Summary

The global thermal interface materials market size is projected to grow from USD 3.56 billion in 2024 to USD 5.64 billion by 2029, at a CAGR of 9.7% during the forecast period.
The thermal interface materials market is growing due to increase in the use of thermal interface materials in computers and electric vehciles. It is being seen in this application in computer component parts because a lot of people all around the world are purchasing computers. The new trend of electric vehicles is also taking place slowly, which can induse growth for thermal interface materials which are used in various automotive parts.

The epoxy material of Thermal interface materials projected to be second largest growing segment in the global Thermal interface materials market during the forecast period
The epoxy type of material is used because it offers good thermal conductivity along with strong adhesion. Epoxy hardens after application which makes it impact resistant material. Therefore, we can see its use in printed circuit boards, electronics, semiconductors, and insulators. The thermal conductivity depends on curing agent and condition. Furthermore, the epoxy material can be customised based on application depending on levelof viscosity required. The material is resistant to cracking or degradation, making it a strong material.

By Type, Tapes & films segment to hold second fastest share during forecast period
Tapes and films are convenient to use because they can easily be applied especially in small spaces where heat dissipation is required. They come in come in pre-formed sheets or rolls which makes it easy to handle too. Besides thermal conductivity, it also provides electric insulation. They are also used in telecommunication infrastructure components. The problem of uneven surface is not seen in tapes and films like greases or adhesives, avoiding unevenness in heat transfer. Applying tapes and films is a mess-free process, eliminating the mess associated with liquid TIMs.

By Application, Telecom segment to hold second largest share during forecast period
Telecom industry uses global thermal interface materials in base stations, data routers, and antennas. Nextly, telecom equipment operates continuously, requiring durable thermal interface materials that maintain performance under prolonged thermal and mechanical stress. And modern technologies have developed high-power processing units which produce a lot of heat. Therefore, thermal interface materials are important for managing heat in these units. Using thermal interface materials also helps in increasing the overall life of the telecom product by proper heat dissipation.

By Region, North America to register the second largest and fastest growth rate during the forecast period
North America is the second largest and fastest region for thermal interface materials. This is due to the growing sectors of aerospace & defense, automotive, and energy & power in this region. There is also a demand seen from the medical devices industry especially in high-power equipment. The electric vehicles market is also seeing a growth in this region, developing the need for TIMs in battery packs, inverters, and motor controllers. The aerospace and defense sector is a major sector using thermal interface materials, and with the growth of this sector in the coming years, thermal interface materials can grow as well.

In-depth interviews have been conducted with chief executive officers (CEOs), Directors, and other executives from various key organizations operating in the thermal interface materials marketplace.
• By Company Type – Tier 1 – 55 %, Tier 2 – 25% and Tier 3 – 20%
• By Designation – Directors – 50%, Managers– 30%, Others – 20%
• By Region – North America - 20%, Europe – 25%, APAC – 45%, RoW – 10%
Honeywell International Inc. (US), 3M (US), Henkel AG & Co. KGaA (Germany), Parker Hannifin Corporation (US), DOW (US), Laird Technologies Inc. (US), Momentive (US), Wakefield Thermal Inc. (US), Indium Corporation (US), and Zalma Tech Co. Ltd. (South Korea), Arieca Inc. (US), U-MAP Co., Ltd. (Japan), Boston Materials (US), Tenutec AB (Sweden), Calogy Solutions (Canada), NanoWired GmbH (Germany), TCPoly, Inc. (US), Semikron Danfoss (Germany), Redtec Industries Pte Ltd (Singapore), Timtronics (US), Schlegel Electronic Materials, Inc. (US), Thermal Grizzly (Germany), Universal Science (UK), Aremco Products Inc. (US), E-SONG EMC Co., Ltd. (South Korea) are some of the key players in the thermal interface materials market.
The study includes an in-depth competitive analysis of these key players in the thermal interface materials market, with their company profiles, recent developments, and key market strategies.
Research Coverage
This research report categorizes the thermal interface materials market by material (silicone, epoxy,polymide), by type (greases & adhesives, tapes & films, gap fillers, phase change materials,metal based tims), by application (computers & data centers , automotive, telecommunications, industrial applications, healthcare and medical devices, consumer durables, other applications) and by region (Asia Pacific, North America, South America,Europe, Middle East & Africa). The scope of the report covers detailed information regarding the major factors, such as drivers, restraints, challenges, and opportunities, influencing the growth of the thermal interface materials market. A detailed analysis of the key industry players has been done to provide insights into their business overview, solutions, and services; key strategies; Contracts, partnerships, agreements. new product & service launches, mergers and acquisitions, and recent developments associated with the thermal interface materials market. Competitive analysis of upcoming startups in the thermal interface materials market ecosystem is covered in this report.
Reasons to buy the report
The report will help the market leaders/new entrants in this market with information on the closest approximations of the revenue numbers for the overall thermal interface materials market and the subsegments. This report will help stakeholders understand the competitive landscape and gain more insights to position their businesses better and to plan suitable go-to-market strategies. The report also helps stakeholders understand the pulse of the market and provides them with information on key market drivers, restraints, challenges, and opportunities.
The report provides insights on the following pointers:
• Analysis of key drivers (Increasing demand for consumer electronicsand growing LED market to drive demand for TIMs), restraints (physical properties limiting performance of thermal interface materials), opportunities (electrification in transportation industry high performance tims in the form of nanodiamonds) and challenges (finding optimum operating cost for end users and granule size and amount of thermal interface materials applied).

• Product Development/Innovation: Detailed insights on upcoming technologies, research & development activities, and new product & service launches in the thermal interface materials market
• Market Development: Comprehensive information about profitable markets – the report analyses the thermal interface materials market across varied regions.
• Market Diversification: Exhaustive information about new products & services, untapped geographies, recent developments, and investments in the thermal interface materials market.
• Competitive Assessment: In-depth assessment of market shares, growth strategies, and service offerings of leading players Honeywell International Inc. (US), 3M (US), Henkel AG & Co. KGaA (Germany), Parker Hannifin Corporation (US), DOW (US), Laird Technologies Inc. (US), Momentive (US), Wakefield Thermal Inc. (US), Indium Corporation (US), and Zalma Tech Co. Ltd. (South Korea) among others in the thermal interface materials market.

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Table of Contents

1 INTRODUCTION 27
1.1 STUDY OBJECTIVES 27
1.2 MARKET DEFINITION 27
1.3 STUDY SCOPE 28
1.3.1 MARKETS COVERED AND REGIONAL SCOPE 28
1.3.2 INCLUSIONS AND EXCLUSIONS OF STUDY 28
1.3.3 YEARS CONSIDERED 29
1.4 CURRENCY 29
1.5 STAKEHOLDERS 30
1.6 SUMMARY OF CHANGES 30
2 RESEARCH METHODOLOGY 31
2.1 RESEARCH DATA 31
2.1.1 SECONDARY DATA 32
2.1.1.1 Key data from secondary sources 32
2.1.2 PRIMARY DATA 32
2.1.2.1 Key data from primary sources 33
2.1.2.2 Primary interviews – demand and supply side 33
2.1.2.3 Key industry insights 34
2.1.2.4 Breakdown of interviews with experts 34
2.2 MARKET SIZE ESTIMATION 35
2.2.1 BOTTOM-UP APPROACH 35
2.2.2 TOP-DOWN APPROACH 35
2.3 FORECAST NUMBER CALCULATION 36
2.4 DATA TRIANGULATION 37
2.5 FACTOR ANALYSIS 38
2.6 ASSUMPTIONS 38
2.7 LIMITATIONS & RISKS 39
3 EXECUTIVE SUMMARY 40
4 PREMIUM INSIGHTS 44
4.1 ATTRACTIVE OPPORTUNITIES FOR PLAYERS IN THERMAL INTERFACE MATERIALS MARKET 44
4.2 ASIA PACIFIC: THERMAL INTERFACE MATERIALS MARKET, BY APPLICATION AND COUNTRY 45

5 MARKET OVERVIEW 46
5.1 INTRODUCTION 46
5.2 MARKET DYNAMICS 46
5.2.1 DRIVERS 47
5.2.1.1 Increasing demand for consumer electronics 47
5.2.1.2 Rise in EV adoption 49
5.2.1.3 Growing LED market 50
5.2.1.4 Expansion of data centers 51
5.2.2 RESTRAINTS 52
5.2.2.1 Physical properties limiting performance 52
5.2.2.2 High cost of advanced thermal interface materials 53
5.2.3 OPPORTUNITIES 53
5.2.3.1 Adoption of 5G technology 53
5.2.3.2 Increasing adoption of nanodiamonds 53
5.2.4 CHALLENGES 54
5.2.4.1 Finding optimum operating costs for end users 54
5.2.4.2 Maintaining optimal granule size and amount of thermal interface material applied 55
5.2.4.3 Stringent regulatory compliance 55
6 INDUSTRY TRENDS 56
6.1 TRENDS/DISRUPTIONS IMPACTING CUSTOMER BUSINESS 56
6.2 PRICING ANALYSIS 57
6.2.1 AVERAGE SELLING PRICE TREND OF KEY PLAYERS, BY APPLICATION 57
6.2.2 AVERAGE SELLING PRICE TREND, BY REGION 58
6.3 VALUE CHAIN ANALYSIS 59
6.4 ECOSYSTEM ANALYSIS 62
6.5 IMPACT OF GEN AI ON THERMAL INTERFACE MATERIALS MARKET 63
6.6 TECHNOLOGY ANALYSIS 64
6.6.1 KEY TECHNOLOGIES 64
6.6.1.1 Nanotechnology-enhanced thermal interface materials 64
6.6.1.2 Phase change materials 64
6.6.2 COMPLEMENTARY TECHNOLOGIES 65
6.6.2.1 Advanced manufacturing techniques 65
6.6.2.2 Advanced driver assistance systems 65
6.6.2.3 Sustainable and eco-friendly thermal interface materials 65
6.7 PATENT ANALYSIS 65
6.8 TRADE ANALYSIS 69
6.8.1 EXPORT DATA RELATED TO HS CODE 3919 70
6.8.2 IMPORT DATA RELATED TO HS CODE 3919 71
6.8.3 EXPORT DATA RELATED TO HS CODE 3910 72
6.8.4 IMPORT DATA RELATED TO HS CODE 3910 73
6.9 KEY CONFERENCES AND EVENTS IN 2024–2025 74
6.10 REGULATORY LANDSCAPE 75
6.10.1 REGULATORY BODIES, GOVERNMENT AGENCIES, AND OTHER ORGANIZATIONS 75
6.11 PORTER’S FIVE FORCES ANALYSIS 80
6.12 KEY STAKEHOLDERS AND BUYING CRITERIA 83
6.13 CASE STUDY ANALYSIS 85
6.13.1 PROTECTING MISSILES FROM ELECTROMAGNETIC INTERFERENCE USING ADVANCED SOLUTIONS 85
6.13.2 ERROR-PROOFING THERMAL INTERFACE MATERIAL APPLICATION FOR EV BATTERY PACKS 85
6.13.3 NON-SILICONE DISPENSABLE THERMAL GEL FOR AUTOMOTIVE INFOTAINMENT AND CAMERA MODULES 86
6.14 MACROECONOMIC ANALYSIS 86
6.14.1 INTRODUCTION 86
6.14.2 GDP TRENDS AND FORECASTS 87
6.15 INVESTMENT AND FUNDING SCENARIO 87
7 THERMAL INTERFACE MATERIALS MARKET, BY TYPE 89
7.1 INTRODUCTION 90
7.2 GREASE & ADHESIVES 91
7.2.1 SUPERIOR PROPERTIES AND LOW MANUFACTURING COST TO DRIVE MARKET 91
7.3 TAPES & FILMS 92
7.3.1 INCREASING DEMAND IN TELECOM SECTOR TO BOOST MARKET 92
7.4 GAP FILLERS 92
7.4.1 GROWING END-USE INDUSTRIES IN EUROPE TO SUPPORT MARKET GROWTH 92
7.5 METAL-BASED THERMAL INTERFACE MATERIALS 93
7.5.1 GROWING APPLICATIONS IN COMPUTER HARDWARE DEVICES TO PROPEL MARKET 93
7.6 PHASE CHANGE MATERIALS 93
7.6.1 WIDESPREAD APPLICATION IN PERSONAL COMPUTERS TO DRIVE MARKET 93
7.7 OTHER TYPES 94
8 THERMAL INTERFACE MATERIALS MARKET, BY MATERIAL 95
8.1 INTRODUCTION 96
8.2 SILICONE 97
8.2.1 SUPERIOR PROPERTIES TO DRIVE DEMAND 97
8.3 EPOXY 97
8.3.1 GREATER FILLER LOADING RESULTS IN GREATER THERMAL CONDUCTIVITY—KEY FACTOR DRIVING MARKET GROWTH 97
8.4 POLYIMIDE 98
8.4.1 GROWTH IN ELECTRONICS INDUSTRY TO INCREASE DEMAND 98
8.5 OTHER MATERIALS 98
9 THERMAL INTERFACE MATERIALS MARKET, BY APPLICATION 99
9.1 INTRODUCTION 100
9.2 COMPUTERS & DATA CENTERS 101
9.2.1 ADVANCEMENTS IN SUPERCOMPUTING TECHNOLOGIES TO DRIVE MARKET 101
9.3 TELECOMMUNICATIONS 102
9.3.1 RISING ADOPTION OF 5G NETWORK TECHNOLOGIES TO FUEL DEMAND 102
9.4 INDUSTRIAL 103
9.4.1 INCREASED DEMAND FROM POWER ELECTRONICS TO SUPPORT
MARKET GROWTH 103
9.5 HEALTHCARE & MEDICAL DEVICES 103
9.5.1 INNOVATION AND DEVELOPMENT IN HEALTHCARE INDUSTRY
TO BOOST MARKET 103
9.6 CONSUMER DURABLES 104
9.6.1 INCREASING ADOPTION OF ADVANCED HOME APPLIANCES
TO DRIVE MARKET 104
9.7 AUTOMOTIVE 104
9.7.1 INCREASING DEMAND FOR ELECTRIC AND HYBRID VEHICLES
TO PROPEL MARKET 104
9.8 OTHER APPLICATIONS 105
10 THERMAL INTERFACE MATERIALS MARKET, BY REGION 106
10.1 INTRODUCTION 107
10.2 ASIA PACIFIC 108
10.2.1 CHINA 112
10.2.1.1 Growth in various end-use applications to boost demand 112
10.2.2 INDIA 116
10.2.2.1 Growth in automotive sector to drive market 116
10.2.3 JAPAN 119
10.2.3.1 Rise in electronics exports to boost growth 119
10.2.4 SOUTH KOREA 122
10.2.4.1 Growing semiconductor business to support market growth 122
10.2.5 INDONESIA 125
10.2.5.1 Government tax incentives on EVs and hybrid cars to boost demand 125
10.2.6 REST OF ASIA PACIFIC 127
10.3 NORTH AMERICA 130
10.3.1 US 134
10.3.1.1 Presence of major players to support market growth 134
10.3.2 CANADA 137
10.3.2.1 Government support and investments in AI to propel market 137
10.3.3 MEXICO 140
10.3.3.1 Increase in EV sales to drive market 140

10.4 EUROPE 143
10.4.1 GERMANY 147
10.4.1.1 Rise in AI startups to boost market growth 147
10.4.2 UK 150
10.4.2.1 Growth in renewable energy projects to drive market 150
10.4.3 FRANCE 153
10.4.3.1 Growth in digital economy to boost demand 153
10.4.4 RUSSIA 155
10.4.4.1 Increased digitization to drive market 155
10.4.5 TURKEY 158
10.4.5.1 Favorable startup ecosystem to support market growth 158
10.4.6 POLAND 160
10.4.6.1 Growth in aerospace & defense industry to drive market 160
10.4.7 REST OF EUROPE 163
10.5 SOUTH AMERICA 165
10.5.1 BRAZIL 168
10.5.1.1 Increasing automotive production, internet penetration, and government investments to propel market 168
10.5.2 ARGENTINA 171
10.5.2.1 Increased investments in AI and renewable energy sector to boost growth 171
10.5.3 REST OF SOUTH AMERICA 174
10.6 MIDDLE EAST & AFRICA 176
10.6.1 GCC COUNTRIES 180
10.6.1.1 SAUDI ARABIA 182
10.6.1.1.1 Domestic EV manufacturing and increase in customs duty on electric items to increase demand 182
10.6.1.2 UAE 185
10.6.1.2.1 Increased investments in manufacturing industry to boost demand 185
10.6.1.3 REST OF GCC COUNTRIES 188
10.6.2 SOUTH AFRICA 190
10.6.2.1 Increasing investments in renewable energy to drive growth 190
10.6.3 REST OF MIDDLE EAST & AFRICA 193
11 COMPETITIVE LANDSCAPE 196
11.1 OVERVIEW 196
11.2 KEY PLAYERS STRATEGIES/RIGHT TO WIN 196
11.3 REVENUE ANALYSIS 198
11.4 MARKET SHARE ANALYSIS 198
11.5 COMPANY VALUATION AND FINANCIAL METRICS 200
11.5.1 COMPANY VALUATION 200
11.5.2 FINANCIAL METRICS 201
11.6 BRAND/PRODUCT COMPARISON 202
11.7 COMPANY EVALUATION MATRIX: KEY PLAYERS, 2023 203
11.7.1 STARS 203
11.7.2 EMERGING LEADERS 203
11.7.3 PERVASIVE PLAYERS 203
11.7.4 PARTICIPANTS 203
11.7.5 COMPANY FOOTPRINT: KEY PLAYERS, 2023 205
11.7.5.1 Company footprint 205
11.7.5.2 Material footprint 206
11.7.5.3 Type footprint 206
11.7.5.4 Application footprint 207
11.7.5.5 Region footprint 207
11.8 COMPANY EVALUATION MATRIX: STARTUPS/SMES, 2023 208
11.8.1 PROGRESSIVE COMPANIES 208
11.8.2 RESPONSIVE COMPANIES 208
11.8.3 DYNAMIC COMPANIES 208
11.8.4 STARTING BLOCKS 208
11.8.5 COMPETITIVE BENCHMARKING: STARTUPS/SMES, 2023 210
11.8.5.1 Detailed list of key startups/SMEs 210
11.8.5.2 Competitive benchmarking of key startups/SMEs 211
11.9 COMPETITIVE SCENARIO 214
11.9.1 PRODUCT LAUNCHES 214
11.9.2 DEALS 215
11.9.3 EXPANSIONS 217
11.9.4 OTHER DEVELOPMENTS 218
12 COMPANY PROFILES 219
12.1 KEY PLAYERS 219
12.1.1 HONEYWELL INTERNATIONAL INC. 219
12.1.1.1 Business overview 219
12.1.1.2 Products offered 220
12.1.1.3 Recent developments 221
12.1.1.3.1 Other developments 221
12.1.1.4 MnM view 221
12.1.1.4.1 Key strengths 221
12.1.1.4.2 Strategic choices 222
12.1.1.4.3 Weaknesses and competitive threats 222
12.1.2 3M 223
12.1.2.1 Business overview 223
12.1.2.2 Products offered 224

12.1.2.3 Recent developments 225
12.1.2.3.1 Product launches 225
12.1.2.3.2 Deals 226
12.1.2.3.3 Expansions 226
12.1.2.4 MnM view 226
12.1.2.4.1 Key strengths 226
12.1.2.4.2 Strategic choices 227
12.1.2.4.3 Weaknesses and competitive threats 227
12.1.3 HENKEL AG & CO. KGAA 228
12.1.3.1 Business overview 228
12.1.3.2 Products offered 229
12.1.3.3 Recent developments 230
12.1.3.3.1 Product launches 230
12.1.3.3.2 Deals 231
12.1.3.3.3 Expansions 232
12.1.3.4 MnM view 233
12.1.3.4.1 Key strengths 233
12.1.3.4.2 Strategic choices 233
12.1.3.4.3 Weaknesses and competitive threats 234
12.1.4 PARKER HANNIFIN CORPORATION 235
12.1.4.1 Business overview 235
12.1.4.2 Products offered 236
12.1.4.3 Recent developments 237
12.1.4.3.1 Product launches 237
12.1.4.3.2 Deals 239
12.1.4.4 MnM view 239
12.1.4.4.1 Key strengths 239
12.1.4.4.2 Strategic choices 239
12.1.4.4.3 Weaknesses and competitive threats 239
12.1.5 DOW 240
12.1.5.1 Business overview 240
12.1.5.2 Products offered 241
12.1.5.3 Recent developments 242
12.1.5.3.1 Product launches 242
12.1.5.3.2 Deals 243
12.1.5.3.3 Other developments 245
12.1.5.4 MnM view 245
12.1.5.4.1 Key strengths 245
12.1.5.4.2 Strategic choices 245
12.1.5.4.3 Weaknesses and competitive threats 245

12.1.6 LAIRD TECHNOLOGIES, INC. 246
12.1.6.1 Business overview 246
12.1.6.2 Products offered 246
12.1.6.3 Recent developments 247
12.1.6.3.1 Product launches 247
12.1.6.4 MnM view 248
12.1.7 MOMENTIVE 249
12.1.7.1 Business overview 249
12.1.7.2 Products offered 249
12.1.7.3 Recent developments 250
12.1.7.3.1 Deals 250
12.1.7.3.2 Expansions 250
12.1.7.4 MnM view 251
12.1.8 INDIUM CORPORATION 252
12.1.8.1 Business overview 252
12.1.8.2 Products offered 252
12.1.8.3 Recent developments 253
12.1.8.3.1 Product launches 253
12.1.8.3.2 Deals 254
12.1.8.4 MnM view 255
12.1.9 WAKEFIELD THERMAL, INC. 256
12.1.9.1 Business overview 256
12.1.9.2 Products offered 256
12.1.9.3 Recent developments 257
12.1.9.4 MnM view 257
12.1.10 ZALMAN TECH CO., LTD. 258
12.1.10.1 Business overview 258
12.1.10.2 Products offered 258
12.1.10.3 Recent developments 259
12.1.10.3.1 Product launches 259
12.1.10.4 MnM view 259
12.2 OTHER PLAYERS 260
12.2.1 ARIECA INC. 260
12.2.2 U-MAP CO., LTD. 261
12.2.3 BOSTON MATERIALS 262
12.2.4 TENUTEC AB 263
12.2.5 CALOGY SOLUTIONS 264
12.2.6 NANOWIRED GMBH 265
12.2.7 TCPOLY, INC. 266
12.2.8 CARBICE 267
12.2.9 HIGH-TEMPERATURE MATERIAL SYSTEMS LIMITED 268
12.2.10 NEXT-ION ENERGY, INC. 269
12.2.11 SEMIKRON DANFOSS 270
12.2.12 REDTEC INDUSTRIES PTE LTD. 271
12.2.13 TIMTRONICS 272
12.2.14 SCHLEGEL ELECTRONIC MATERIALS, INC. 273
12.2.15 THERMAL GRIZZLY 274
12.2.16 UNIVERSAL SCIENCE 275
12.2.17 AREMCO PRODUCTS INC. 276
12.2.18 E-SONG EMC CO., LTD. 277
13 APPENDIX 278
13.1 DISCUSSION GUIDE 278
13.2 KNOWLEDGESTORE: MARKETSANDMARKETS’ SUBSCRIPTION PORTAL 282
13.3 CUSTOMIZATION OPTIONS 284
13.4 RELATED REPORTS 284
13.5 AUTHOR DETAILS 285