The global thermal interface materials market is expected to reach USD 3.59 billion by 2025, according to a new report by Grand View Research, Inc. Thermal interface materials are expected to witness substantial gains over the forecast period on account of their increasing usage in automotive, medical and consumer goods applications.
Growing demand for electric vehicles in China and India owing to increasing awareness regarding harmful emissions including CO2, government initiatives and lower operating & maintenance costs will propel market size. Electrification of the automotive along with the introduction of nanodiamonds in the thermal interface materials as they increase the conductivity of the product will create new growth opportunities over the forecast period.
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Further key findings from the study suggest:
- Medical devices accounted for 10.9% of the overall industry share in 2015. The segment is expected to witness the fastest growth over the next nine years on account of rising demand for nuclear medicine imaging (NMI), MRI, CT scan, X-ray, and ultrasounds as they offer high accuracy for diagnosing a patient’s medical condition. Moreover, growing consumer awareness for early disease diagnosis will propel growth.
- Elastomeric pads are expected to witness significant rise at a CAGR of 11.6% from 2016 to 2025 on account of its advantages including high thermal conductivity, dielectric strength, and volume resistivity. Increasing consumption in disk drives, chipsets, communication equipment, and general PCB board protection will augment market size over the upcoming years.
- Increasing demand for consumer durables including washer tops & lids, refrigerators, dryer drums, water heaters, microwave oven cavities, range housings, air conditioner cabinets, vacuum cleaners, dishwashers, and freezer cabinets will stimulate industry development.
- Europe accounted for 23.8% of the global share in 2015 and is projected to witness gains in light of growing demand for e-bikes in UK, Germany, and the Netherlands. In addition, introduction of hybrid vehicles, presence of a well-established healthcare infrastructure and high adoption of advanced diagnostic technology will fuel market development over the next nine years.
- Thermal interface materials industry is dominated by major participants including Dow Corning, Henkel AG & Co. KGaA, The 3M Company, Parker Chomerics, Laird Technologies, Indium Corporation, and Momentive. Ongoing product innovation to produce efficient and cost-effective products is expected to lead to industry expansion over the forecast period. In May 2016, Henkel launched low pressure thermal conductive materials “Technomelt TC 50” having excellent heat dissipation functionality