12.2.5.9.1 Phase Change Materials 180
12.2.5.9.2 Commercial examples 181
12.2.5.9.3 Operating Temperature 181
12.2.5.10 Heat Spreaders and Cooling Plates 182
12.2.5.10.1 Heat spreader technology 183
12.2.5.10.1.1 Commercial examples 183
12.2.5.10.1.2 Graphite Heat Spreaders 184
12.2.5.10.2 Advanced cold plates 184
12.2.5.10.2.1 Commercial examples 185
12.2.5.10.2.2 Integration of cold plates into battery enclosures 186
12.2.5.10.3 Polymer Heat Exchangers 187
12.2.5.11 Coolant Hoses 187
12.2.5.12 Thermal Interface Materials 189
12.2.5.13 Fire Protection Materials 191
12.2.5.13.1 Overview 191
12.2.5.13.2 Thermal runaway in electric vehicles 192
12.2.5.13.3 Vehicle fires 193
12.2.5.13.4 Regulations 194
12.2.5.14 Printed Sensors 195
12.2.5.15 Other cooling 196
12.2.6 Electric motors 196
12.2.6.1 Air Cooling 198
12.2.6.2 Water-glycol Cooling 198
12.2.6.3 Oil Cooling 198
12.2.6.4 Advanced cooling structures 199
12.2.6.4.1 Refrigerant Cooling 200
12.2.6.4.2 Immersion Cooling 200
12.2.6.5 Motor Insulation and Encapsulation 200
12.2.6.5.1 Commercial activity 201
12.2.6.5.2 Axial Flux Motors 202
12.2.6.5.3 In-wheel Motors 203
12.2.7 Power electronics 204
12.2.7.1 Overview 204
12.2.7.2 Technology and materials evolution 205
12.2.7.3 Power module packaging technology 207
12.2.7.4 Single- vs Double-Sided Cooling 207
12.2.7.5 TIMs in Power Electronics 209
12.2.7.5.1 Thermal Interface Material 1 (TIM1) 209
12.2.7.5.2 Thermal Interface Material 2 (TIM2) 210
12.2.7.6 Wire Bonding 210
12.2.7.7 Substrate Materials 211
12.2.7.8 Cooling Power Electronics 212
12.2.7.8.1 Inverter package cooling 212
12.2.7.8.2 Direct cooling 213
12.2.8 Charging stations 214
12.2.8.1.1 Charging Levels 215
12.2.8.1.2 Liquid Cooling 216
12.2.8.1.3 Commercial examples 216
12.2.8.1.4 Immersion Cooling 218
12.2.8.2 Cabin heating 218
12.2.8.3 Heat Pumps 219
12.2.9 Global Market Revenues 2020-2035 220
12.3 Data Centers 221
12.3.1 Market overview 221
12.3.2 Market drivers 222
12.3.3 Data Center thermal management requirements 225
12.3.3.1 Increase in Thermal Design Power (TDP) 225
12.3.3.2 Energy Efficiency 227
12.3.4 Data Center Cooling 228
12.3.4.1 Cooling Technology 228
12.3.4.2 Air Cooling 229
12.3.4.3 Hybrid Liquid-to-Air Cooling (L2A) 229
12.3.4.4 Hybrid Liquid-to-Liquid Cooling (L2L) 230
12.3.4.5 Hybrid Liquid-to-Refrigerant Cooling 230
12.3.4.6 Hybrid Refrigerant-to-Refrigerant Cooling 230
12.3.4.7 Thermal Interface Materials 231
12.3.4.7.1 Data center power supplies 232
12.3.4.8 Cold plates 233
12.3.4.9 Spray Cooling 234
12.3.4.10 Immersion Cooling 234
12.3.5 Applications 234
12.3.5.1 Router, switches and line cards 234
12.3.5.2 Servers 235
12.3.5.3 Power supply converters 236
12.3.6 Global Market Revenues 2020-2035 236
12.4 ADAS Sensors 238
12.4.1 Market overview 238
12.4.2 Market drivers 238
12.4.3 Applications 238
12.4.3.1 ADAS Cameras 239
12.4.3.2 ADAS Radar 239
12.4.3.3 ADAS LiDAR 240
12.4.4 Global Market Revenues 2020-2035 240
12.5 EMI shielding 242
12.5.1 Market overview 242
12.5.2 Market drivers 242
12.5.3 Applications 242
12.5.4 Global Market Revenues 2020-2035 243
12.6 5G/6G 245
12.6.1 Market overview 245
12.6.2 Market drivers 245
12.6.3 Applications 245
12.6.3.1 Antenna 246
12.6.3.2 Base Band Unit (BBU) 247
12.6.4 Global Market Revenues 2020-2035 248
12.7 Aerospace 250
12.7.1 Market overview 250
12.7.2 Market drivers 250
12.7.3 Applications 250
12.7.4 Global Market Revenues 2020-2035 251
12.8 Energy systems 253
12.8.1 Market overview 253
12.8.2 Market drivers 253
12.8.3 Applications 254
12.8.4 Global Market Revenues 2020-2035 254
12.9 Other markets 255
12.9.1 Advanced Robotics 256
12.9.1.1 Design Considerations 256
12.9.1.2 Implementation Strategies 257
12.9.1.3 Advanced Cooling Technologies 257
12.9.1.4 Environmental Considerations 257
12.9.1.5 Future Trends 257

13 GLOBAL REVENUES 258

13.1 Global revenues 2023, by type 258
13.2 Global revenues 2024-2035, by materials type 259
13.2.1 Telecommunications market 259
13.2.2 Electronics and data centers market 260
13.2.3 ADAS market 260
13.2.4 Electric vehicles (EVs) market 261
13.3 By end-use market 262
13.4 By region 264

14 FUTURE MARKET OUTLOOK 265

15 COMPANY PROFILES 266 (169 company profiles)

16 RESEARCH METHODOLOGY 389

17 REFERENCES 390

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List of Tables/Graphs

List of Tables

Table 1. Comparison of active and passive thermal management. 24
Table 2. Air Cooling Systems Characteristics. 27
Table 3. Liquid Cooling System Characteristics. 27
Table 4. Vapor Compression System Characteristics. 28
Table 5. Spray Cooling System Characteristics. 28
Table 6. Hybrid Cooling System Characteristics. 29
Table 7. Types of thermal management materials and solutions. 31
Table 8. Thermal conductivities (κ) of common metallic, carbon, and ceramic fillers employed in TIMs. 34
Table 9. Commercial TIMs and their properties. 35
Table 10. Advantages and disadvantages of TIMs, by type. 36
Table 11. Thermal interface materials prices. 38
Table 12. Characteristics of some typical TIMs. 39
Table 13. Properties of CNTs and comparable materials. 49
Table 14. Typical properties of SWCNT and MWCNT. 51
Table 15. Comparison of carbon-based additives in terms of the main parameters influencing their value proposition as a conductive additive. 52
Table 16. Thermal conductivity of CNT-based polymer composites. 54
Table 17. Comparative properties of BNNTs and CNTs. 55
Table 18. Properties of graphene, properties of competing materials, applications thereof. 57
Table 19. Properties of nanodiamonds. 60
Table 20. Comparison between Natural and Synthetic Graphite. 61
Table 21. Classification of natural graphite with its characteristics. 62
Table 22. Characteristics of synthetic graphite. 66
Table 23. Properties of hexagonal boron nitride (h-BN). 69
Table 24. Comparison of self-healing systems. 79
Table 25. Types of self-healing coatings and materials. 80
Table 26. Comparative properties of self-healing materials. 81
Table 27. Benefits and drawbacks of PCMs in TIMs. 81
Table 28. Global Revenue Forecast for Thermal Interface Materials 2020-2035 (Millions USD). 83
Table 29. Challenges with heat spreaders and heat sinks. 90
Table 30. Global Revenue Forecast for Heat Spreaders and Heat Sinks 2020- 2035 (Millions USD), by End Use. 91
Table 31. Comparison of Liquid Cooling Methods. 92
Table 32. Comparison of Liquid Cooling Technologies. 93
Table 33. Cooling System Components. 93
Table 34. Data Centers By Power. 95
Table 35. Rack Power and Cooling. 96
Table 36.Data Center Cooling Methods Comparison. 97
Table 37. Benefits of Liquid Cooling Systems. 98
Table 38. Challenges in Liquid Cooling Systems. 98
Table 39. Global Revenue Forecast for Liquid Cooling 2020- 2035 (Millions USD), by End Use. 99
Table 40. Air Cooling Methods. 101
Table 41. Applications of Air Cooling in Thermal Management 104
Table 42. Global Revenue Forecast for Air Cooling 2020-2035 (Millions USD), by End Use . 104
Table 43. Benefits and Challenges of Cold Plate Cooling. 106
Table 44. Examples of Cold Plate Design. 107
Table 45. Cold Plate Requirements. 110
Table 46. Benefits and Drawbacks of Cold Plate Cooling. 111
Table 47. Thermal Cost Analysis of Cold Plate Systems. 115
Table 48. Global Revenue Forecast for Cooling Plates 2020- 2035 (Millions USD). 117
Table 49. Applications of Spray Cooling in Thermal Management. 121
Table 50. Global Revenue Forecast for Spray Cooling 2020- 2035 (Millions USD). 121
Table 51. Applications of Immersion Cooling in Thermal Management. 123
Table 52. Cost Comparison - Immersion and Air Cooling. 125
Table 53. Applications of Immersion Cooling. 128
Table 54. Pricing of Direct-to-Chip, Immersion and Air Cooling (US$/Watt). 130
Table 55. Challenges in Immersion Cooling. 130
Table 56. Global Revenue Forecast for Immersion Cooling 2020- 2035 (Millions USD). 132
Table 57. Thermoelectric Cooling in Electronics. 134
Table 58. Application of Coolant Fluids. 136
Table 59. Electrical Properties of Coolants. 137
Table 60. Coolant Fluid Comparison - Operating Temperature. 141
Table 61. Immersion Coolant Liquid Suppliers. 142
Table 62. Global Revenue Forecast for Coolant Fluids 2020- 2035 (Millions USD), by End Use. 143
Table 63. Common PCMs used in electronics cooling and their melting temperatures. 146
Table 64. Properties of PCMs. 146
Table 65. PCM Types and properties. 148
Table 66. Advantages and disadvantages of organic PCMs. 149
Table 67. Advantages and disadvantages of organic PCM Fatty Acids. 150
Table 68. Advantages and disadvantages of salt hydrates 151
Table 69. Advantages and disadvantages of low melting point metals. 152
Table 70. Advantages and disadvantages of eutectics. 152
Table 71. Global Revenue Forecast for PCM Thermal Management Materials 2020- 2035 (Millions USD). 155
Table 72. Market Drivers in consumer electronics. 158
Table 73. Applications and Thermal Management Materials Types in Consumer Electronics. 158
Table 74. Global Market Revenues for Thermal Management Materials in Consumer Electronics 2020-2035, by materials type. 161
Table 75. Thermal Management of EV Motors by OEM. 163
Table 76. EV Thermal System Companies. 166
Table 77. Applications and Types in EVs. 166
Table 78. Battery Thermal Management Strategy by OEM. 167
Table 79. Market Drivers for EV Thermal Management. 168
Table 80. Fluids per Vehicle Market Average 2023 vs 2035. 169
Table 81. EV Models with EV Specific Fluids. 170
Table 82. Coolants Properties Comparison. 171
Table 83. Refrigerant Content in EV Models. 173
Table 84. EV Refrigerant Forecast 2015-2035 (kg) 173
Table 85. Battery Cooling Methods 174
Table 86. Active Battery Cooling Methods. 174
Table 87. Passive Battery Cooling Methods. 175
Table 88. Commercial Liquid Cooling Comparison. 176
Table 89. Fluids in EVs 179
Table 90. PCM Categories and Pros and Cons. 180
Table 91. PCM vs Battery. 180
Table 92. Operating Temperature Range of Commercial PCMs. 182
Table 93. Thermal Conductivity and Density Comparison of EV Battery PCMs. 182
Table 94. Cold Plate Design. 185
Table 95. Cold Plate Suppliers. 186
Table 96. Alternate Hose Materials 188
Table 97. Types of Fire Protection Materials. 192
Table 98. Fire Protection Material Comparison. 192
Table 99. Density vs Thermal Conductivity for Fire Protection Materials. 193
Table 100. Fire Protection Materials Forecast (kg). 194
Table 101. Cooling Electric Motors Strategies 197
Table 102. Traction Motor Types 197
Table 103. Motor Cooling Strategy by Power. 199
Table 104. Advanced Cooling Structures Comparison. 200
Table 105. Potting and Encapsulation Companies. 201
Table 106. Wide Bandgap (WBG) Semiconductor Advantages & Disadvantages. 205
Table 107. SiC Drives 800V Platforms. 206
Table 108. Market Share of Single and Double-Sided Cooling: 2024-2034. 208
Table 109. General Trend of TIMs in Power Electronics. 209
Table 110. Substrate materials properties. 211
Table 111. Comparison of Al2O3, ZTA, and Si3N4 Substrate. 212
Table 112. Inverter Liquid Cooling Forecast 2015-2035 (units). 213
Table 113. Drivers for Direct Oil Cooling of Inverters 213
Table 114. Commercial Direct Oil Cooling Activity. 213
Table 115. EV Charging Levels 215
Table 116. Market Trends in EV Charging. 215
Table 117. Thermal Management Strategies in HPC. 216
Table 118.EVs with Heat Pumps 219
Table 119. Global Market Revenues for Thermal Management Materials in Electric Vehicles 2020-2035. 220
Table 120. Overview of Thermal Management Methods for Data Centers. 221
Table 121. Market Drivers for thermal management in data centers. 222
Table 122. Data Center Equipment Overview. 225
Table 123. Historic Data of TDP ? GPU. 226
Table 124. TDP Trend: Historic Data and Forecast Data ? CPU. 227
Table 125. Data Center Server Rack and Server Structure 228
Table 126. Comparison of Data Center Cooling Technology. 229
Table 127.Total TIM Area in Server Boards Forecast (m2): 2022-2035 232
Table 128. TIM Consumption in Data Center Power Supplies. 232
Table 129.TIM Area for Power Supply Forecast (m2): 2025-2035 233
Table 130. TIMs for Immersion Cooling. 233
Table 131. Applications and Types of thermal management materials and systems in data centers. 234
Table 132. Global Market Revenues for Thermal Management Materials in Data Centers 2020-2035. 236
Table 133. Market Drivers for thermal management in ADAS sensors. 238
Table 134. Applications and Types for thermal management in ADAS sensors. 238
Table 135. Global Market Revenues for Thermal Management Materials in ADAS Sensors 2020-2035. 241
Table 136. Market Drivers for thermal management in EMI shielding. 242
Table 137. Applications and Types for thermal management in EMI shielding. 243
Table 138. Global Market Revenues for Thermal Management Materials in EMI Shielding 2020-2035. 244
Table 139. Market Drivers for 5G//6G thermal management. 245
Table 140. 5G//6G thermal management Applications and Types. 245
Table 141. Global Market Revenues for Thermal Management Materials in 5G/6G 2020-2035. 248
Table 142. Market Drivers for thermal management in Aerospace. 250
Table 143. Thermal management in Aerospace Applications and Types. 250
Table 144. Global Market Revenues for Thermal Management Materials in Aerospace 2020-2035 251
Table 145. Market Drivers for thermal management in energy systems. 253
Table 146. Thermal management in energy systems Applications and Types. 254
Table 147. Global Market Revenues for Thermal Management Materials in Energy Systems 2020-2035. 254
Table 148. Other Markets for Thermal Management Materials and Systems 255
Table 149. Thermal Management by Robot Type. 256
Table 150. Global revenues for thermal management materials and systems, 2023, by type. 258
Table 151. Global Revenues for Thermal Management in Telecommunications, 2024-2035 ($M). 259
Table 152. Global Revenues for Thermal Management in Electronics & Data Centers, 2024-2035 ($M). 260
Table 153. Global Revenues for Thermal Management in ADAS, 2024-2035 ($M). 261
Table 154. Global Revenues for Thermal Management in EVs, 2024-2035 ($M) 261
Table 155. Global revenues for thermal management materials & systems, 2024-2035, by end use market (millions USD). 262
Table 156. Global revenues for thermal management materials and systems 2024-2035, by region (millions USD). 264
Table 157. Future Outlook for Thermal Management Materials and Systems. 265
Table 158. Carbodeon Ltd. Oy nanodiamond product list. 291
Table 159. CrodaTherm Range. 293
Table 160. Ray-Techniques Ltd. nanodiamonds product list. 358
Table 161. Comparison of ND produced by detonation and laser synthesis. 358

List of Figures

Figure 1. (L-R) Surface of a commercial heatsink surface at progressively higher magnifications, showing tool marks that create a rough surface and a need for a thermal interface material. 32
Figure 2. Schematic of thermal interface materials used in a flip chip package. 33
Figure 3. Thermal grease. 34
Figure 4. Dispensing a bead of silicone-based gap filler onto the heat sink of a power electronics module. 34
Figure 5. Application of thermal silicone grease. 41
Figure 6. A range of thermal grease products. 41
Figure 7. Thermal Pad. 42
Figure 8. Dispensing a bead of silicone-based gap filler onto the heat sink of a power electronics module. 43
Figure 9. Thermal tapes. 43
Figure 10. Thermal adhesive products. 44
Figure 11. Typical IC package construction identifying TIM1 and TIM2 45
Figure 12. Liquid metal TIM product. 46
Figure 13. Pre-mixed SLH. 47
Figure 14. HLM paste and Liquid Metal Before and After Thermal Cycling. 47
Figure 15. SLH with Solid Solder Preform. 48
Figure 16. Automated process for SLH with solid solder preforms and liquid metal. 48
Figure 17. Schematic diagram of a multi-walled carbon nanotube (MWCNT). 49
Figure 18. Schematic of single-walled carbon nanotube. 50
Figure 19. Types of single-walled carbon nanotubes. 52
Figure 20. Schematic of a vertically aligned carbon nanotube (VACNT) membrane used for water treatment. 54
Figure 21. Schematic of Boron Nitride nanotubes (BNNTs). Alternating B and N atoms are shown in blue and red. 55
Figure 22. Graphene layer structure schematic. 56
Figure 23. Illustrative procedure of the Scotch-tape based micromechanical cleavage of HOPG. 56
Figure 24. Graphene and its descendants: top right: graphene; top left: graphite = stacked graphene; bottom right: nanotube=rolled graphene; bottom left: fullerene=wrapped graphene. 58
Figure 25. Detonation Nanodiamond. 59
Figure 26. DND primary particles and properties. 60
Figure 27. Flake graphite. 63
Figure 28. Applications of flake graphite. 65
Figure 29. Graphite-based TIM products. 68
Figure 30. Structure of hexagonal boron nitride. 69
Figure 31. Classification of metamaterials based on functionalities. 71
Figure 32. Electromagnetic metamaterial. 73
Figure 33. Schematic of Electromagnetic Band Gap (EBG) structure. 74
Figure 34. Schematic of chiral metamaterials. 74
Figure 35. Nonlinear metamaterials- 400-nm thick nonlinear mirror that reflects frequency-doubled output using input light intensity as small as that of a laser pointer. 76
Figure 36. Schematic of self-healing polymers. Capsule based (a), vascular (b), and intrinsic (c) schemes for self-healing materials. Red and blue colours indicate chemical species which react (purple) to heal damage. 77
Figure 37. Stages of self-healing mechanism. 78
Figure 38. Self-healing mechanism in vascular self-healing systems. 78
Figure 39. PCM TIMs. 82
Figure 40. Phase Change Material - die cut pads ready for assembly. 82
Figure 41. Global Revenue Forecast for Thermal Interface Materials 2020- 2035 (Millions USD). 84
Figure 42. Global Revenue Forecast for Heat Spreaders and Heat Sinks 2020- 2035 (Millions USD). 91
Figure 43. Global Revenue Forecast for Liquid Cooling 2020- 2035 (Millions USD). 100
Figure 44. Global Revenue Forecast for Air Cooling 2020- 2035 (Millions USD), by End Use. 105
Figure 45. Direct Water-Cooled Server . 114
Figure 46. Global Revenue Forecast for Cooling Plates 2020- 2035 (Millions USD). 118
Figure 47. Global Revenue Forecast for Spray Cooling 2020- 2035 (Millions USD). 122
Figure 48. Roadmap of Single-Phase Immersion Cooling. 126
Figure 49. Roadmap of Two-Phase Immersion Cooling. 127
Figure 50. Global Revenue Forecast for Immersion Cooling 2020- 2035 (Millions USD). 133
Figure 51. Global Revenue Forecast for Coolant Fluids 2020- 2035 (Millions USD). 144
Figure 52. Phase-change TIM products. 145
Figure 53. PCM mode of operation. 147
Figure 54. Classification of PCMs. 148
Figure 55. Phase-change materials in their original states. 148
Figure 56. Thermal energy storage materials. 154
Figure 57. Phase Change Material transient behaviour. 154
Figure 58. Global Revenue Forecast for PCM Thermal Management Materials 2020- 2035 (Millions USD). 156
Figure 59. Schematic of TIM operation in electronic devices. 159
Figure 60. Schematic of Thermal Management Materials in smartphone. 160
Figure 61. Wearable technology inventions. 161
Figure 62. Global Market Revenues for Thermal Management Materials in Consumer Electronics 2020-2035, by materials type. 162
Figure 63. Application of thermal interface materials in automobiles. 169
Figure 64. Battery pack with a cell-to-pack design and prismatic cells. 178
Figure 65. Cell-to-chassis battery pack. 179
Figure 66. Application of thermal interface materials in automobiles. 190
Figure 67. EV battery components including TIMs. 191
Figure 68. Axial Flux Motor. 203
Figure 69. Exploded view of In-Wheel Motor. 204
Figure 70. TIMS in EV charging station. 214
Figure 71. Global Market Revenues for Thermal Management Materials in Electric Vehicles 2020-2035. 220
Figure 72. Image of data center layout. 223
Figure 73. Application of TIMs in line card. 235
Figure 74. Global Market Revenues for Thermal Management Materials in Data Centers 2020-2035. 237
Figure 75. ADAS radar unit incorporating TIMs. 240
Figure 76. Global Market Revenues for Thermal Management Materials in ADAS Sensors 2020-2035. 241
Figure 77. Coolzorb 5G. 243
Figure 78. Global Market Revenues for Thermal Management Materials in EMI Shielding 2020-2035. 244
Figure 79. TIMs in Base Band Unit (BBU). 248
Figure 80. Global Market Revenues for Thermal Management Materials in 5G/6G 2020-2035. 249
Figure 81. Global Market Revenues for Thermal Management Materials in Aerospace 2020-2035. 252
Figure 82. Global Market Revenues for Thermal Management Materials in Energy Systems 2020-2035. 255
Figure 83. Global revenues for thermal management materials and systems in telecommuncations, 2024-2035, by type. 259
Figure 84. Global revenues for thermal management materials and systems in electronics & data centers, 2024-2035, by type. 260
Figure 85. Global revenues for thermal management materials and systems in ADAS, 2024-2035, by type. 261
Figure 86. Global revenues for thermal management materials and systems in Electric Vehicles (EVs), 2024-2035, by type. 262
Figure 87. Global revenues for thermal management materials and systems 2024-2035, by market. 263
Figure 88. Global revenues for thermal management materials and systems 2024-2035, by region (millions USD). 264
Figure 89. Boron Nitride Nanotubes products. 283
Figure 90. TransthermR PCMs. 284
Figure 91. Carbice carbon nanotubes. 288
Figure 92. Internal structure of carbon nanotube adhesive sheet. 311
Figure 93. Carbon nanotube adhesive sheet. 311
Figure 94. HI-FLOW Phase Change Materials. 320
Figure 95. Thermoelectric foil, consists of a sequence of semiconductor elements connected with conductive metal. At the top (in red) is the thermal interface. 338
Figure 96. Parker Chomerics THERM-A-GAP GEL. 349
Figure 97. Cr?do? ProMed transport bags. 350
Figure 98. Metamaterial structure used to control thermal emission. 353
Figure 99. Shinko Carbon Nanotube TIM product. 371
Figure 100. The Sixth Element graphene products. 375
Figure 101. Thermal conductive graphene film. 376
Figure 102. VB Series of TIMS from Zeon. 387