THERMALLY CONDUCTIVE POLYMERS MARKET SIZE & SHARE ANALYSIS - GROWTH TRENDS AND FORECASTS (2023 - 2030)

The global thermally conductive polymers market was valued at US$ 136.9 million in 2022 and is projected to reach US$ 366.4 million by 2030 witnessing a CAGR of 13.1% over the forecast period (2023-2030). This growth is attributed to growing end-use industries such as electrical & electronics, automotive, aerospace & defense, and medical industries. Moreover, increasing demand for compact, smart, inexpensive, and high-performance products is expected to drive the growth of the electronics industry, which in turn is expected to propel the demand for thermally conductive polymers over the forecast period.

Thermally conductive polymers: Regional Insights

The Asia Pacific holds the foremost immense amount of share within the worldwide Thermally conductive Polymers market owing to the countries that are helping within the growth of the market are India, China, Japan, Malaysia, Singapore, and lots of other APAC region countries which are expected to witness considerable expansion within the thermally conductive polymers market. North America region holds the most significant market share within the worldwide thermally conductive polymers market, because of the key companies which are in use. The North America region is booming the markets in these areas. The expansion and developments during this region are being held by the countries slightly rather like the U.S., Canada, and Mexico.

Figure 1. Global Thermally Conductive Polymers Market (%), By Region

Thermally conductive polymers: Growth drivers

• Rapid growth in the consumer electronics industry and demand from the automotive sector

Swift growth in the electronic sector is a major driving factor for the thermally conductive polymer market growth during the forecast years. This growth is majorly accredited to increasing consciousness about the safe packaging of electronic components from electromagnetic inference, static electricity, and others. This factor has augmented the utilization of conductive polymers in packaging applications owing to excellent shielding applications towards the electrostatic discharge and radio frequency interference. In addition, increasing demand from the automotive sector is also estimated to impel the market growth over the forecast years. This expected growth is owing to the potential applications of conductive polymers in battery-powdered automobiles because of their high energy density. Also, these materials are being used in modern vehicles such as designing of lightweight structures and play an important role in manufacturing of stiff, resistant and light vehicles with better safety; this aspect is further predicted to fuel market growth in the review time.

• Miniaturization of electronic components and development of power electronics

Innovation in microelectronics and the development of smaller electronic component demand advanced thermal management solutions. Heat dissipation in microelectronics and power electronics is a critical challenge that can be addressed by thermally conductive polymers. Conventional materials such as aluminum have limited design freedom, whereas thermally conductive polymers can be over-molded to form complex designs of components. The concentration of heat in power electronics components such as LED may result in performance issues or component damage. Thermally conductive polymers are majorly used for heat dissipation and substitute material for metals ad ceramics in electrical & electronics, automotive, and other industries for superior thermal management

Thermally conductive polymers: Market restraints

• Lower thermal conductivity than traditional metals

Thermally conductive polymers have low thermal conductivity than metals such as aluminum. These polymers are modified with thermally conductive fillers and additives to increase thermal conductivity. Metals have certain drawbacks such as being prone to corrosion and concentration of heat which leads to the creation of hot spots on the surface which can be eliminated by thermally conductive polymers. Thermally conductive polymers are design dependent and compatible with various polymer resins that can be processed in a variety of designs, shapes, and sizes for complex structures. However, the lower thermal conductivity of the polymers than traditional materials restrains the growth of the market.

• Availability of substitutes is a major restraint for the growth of the conductive polymer market

The easy availability of substitute materials along with low thermal conductivity compared to other alternatives is expected to limit the market growth over the forecast years. Also, high cost of conductive materials owing to fluctuations in raw material costs is further estimated to hamper the market growth in the forecast time.

Thermally conductive polymers: Segmentation

Automotive is the fastest-growing end-use industry during the forecast period. The automotive industry is driven by the development of hybrid electric vehicles (HEV) and electric vehicles (EV), which is expected to increase the demand for automotive electronics application of thermally conductive polymers. The substitution of mechanical components with thermally conductive engineered polymers due to the design flexibility of 3D components, weight reduction, and heat sinks for automotive LED lighting systems in increasing the demand for thermally conductive polymers.

Figure 2. Global Thermally Conductive Polymers Market (%), By End-use Industry

Recent Developments:

• On May 31, 2022, a roughly $1 billion agreement, Saint-Gobain will buy Kaycan, a Canadian manufacturer and distributor of building products. The $928 million cash deal was disclosed by the French building materials behemoth, which has its North American headquarters in Malvern. By the end of the year, the deal should be completed
• On March 8, 2021, BASF is extending its Ultramid Advanced polypthalamide (PPA) line with carbon-fiber-reinforced grades with fills of 20,30, and 40%. The following are some of the advantages of these new materials: they’re exceedingly light, and can safely replace aluminum and magnesium without sacrificing stiffness or strength.

Major Players:

Major 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.