September 22, 2022 04:55 ET | Source: Fortune Business Insights Fortune Business Insights
Pune, Sept. 22, 2022 (GLOBE NEWSWIRE) -- The global thermal interface materials market size is anticipated to grow owing to increasing usage of electronic devices. Digital evolution has opened many prospects for the growing demand for electronics which is expected to simultaneously create demand for thermal interface materials. Growing penetration of electronic devices in day-to-day activities and in coming years is anticipated to push market growth. Increasing demand for LED lighting is estimated to propel growth for the product. Fortune Business Insights™ mentioned this in a report titled, “Thermal Interface Materials Market, 2022-2029”.
Thermal interface materials are a set of materials that are inserted between two surfaces for enhancing the coupling between them. They are used to transfer the heat for proper functioning of the devices. They conduct heat 100 times more than air.
List of Key Players Present in the Market
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Based on type, the market is divided into tapes, greases & adhesives, thermally conductive pad, gap fillers, metal thermal interface materials, and phase change materials.
On the basis of application, the market is divided into telecom, medical devices, computer, automotive electronics, consumer durables, industrial machinery, and others.
Geographically, the market is divided into regions such as North America, Asia Pacific, Latin America, Europe, and Middle East & Africa.
This report covers the summary of this market that provides an analysis of product, impact of COVID-19, segmentation, drivers and restraints, regional insights, new growths, and presence of key players in the market. Changes in the market are subjected to alter the demand in the forecast period.
Rising Demand for LED Lighting to Inflate Progress for Market
Rising demand for LED lighting for replacement of energy-efficient fluorescent lighting. As the demand for LED lighting is increasing the demand for simultaneous interface materials is also increasing. It has led in development and adoption of online devices. For proper exchange of heat, a proper heat medium exchange is required. Rising demand from the electronics industry is set to push thermal interface materials market growth. High and advanced performance materials is expected to drive the demand for such materials.
On the other hand, pet tech products are costly and they have a short battery life which is expected to pose a restraint in the market growth.
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Mounting Electronics Industry in Asia Pacific to Increase Market Growth
Asia Pacific has the largest part in the global thermal interface materials market share due to increasing demand from electronics & machinery industry in the region. Rise in the disposable income and developments in the developing economies boosted the sales of electronics creating the demand for thermal interface materials. Demand from countries such as Taiwan, China, and India is expected to drive demand for the region.
North America is anticipated to display considerable market growth due to technological advancements and innovations. Increase in the consumption of the materials is projected to create lucrative demand in the region.
Players of the market have launched new products in the market to have more competition in the market with their advanced solutions. It includes R&D investments, launch of new and advanced products in the market. Companies have been applying strategies such as partnerships, mergers, and acquisitions to back their market position.
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