According to Zion Market Research, the global thermal interface materials market will expand at a healthy rate. In the global thermal interface materials market, there is a lot of competition. Research and development is an ongoing process in the market. It’s likely that existing suppliers in the thermal interface materials industry will become more competitive in the years to come.
The thermal interface materials market’s established players are observed focused on developing new products in order to maintain their market dominance. In order to gain momentum in the worldwide thermal interface materials market, new entrants are engaging in a variety of organic and inorganic techniques. In the worldwide thermal interface materials market, new product development and introduction is a crucial strategy used by both existing and new suppliers. Market suppliers frequently use strategies such as product portfolio growth into new industrial applications and development into previously untapped geographic regions.
Henkel AG & Co. KGaA; 3M Company; Momentive Performance Materials Inc.; AIM Specialty Materials; Indium Corporation; and Wakefield-Vette, Inc. are some of the major competitors in the worldwide thermal interface materials market.
Zion Market Research estimates that in 2017, the global market for thermal interface materials was worth $1,975 million. The worldwide thermal interface materials market is expected to grow at a CAGR of 9.0 percent from 2018 to 2026, reaching US$ 4,210 million by the end of the projected period.
In 2017, Asia Pacific led the global market for thermal interface products. This is mostly because to the huge demand for computer, electronics, and telecommunications equipment in the area, notably in China and India. The market for thermal interface products is likely to benefit from the growing usage of metal thermal interface components in the next several years. Metal-based heat interface materials are growing in popularity because of their better heat conductivity.
Market Growth Is Boosted by Miniaturization Trend
The increased need for faster computation will lead to an increase in the size of the heat interface products market. In order to get a larger portion of the market, the manufacturer constantly spends in R&D to produce lightweight, effective, and exceptionally conductive materials. In addition, in the next years, new development opportunities will be opened up by advancements in medicine. Thermally neutralising more systems and circuits causes a lot of heat to be created.
In addition, its primary qualities, such as enhanced heat conductivity, no interface leak, and low space thickness, make it suitable for application in a variety of end-user sectors, including computers, automobiles, and industrial equipment. Because of this, the market for heat interfaces grows.
Opportunities for growth in the automotive industry are many in the modern day.
Electrification of transportation vehicles has largely been made possible by advancements in fuel cell and battery technology as well as advancements in power train technology. Electronics in these vehicles are temperature sensitive and can be seriously damaged or degraded if run above their intended limitations. As a result, heat transfer is critical in these devices. Automobile heat interface components are in high demand because of this.
The electric car sector is also projected to have a significant impact on the market. The market for electric cars is predicted to expand dramatically in the near future due to rising environmental concerns and severe vehicle emissions laws. Consequently, the need for heat interface components is expected to rise as a result.