Thermal Interface Materials Global Market Report 2024

Thermal interface materials refer to substances comprised of conducting materials such as metals, silicon, and metal oxides. These materials are applied between solid surfaces to facilitate the efficient conduction of heat. Thermal interface materials find widespread applications, particularly in the fields of electronics, medical devices, and industrial machinery.

The primary types of thermal interface materials (TIMs) include greases and adhesives, tapes and films, gap fillers, metal-based TIMs, and phase change materials. Metal-based TIMs are characterized by their ability to absorb or release latent heat during a change in physical state from solid to liquid. TIMs are typically composed of silicone, epoxy, and polyimide, and their usage spans various sectors such as telecom, computer manufacturing, medical devices, industrial machinery, consumer durables, and automotive electronics.

The thermal interface materials market research report is one of a series of new reports that provides thermal interface materials market statistics, including thermal interface materials industry global market size, regional shares, competitors with a thermal interface materials market share, detailed thermal interface materials market segments, market trends and opportunities, and any further data you may need to thrive in the thermal interface materials industry. This thermal interface materials market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenarios of the industry.

The thermal interface materials market size has grown rapidly in recent years. It will grow from $2.52 billion in 2023 to $2.85 billion in 2024 at a compound annual growth rate (CAGR) of 12.9%. The growth observed during the historical period can be attributed to various factors, including the miniaturization of electronic devices, the expansion of the semiconductor industry, the boom in consumer electronics, the increasing prominence of automotive electronics, and the demand for effective cooling solutions in industrial equipment.

The thermal interface materials market size is expected to see rapid growth in the next few years. It will grow to $4.47 billion in 2028 at a compound annual growth rate (CAGR) of 11.9%. The anticipated growth in the forecast period can be linked to the proliferation of electric vehicles, advancements in renewable energy technologies, innovations in medical devices, increasing concerns about climate change, and the expanding presence of artificial intelligence (AI) and the Internet of Things (IoT). Key trends expected during this period encompass advancements in bonding technologies, the use of thermal gap fillers, innovations in thermal interface material (TIM) packaging, thermal management simulation techniques, and the integration of nanomaterials.

The anticipated increase in demand for electronic devices is expected to drive the growth of the thermal interface materials market in the coming years. Electronic devices, encompassing a range of gadgets utilizing electrical energy for functions like computing, communication, or control, benefit from thermal interface materials due to their thermal conductive properties. These materials, present in devices like tablets, computers, smartphones, and gaming consoles, enhance efficiency and prolong the lifespan of electronic devices. For instance, in May 2023, the Japan Electronics and Information Technology Industries Association reported a total electronic equipment production value of $52,36,535 million (¥771,457 million) in Japan. Additionally, consumer electronics production rose from $1,714,724 million (¥25,268 million) in May 2022 to $2,178,430 million (¥32,099 million) in May 2023. Thus, the escalating demand for electronic devices is poised to drive increased revenue for the thermal interface materials market.

The thermal interface materials market is set to experience growth propelled by the expanding automotive industry. This industry, encompassing the manufacturing, sale, and maintenance of various vehicles, utilizes thermal interface materials to improve heat dissipation and enhance the thermal management of electronic components within vehicles, including microprocessors, power modules, and sensors. In October 2023, the Board of Governors of the Federal Reserve System reported a rise in total vehicle production in the United States to 11.06 million units in September, up from 10.77 million units in June. Consequently, the growing automotive sector is expected to contribute significantly to the thermal interface materials market's expansion.

Innovation stands out as a key trend in the thermal interface materials market, with major companies directing their efforts toward product innovation. This entails the development and implementation of new technologies, materials, or designs to improve heat transfer efficiency and reliability in electronic devices. For example, in January 2023, UK-based advanced solutions company Electrolube introduced the GF600 thermal gap filler, a two-part, liquid silicone-based gap filler with excellent thermal performance that can be cured at room temperature or accelerated with heat.

Prominent players in the thermal interface materials market are strategically focused on product innovation to broaden their product portfolios, meet the diverse needs of end-use industries, and maintain a competitive edge. In September 2023, Germany-based chemical company Henkel AG & Co. KGaA launched the Bergquist gap filler TGF 4400LVO, a next-generation thermal gap filler providing efficient heat transfer and a thin bond line for increased reliability in the face of thermal shock. Another offering, the Bergquist gap filler TGF 2900LVO, a silicone-based, 2-component room temperature curable gap filler, was also introduced in January 2023 for various electronic assembly applications.

In September 2022, Henkel AG & Co. KGaA acquired the Thermal Management Materials business of Nanoramic Laboratories for an undisclosed amount. This acquisition aimed to strengthen Henkel's position in thermal interface materials (TIM) markets by expanding capabilities in high-performance segments. Nanoramic Laboratories, a US-based thermal interface materials solutions innovator and energy storage technology company, added valuable expertise to Henkel's adhesive technologies business unit.

Major companies operating in the thermal interface materials market include The 3M Company, Zalman Tech Co. Ltd., Wakefield-Vette Inc., Indium Corporation, The Berquist Company Inc., Momentive Performance Materials Inc., Laird Technologies Inc., DOW Corning Corporation, Parker Hannifin Corporation, Henkel AG & Co. KGAA, Fujipoly Industries Co Ltd., DK Thermal Metal Circuit Technology Ltd., AI Technology Inc., AIM Specialty Materials, AOS Thermal Compounds LLC., Denka Company Limited., Universal Science, Dymax Corporation, Ellsworth Adhesives, Enerdyne Devices Private Limited., European Thermodynamics Ltd., Inkron Oy, Kitagawa Industries, LORD, M. A. Electronics Private Limited., MH&W International Corporation., Minerals Technologies Inc., Chomerics Inc., Robnor ResinLab Ltd., Schlegel Electronics Materials, Shin-Etsu Chemical Co. Ltd., Honeywell International Inc., Panasonic Corporation, Advanced Thermal Solutions Inc., MG Chemicals, Thermal Grizzly, Aavid Thermalloy LLC, Arctic Silver Inc., Thermalright Inc., Cooler Master Co. Ltd., GELID Solutions Ltd., Master Bond Inc., Kerafol Keramische Folien GmbH & Co. KG

Asia-Pacific was the largest region in the thermal interface materials market in 2023. The regions covered in the thermal interface materials market share report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa.

The countries covered in the thermal interface materials market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.

The thermal interface materials market consists of sales of thermal tapes, greases, elastomeric pads, solders, and other thermal interface materials. Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.


This product will be delivered within 3-5 business days.