BURLINGAME, Calif., Nov. 14, 2023 /PRNewswire/ -- According to Coherent Market Insights, Global Thermally Conductive Polymers Market size was valued at US$ 136.9 Million in 2022 and is expected to surpass US$ 366.4 Million by 2030 and is anticipated to witness a compound annual growth rate (CAGR) of 13.1% from 2023 to 2030. The global thermally conductive polymers market is witnessing significant growth on the account of rise in end user industries such as automotive, electrical & electronics, aerospace & defense, and medical industries. Moreover, increasing innovation in microelectronic components and advent of smaller electronic component is creating demand or high performance thermal management solutions. Furthermore, development of hybrid electric vehicles (HEV) and electric vehicles (EV) is augmenting demand for thermally conductive polymers from automotive industry, thereby propelling market growth.
Key Trends and Analysis of the Global Thermally Conductive Polymers Market:
Adoption of EVs is a latest in the global thermally conductive polymers market. Thermally conductive polymers have potential application in battery-powered vehicles due to their high energy density. Thermally conductive polymers are used create lightweight component of vehicles with better safety. According to the International Council on Clean Transportation, Global EV sales reached a record-high of 6.9 million in 2021, a 107% increase from 2020. It is the first time since 2012 that the global EV sales doubled in one year. Of the vehicles sold, 98% were light-duty vehicles (LDVs) and 2% were heavy-duty vehicles (HDVs). By the end of 2021, cumulative global sales of EVs reached 18.6 million, a 58% increase from end of 2020. Of these vehicles, 95% were LDVs while HDVs accounted for 5%. In 2021, the global average EV share of new vehicle sales achieved an all-time high of 8.3%, up from 4.2% in 2020.
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Key Market Takeaways:
Global thermally conductive polymers market is expected to surpass US$ 366.4 Million by 2030 and is anticipated to witness a CAGR of 13.1% during the forecast period 2023-2030, owing to the strong growth of end user industries such as automotive, electrical & electronics, aerospace & defense, and medical industries.
On the basis of Product Type, Polyamide segment is expected to hold a dominant position, owing to its exceptional thermal conductivity properties. Also, it is cost-effective, which is again propelling segment growth.
On the basis of Filler Type, Ceramics segment is expected to hold a dominant position, owing to its advantages such as easy processing, light weight, and low cost.
On the basis of End-use Industry, Electrical & Electronics segment is expected to hold a dominant position, owing to the strong growth of electrical & electronics sector. Also, miniaturization of electronic components is further expected to fuel segment growth.
On the basis of region, Asia Pacific is expected to hold a dominant position over the forecast period, due to rapid urbanization and industrialization in the region.
Key players operating in the global thermally conductive polymers market include RTP Company, PolyOne Corporation, Celanese Corporation, SABIC, Covestro AG, Royal DSM, Mitsubishi Engineering-Polymers Corporation, HELLA GmbH & Co., and Torray Industries, Inc. etc.
Global Thermally Conductive Polymers Market Key Developments
In May 2022, Dow globally introduced DOWSIL TC-6015 Thermally Conductive Encapsulant, an advanced, proven, silicone-based solution that provides exceptional thermal management for power electronics applications. This product has won two prestigious 2022 innovation awards: one from the Business Intelligence Group (BIG) in the Manufacturing category; and a Silver from the Edison Awards in the Industrial Technology category.
In November 2022, SABIC, a global marketer in the chemical industry, introduced LNP KONDUIT 8TF36E compound, a new specialty material that helps address the stringent demands of burn-in test sockets (BiTS) used to stress-test double-data-rate (DDR) memory integrated circuits (ICs).
Read complete market research report, "Thermally Conductive Polymers Market, By Product Type, By Filler Type and By Region and Segment Forecast 2023 - 2030", Published by Coherent Market Insights.
Global Thermally Conductive Polymers Market Segmentation:
- By Product Type:
- Polyphenylene Sulfide (PPS)
- Polybutylene Terephthalate (PBT)
- Polyamide (PA)
- Polycarbonate (PC)
- Polyethylenimine (PEI)
- Polysulfone (PSU)
- Polyether Ether Ketone (PEEK)
- Polyolefin
- Epoxy
- Silicone
- Polyurethane
- Others
- By Filler Type:
- Ceramics
- Carbon-based
- Others
- By End-use Industry:
- Electrical & Electronics
- Aerospace & Defense
- Automotive
- Industrial
- Healthcare
- By Region:
- North America
- By Country:
- U.S.
- Canada
- Europe
- By Country:
- U.K.
- Germany
- Italy
- France
- Spain
- Russia
- Rest of Europe
- Asia Pacific
- By Country:
- China
- India
- Japan
- ASEAN
- Australia
- South Korea
- Rest of Asia Pacific
- Latin America
- By Country:
- Brazil
- Mexico
- Argentina
- Rest of Latin America
- Middle East & Africa
- By Country:
- GCC Countries
- Israel
- South Africa
- Rest of Middle East & Africa
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