According to the Market Statsville Group, the global electronic thermal management material market size is expected to grow from USD 5,680.1 million in 2021 to USD 11,152.8 million by 2030, at a CAGR of 8.8% from 2022 to 2030. Thermal management is becoming a vital technology challenge in modern electronics, decreasing device size and increasing power density. The development of advanced thermal interfaces in electric packaging is key materials innovation to enable efficient heat dissipation and improve device performance. It has attracted intensive research efforts from academia and industry over the past several decades. Certain cubic crystals possess a high, isotropic thermal conductivity desirable for heat spreading applications. For instance, with its diamond lattice structure, the Si used for substrates in most modern electronic devices is considered a relatively good thermal conductor with a room temperature thermal conductivity.
Recent progress has established successful management of conductive heat transfer and led to novel heat guiding structures such as thermal cloaks, concentrators, etc. These developments involve new opportunities to guide heat transfer in complex systems and new packaging approaches related to electronics thermal management. There is an increased need for the effective thermal management of electric vehicles as the vehicle market grows and reaches its full potential. Keeping heat under control leads to improved charging, range, longevity, performance, and safety of electric vehicles.
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Global Electronic Thermal Management Material Market Definition
All electronic devices and circuitry generate heat and thus require thermal management to improve reliability and prevent premature failure. Thermal management means monitoring and controlling temperatures produced by devices in electrical enclosures.
Global Electronic Thermal Management Material Market Dynamics
Drivers: Increasing adoption of electronic devices in various end-use industries is majorly driving the market
Electronic devices have found their application in different end-use industries, including consumer electronics, automotive, aerospace, healthcare, and telecommunication. The demand for electronic equipment and devices from these end-use industries has increased rapidly over the past decade. The growingly inexpensive technology coupled with flourishing end-use industries is driving the demand for electronic products. As innovative manufacturing processes have been developed and the raw materials are widely available, the prices of electronics products are dropping. Moreover, end-use industries such as consumer electronics, automotive, aerospace, and telecommunication are growing on the backdrop of increasing disposable income of consumers. The consumer disposable income in developing countries such as India and China is growing at higher rates than in developed nations.
Restraints: High price of customized thermal management materials is majorly hampering the market growth
The customized thermal management materials are expensive due to the requirement of costly raw materials, sophisticated machinery, and highly skilled labor. The raw materials such as boron, gallium, indium, and arsenic used to make thermal management materials are rare and expensive. According to the U.S. Census Bureau data, the average unit value for imported low-grade gallium in 2017 was estimated to be USD 124 per kilogram, while the average price for indium was about USD 360 per kilogram. Moreover, some nano-materials used in thermal management materials such as nano-crystals, nanofilms, and carbon nanotubes require state-of-the-art equipment and expensive chemicals.
Opportunities: Technological advancements and innovation are anticipated to offer favorable opportunities for the market players
Over the last few years, extensive research has been carried in in the field of thermal management, mainly due to the rapid development of faster, cheaper, and more powerful computing. With advances in nanoelectronics and the emergence of innovative fields of application such as three-dimensional chip stack architectures and flexible electronics, there are opportunities to develop novel materials to help address some of these demanding thermal management challenges.
Global Electronic Thermal Management Material Market Segmentation
The electronic thermal management material market has been categorized based on product and end-users at the regional and global levels.
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By Product Outlook (Sales, USD Million, 2017–2030)
- Conductive Paste
- Conductive Tape
- Phase Change Materials
- Gap Fillers
- Greases
By End-Users Outlook (Sales, USD Million, 2017–2030)
- Consumer Electronics
- Automotive
- Aerospace
- Healthcare
- Telecommunication
By Region Outlook (Sales, USD Million, 2017–2030)
- North America (US, Canada, Mexico)
- South America (Brazil, Argentina, Colombia, Peru, Rest of Latin America)
- Europe (Germany, Italy, France, UK, Spain, Poland, Russia, Slovenia, Slovakia, Hungary, Czech Republic, Belgium, the Netherlands, Norway, Sweden, Denmark, Rest of Europe)
- Asia Pacific (China, Japan, India, South Korea, Indonesia, Malaysia, Thailand, Vietnam, Myanmar, Cambodia, the Philippines, Singapore, Australia & New Zealand, Rest of Asia Pacific)
- The Middle East & Africa (Saudi Arabia, UAE, South Africa, Northern Africa, Rest of MEA)
The conductive pastes segment, by product, accounted for the largest market share
By product, the market has been categorized as conductive paste, conductive tape, phase change materials, gap fillers, and greases. The conductive pastes segment is projected to be dominated in 2021, with a market share of 39.1% in the global electronic thermal management material market. Conductive or thermal paste is a thermally conductive compound applied between the heat source and sinks to eliminate air gaps. Most of the standard conductive paste formulations include electrical insulators. The conductive paste consists of a base matrix and has a thermally-conductive filler. Typical matrix materials include epoxies, silicones, urethanes, and acrylates.
Conductive or thermal paste is a thermally conductive compound applied between the heat source and sinks to eliminate air gaps. Most of the standard conductive paste formulations include electrical insulators. The conductive paste consists of a base matrix and has a thermally-conductive filler. Typical matrix materials include epoxies, silicones, urethanes, and acrylates.
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Asia Pacific accounts for the highest CAGR during the forecast period
The market share will be provided in global regions, including North America, Europe, Asia Pacific, South America, and Middle East & Africa. Asia Pacific holds the highest CAGR of 9.5% in the electronic thermal management material market during the forecast period. The Asia Pacific region offers a substantial potential for market growth due to rapid growth in China, India, Japan, South Korea, Indonesia, Thailand, Malaysia, Singapore, Australia, and New Zealand. The electronic thermal management material market in the Asia Pacific region will grow faster due to countries such as China, Japan, and India are growing rapidly, so there will be an increase in the market demand.
After the Asia Pacific, North America is the fastest-growing region with a CAGR of 8.4% during the forecast period. The North American region accounts for the considerable market share, attributed to the increasing investments for technological solutions, adoption of thermal management technologies by numerous domains (i.e., automotive, aerospace, healthcare, consumer electronics), and low operational cost. Several protuberant players in thermal management technologies, for example, Parker-Hannifin Corp, Advanced Cooling Technologies Inc., Honeywell International Inc., and Gentherm Inc., are headquartered in the North America region.
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Global Electronic Thermal Management Market Major Players
The leading global electronic thermal management material market players include:
- Boyd Corporation
- Laird Technologies Inc.
- Applied Diamond Inc.
- EDP Corporation
- Element Six Ltd
- Henkel AG & Company
- PLASSYS BESTEK
- 3M Company
- Parker Hannifin Corp
- European Thermodynamics Ltd.
Top winning strategies are analyzed by performing a thorough study of the leading players in the global electronic thermal management market. Comprehensive analysis of various companies’ recent developments and growth curves has helped to understand their growth strategies and the potential effect on the market. The companies are evaluated based on annual reports, SEC filings, and press releases.