The Global Market for Thermal Management Materials and Systems 2024-2034

Published August 2023 | 320 pages, 81 figures, 35 tables | Download Table of contents

Effective thermal management is critical across industries from microelectronics to electric vehicles to aerospace systems. With increasing power densities and decreasing form factors, innovative materials and design solutions are required to dissipate escalating heat loads. This report provided an overview of key technologies and techniques enabling safe, reliable and high performance thermal control. Main topics covered included:

Thermal management materials – Heat spreaders, heat sinks, phase change materials, thermal interface materials, and advanced composites.
Thermal management systems – Immersion cooling, battery thermal management, heat exchangers, thermoelectric coolers.
Direct liquid cooling – Microchannel heat sinks, jet impingement, spray cooling, and chip immersion techniques.
Passive heat transfer – Heat pipes, vapor chambers, and phase change materials.

Key areas covered include:

Thermal interface materials - greases, gels, pads, gap fillers
Heat spreaders and heat sinks - design, materials, optimization
Phase change materials - characteristics, electronics and battery applications
Immersion cooling systems - for high heat flux removal in data centers
Battery thermal management - for electric vehicles
Heat pipes and vapor chambers - operating principles, wick structures
Thermoelectric cooling - Peltier modules, precision temperature control
Direct chip cooling - microchannel heat sinks, jet impingement, spray cooling

Key market areas covered include:

Electronics cooling - CPUs, GPUs, power electronics for computing and data centers
Automotive cooling - powertrain components, battery thermal management for electric vehicles
Aerospace and space - avionics, instruments, thermal control systems for aircraft and spacecraft
Energy systems - photovoltaics, nuclear, turbine heat management
Industrial - motor drives, power supplies, high power lasers, RF amplifiers
Biomedical - medical imaging, analyzers, therapy devices
Consumer products - mobile phones, laptops, LED lighting, appliances

The report explores thermal management solutions across these diverse markets spanning from microelectronics to electric vehicles to avionics and space systems. Each market has unique requirements and challenges related to heat fluxes, environments, form factors, and performance needs. Key underlying technologies are examined in the context of enabling effective thermal control in these applications. The analysis provides insights into applying advanced thermal management materials and techniques to meet critical needs in these technology sectors.

The report features profiles of 144 companies in thermal management. Companies profiled include 3M, Arieca, Arteco Coolants, Carbice Corporation, CondAlign, Dexerials, Fujipoly, Henkel, Indium Corporation, KULR Technology Group, Inc., Parker-Hannifin Corporation, Senior Flexonics, Shin-Etsu Chemical Co., Ltd, and SHT Smart High-Tech AB.

The Global Market for Thermal Management Materials and Systems 2024-2034

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The Global Market for Thermal Management Materials and Systems 2024-2034

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1 INTRODUCTION 18

1.1 Thermal management 18
- 1.1.1 Active 18
- 1.1.2 Passive 19
1.2 Thermal Management Systems 19
- 1.2.1 Immersion Cooling Systems for Data Centers 19
- 1.2.2 Battery Thermal Management for Electric Vehicles 20
- 1.2.3 Heat Exchangers for Aerospace Cooling 21
1.3 Main types of thermal management materials and technologies 21

2 PHASE CHANGE MATERIALS 22

2.1 Properties of Phase Change Materials (PCMs) 23
2.2 Types 25
- 2.2.1 Organic/biobased phase change materials 27
  - 2.2.1.1 Advantages and disadvantages 27
  - 2.2.1.2 Paraffin wax 28
  - 2.2.1.3 Non-Paraffins/Bio-based 28
- 2.2.2 Inorganic phase change materials 29
  - 2.2.2.1 Salt hydrates 29
    - 2.2.2.1.1 Advantages and disadvantages 30
  - 2.2.2.2 Metal and metal alloy PCMs (High-temperature) 31
- 2.2.3 Eutectic mixtures 31
- 2.2.4 Encapsulation of PCMs 31
  - 2.2.4.1 Macroencapsulation 32
  - 2.2.4.2 Micro/nanoencapsulation 32
- 2.2.5 Nanomaterial phase change materials 33
2.3 Thermal energy storage (TES) 33
- 2.3.1 Sensible heat storage 33
- 2.3.2 Latent heat storage 34
2.4 Battery Thermal Management 34

3 THERMAL INTERFACE MATERIALS 35

3.1 What are thermal interface materials (TIMs)? 36
- 3.1.1 Types 37
- 3.1.2 Thermal conductivity 39
3.2 Comparative properties of TIMs 40
3.3 Advantages and disadvantages of TIMs, by type 41
3.4 Prices 44
3.5 Thermal greases and pastes 46
3.6 Thermal gap pads 47
3.7 Thermal gap fillers 48
3.8 Thermal adhesives and potting compounds 49
3.9 Metal-based TIMs 51
- 3.9.1 Solders and low melting temperature alloy TIMs 51
- 3.9.2 Liquid metals 53
- 3.9.3 Solid liquid hybrid (SLH) metals 53
  - 3.9.3.1 Hybrid liquid metal pastes 54
  - 3.9.3.2 SLH created during chip assembly (m2TIMs) 55
3.10 Carbon-based TIMs 56
- 3.10.1 Multi-walled nanotubes (MWCNT) 56
  - 3.10.1.1 Properties 57
  - 3.10.1.2 Application as thermal interface materials 58
- 3.10.2 Single-walled carbon nanotubes (SWCNTs) 58
  - 3.10.2.1 Properties 59
  - 3.10.2.2 Application as thermal interface materials 62
- 3.10.3 Vertically aligned CNTs (VACNTs) 62
  - 3.10.3.1 Properties 62
  - 3.10.3.2 Applications 62
  - 3.10.3.3 Application as thermal interface materials 63
- 3.10.4 BN nanotubes (BNNT) and nanosheets (BNNS) 64
  - 3.10.4.1 Properties 64
  - 3.10.4.2 Application as thermal interface materials 64
- 3.10.5 Graphene 66
  - 3.10.5.1 Properties 67
  - 3.10.5.2 Application as thermal interface materials 69
    - 3.10.5.2.1 Graphene fillers 69
    - 3.10.5.2.2 Graphene foam 69
    - 3.10.5.2.3 Graphene aerogel 69
- 3.10.6 Nanodiamonds 70
  - 3.10.6.1 Properties 70
  - 3.10.6.2 Application as thermal interface materials 72
- 3.10.7 Graphite 72
  - 3.10.7.1 Properties 72
  - 3.10.7.2 Natural graphite 73
    - 3.10.7.2.1 Classification 74
    - 3.10.7.2.2 Processing 75
    - 3.10.7.2.3 Flake 75
      - 3.10.7.2.3.1 Grades 76
      - 3.10.7.2.3.2 Applications 76
  - 3.10.7.3 Synthetic graphite 78
    - 3.10.7.3.1 Classification 78
      - 3.10.7.3.1.1 Primary synthetic graphite 79
      - 3.10.7.3.1.2 Secondary synthetic graphite 79
      - 3.10.7.3.1.3 Processing 79
  - 3.10.7.4 Applications as thermal interface materials 80
- 3.10.8 Hexagonal Boron Nitride 81
  - 3.10.8.1 Properties 81
  - 3.10.8.2 Application as thermal interface materials 83
3.11 Metamaterials 83
- 3.11.1 Types and properties 84
  - 3.11.1.1 Electromagnetic metamaterials 85
    - 3.11.1.1.1 Double negative (DNG) metamaterials 85
    - 3.11.1.1.2 Single negative metamaterials 85
    - 3.11.1.1.3 Electromagnetic bandgap metamaterials (EBG) 85
    - 3.11.1.1.4 Bi-isotropic and bianisotropic metamaterials 86
    - 3.11.1.1.5 Chiral metamaterials 86
    - 3.11.1.1.6 Electromagnetic “Invisibility” cloak 87
  - 3.11.1.2 Terahertz metamaterials 87
  - 3.11.1.3 Photonic metamaterials 87
  - 3.11.1.4 Tunable metamaterials 88
  - 3.11.1.5 Frequency selective surface (FSS) based metamaterials 88
  - 3.11.1.6 Nonlinear metamaterials 88
  - 3.11.1.7 Acoustic metamaterials 89
- 3.11.2 Application as thermal interface materials 89
3.12 Self-healing thermal interface materials 90
- 3.12.1 Extrinsic self-healing 91
- 3.12.2 Capsule-based 91
- 3.12.3 Vascular self-healing 91
- 3.12.4 Intrinsic self-healing 92
- 3.12.5 Healing volume 93
- 3.12.6 Types of self-healing materials, polymers and coatings 94
- 3.12.7 Applications in thermal interface materials 95
3.13 Phase change thermal interface materials (PCTIMs) 95
- 3.13.1 Thermal pads 97
- 3.13.2 Low Melting Alloys (LMAs) 97

4 HEAT SPREADERS AND HEAT SINKS 98

4.1 Design 99
4.2 Materials 100
- 4.2.1 Aluminum alloys 100
- 4.2.2 Copper 101
- 4.2.3 Metal foams 101
- 4.2.4 Metal matrix composites 102
- 4.2.5 Graphene 103
- 4.2.6 Carbon foams and nanotubes 103
- 4.2.7 Graphite 103
- 4.2.8 Diamond 104
- 4.2.9 Liquid immersion cooling 104
4.3 Market overview 105
- 4.3.1 Applications 105
- 4.3.2 Market players 105
4.4 Challenges 106

5 HEAT EXCHANGERS 108

5.1 Design 108
5.2 Types 109
5.3 Key materials 110
5.4 Recent innovation 112
5.5 Market overview 112
- 5.5.1 Applications 113
- 5.5.2 Market players 113

6 LIQUID COOLING SYSTEMS 114

6.1 Design 114
6.2 Types 115
6.3 Liquid Coolants 115
6.4 Components of Liquid Cooling Systems 116
6.5 Benefits 116
6.6 Challenges 116
6.7 Recent innovation 117
6.8 Market overview 117

7 AIR COOLING 118

7.1 Introduction 118
7.2 Air Cooling Methods 119
7.3 Design 120
7.4 Recent innovation 121
7.5 Applications 122
7.6 Market overview 124

8 COOLING PLATES 126

8.1 Overview 126
8.2 Design 126
8.3 Enhancement Techniques 127
8.4 Applications 128
8.5 Recent innovation 129
8.6 Market overview 130

9 SPRAY COOLING 131

9.1 Overview 131
9.2 Heat Transfer Mechanisms 132
9.3 Spray Cooling Fluids 132
9.4 Applications 134
9.5 Recent innovation 134

10 IMMERSION COOLING 135

10.1 Overview 135
10.2 Common immersion fluids 136
10.3 Benefits 136
10.4 Challenges 137
10.5 Recent innovation 137

11 THERMOELECTRIC COOLERS 138

11.1 Thermoelectric Modules 138
11.2 Performance Factors 138
11.3 Electronics Cooling 139

12 COOLANT FLUIDS FOR EVS 139

12.1 Coolant Fluid Requirements 140
12.2 Common EV Coolant Fluids 140
12.3 Recent innovations 141

13 MARKETS FOR THERMAL MANAGEMENT MATERIALS AND SYSTEMS 143

13.1 Consumer electronics 143
- 13.1.1 Market overview 143
  - 13.1.1.1 Market drivers 143
  - 13.1.1.2 Applications 144
    - 13.1.1.2.1 Smartphones and tablets 144
    - 13.1.1.2.2 Wearable electronics 145
- 13.1.2 Global market revenues 2018-2034 147
13.2 Electric Vehicles (EV) 148
- 13.2.1 Market overview 148
  - 13.2.1.1 Market drivers 148
  - 13.2.1.2 Applications 149
    - 13.2.1.2.1 Lithium-ion batteries 149
      - 13.2.1.2.1.1 Cell-to-pack designs 150
      - 13.2.1.2.1.2 Cell-to-chassis/body 151
    - 13.2.1.2.2 Electric motors 152
    - 13.2.1.2.3 Power electronics 154
    - 13.2.1.2.4 Charging stations 155
13.3 Data Centers 157
- 13.3.1 Market overview 157
  - 13.3.1.1 Market drivers 157
  - 13.3.1.2 Applications 158
    - 13.3.1.2.1 Router, switches and line cards 158
    - 13.3.1.2.2 Servers 159
    - 13.3.1.2.3 Power supply converters 160
13.4 ADAS Sensors 161
- 13.4.1 Market overview 161
  - 13.4.1.1 Market drivers 161
  - 13.4.1.2 Applications 161
    - 13.4.1.2.1 ADAS Cameras 162
    - 13.4.1.2.2 ADAS Radar 162
    - 13.4.1.2.3 ADAS LiDAR 163
13.5 EMI shielding 164
- 13.5.1 Market overview 164
  - 13.5.1.1 Market drivers 164
  - 13.5.1.2 Applications 164
13.6 5G 165
- 13.6.1 Market overview 165
  - 13.6.1.1 Market drivers 165
  - 13.6.1.2 Applications 165
    - 13.6.1.2.1 Antenna 165
    - 13.6.1.2.2 Base Band Unit (BBU) 167

14 GLOBAL REVENUES FOR TIMS 173

14.1 Global revenues for 2022, by type 173
14.2 Global revenues 2023-2033, by materials type 175
- 14.2.1 Telecommunications market 175
- 14.2.2 Electronics and data centers market 176
- 14.2.3 ADAS market 177
- 14.2.4 Electric vehicles (EVs) market 178
14.3 By market 179
14.4 Global revenues for thermal management materials and systems 2018-2034, by region 182

15 FUTURE MARKET OUTLOOK 183

16 COMPANY PROFILES 184 (144 company profiles)

17 RESEARCH METHODOLOGY 310

18 REFERENCES 312

List of Tables

Table 1. Comparison active and passive thermal management. 19
Table 2. Common PCMs used in electronics cooling and their melting temperatures. 23
Table 3. Properties of PCMs. 24
Table 4. PCM Types and properties. 26
Table 5. Advantages and disadvantages of organic PCMs. 27
Table 6. Advantages and disadvantages of organic PCM Fatty Acids. 29
Table 7. Advantages and disadvantages of salt hydrates 30
Table 8. Advantages and disadvantages of low melting point metals. 31
Table 9. Advantages and disadvantages of eutectics. 31
Table 10. Thermal conductivities (κ) of common metallic, carbon, and ceramic fillers employed in TIMs. 39
Table 11. Commercial TIMs and their properties. 40
Table 12. Advantages and disadvantages of TIMs, by type. 41
Table 13. Thermal interface materials prices. 44
Table 14. Characteristics of some typical TIMs. 45
Table 15. Properties of CNTs and comparable materials. 57
Table 16. Typical properties of SWCNT and MWCNT. 59
Table 17. Comparison of carbon-based additives in terms of the main parameters influencing their value proposition as a conductive additive. 61
Table 18. Thermal conductivity of CNT-based polymer composites. 63
Table 19. Comparative properties of BNNTs and CNTs. 64
Table 20. Properties of graphene, properties of competing materials, applications thereof. 67
Table 21. Properties of nanodiamonds. 71
Table 22. Comparison between Natural and Synthetic Graphite. 72
Table 23. Classification of natural graphite with its characteristics. 74
Table 24. Characteristics of synthetic graphite. 78
Table 25. Properties of hexagonal boron nitride (h-BN). 82
Table 26. Types of self-healing coatings and materials. 94
Table 27. Comparative properties of self-healing materials. 95
Table 28. Benefits and drawbacks of PCMs in TIMs. 95
Table 29. Challenges with heat spreaders and heat sinks. 106
Table 30. Global revenues for thermal management materials and systems, 2018-2034, by type. 173
Table 31. Global revenues for TIMs 2018-2034, by market (millions USD) 179
Table 32. Carbodeon Ltd. Oy nanodiamond product list. 212
Table 33. CrodaTherm Range. 214
Table 34. Ray-Techniques Ltd. nanodiamonds product list. 279
Table 35. Comparison of ND produced by detonation and laser synthesis. 279

List of Figures

Figure 1. Phase-change TIM products. 23
Figure 2. PCM mode of operation. 25
Figure 3. Classification of PCMs. 26
Figure 4. Phase-change materials in their original states. 26
Figure 5. Thermal energy storage materials. 33
Figure 6. Phase Change Material transient behaviour. 34
Figure 7. (L-R) Surface of a commercial heatsink surface at progressively higher magnifications, showing tool marks that create a rough surface and a need for a thermal interface material. 36
Figure 8. Schematic of thermal interface materials used in a flip chip package. 37
Figure 9. Thermal grease. 38
Figure 10. Dispensing a bead of silicone-based gap filler onto the heat sink of a power electronics module. 39
Figure 11. Application of thermal silicone grease. 46
Figure 12. A range of thermal grease products. 47
Figure 13. Thermal Pad. 48
Figure 14. Dispensing a bead of silicone-based gap filler onto the heat sink of a power electronics module. 49
Figure 15. Thermal tapes. 50
Figure 16. Thermal adhesive products. 50
Figure 17. Typical IC package construction identifying TIM1 and TIM2 52
Figure 18. Liquid metal TIM product. 53
Figure 19. Pre-mixed SLH. 54
Figure 20. HLM paste and Liquid Metal Before and After Thermal Cycling. 55
Figure 21. SLH with Solid Solder Preform. 55
Figure 22. Automated process for SLH with solid solder preforms and liquid metal. 56
Figure 23. Schematic diagram of a multi-walled carbon nanotube (MWCNT). 57
Figure 24. Schematic of single-walled carbon nanotube. 59
Figure 25. Types of single-walled carbon nanotubes. 61
Figure 26. Schematic of a vertically aligned carbon nanotube (VACNT) membrane used for water treatment. 63
Figure 27. Schematic of Boron Nitride nanotubes (BNNTs). Alternating B and N atoms are shown in blue and red. 64
Figure 28. Graphene layer structure schematic. 66
Figure 29. Illustrative procedure of the Scotch-tape based micromechanical cleavage of HOPG. 66
Figure 30. Graphene and its descendants: top right: graphene; top left: graphite = stacked graphene; bottom right: nanotube=rolled graphene; bottom left: fullerene=wrapped graphene. 68
Figure 31. Detonation Nanodiamond. 71
Figure 32. DND primary particles and properties. 71
Figure 33. Flake graphite. 76
Figure 34. Applications of flake graphite. 77
Figure 35. Graphite-based TIM products. 80
Figure 36. Structure of hexagonal boron nitride. 81
Figure 37. Classification of metamaterials based on functionalities. 84
Figure 38. Electromagnetic metamaterial. 85
Figure 39. Schematic of Electromagnetic Band Gap (EBG) structure. 86
Figure 40. Schematic of chiral metamaterials. 87
Figure 41. Nonlinear metamaterials- 400-nm thick nonlinear mirror that reflects frequency-doubled output using input light intensity as small as that of a laser pointer. 89
Figure 42. Schematic of self-healing polymers. Capsule based (a), vascular (b), and intrinsic (c) schemes for self-healing materials. Red and blue colours indicate chemical species which react (purple) to heal damage. 90
Figure 43. Stages of self-healing mechanism. 91
Figure 44. Self-healing mechanism in vascular self-healing systems. 92
Figure 45. Comparison of self-healing systems. 93
Figure 46. PCM TIMs. 96
Figure 47. Phase Change Material - die cut pads ready for assembly. 97
Figure 48. Schematic of TIM operation in electronic devices. 144
Figure 49. Schematic of Thermal Management Materials in smartphone. 145
Figure 50. Wearable technology inventions. 146
Figure 51. Global market revenues in electronics 2018-2024, by type, million USD. 147
Figure 52. Application of thermal interface materials in automobiles. 148
Figure 53. EV battery components including TIMs. 150
Figure 54. Battery pack with a cell-to-pack design and prismatic cells. 151
Figure 55. Cell-to-chassis battery pack. 152
Figure 56. TIMS in EV charging station. 156
Figure 57. Image of data center layout. 158
Figure 58. Application of TIMs in line card. 159
Figure 59. ADAS radar unit incorporating TIMs. 163
Figure 60. Coolzorb 5G. 164
Figure 61. TIMs in Base Band Unit (BBU). 167
Figure 62. Global revenues for thermal management materials and systems, 2018-2034, by type. 173
Figure 63. Global revenues for thermal management materials and systems in telecommuncations, 2018-2034, by type. 175
Figure 64. Global revenues for thermal management materials and systems in electronics & data centers, 2018-2034, by type. 176
Figure 65. Global revenues for thermal management materials and systems in ADAS, 2018-2034, by type.Source: Future Markets, Inc. 177
Figure 66. Global revenues for thermal management materials and systems in Electric Vehicles (EVs), 2018-2034, by type. 178
Figure 67. Global revenues for TIMs 2018-2033, by market. 181
Figure 68. Boron Nitride Nanotubes products. 204
Figure 69. Transtherm® PCMs. 206
Figure 70. Carbice carbon nanotubes. 209
Figure 71. Internal structure of carbon nanotube adhesive sheet. 232
Figure 72. Carbon nanotube adhesive sheet. 233
Figure 73. HI-FLOW Phase Change Materials. 243
Figure 74. Thermoelectric foil, consists of a sequence of semiconductor elements connected with conductive metal. At the top (in red) is the thermal interface. 258
Figure 75. Parker Chomerics THERM-A-GAP GEL. 268
Figure 76. Crēdo™ ProMed transport bags. 270
Figure 77. Metamaterial structure used to control thermal emission. 273
Figure 78. Shinko Carbon Nanotube TIM product. 294
Figure 79. The Sixth Element graphene products. 298
Figure 80. Thermal conductive graphene film. 299
Figure 81. VB Series of TIMS from Zeon. 309

The Global Market for Thermal Management Materials and Systems 2024-2034

PDF download.

The Global Market for Thermal Management Materials and Systems 2024-2034

PDF and print edition (including tracked delivery).

Payment methods: Visa, Mastercard, American Express, Paypal, Bank Transfer.

To purchase by invoice (bank transfer) contact info@futuremarketsinc.com or select Bank Transfer (Invoice) as a payment method at checkout

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Published August 2023 | 320 pages, 81 figures, 35 tables | Download Table of contents

1 INTRODUCTION 18

2 PHASE CHANGE MATERIALS 22

3 THERMAL INTERFACE MATERIALS 35

4 HEAT SPREADERS AND HEAT SINKS 98

5 HEAT EXCHANGERS 108

6 LIQUID COOLING SYSTEMS 114

7 AIR COOLING 118

8 COOLING PLATES 126

9 SPRAY COOLING 131

10 IMMERSION COOLING 135

11 THERMOELECTRIC COOLERS 138

12 COOLANT FLUIDS FOR EVS 139

13 MARKETS FOR THERMAL MANAGEMENT MATERIALS AND SYSTEMS 143

14 GLOBAL REVENUES FOR TIMS 173

15 FUTURE MARKET OUTLOOK 183

16 COMPANY PROFILES 184 (144 company profiles)

17 RESEARCH METHODOLOGY 310

18 REFERENCES 312

List of Tables

List of Figures

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