Thermal Fillers Market by Purity (Below 98%, 98% to 99%, Above 99%), by Form (Powder, Paste/Gel, Sheet/Pad), by Materials (Metal-Based Fillers, Ceramic-Based Fillers, Carbon-Based Fillers, Others), by End-Use Industry (Electronics & Electrical, Automotive, Aerospace & Defense, Energy and Power, Others), and Region (North America, Asia Pacific, Europe, Latin America, and Middle East & Africa) - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2023-2031
Thermal Fillers Market Outlook:
The global thermal fillers market was estimated at USD 858.2 Million in 2022 and is anticipated to reach USD 1,707.5 Million by 2031, expanding at a CAGR of 8.1% during the forecast period.
Thermal fillers are known as thermal gap fillers. Thermal gap fillers are thermally conductive gap-filling liquid solutions that are designed to improve thermal efficiency and make dispensing easy in significant quantities during manufacturing processes
Thermal filler materials offer exceptional mechanical and thermal performance without putting pressure on electronic components during installation, thus allowing for the improvement of devices in terms of reliability and performance.
Thermal gap filler materials adhere to highly complicated multi-level surfaces and topographies, as they are liquid mediums. This enables them to provide superior wet-out for optimized thermal resistance, which is often lower than that of solid pad-based media.
Macro-economic Factors
Technology Advancements
The thermal fillers market is significantly impacted by technological changes, as new designs and technologies enhance performance, efficiency, and usability. Many industries, including consumer electronics, automotive electronics, and aerospace, use thermal fillers.
The world is changing quickly due to technological advancements, and any significant new discoveries frequently provide new hardware installation and, consequently, new applications for thermal fillers with specific and unique needs. Some of examples are in data centers, vehicles and the development of 5G.
Disposable Income
After income taxes have been deducted, a person or household's disposable income is the amount they have available for spending or saving. At the macroeconomic level, one of the most important economic indicators used to assess the overall health of the economy is disposable personal income.
Rise in disposable income, increases a consumer’s ability to spend, particularly on electronics and vehicles. As per the Consumer Technology Association, consumer technology spending reached around USD 512 Bn in 2021. Demand for consumer gadgets has been rising recently, thus increasing their manufacturing. Thermal gap fillers are used in consumer electronics to fill air gaps between components or PC boards and to effectively dissipate the heat generated inside electronic equipment.
Thermal Fillers Market Dynamics
Market Driver- Increasing Demand from the Electronic & Electrical Industry
Thermal gap filler is an essential component in electronic equipment and devices, owing to their excellent thermal conductive properties. Manufacturers in the electronic industry tends to switch to alternative sustainable materials for thermal management technologies such as thermal gap fillers. Among various thermal management solutions, thermal fillers are widely used in the electronic industry, due to high thermal conductivity.
Electronic manufactures are focusing on designing devices with thermal management present in them, which help to reduce energy consumption and leads to sustainability. Thus, governments across the globe are focusing on thermal management solutions. For instance, Defense Advanced Research Agency (DARPA) focus on thermal management solutions for high power military systems. Such government efforts towards the inclusion of thermal management in various applications is expected to drive the thermal fillers market during the forecast period.
Market Driver- Rising Consumer Spending on Electronic Products
The income effect or disposable income directly impacts the buying or purchasing power of consumers. Increasing disposable income leads to the increase in consumer spending. In recent years, consumer spending on electronic products have increased. The rapidly increasing internet penetration from young generation across the globe is driving the growth of consumer electronics market. Covid-19 has also contributed this growth significantly, as people were working form home during the pandemic that led to the demand for more electronic devices than pre-pandemic.
Thermal fillers are used in almost every consumer electronic product such as mobile phones, laptops, computers, tablets, and others. Hence, rising consumer spending on electronic products increases the demand for thermal fillers, which is driving the market.
Market Restraint- Raw Material Price Fluctuation
Thermal gap fillers are usually metal-based such as aluminum, copper, & silver; silica-based; ceramic-based; and others. These fillers are made from silicone polymer or other polymer and powder, which are then cured and casted to conformal thermal pad material.
Thermal gap fillers prices tend to change according to the purity level of raw material and fluctuating prices of raw materials such as silica powder, alumina dioxide powder, and others. The key raw materials used in the production of aluminum dioxide, including bauxite and alumina, are subjected to price fluctuations, due to changes in the demand & supply situation in the global economy.
Thus, fluctuations in the prices of these powders and polymers impact the overall cost of thermal fillers, which is expected to restrict the market during the forecast period. Some thermal fillers, especially those with superior performance properties, are expensive to manufacture. The high cost of certain fillers limits their adoption, particularly in price-sensitive industries or applications where cost-effectiveness is a primary concern.
Scope of Thermal Fillers Market Report
The report on the global thermal fillers market includes an assessment of the market, trends, segments, and regional markets. Overview and dynamics have also been included in the report.
Attributes |
Details |
Report Title |
Thermal Fillers Market – Global Industry Analysis, Size, Share, Growth, Trends, and Forecast |
Base Year |
2022 |
Historic Data |
2016 and 2021 |
Forecast Period |
2023–2031 |
Segmentation |
by Purity (Below 98%, 98% to 99%, Above 99%), by Form (Powder, Paste/Gel, Sheet/Pad), by Materials (Metal-Based Fillers, Ceramic-Based Fillers, Carbon-Based Fillers, Others), by End-Use Industry (Electronics & Electrical, Automotive, Aerospace & Defense, Energy and Power, Others) |
Regional Scope |
North America, Europe, Asia Pacific, Latin America, and Middle East & Africa |
Report Coverage |
Company Share, Market Analysis and Size, Competitive Landscape, Growth Factors, and Trends, and Revenue Forecast |
Key Players Covered |
3M, Boyd, Dow, Henkel Corporation, Honeywell, J.M. Huber Corporation, Momentive, Parker Hannifin Corporation, Resonac Corporation, Shin-Etu Chemical Co., Ltd., Saint-Gobain and Wacker Chemie AG |
Thermal Fillers Market Segmental Outlook
Based on purity, the global thermal fillers market is segmented Below 98%, 98% to 99%, Above 99%. The above 99% segment is expected to expand at a CAGR of XX% during the forecast period, due to the increasing demand for highly purity thermal fillers. They have enhanced mechanical properties such as thermal conductivity.
Based on form, the global thermal fillers market is segmented into Powder, Paste/Gel, and Sheet/Pad. The paste/gel segment held a XX% market share in 2022, due to the growing need for efficient heat transfer and thermal management in industries such as electronics, automotive, and aerospace.
The automotive industry has witnessed a significant increase in the adoption of electric vehicles (EVs) in recent years. EVs are powered by high-speed lithium batteries, which generate a considerable amount of heat during the operation. This factor is anticipated to drive the paste/gel segment in the coming years.
Based on the materials, the market is categorized as metal-based fillers, ceramic-based fillers, carbon-based fillers, others. The ceramic-based fillers segment is projected to expand at a CAGR of XX% during the forecast period. Ceramic-based fillers such as boron nitride (BN) and aluminum oxide (Al2O3) offer excellent thermal conductivity properties. They enable efficient heat transfer from heat-generating components, which is driving the segment.
Based on the end-use industry, the market is categorized as electronics & electrical, automotive, aerospace & defense, energy and power, and others. The electrical & electronics segment held a 43.8% market share in 2022 and is expected to hold a XX% market share in 2031.
The growth of this segment is attributed to the development of semiconductor technology, which evolved as a result of technical development. Increasing consumer spending on electronic devices and equipment is projected to drive the market in the near future.
Regional Outlook
On the basis of regions, the global thermal fillers market is segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa.
Asia Pacific held XX% of the market share in 2022, The market in Asia Pacific is expected to develop at a rapid rate during the forecast period, due to the high growth of the semiconductor industry in the region. Emerging economies such as India are focusing on increasing the production of electronics and their components.
Key Benefits for Industry Participants & Stakeholders
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In-depth Analysis of the Global Thermal Fillers Market
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Historical, Current, and Projected Market Size in terms of Value
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Potential & Niche Segments and Regions Exhibiting Promising Growth Covered
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Industry Drivers, Restraints, and Opportunities Covered in the Study
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Recent Industry Trends and Developments
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Competitive Landscape & Strategies of Key Players
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Neutral Perspective on Global Thermal Fillers Market Performance
Chapter 2 Assumptions and Acronyms Used
Chapter 3 Research Methodology
Chapter 4 Thermal Fillers Market Overview
4.1 Introduction
4.1.1 Market Taxonomy
4.1.2 Market Definition
4.1.3 Macro-Economic Factors Impacting the Market Growth
4.2 Thermal Fillers Market Dynamics
4.2.1 Market Drivers
4.2.2 Market Restraints
4.2.3 Market Opportunity
4.3 Thermal Fillers Market - Supply Chain Analysis
4.3.1 List of Key Suppliers
4.3.2 List of Key Distributors
4.3.3 List of Key Consumers
4.4 Key Forces Shaping the Thermal Fillers Market
4.4.1 Bargaining Power of Suppliers
4.4.2 Bargaining Power of Buyers
4.4.3 Threat of Substitution
4.4.4 Threat of New Entrants
4.4.5 Competitive Rivalry
4.5 Global Thermal Fillers Market Size & Forecast, 2016-2031
4.5.1 Thermal Fillers Market Size and Y-o-Y Growth
4.5.2 Thermal Fillers Market Absolute $ Opportunity
4.6 Global Thermal Fillers Market: Impact Of Key Regulations
4.7 Global Thermal Fillers Pricing Analysis & Forecast, 2016 to 2031
Chapter 5 Global Thermal Fillers Market Analysis and Forecast By Purity
5.1 Introduction
5.1.1 Key Market Trends & Growth Opportunities By Purity
5.1.2 Basis Point Share (BPS) Analysis By Purity
5.1.3 Absolute $ Opportunity Assessment By Purity
5.2 Thermal Fillers Market Size Forecast By Purity
5.2.1 Below 98%
5.2.2 98% to 99%
5.2.3 Above 99%
5.3 Market Attractiveness Analysis By Purity
Chapter 6 Global Thermal Fillers Market Analysis and Forecast By Form
6.1 Introduction
6.1.1 Key Market Trends & Growth Opportunities By Form
6.1.2 Basis Point Share (BPS) Analysis By Form
6.1.3 Absolute $ Opportunity Assessment By Form
6.2 Thermal Fillers Market Size Forecast By Form
6.2.1 Powder
6.2.2 Paste/Gel
6.2.3 Sheet/Pad
6.3 Market Attractiveness Analysis By Form
Chapter 7 Global Thermal Fillers Market Analysis and Forecast By Materials
7.1 Introduction
7.1.1 Key Market Trends & Growth Opportunities By Materials
7.1.2 Basis Point Share (BPS) Analysis By Materials
7.1.3 Absolute $ Opportunity Assessment By Materials
7.2 Thermal Fillers Market Size Forecast By Materials
7.2.1 Metal-Based Fillers
7.2.2 Ceramic-Based Fillers
7.2.3 Carbon-Based Fillers
7.2.4 Others
7.3 Market Attractiveness Analysis By Materials
Chapter 8 Global Thermal Fillers Market Analysis and Forecast By End-Use Industry
8.1 Introduction
8.1.1 Key Market Trends & Growth Opportunities By End-Use Industry
8.1.2 Basis Point Share (BPS) Analysis By End-Use Industry
8.1.3 Absolute $ Opportunity Assessment By End-Use Industry
8.2 Thermal Fillers Market Size Forecast By End-Use Industry
8.2.1 Electronics & Electrical
8.2.2 Automotive
8.2.3 Aerospace & Defense
8.2.4 Energy and Power
8.2.5 Others
8.3 Market Attractiveness Analysis By End-Use Industry
Chapter 9 Global Thermal Fillers Market Analysis and Forecast by Region
9.1 Introduction
9.1.1 Key Market Trends & Growth Opportunities by Region
9.1.2 Basis Point Share (BPS) Analysis by Region
9.1.3 Absolute $ Opportunity Assessment by Region
9.2 Thermal Fillers Market Size Forecast by Region
9.2.1 North America
9.2.2 Europe
9.2.3 Asia Pacific
9.2.4 Latin America
9.2.5 Middle East & Africa (MEA)
9.3 Market Attractiveness Analysis by Region
Chapter 10 Coronavirus Disease (COVID-19) Impact
10.1 Introduction
10.2 Current & Future Impact Analysis
10.3 Economic Impact Analysis
10.4 Government Policies
10.5 Investment Scenario
Chapter 11 North America Thermal Fillers Analysis and Forecast
11.1 Introduction
11.2 North America Thermal Fillers Market Size Forecast by Country
11.2.1 U.S.
11.2.2 Canada
11.3 Basis Point Share (BPS) Analysis by Country
11.4 Absolute $ Opportunity Assessment by Country
11.5 Market Attractiveness Analysis by Country
11.6 North America Thermal Fillers Market Size Forecast By Purity
11.6.1 Below 98%
11.6.2 98% to 99%
11.6.3 Above 99%
11.7 Basis Point Share (BPS) Analysis By Purity
11.8 Absolute $ Opportunity Assessment By Purity
11.9 Market Attractiveness Analysis By Purity
11.10 North America Thermal Fillers Market Size Forecast By Form
11.10.1 Powder
11.10.2 Paste/Gel
11.10.3 Sheet/Pad
11.11 Basis Point Share (BPS) Analysis By Form
11.12 Absolute $ Opportunity Assessment By Form
11.13 Market Attractiveness Analysis By Form
11.14 North America Thermal Fillers Market Size Forecast By Materials
11.14.1 Metal-Based Fillers
11.14.2 Ceramic-Based Fillers
11.14.3 Carbon-Based Fillers
11.14.4 Others
11.15 Basis Point Share (BPS) Analysis By Materials
11.16 Absolute $ Opportunity Assessment By Materials
11.17 Market Attractiveness Analysis By Materials
11.18 North America Thermal Fillers Market Size Forecast By End-Use Industry
11.18.1 Electronics & Electrical
11.18.2 Automotive
11.18.3 Aerospace & Defense
11.18.4 Energy and Power
11.18.5 Others
11.19 Basis Point Share (BPS) Analysis By End-Use Industry
11.20 Absolute $ Opportunity Assessment By End-Use Industry
11.21 Market Attractiveness Analysis By End-Use Industry
Chapter 12 Europe Thermal Fillers Analysis and Forecast
12.1 Introduction
12.2 Europe Thermal Fillers Market Size Forecast by Country
12.2.1 Germany
12.2.2 France
12.2.3 Italy
12.2.4 U.K.
12.2.5 Spain
12.2.6 Russia
12.2.7 Rest of Europe
12.3 Basis Point Share (BPS) Analysis by Country
12.4 Absolute $ Opportunity Assessment by Country
12.5 Market Attractiveness Analysis by Country
12.6 Europe Thermal Fillers Market Size Forecast By Purity
12.6.1 Below 98%
12.6.2 98% to 99%
12.6.3 Above 99%
12.7 Basis Point Share (BPS) Analysis By Purity
12.8 Absolute $ Opportunity Assessment By Purity
12.9 Market Attractiveness Analysis By Purity
12.10 Europe Thermal Fillers Market Size Forecast By Form
12.10.1 Powder
12.10.2 Paste/Gel
12.10.3 Sheet/Pad
12.11 Basis Point Share (BPS) Analysis By Form
12.12 Absolute $ Opportunity Assessment By Form
12.13 Market Attractiveness Analysis By Form
12.14 Europe Thermal Fillers Market Size Forecast By Materials
12.14.1 Metal-Based Fillers
12.14.2 Ceramic-Based Fillers
12.14.3 Carbon-Based Fillers
12.14.4 Others
12.15 Basis Point Share (BPS) Analysis By Materials
12.16 Absolute $ Opportunity Assessment By Materials
12.17 Market Attractiveness Analysis By Materials
12.18 Europe Thermal Fillers Market Size Forecast By End-Use Industry
12.18.1 Electronics & Electrical
12.18.2 Automotive
12.18.3 Aerospace & Defense
12.18.4 Energy and Power
12.18.5 Others
12.19 Basis Point Share (BPS) Analysis By End-Use Industry
12.20 Absolute $ Opportunity Assessment By End-Use Industry
12.21 Market Attractiveness Analysis By End-Use Industry
Chapter 13 Asia Pacific Thermal Fillers Analysis and Forecast
13.1 Introduction
13.2 Asia Pacific Thermal Fillers Market Size Forecast by Country
13.2.1 China
13.2.2 Japan
13.2.3 South Korea
13.2.4 India
13.2.5 Australia
13.2.6 South East Asia (SEA)
13.2.7 Rest of Asia Pacific (APAC)
13.3 Basis Point Share (BPS) Analysis by Country
13.4 Absolute $ Opportunity Assessment by Country
13.5 Market Attractiveness Analysis by Country
13.6 Asia Pacific Thermal Fillers Market Size Forecast By Purity
13.6.1 Below 98%
13.6.2 98% to 99%
13.6.3 Above 99%
13.7 Basis Point Share (BPS) Analysis By Purity
13.8 Absolute $ Opportunity Assessment By Purity
13.9 Market Attractiveness Analysis By Purity
13.10 Asia Pacific Thermal Fillers Market Size Forecast By Form
13.10.1 Powder
13.10.2 Paste/Gel
13.10.3 Sheet/Pad
13.11 Basis Point Share (BPS) Analysis By Form
13.12 Absolute $ Opportunity Assessment By Form
13.13 Market Attractiveness Analysis By Form
13.14 Asia Pacific Thermal Fillers Market Size Forecast By Materials
13.14.1 Metal-Based Fillers
13.14.2 Ceramic-Based Fillers
13.14.3 Carbon-Based Fillers
13.14.4 Others
13.15 Basis Point Share (BPS) Analysis By Materials
13.16 Absolute $ Opportunity Assessment By Materials
13.17 Market Attractiveness Analysis By Materials
13.18 Asia Pacific Thermal Fillers Market Size Forecast By End-Use Industry
13.18.1 Electronics & Electrical
13.18.2 Automotive
13.18.3 Aerospace & Defense
13.18.4 Energy and Power
13.18.5 Others
13.19 Basis Point Share (BPS) Analysis By End-Use Industry
13.20 Absolute $ Opportunity Assessment By End-Use Industry
13.21 Market Attractiveness Analysis By End-Use Industry
Chapter 14 Latin America Thermal Fillers Analysis and Forecast
14.1 Introduction
14.2 Latin America Thermal Fillers Market Size Forecast by Country
14.2.1 Brazil
14.2.2 Mexico
14.2.3 Rest of Latin America (LATAM)
14.3 Basis Point Share (BPS) Analysis by Country
14.4 Absolute $ Opportunity Assessment by Country
14.5 Market Attractiveness Analysis by Country
14.6 Latin America Thermal Fillers Market Size Forecast By Purity
14.6.1 Below 98%
14.6.2 98% to 99%
14.6.3 Above 99%
14.7 Basis Point Share (BPS) Analysis By Purity
14.8 Absolute $ Opportunity Assessment By Purity
14.9 Market Attractiveness Analysis By Purity
14.10 Latin America Thermal Fillers Market Size Forecast By Form
14.10.1 Powder
14.10.2 Paste/Gel
14.10.3 Sheet/Pad
14.11 Basis Point Share (BPS) Analysis By Form
14.12 Absolute $ Opportunity Assessment By Form
14.13 Market Attractiveness Analysis By Form
14.14 Latin America Thermal Fillers Market Size Forecast By Materials
14.14.1 Metal-Based Fillers
14.14.2 Ceramic-Based Fillers
14.14.3 Carbon-Based Fillers
14.14.4 Others
14.15 Basis Point Share (BPS) Analysis By Materials
14.16 Absolute $ Opportunity Assessment By Materials
14.17 Market Attractiveness Analysis By Materials
14.18 Latin America Thermal Fillers Market Size Forecast By End-Use Industry
14.18.1 Electronics & Electrical
14.18.2 Automotive
14.18.3 Aerospace & Defense
14.18.4 Energy and Power
14.18.5 Others
14.19 Basis Point Share (BPS) Analysis By End-Use Industry
14.20 Absolute $ Opportunity Assessment By End-Use Industry
14.21 Market Attractiveness Analysis By End-Use Industry
Chapter 15 Middle East & Africa (MEA) Thermal Fillers Analysis and Forecast
15.1 Introduction
15.2 Middle East & Africa (MEA) Thermal Fillers Market Size Forecast by Country
15.2.1 Saudi Arabia
15.2.2 South Africa
15.2.3 UAE
15.2.4 Rest of Middle East & Africa (MEA)
15.3 Basis Point Share (BPS) Analysis by Country
15.4 Absolute $ Opportunity Assessment by Country
15.5 Market Attractiveness Analysis by Country
15.6 Middle East & Africa (MEA) Thermal Fillers Market Size Forecast By Purity
15.6.1 Below 98%
15.6.2 98% to 99%
15.6.3 Above 99%
15.7 Basis Point Share (BPS) Analysis By Purity
15.8 Absolute $ Opportunity Assessment By Purity
15.9 Market Attractiveness Analysis By Purity
15.10 Middle East & Africa (MEA) Thermal Fillers Market Size Forecast By Form
15.10.1 Powder
15.10.2 Paste/Gel
15.10.3 Sheet/Pad
15.11 Basis Point Share (BPS) Analysis By Form
15.12 Absolute $ Opportunity Assessment By Form
15.13 Market Attractiveness Analysis By Form
15.14 Middle East & Africa (MEA) Thermal Fillers Market Size Forecast By Materials
15.14.1 Metal-Based Fillers
15.14.2 Ceramic-Based Fillers
15.14.3 Carbon-Based Fillers
15.14.4 Others
15.15 Basis Point Share (BPS) Analysis By Materials
15.16 Absolute $ Opportunity Assessment By Materials
15.17 Market Attractiveness Analysis By Materials
15.18 Middle East & Africa (MEA) Thermal Fillers Market Size Forecast By End-Use Industry
15.18.1 Electronics & Electrical
15.18.2 Automotive
15.18.3 Aerospace & Defense
15.18.4 Energy and Power
15.18.5 Others
15.19 Basis Point Share (BPS) Analysis By End-Use Industry
15.20 Absolute $ Opportunity Assessment By End-Use Industry
15.21 Market Attractiveness Analysis By End-Use Industry
Chapter 16 Competition Landscape
16.1 Thermal Fillers Market: Competitive Dashboard
16.2 Global Thermal Fillers Market: Market Share Analysis, 2022
16.3 Company Profiles (Details – Overview, Financials, Developments, Strategy)
16.3.1 3M
16.3.2 Boyd
16.3.3 Dow
16.3.4 Henkel Corporation
16.3.5 Honeywell
16.3.6 J.M. Huber Corporation
16.3.7 Momentive
16.3.8 Parker Hannifin Corporation
16.3.9 Resonac Corporation
16.3.10 Shin-Etu Chemical Co., Ltd
16.3.11 Saint-Gobain
16.3.12 Wacker Chemie AG