The thermal interface materials market size is expected to reach US$ 6.5 billion by 2028 and registering at a CAGR of 11.3% between 2022 and 2028, according to a new research study conducted by The Insight Partners.
Rising Demand for Technologically Innovative Electronic Devices is Catalyzing Thermal Interface Materials Market
Thermal Interface Materials Market Size and Forecasts (2021 - 2031), Global and Regional Share, Trends, and Growth Opportunity Analysis Report Coverage: by Product Type (Adhesives & Greases, Tapes & Films, Gap Fillers, and Others), Application (Computers, Automotive Electronics, Industrial Machinery, Telecommunication, Consumer Durables, Medical Devices, and Others), and Geography (North America, Europe, Asia Pacific, and South and Central America)
Thermal Interface Materials Market Size and Forecasts (2021 - 2031), Global and Regional Share, Trends, and Growth Opportunity Analysis
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Thermal interface materials are usually placed between two surfaces (heat-producing and heat-dissipating devices) to enhance heat flow. Nowadays, manufacturers focus on producing innovative thermal interface materials to reduce thermal boundary resistance between two conducting surfaces. For instance, in October 2021, Electrolube Limited., a chemical manufacturing company, launched bio-based conformal coating and thermal management innovations at the productronica trade fair, Munich, Germany.
Thermal interface materials are increasingly used in establishing heat connections between conducting devices. In addition, they are used to maximize the electronic circuits' heat dissipation efficiency. Hence, technological advancements in developing compact-sized printed circuit boards of improved heat efficiency and power performance are expected to drive thermal interface materials market growth. Furthermore, governmental support in enhancing electronic manufacturing is expected to increase thermal interface materials demand in many countries globally. Increasing adoption of thermal interface materials in consumer electronic wearables and evolving trend of wearing IoT technology-based digital watches are likely to favor the thermal interface materials market growth.
Increasing trend of electrical equipment miniaturization and rising adoption of 5G technology-based digital devices are also some of the major factors offering lucrative thermal interface materials market growth opportunities. Nowadays, manufacturers develop high sink capability-based thermal interface materials to enable consumer electronic companies to develop power and heat-efficient electronic devices. These efforts are expected to fuel the future demand for these materials. Also, growing materials' usage as heat dissipators in telecommunication circuitry is anticipated to increase the materials' demand globally.
The closure of various consumer goods and electronic manufacturing facilities due to the COVID-19-related lockdown restrictions has lowered the thermal interface materials' demand in many countries globally. In addition, the limited availability of workers due to the COVID-19-related social distancing norms hindered the consumer goods and electronic gadgets' manufacturing operations and lowered the thermal interface materials demand. Furthermore, trade restrictions & global supply chain disruptions posed challenges to the key players in supplying thermal interface materials in the global markets, thereby impacting the thermal interface materials market growth during the pandemic. However, the reopening of electronic stores and supermarkets post-COVID-19 pandemic accelerated the demand for electronic gadgets and thermal interface materials.
SEMIKRON; Wakefield-Vette, Inc.; DK Thermal (HK) Limited; Indium Corporation; and Momentive Performance Materials Inc. are among the key thermal interface materials market players profiled during the study. Several other major companies were studied and analyzed during this research study to get a holistic view of the thermal interface materials market and its ecosystem.
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