Global Thermal Pad Market Research Report 2023-Competitive Analysis, Status and Outlook by Type, Downstream Industry, and Geography, Forecast to 2029

Global Thermal Pad Market Research Report 2023-Competitive Analysis, Status and Outlook by Type, Downstream Industry, and Geography, Forecast to 2029

The thermal pad is a high-performance gap-filling thermal conductive material, which is mainly used for the transfer interface between electronic devices and heat sinks or product shells. It has good viscosity, flexibility, good compression performance and excellent thermal conductivity. The thermal pad can completely exhaust the air between the electronic components and the heat sink during use, so as to achieve sufficient contact. The heat dissipation effect is significantly increased.

Market Overview:

The latest research study on the global Thermal Pad market finds that the global Thermal Pad market reached a value of USD 1173.83 million in 2022. It’s expected that the market will achieve USD 1449.29 million by 2028, exhibiting a CAGR of 3.58% during the forecast period.

The number of people working remotely increases

For the Thermal Pad industry, it is less affected by COVID-19 than other industries. This is mainly due to the increase in the number of people working remotely, and the demand for technologies that support remote work (including laptops) has surged within a certain period of time. For example, according to UK ONS data, in April 2020, 46.6% of employed persons are working from home. Among those working from home, 86.0% did so due to the coronavirus (COVID-19) pandemic. More than half of Londoners (57.2%) work from home. According to Statista data, before the coronavirus (COVID-19) pandemic, 17% of American employees worked from home for 5 days or more a week, and this proportion increased to 44% during the pandemic.

The outbreak of the COVID-19 pandemic has accelerated the trend of remote work, as quarantines and lockdowns have made it almost impossible for millions of people around the world to commute and work in the office. As the company shifted from a stay-at-home policy to work, sales of computers, laptops, video games, and smartphones increased. At the same time, people staying at home need personal consumer electronic products for personal use, so the demand for durable consumer goods has increased. Therefore, during the epidemic, the increase in the number of people working remotely and the increase in personal consumer electronics are conducive to product growth.

Electric car sales soar in the post-epidemic era

Recently, Canalys estimated in its latest report on the global electric vehicle market that global electric vehicle (EV) sales in the first half of 2021 were 2.6 million units, an increase of 160% over the first half of 2020. The growth of electric vehicle sales far exceeds 26% of the total global automotive market. With the relaxation of COVID-19 restrictions in many markets, the demand for electric vehicles has rebounded. From the perspective of global geographic location, the three major auto markets in China, the United States and Europe have all experienced growth. At the same time, governments of various countries are also continuing to implement incentive measures in the field of electric vehicles. For example, President Biden of the United States proposed an investment of US$174 billion, including incentives and the deployment of a large amount of charging infrastructure. After the epidemic, the sales of electric vehicles have soared to a certain extent, which directly drove the demand for thermal pads for electric vehicle batteries.

The demand for miniaturization of electronic equipment continues to increase

In recent years, as the global automotive, railway, new energy and other power supply devices have further improved their performance, as well as the development of demand for IoT and edge computing and communications industries, various fields have made miniaturization and high-performance electronic equipment The demands are increasing day by day. If you want to meet the ever-increasing miniaturization and high-performance requirements, actively controlling heat is an indispensable link.

As electronic devices become smaller and smaller, they can easily heat up due to more concentrated components. This increases the heat density on the surface of the electronic device. Therefore, various fields need Thermal Pad to increase heat dissipation. At the same time, the global demand for these electronic products continues to increase, leading to an increase in the consumption of Thermal Pads in the electronics industry. Therefore, the demand for miniaturization of electronic equipment is increasing, which is one of the factors driving the development of the thermal pad industry.

Product alternative risk

For the thermal pad industry, with the development of science and technology and the continuous increase in demand from downstream industries, the risk of substitutability of its products continues to increase. For example, in the field of automotive power batteries, phase change materials (Phase Change Material, PCM) can absorb and emit a large amount of latent heat through the phase change process to maintain a basically constant temperature, so it is very suitable for the temperature difference between automotive power battery cells and battery packs. control. It is gradually becoming a substitute for this product. This is mainly because phase change materials save time and money while ensuring thermal conductivity. The non-sag feature prevents the phase change material from flowing out of the interface at working temperature, but it is solid at room temperature and easy to use. And will not cause dirt, pollution problems.

Region Overview:

In 2022, the share of the Thermal Pad market in Asia Pacific stood at 58.65%.

Company Overview:

Henkel is one of the major players operating in the Thermal Pad market, holding a share of 14.8% in 2023.

Henkel

Henkel is a German company founded in 1876 and headquartered in Düsseldorf, Germany. Its main chemical products include detergents and cleaners, cosmetics and skin care products, adhesives and sealants.

Laird Performance Materials

Laird PM is a global organization that continues to focus on the development, manufacturing, sales and supply of precision engineering materials used by manufacturers to serve their electronic markets. Laird Performance Materials' customers include most of the world's technology leaders.

Segmentation Overview:

By type, Silicone Thermal Pads segment accounted for the largest share of market in 2022.

Application Overview:

The market's largest segment by application is the segment Consumer Electronics, with a market share of 35.14% in 2022.

Key Companies in the global Thermal Pad market covered in Chapter 3:

Shenzhen Bornsun Industrial
3M
Nystein
Parker Hannifin
Boyd Corporation
Honeywell Electronic Materials (HEM)
Panasonic
Henkel
Laird Performance Materials
Zhejiang Saintyear Electronic Technologies
Sekisui Polymatech
Shenzhen Aochuan Technology
Suzhou Tianmai
T-Global Technology
Zhongdi Material Technology
HFC Shielding Products
Dexerials Corporation
Fujipoly

In Chapter 4 and Chapter 14.2, on the basis of types, the Thermal Pad market from 2018 to 2029 is primarily split into:

Silicone Thermal Pads
Non-Silicone Thermal Pads

In Chapter 5 and Chapter 14.3, on the basis of Downstream Industry, the Thermal Pad market from 2018 to 2029 covers:

Telecom
Automotive/Battery Excluded
EV Battery
Wearable Device
Consumer Electronics
Energy
Aviation/Aerospace

Geographically, the detailed analysis of consumption, revenue, market share and growth rate, historic and forecast (2018-2029) of the following regions are covered in Chapter 8 to Chapter 14:

North America (United States, Canada)
Europe (Germany, UK, France, Italy, Spain, Russia, Netherlands, Turkey, Switzerland, Sweden)
Asia Pacific (China, Japan, South Korea, Australia, India, Indonesia, Philippines, Malaysia)
Latin America (Brazil, Mexico, Argentina)
Middle East & Africa (Saudi Arabia, UAE, Egypt, South Africa)