Thermal interface materials are a crucial part of thermal management devices for electronic components: the common thermal interface materials on the market are mainly divided into polymer-based composite materials, metal-based thermal interface materials, and novel thermal interface materials that are in the advanced exploration stage. Polymer-based composite materials include thermal conductive grease, thermal conductive gel, thermal conductive adhesive, thermal conductive pads, and phase change materials; metal-based thermal interface materials are represented by low-melting-point solders and liquid metal materials; and novel thermal interface materials are represented by thermally conductive polymers, graphene, and carbon nanotube arrays. Currently, the main application areas for thermal interface materials in China are consumer electronics, new energy vehicles, communication technology, medical fields, and others. Among these, the consumer electronics sector has the largest share, accounting for 46.7%, followed by the communication equipment sector with 38.5%.

The "AI+" craze is driving the demand for heat dissipation in electronic components, and the global thermal interface material market size is expected to exceed $70 billion by 2034, with a compound annual growth rate (CAGR) of over 10% from 2024 to 2034. Currently, the design methods for heat dissipation in AI terminals are in a diversified development stage, with thermal interface materials serving as essential participants in mainstream heat dissipation solutions. The "AI+" trend is expected to further boost the recovery of the consumer electronics industry. IDC predicts that the shipment volume of the next generation of AI smartphones in China will reach 118 million units in 2025, a year-on-year increase of 59.8%, accounting for 40.7% of the overall market. With the increasing popularity of electric vehicles, the demand for TIMs is also growing rapidly, and this trend is expected to continue. Data centers are moving from "smart" to "intelligent computing," and it is estimated that the investment scale of the intelligent computing center market in China could reach 288.6 billion yuan by 2028, an increase of more than three times compared to 2023. Over the next three years, there is still about a 25% growth potential in the demand for 5G base stations in China.

According to Future Market Insights, the global thermal interface material market size is expected to reach $2.4826 billion in 2024 and $7.6233 billion by 2034, with a CAGR of 11.9% from 2024 to 2034. The Chinese thermal interface material market is expected to have a CAGR of 11.3% from 2024 to 2034.

Localization and high-end development will remain the trends for thermal interface materials in China, where the industrial chain foundation has advantages. Currently, the leading companies in the global thermal interface material market are still primarily overseas enterprises, such as Henkel, 3M Company, Shin-Etsu Chemical Co., Ltd., Honeywell International Inc., and Dow Chemical Company, which account for 45% to 50% of the market share. According to Zhiyan Consulting, the localization rate of thermal interface materials in China was 23.1% in 2022. At present, China has a solid industrial chain foundation at key nodes for thermal interface materials. 1) The important substrate, silicone, which accounts for approximately 42.9% of the usage in thermal interface materials, has seen an increase in industry concentration, with subsequent capacity growth slowing down. Emerging applications effectively drive capacity digestion, awaiting a turning point in the micro-fundamentals. 2) Spherical aluminum oxide, as the most widely used thermal conductive filler, accounted for 22% of the market size in China in 2022, with the top three companies in the industry combined accounting for 65% of shipments, indicating a high level of market concentration. 3) The artificial graphite heat dissipation film industry in China is developing rapidly and currently occupies about 70% of the global market demand. Chinese companies rely on upstream key raw materials (