Global Thermal Interface Materials Market by Type (Elastomeric Pads, Tapes & Films, Greases & Adhesives, Phase Change Materials, Others ); by Application (Computers, Telecommunications, Medical Devices, Consumer Durables, Others ); and by Region (North America, Europe, Asia Pacific, Latin America, MEA); - Global Forecasts 2021 to 2027

Date: Dec 2021 Report Id: 149 Category: Chemicals & Materials Report Format: pdf-img excel-img ppt-img word-img

The Global Thermal Interface Materials Market was valued at USD 2.25 Bn in 2020 and is expected to reach USD 4.47 Bn by 2027, with a growing CAGR of 10.6% during the forecast period.

Global Thermal Interface Materials Market Definition

Thermal Interface Materials (TIMs) are used to transfer heat between two or more solid surfaces. They are considered as a crucial part of any efficient thermal management system. Thermal interface materials include an array of products, including phase change materials, gap fillers, and thermal greases.

Global Thermal Interface Materials Market Dynamics

Increasing consumer reliance on electronics is expected to boost the market growth in the near future. Globally changing lifestyles, increase in purchasing power, and demand for medical devices are anticipated to drive the thermal interface materials industry growth in the near future. In recent years, miniaturization and integration have become the major development trends of electronic devices. With the demand of electronic devices continuing to increase, the amount of heat generated is sharply increasing which is expected to drive the thermal interface materials market in the near future. TIM’s can improve heat transfer between two solid interfaces and enhance the service life and stability of electronic devices. In this case, higher requirements are put forward for thermal management. Additionally, rheology-based modeling and designs are widely used in polymeric TIMs, as well as certain polymers packed with high thermal conductivity and low loss ceramics that are suited for device encapsulation in electronic packaging. For instance, the global smartphone sales reached 1.3 billion in 2020. However, fluctuating raw material prices may hamper the market growth during the forecast period.

thermal interface materials market

The Global Thermal Interface Materials Market Segmentation:

By Type

  • Elastomeric Pads
  • Tapes & Films
  • Greases & Adhesives
  • Phase Change Materials
  • Others

By Application

  • Computers
  • Telecommunications
  • Medical Devices
  • Consumer Durables
  • Others

By Region

  • North America
  • Europe
  • Asia Pacific
  • Latin America
  • Middle East & Africa

The unique insights provided by this report also include the following:

  • In-depth Value Chain Analysis
  • Opportunity Mapping
  • Sector Snapshot
  • Key Players Positioning Matrix
  • Regulatory Scenario
  • Strategies Adopted-Benchmarking Heat Map
  • Market Trends
  • Covid-19 Impact Analysis
  • Product Comparison
  • Pre & Post COVID-19 Impact on the Thermal Interface Materials Market
  • Competitive Landscape

Based on type, the thermal greases & adhesives segment is expected to grow significantly during the forecast period due to its use in electronics

Based on type, the market has been segmented into elastomeric pads, tapes & films, greases & adhesives, the thermal grease & adhesives segment in the thermal interface materials market accounted for the largest market share in 2020 and is expected to grow significantly during the forecast period. Thermal grease is a thermally conductive material used to connect a heat source to a thermal spreading device, with its profound performance and flexibility it can be used in a variety of thermal products, including heat sinks. Thermal grease improves a system's thermal conductivity and effectiveness. For instance, Total S.A (France) grease sales in 2019 reached 48,000 barrels per day, i.e., more than 20% from 39,000 b/d in 2018.

Based on the application, the computers segment in the thermal interface materials market is growing at the highest CAGR during the forecast period owing to its demand from millennials

Based on the application, the market has been segmented into computers, medical devices, consumer durables, telecommunications, and others. The computers segment is expected to grow at the highest CAGR during the forecast period. The demand for thermal pastes for CPUs has created opportunities for computer sales. For instance, the global computer sales generated a revenue of 161 billion in 2021, However, with thermal conductivity of approximately 0.0263 W/MK, air is the poor heat conductor. Moreover, to minimize heat accumulation, air inclusions between components should be prevented. Air inclusions are also found in heat-conducting pastes, graphite and aluminum foils, heat-conductive adhesive foam and gel films, one-sided and double-sided adhesive heat-conducting foils, Kapton and mica discs, phase change materials, silicone-containing, and silicone-free elastomers, and aluminum oxide materials.

Based on region, Asia-Pacific is expected to hold the largest market share during the forecast period owing to the presence of cheap resources

Based on region, the global thermal interface materials market is categorized into North America, Latin America, Europe, Asia Pacific, and Middle East & Africa. Asia-Pacific is expected to hold the largest market share in the thermal interface materials market during the forecast period, owing to the presence of Information Technology hubs in India, China, creating demand for computers. This is owing to the presence of a large base of manufacturing sites in the region. In addition to the manufacturing base, reduction in corporate tax, GST, the opportunity for industry expansion in this region is fueled by growing household incomes, consumer health awareness, changing lifestyles, and government initiatives.

Additionally, in China, with the increase in disposable income of the middle-class population and the increasing demand for electronic products in the countries exporting electronic products from China, the production of electronics is projected to grow. According to the National Bureau of Statistics of China, in December 2020, retail sales of household appliances and consumer electronics in China were estimated to be CNY 100 billion.

The report also provides an in-depth analysis of thermal interface materials market dynamics such as drivers, restraints, opportunities, and challenges


  • Increasing demand for thermal interface materials from the telecommunications segment
  • Growing demand for thermal interface materials from data centres


  • Strict regulations related to thermal interface materials waste disposition
  • Thermal paste cannot be used for thick painting


  • Increasing demand for TIMs from the transport sector


  • Overheating problems associated with TIMs

COVID-19 Impact on the thermal interface materials market analysis

Covid-19 had a negative impact on the thermal interface materials industry that caused sudden economic uncertainty. The pandemic has shown us how quickly industries are accustomed to change. Covid-19 has also shown that collectively and with a common purpose, decisions can be taken to overcome the issues. The production companies were halted during the lockdown period. Laborers were forced to leave their jobs. Manufacturers had to bear losses. Currently, the market has gradually started manufacturing, although there is a shortage of laborers.

Supply chains in the manufacturing sector were also impacted. Manufacturing went through equipment sharp slowdown. On the positive side, the COVID-19 situation in China, where the majority of solar supply comes from, is normalizing, and factories are on the verge to re-open. Supply disruptions from other countries rely on international imports. Moreover, local, and international travel restrictions, quarantine requirements, and lockdowns have resulted in project delays and have added to project completion costs, as economies recover from COVID-19, with stable fossil fuel prices, renewables could potentially be packed out in the medium term, especially in countries with large hydrocarbon grants. On the other hand, low gas prices are now helping make gas-fired power generation relatively more attractive that may help the production of thermal interface materials.

Social considerations have driven some governments from Bangladesh, Brazil, and others to announce a moratorium or deferral of consumer bill payments for a few months. Additionally, many distribution companies have declared a clause that allows contracts to be declared invalid due to acts of God or other unexpected circumstances to manufacturing companies, which causes the payments to be delayed for manufacturers. In this time of crisis, IFC (International Finance Corporation) is expected to work closely with the private sector, national authorities, and international partners to support the manufacturing sector on many fronts to ensure a resilient and sustainable sector. Additionally, IFC is expected to continue to support all major market players, so as to balance the need to address short-term liquidity while ensuring the manufacturing sector viability and long-term goals, as the crisis can be an opportunity to help governments embark on reforms that strengthen the power sector and mobilize public and private financing to meet the significant investment needs of the sector.

The report also provides an in-depth analysis of key trends in the thermal interface materials market

  • Electrification of the transport industry
  • Increasing demand for medical devices such as microprocessors, CT- scanners

The report also provides an in-depth analysis of recent news developments and investments

  • In September 2020, Parker Hannifin Corporation (US) unveiled THERM-A-GAP GEL 37, a new single-component product, which is a thermally conductive dispensable material. This new product launch is expected to strengthen the company’s product portfolio
  • In August 2019, Ventec (China) announced the interdiction of two new thin isolation foil materials, which are thermally conductive, T-P INS 3 A0/A1, and T-P INS 2 namely. These are high-performance electrical insulators, and thermally conductive interface materials. These products were launched under a distribution agreement with EMI Thermal (UK). The company focuses on enhancing its product portfolio.

Company Profiles and Competitive Intelligence

The key players operating in the thermal interface materials market are:

  • Honeywell International Inc.
  • 3M
  • Parker Hannifin Corporation
  • Laird Performance Materials 
  • Momentive Performance Materials
  • Indium Corporation
  • Wakefield-Thermal, Inc
  • Balmer Lawrie
  • Zalman
  • Dow
  • Fujipoly
  • Fashion Chemicals GmbH & Co. KG
  • Shin-Etsu Chemical Co., Ltd
  • Applied Technologies, Inc

Frequently Asked Questions (FAQs)

The global thermal interface materials market was valued at USD 2.25 Bn in 2020 and is anticipated to reach USD 4.47 Bn by 2027.
The thermal interface materials market is estimated to grow at a compound annual growth rate (CAGR) of 10.6 %during the forecast period.
Asia-Pacific is expected to hold a significant market share during the forecast period.
A few key players include but are not limited to Honeywell International Inc., 3M, Parker Hannifin Corporation, Laird Performance Materials, Momentive Performance Materials, Indium Corporation, Wakefield-Thermal, Inc, Balmer Lawrie, Zalman, Dow, Fujipoly, Fashion Chemicals GmbH & Co. KG, SIBELCO, Shin-Etsu Chemical Co., Ltd, and Applied Technologies, Inc.
Strict regulations related to thermal interface materials disposition is the major restraining factor that hampers the growth of the market.
Author Credentials

Priyanka has been writing chemicals & material market research reports for the last 12 years. A post-graduate, her specialization is in the chemicals sector. Preparing end-to-end reports covering minute details for market insights, competitive intelligence and trend analysis in the CMFE sector.

  1. Market Introduction
    1. Definition
    2. Scope of The Study
    3. List of Assumptions
    4. Market Structure
    5. Scope of the Study: Segmentation 
    6. Timeframe, Currency and Limitations
  2. Research Methodology
    1. 3P Research Approach
    2. Market Sizing Approach
    3. Data Sources
    4. Primary Research Coverage
  3. Executive Summary
    1. Market Summary
    2. Market Snapshot
    3. Regional Snapshot
    4. Country Snapshot
  4. Premium Insights
    1. Key Trend Analysis
    2. New revenue Pockets
    3. Pain Point Analysis
    4. Company Market Share Analysis, by Region
    5. Strategies Adopted-Benchmarking Heat Map
    6. Regulatory Landscape
    7. PESTEL Analysis
    8. Regional Lifecycle
    9. Competitive Benchmarking
  5. Market Overview & Competitive Landscape
    1. Competitive Landscape
    2. Investment Scenario by key Players
    3. Key Player Overview
    4. Product comparison
    5. Player Wise Geographic Presence
    6. Player Wise Target Customer Segment
    7. Recent News
      1. Product Launches & upgrades
      2. R&D / Innovation
      3. Merger & Acquisition
      4. JV & Partnership
      5. Recognition and others
  6. Market Segmentation (Market Size and Share Analysis)
    1. Global Market Size & Historic Growth
    2. Market Size by Type
      1. Elastomeric Pads
      2. Tapes & Films
      3. Greases & Adhesives
      4. Phase Change Materials
      5. Others
    3. Market Size by Application
      1. Computers
      2. Telecommunications
      3. Medical Devices
      4. Consumer Durables
      5. Others
  7. Market Dynamics
    1. Market Drivers
    2. Opportunities
    3. Value Chain Analysis
    4. Pricing Analysis
  8. COVID – 19 Opportunity Mapping
    1. Key Drivers & Anticipated Revival Period
    2. Key Trends Analysis
    3. Impact on End user Industry
    4. Opportunity Analysis
  9. Regional Market Analysis
    1. North America
      1. US
      2. Canada
    2. Europe
      1. UK
      2. Germany
      3. France
      4. Italy
      5. Spain
      6. Rest of Europe
    3. APAC
      1. China
      2. India
      3. Japan
      4. South Korea
      5. Rest of APAC
    4. Latin America
      1. Mexico
      2. Brazil
      3. Argentina
      4. Rest of LATAM
    5. Middle East & Africa
      1. GCC
      2. Rest of MEA
  10. Company Profiles
    1. Honeywell International Inc.
      1. Company Fundamentals
      2. Financial Analysis (Subject to Availability)
      3. Product Portfolio
      4. SWOT Analysis
    2. 3M
    3. Parker Hannifin Corporation
    4. Laird Performance Materials 
    5. Momentive Performance Materials
    6. Indium Corporation
    7. Wakefield-Thermal, Inc
    8. Balmer Lawrie
    9. Zalman
    10. Dow
    11. Fujipoly
    12. Fashion Chemicals GmbH & Co. KG
    13. SIBELCO
    14. Shin-Etsu Chemical Co., Ltd
    15. Applied Technologies, Inc
    16. Shin-Etsu

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