The growth of the Thermal Interface Materials Market is primarily dependent on the growth of the electrical & electronics industry. Thermal interface materials are mainly used during the production of various electronic devices such as computers, television, electronic appliances and more, owing to their high thermal conductivity, excellent heat resistance, dielectric strength and flame retardant properties. The surging developments associated with the electrical & electronic sectors across the world have led to considerable growth in the thermal interface materials market. The thermal interface materials market size is projected to grow at a CAGR of 9.2% during the forecast period (2022-2027) and reach US$3.4 billion by 2027.

Thermal Interface Materials Market: Leading Segment is Electrical & Electronics

On the basis of the end-use industry, the thermal interface materials market can be segmented into electrical & electronics, automotive, aerospace, solar, and others. The electrical & electronics industry is evaluated to be the leading segment in the thermal interface materials market in 2021. During the forecast period 2021-2027, the electrical & electronics segment is expected to grow with a CAGR of 9.5%. This can be attributed to various reasons such as the increasing production of consumer electronics across the world. According to the Japan Electronics and Information Technology Industries Association (JEITA), the electronics production by the global electronics and IT industries is expected to increase by 5% and reach up to US$3,536.6 billion by the end of 2022 as compared to 2021.

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Thermal Interface Materials Market: Leading Region is the Asia-Pacific

On the basis of geography, the Thermal Interface Materials market can be segmented into North America, South America, Europe, APAC, and EMEA. According to IndustryARC’s analysis, Asia-Pacific has emerged as the most dominant region in the market. In 2021, the Asia-Pacific region held around 45.6% share of the total revenue earned by the market globally. Asia-Pacific countries including China, India and Japan are comparatively ahead in terms of the growth of the electrical & electronics sector. According to the Growth from Knowledge (GRK), the growth rate of consumer electronics in countries such as India and China is estimated to increase up to 8.1% and 5.7% respectively by the end of 2022.

The thermal interface materials market will also witness significant growth in the North American region. The U.S. and Canada are emerging as competitive countries in the thermal interface materials market.

Thermal Interface Materials Market: Competitive Landscape

Key companies holding major shares in the Thermal Interface Materials market are Honeywell International Inc., 3M, Henkel AG & Co. KGaA, Parker Hannifin Corporation, Dow Corning Corporation, Laird Technologies, Momentive Performance Materials, Indium Corporation, Sibelco, and Wakefield-Vette. The key strategies adopted by the companies include product launches among others.

In April 2021, Parker Hannifin Corporation launched THERM-A-GAP GEL 75, a thermal interface material that is primarily designed for use in telecommunication equipment, automotive safety electronics modules, power supplies and power modules. Moreover, in June 2020, Dow launched its new thermal interface material called DOWSIL TC-4040 dispensable thermal pad that is ideal for use in telecom and network equipment and advanced devices.

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About IndustryARC: IndustryARC is a Research and Consulting Firm that publishes more than 500 reports annually, in various industries such as Agriculture, Automotive, Automation & Instrumentation, Chemicals and Materials, Energy and Power, Electronics, Food and Beverages, Information Technology, and Life sciences and Healthcare.