Thermal Interface Materials Market to Witness Unprecedented Growth Owing to Rising Demand From Various End-use Applications

 

Thermal interface materials are used to fill air gaps and improve the contact between two surfaces for effective heat transfer. They help dissipate heat from components like central processing units, graphics processing units, and microprocessors present in several electronic devices to increase their functional life. The global thermal interface materials market is estimated to be valued at US$ 2695.26 Bn in 2023 and is expected to exhibit a CAGR of 6.4% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

Market key trends:
Growth Accelerated by Rising Demand From Various End-use Applications
Thermal interface materials find wide applications in various end-use industries such as telecom, computer, automotive, consumer durables, and medical devices. The growing demand for these electronic products is expected to fuel the adoption of thermal interface materials for effective thermal management. For instance, the increasing penetration of cloud-based services is boosting the investments in data centers, which is further augmenting the demand for thermal interface materials for cooling servers and other networking equipment present in data centers. Moreover, continuous technological advancements in the automotive and medical electronics industries have raised the performance requirements of devices and heightened the need to dissipate excessive heat from components effectively. This is propelling the growth of the global thermal interface materials market during the forecast period.

Segment Analysis
The thermal interface materials market is dominated by the grease and adhesives sub-segment. This sub-segment accounts for over 35% share of the overall market. Grease and adhesives provide high thermal conductivity and work efficiently over a wide range of temperatures. They bond efficiently with dissimilar surfaces and fill in minor irregularities to provide uniform contact for effective heat dissipation. Their viscosity and thixotropic properties allow for easy application during production.

Key Takeaways
The Global Thermal Interface Materials Market Size is expected to witness high growth during the forecast period of 2023 to 2030.

Regional analysis shows that Asia Pacific currently dominates the market and is expected to remain the fastest growing region due to rising electronics production and the use of advanced technologies like AI in various industries in countries like China, India, Japan and South Korea.

Key players operating in the Thermal Interface Materials market are Chanel S.A, Guess Inc., Gianni Versace S.p.A, Alex and Ani, LLC, Pandora A/S, LVMH Moët Hennessy Louis Vuitton SE, Hermes International SA, Hennes & Mauritz Ab, ZARA ESPANA SA, and Gucci. Grease and adhesives sub-segment accounts for over 35% share of the overall Thermal Interface Materials market owing to their wide range of applications, efficient heat dissipation, easy application and bonding with dissimilar surfaces.

For More Insights, Read: https://www.newswirestats.com/thermal-interface-materials-market-trends-growth-and-regional-outlook-2023-2030/