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Thermal Management Materials for AI and Power Electronics: Global Market 2027–2037

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  • Published: November 2026
  • Pages: 659
  • Tables: 371
  • Figures: 77

 

Heat has become the binding constraint on both AI computing and power electronics. Flagship AI accelerator packages have moved from 700 W in 2023 to more than 1 kW today, and the roadmap points to multi-die modules of 3–5 kW. That brings heat fluxes above 300 W/cm², with hotspots approaching 1,000 W/cm². Power electronics faces the same problem in a different form. Silicon carbide and gallium nitride devices in electric vehicles, renewable-energy inverters, grid equipment and the new 800 V DC power systems of AI data centres run at junction temperatures of 175–200 °C. Every switching cycle subjects their packaging materials to severe thermomechanical fatigue.

Thermal management materials sit at four points in the heat-removal pathway. Interface materials move heat across the junction between surfaces: polymer greases, gels, gap fillers and pads, phase-change materials, and indium, solder and sintered-metal attachment layers. Spreader materials carry heat sideways: graphite sheets, graphene structures, carbon composites and synthetic diamond. Insulating substrates conduct heat while blocking current: aluminium nitride, silicon nitride, alumina and boron nitride ceramics, plus thermally conductive polymer composites. Fluid-facing materials pass heat into a coolant: microchannel substrates, bonded cooling structures, seals, protective coatings and fluid-contact materials.

The central lesson of the past three years is that a high thermal-conductivity figure alone does not deliver better cooling at package level. Interfaces typically account for 40–60% of the thermal resistance between junction and coolant. Bond-line thickness, contact resistance, pump-out, thermal boundary resistance and long-term reliability therefore often matter more than any single material’s bulk conductivity.

Supply is concentrated. Japan dominates aluminium nitride and silicon nitride powders and substrates. China controls graphite and gallium and has used export controls on both. Indium and silver prices are volatile, and PFAS restrictions are reshaping cooling fluids and fluoropolymer seals. Qualification takes two to five years for automotive modules and one to two years for hyperscaler parts, which protects established suppliers. 

Thermal Management Materials for AI and Power Electronics: Global Market 2027–2037 sizes and forecasts the global market for the materials that remove heat from AI accelerators, high-bandwidth memory, servers and data-centre power equipment, and from the power semiconductors in electric vehicles, renewable-energy and grid converters, industrial drives and RF systems.

The report is organised by where each material acts in the heat-removal pathway rather than by product form. This tells engineers, suppliers and investors which properties decide performance, which failure modes dominate and where new materials can win. 

Report contents include:

  • Global market forecasts for 2027–2037 by eight material subcategories, six applications, eight countries and regions, and position in the heat path, plus a material-by-application matrix and low, base and high scenarios
  • Heat-removal pathway framework, thermal-resistance fundamentals and worked examples showing why datasheet conductivity misleads
  • Market drivers and requirements: AI accelerator power roadmaps, rack power density, 800 V DC data-centre power, SiC traction inverters, grid and RF applications
  • In-depth chapters on polymer thermal-interface materials, phase-change materials, metallic interface and attachment materials (indium, liquid metal, silver and copper sintering), carbon-based heat spreaders, diamond-based thermal materials, insulating ceramics (AlN, Si₃N₄, alumina, BN, DBC/AMB substrates), thermally conductive polymer composites, and materials for integrated liquid cooling
  • For each subcategory: property and product benchmarks, an analysis of the key research questions, a comparison of AI and power-electronics requirements, 2024–2026 developments, supplier landscape, forecasts and a SWOT analysis
  • Package architecture and system-level performance: lidded versus lidless designs, micro-channel lids, double-sided cooling, thermal-resistance budgets and reliability qualification
  • Supply chain, raw materials, pricing and geopolitics: indium, gallium, silver, graphite and diamond export controls, PFAS regulation, M&A and qualification barriers
  • Technology roadmap to 2037, four research priorities (thin-bond-line interfaces, diamond integration, high-conductivity insulating composites and package-integrated cooling), an emerging-materials watchlist and strategic-group analysis
  • 156 company profiles across the full value chain including 3M Company, 5N Plus, Accelsius, Adamas Nanotechnologies, Admatechs, Advent Diamond, AIM Solder, Aismalibar, Akash Systems, Akhan Semiconductor, Alloy Enterprises, Almatis, Ames Goldsmith, Amkor Technology, Amogreentech, Amosense, Applied Diamond, Arieca, ASE Technology Holding, Asia Vital Components (AVC), ASMPT, Auras Technology, Bando Chemical Industries, BNNT LLC, Boschman Technologies, Boston Materials, Boyd Corporation, Carbice Corporation, Celanese, CeramTec, Chaozhou Three-Circle (CCTC), Chemours, CHT Group, Coherent, Cooler Master, CoolIT Systems, Coollaboratory, CoolSem Technologies, CoorsTek, Corintis, CPC (Colder Products Company), Danfoss, Denka, Dexerials, Diamfab, Diamond Foundry, Diamond Materials GmbH, Diamond Quanta, Dow, DOWA Holdings, ELANTAS, Electrolube, Element Six, Elkem Silicones, Engineered Fluids, Ensinger, Envalior, Fabric8Labs, Ferrotec, Freudenberg Sealing Technologies, Fuji Electric, Fujipoly, Fujian Huaqing Electronic Material Technology and more....

 

 

Purchasers will receive the following:

  • PDF report download/by email. 
  • Comprehensive Excel spreadsheet of all data.
  • Mid-year Update

 

Thermal Management Materials for AI and Power Electronics: Global Market 2027–2037
Thermal Management Materials for AI and Power Electronics: Global Market 2027–2037
PDF + Excel Database.
Price: £1,100.00

Thermal Management Materials for AI and Power Electronics: Global Market 2027–2037
Thermal Management Materials for AI and Power Electronics: Global Market 2027–2037
PDF + Excel Database + Print Edition.
Price: £1,200.00

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1             EXECUTIVE SUMMARY            22

  • 1.1        Scope of this report   22
  • 1.2        Market size and growth           23
  • 1.3        Key findings    25
  • 1.4        The heat-removal pathway in numbers        26
  • 1.5        AI hardware versus power electronics           26
  • 1.6        Research priorities     27
  • 1.7        Competitive landscape summary   27

 

2             INTRODUCTION AND METHODOLOGY       28

  • 2.1        Report scope and definitions              28
    • 2.1.1    What the report covers            28
    • 2.1.2    What the report excludes       28
    • 2.1.3    Device and system boundaries         29
  • 2.2        The heat-removal pathway framework          30
    • 2.2.1    Four positions in the heat path           30
    • 2.2.2    Mapping the eight subcategories to the pathway   31
    • 2.2.3    Market structure by pathway position           32
  • 2.3        Thermal resistance fundamentals  32
    • 2.3.1    The series resistance stack  32
    • 2.3.2    Worked example: datasheet conductivity versus package-level performance   33
    • 2.3.3    Heat flux versus total power 34
    • 2.3.4    Spreading resistance                34
    • 2.3.5    Thermal boundary resistance             35
    • 2.3.6    Why datasheet bulk conductivity misleads               35
  • 2.4        Measurement and characterisation methods          35
  • 2.5        AI and power-electronics thermal paths compared             36
    • 2.5.1    The lidded flip-chip accelerator package    36
    • 2.5.2    The power-module stack       37
    • 2.5.3    Double-sided cooling               38
  • 2.6        Research methodology           38
    • 2.6.1    Primary and secondary research      38
    • 2.6.2    Bottom-up forecasting approach     39
    • 2.6.3    Base year, forecast period and currency      39
    • 2.6.4    Segment definitions: applications   40
    • 2.6.5    Segment definitions: regions and countries              40
    • 2.6.6    Limitations      41
  • 2.7        Relationship to other Future Markets reports           41

 

3             MARKET DRIVERS AND APPLICATION REQUIREMENTS    42

  • 3.1        The AI accelerator power roadmap 42
    • 3.1.1    Package power by generation              42
    • 3.1.2    Heat flux, hotspots and thermal headroom              43
    • 3.1.3    HBM stacks    43
    • 3.1.4    2.5D/3D packaging and CoWoS-L growth   44
  • 3.2        Rack power density and the shift to liquid cooling                44
    • 3.2.1    From 40 kW to 600 kW per rack         44
    • 3.2.2    The cooling ladder      45
    • 3.2.3    What liquid cooling changes for materials 46
  • 3.3        Data-centre power infrastructure     47
    • 3.3.1    800 V DC distribution               47
    • 3.3.2    Solid-state transformers, SiC/GaN power supplies and battery backup 47
  • 3.4        EV and transport power electronics                48
    • 3.4.1    SiC traction inverters and 800 V platforms 48
    • 3.4.2    Power cycling and lifetime    48
    • 3.4.3    Beyond the traction inverter 49
  • 3.5        Renewable, grid and industrial power electronics 49
  • 3.6        Telecom, RF and defence power devices     50
  • 3.7        Wide-bandgap semiconductor adoption and why it shifts materials        51
    • 3.7.1    Higher junction temperatures and stiffer dies          51
    • 3.7.2    CTE mismatch              51
    • 3.7.3    GaN in power conversion       52
    • 3.7.4    Wide-bandgap adoption outlook      52
  • 3.8        Requirement matrices by application           53
  • 3.9        Sustainability and regulatory drivers              54
    • 3.9.1    PFAS restrictions         54
    • 3.9.2    Silicone contamination and siloxane regulation     54
    • 3.9.3    Lead and hazardous-substance rules           54
    • 3.9.4    Energy efficiency and data-centre rules       54
    • 3.9.5    Critical-material supply and export controls            55
  • 3.10     Restraints and challenges     55
  • 3.11     From device demand to materials content 56
    • 3.11.1 Thermal-material content per device             56
    • 3.11.2 Materials-to-application mapping   57
  • 3.12     Market by application, 2027–2037  57
    • 3.12.1 Forecast            57
    • 3.12.2 Interpretation 59

 

4             POLYMER-BASED THERMAL-INTERFACE MATERIALS         60

  • 4.1        Scope and position in the heat-removal pathway  60
  • 4.2        Product forms               61
    • 4.2.1    Thermal greases          62
    • 4.2.2    Thermal gels: one-part, two-part and cure-in-place             62
    • 4.2.3    Dispensable gap fillers            63
    • 4.2.4    Gap pads          63
    • 4.2.5    Thermally conductive adhesives and tapes               63
  • 4.3        Matrix chemistries: silicone and silicone-free          64
  • 4.4        Fillers and filler packing          65
  • 4.5        Key research questions           67
    • 4.5.1    Bond-line thickness  67
    • 4.5.2    Contact resistance    67
    • 4.5.3    Pump-out         67
    • 4.5.4    Dry-out, oil bleed and siloxane volatiles      69
    • 4.5.5    Lifetime stability and qualification  69
  • 4.6        Applications   69
    • 4.6.1    AI accelerators and advanced packaging   70
    • 4.6.2    AI servers and data-centre IT equipment     71
    • 4.6.3    Data-centre power infrastructure     71
    • 4.6.4    EV and transport power electronics                71
    • 4.6.5    Renewable, grid, industrial, telecom, RF and defence       72
    • 4.6.6    Dispensing automation          72
  • 4.7        Commercial product benchmarks  73
  • 4.8        Prices  74
  • 4.9        Supply chain, raw materials and regulation               75
  • 4.10     Recent developments, 2024–2026 76
  • 4.11     Supplier landscape and market shares        77
  • 4.12     Market forecast            78
  • 4.13     SWOT analysis              80
  • 4.14     Outlook and research priorities         80

 

5             PHASE-CHANGE INTERFACE MATERIALS  82

  • 5.1        Scope, definitions and working principle     82
  • 5.2        Formulation and transition-temperature design    83
  • 5.3        Material classes           83
    • 5.3.1    Polymer phase-change films and pads        83
    • 5.3.2    Reinforced PCMs on foil or carrier    84
    • 5.3.3    Screen- and stencil-printable PCMs              84
    • 5.3.4    Low-melting metal-alloy PCMs versus organic PCMs         84
    • 5.3.5    Pre-applied PCM on power modules              85
  • 5.4        Key research questions           86
    • 5.4.1    Conformability and first-melt conditioning                86
    • 5.4.2    Repeated cycling and thixotropic behaviour             86
    • 5.4.3    Leakage and pump-out compared with grease       87
    • 5.4.4    Stable contact pressure         87
    • 5.4.5    Reworkability 87
    • 5.4.6    Bond-line thickness after reflow-like conditioning               88
  • 5.5        AI server adoption      88
  • 5.6        Power modules and power electronics         89
  • 5.7        Commercial product benchmarks  90
  • 5.8        Recent developments, 2024–2026 92
  • 5.9        Suppliers and market shares              92
  • 5.10     Market forecast            93
  • 5.11     SWOT analysis              95
  • 5.12     Outlook             95

 

6             METALLIC INTERFACE AND ATTACHMENT MATERIALS      97

  • 6.1        Scope and position in the heat-removal pathway  98
  • 6.2        Indium and indium-alloy solder TIM1            99
    • 6.2.1    Metallisation stacks  100
    • 6.2.2    Reflow, voiding and assembly sequencing 100
  • 6.3        Liquid metals 101
    • 6.3.1    Reactions, oxidation and confinement         101
    • 6.3.2    Liquid metal at TIM1.5 in AI accelerators     102
  • 6.4        Low-melting alloys and phase-change metals        102
  • 6.5        Conventional solders for die, substrate and lid attach       103
  • 6.6        Silver sintering              103
    • 6.6.1    Pressure versus pressureless             104
    • 6.6.2    Silver sinter in AI packages   104
  • 6.7        Copper sintering and active copper                104
  • 6.8        Transient liquid phase bonding          105
  • 6.9        Large-area sintering of substrate to baseplate and cooler               105
  • 6.10     Silver-filled hybrid materials 106
  • 6.11     Key research questions           107
    • 6.11.1 Low thermal resistance: interfaces, voids and intermetallics       107
    • 6.11.2 Joining temperature: reflow profiles versus die and HBM limits   109
    • 6.11.3 Fatigue: power cycling, CTE mismatch and creep 109
    • 6.11.4 Compatibility with adjoining surfaces           111
  • 6.12     AI versus power-electronics requirements 112
  • 6.13     Raw materials: indium, gallium and silver  112
  • 6.14     Products and suppliers           114
  • 6.15     Recent developments, 2024–2026 116
  • 6.16     Market forecast, 2027–2037 117
    • 6.16.1 Technology sub-split 118
  • 6.17     SWOT analysis              120
  • 6.18     Outlook and research priorities         121

 

7             CARBON-BASED HEAT SPREADERS               123

  • 7.1        Role in the heat-removal pathway    123
  • 7.2        Material families          124
    • 7.2.1    Natural graphite sheets and foils      124
    • 7.2.2    Synthetic graphite sheets from polyimide  125
    • 7.2.3    Graphene films and graphene-containing structures         126
    • 7.2.4    Vertically aligned graphite and graphene interface materials        127
    • 7.2.5    Carbon nanotube arrays        127
    • 7.2.6    Pitch-based carbon fibre        128
    • 7.2.7    Carbon–metal composites and encapsulated annealed pyrolytic graphite         128
  • 7.3        Property benchmarks               129
  • 7.4        Key research questions           130
    • 7.4.1    In-plane versus through-plane conductivity              130
    • 7.4.2    Integration: lamination, adhesives, thickness and encapsulation              131
    • 7.4.3    Electrical insulation requirements   132
  • 7.5        Applications   133
    • 7.5.1    AI accelerators and advanced packaging   133
    • 7.5.2    AI servers and data-centre IT equipment     134
    • 7.5.3    Data-centre power infrastructure     134
    • 7.5.4    EV and transport power electronics                134
    • 7.5.5    Renewable, grid and industrial power electronics 134
    • 7.5.6    Telecom, RF and defence power devices     134
  • 7.6        Products and suppliers           135
  • 7.7        Costs and pricing        136
  • 7.8        Recent developments, 2024–2026 137
  • 7.9        Supplier landscape   138
  • 7.10     Market forecast, 2027–2037 138
  • 7.11     SWOT analysis              141
  • 7.12     Outlook             141

 

8             DIAMOND-BASED THERMAL MATERIALS   143

  • 8.1        Role in the heat-removal pathway    143
  • 8.2        Material families and grades               144
    • 8.2.1    Polycrystalline CVD diamond heat spreaders          144
    • 8.2.2    Single-crystal diamond          144
    • 8.2.3    Diamond thin films and coatings on silicon and GaN         145
    • 8.2.4    GaN-on-diamond and diamond-on-silicon wafers              145
    • 8.2.5    Diamond interposers and substrates            145
    • 8.2.6    Metal–diamond composites               146
    • 8.2.7    Diamond particle fillers in TIMs and nanodiamond             146
    • 8.2.8    Measuring diamond thermal performance 147
  • 8.3        Production methods and scalability              147
  • 8.4        Key research questions           148
    • 8.4.1    Cost     148
    • 8.4.2    Scalable production 149
    • 8.4.3    Bonding quality            149
    • 8.4.4    Thermal resistance at the diamond–device interface         150
  • 8.5        Applications   153
    • 8.5.1    AI accelerators and advanced packaging   153
    • 8.5.2    AI servers and data-centre IT equipment     154
    • 8.5.3    Data-centre power infrastructure and EV power electronics          154
    • 8.5.4    Telecom, RF and defence power devices     154
  • 8.6        Recent developments, 2024–2026 156
  • 8.7        Supplier landscape   157
  • 8.8        Market forecast, 2027–2037 157
  • 8.9        SWOT analysis              160
  • 8.10     Outlook             160

 

9             THERMALLY CONDUCTIVE INSULATING CERAMICS           162

  • 9.1        Scope and position in the heat path               162
  • 9.2        Property benchmark 163
  • 9.3        Aluminium nitride       163
    • 9.3.1    Conductivity, oxygen and grain-boundary phases 164
    • 9.3.2    Powder routes: carbothermal reduction versus direct nitridation               165
    • 9.3.3    Substrates and other aluminium nitride forms        166
  • 9.4        Silicon nitride 166
    • 9.4.1    Why β-silicon nitride can conduct heat        166
    • 9.4.2    Fracture toughness: the property that sells silicon nitride               167
    • 9.4.3    Supplier base and Chinese expansion          167
  • 9.5        Alumina and zirconia-toughened alumina 168
  • 9.6        Beryllium oxide: a legacy material   168
  • 9.7        Boron nitride systems              168
    • 9.7.1    Hexagonal boron nitride platelets and agglomerates          168
    • 9.7.2    Boron nitride ceramics, nanotubes and cubic BN 169
  • 9.8        Metallised substrate technologies   169
    • 9.8.1    Direct bonded copper and direct bonded aluminium        169
    • 9.8.2    Active metal brazing 170
    • 9.8.3    Thick-film, co-fired and insulated metal substrates            170
    • 9.8.4    Ceramic-based integrated substrates and pin-fin structures         170
    • 9.8.5    Worked example: why thinner silicon nitride can beat thicker aluminium nitride             171
  • 9.9        Key research questions           173
    • 9.9.1    Thermal conductivity: impurities, oxygen and grain boundaries  173
    • 9.9.2    Dielectric strength and partial discharge at 800 V to 3.3 kV            173
    • 9.9.3    Fracture resistance and thermal cycling      174
    • 9.9.4    Manufacturability: tape casting to finished substrate         175
  • 9.10     Ceramics in AI infrastructure               176
    • 9.10.1 800 V DC rack power and solid-state transformers              176
    • 9.10.2 GaN power stages, vertical power delivery and co-packaged power        176
    • 9.10.3 Optical modules, RF and ceramic heat sinks           176
    • 9.10.4 Comparing AI and conventional power-electronics requirements              177
  • 9.11     Supply chain and suppliers  178
    • 9.11.1 Powder producers      178
    • 9.11.2 Substrate and metallised-substrate producers       178
    • 9.11.3 Prices  179
    • 9.11.4 Supplier market shares           180
  • 9.12     Recent developments, 2024–2026 181
  • 9.13     Market forecast            181
    • 9.13.1 Forecast by application          181
    • 9.13.2 Forecast by material and product group      182
  • 9.14     SWOT analysis              183
  • 9.15     Outlook             184

 

10          THERMALLY CONDUCTIVE POLYMER COMPOSITES          185

  • 10.1     Scope and position in the heat-removal pathway  185
  • 10.2     Polymer matrices        186
  • 10.3     Fillers  186
    • 10.3.1 Particle morphology and hybrid filler systems         188
  • 10.4     Key research questions           189
    • 10.4.1 Filler loading and percolation              189
    • 10.4.2 Viscosity, rheology and processability          190
    • 10.4.3 Anisotropy       191
    • 10.4.4 Electrical properties  192
    • 10.4.5 Long-term reliability  193
    • 10.4.6 Measurement and specification pitfalls      193
  • 10.5     Products and technologies   193
    • 10.5.1 Epoxy mould compounds for power modules and advanced packages 193
    • 10.5.2 Potting compounds and silicone gels            194
    • 10.5.3 Insulated metal substrate dielectrics and thermally conductive laminates         195
    • 10.5.4 Thermally conductive plastics           195
    • 10.5.5 Polymer insulating sheets replacing ceramics        195
    • 10.5.6 Thermally conductive underfills        196
  • 10.6     AI versus power-electronics requirements 197
  • 10.7     Application map          198
  • 10.8     Recent developments, 2024–2026 198
  • 10.9     Supplier landscape   199
  • 10.10  Market forecast            200
    • 10.10.1              Forecast by application          200
    • 10.10.2              Forecast by product  200
  • 10.11  SWOT analysis              201
  • 10.12  Outlook: high-conductivity insulating composites as a research priority               202

 

11          MATERIALS FOR INTEGRATED LIQUID COOLING  203

  • 11.1     Scope and market definition               204
  • 11.2     Cooling architectures and their material demands              204
  • 11.3     Cold plates and microchannel structures  206
    • 11.3.1 Material selection for cold plates     206
    • 11.3.2 Microchannel manufacturing methods        207
    • 11.3.3 Microchannel lids and package-integrated cooling              208
  • 11.4     Bonded cooling structures    209
    • 11.4.1 Brazing, diffusion bonding and welding        209
    • 11.4.2 Attachment of coolers to substrates and EV pin-fin baseplates   210
  • 11.5     Seals, hoses and quick disconnects              210
  • 11.6     Protective and functional coatings  211
  • 11.7     Coolants, dielectric fluids and fluid-contact materials     212
  • 11.8     Key research questions           214
    • 11.8.1 Corrosion         214
    • 11.8.2 Leakage             214
    • 11.8.3 Fouling               214
    • 11.8.4 Joining reliability          215
    • 11.8.5 Long-term fluid compatibility              215
  • 11.9     Material content, cost structure and supply chain               216
  • 11.10  AI versus power-electronics requirements 217
  • 11.11  Recent developments, 2024–2026 217
  • 11.12  Supplier landscape   218
  • 11.13  Market forecast            219
    • 11.13.1              Forecast by application          219
    • 11.13.2              Forecast by material and structure type       220
  • 11.14  SWOT analysis              222
  • 11.15  Outlook: package-integrated cooling as a research priority            222

 

12          PACKAGE ARCHITECTURE, INTERFACE QUALITY AND SYSTEM-LEVEL THERMAL PERFORMANCE                223

  • 12.1     Why bulk conductivity is a poor proxy for package-level cooling 223
  • 12.2     Lidded and lidless architectures in AI packages    224
  • 12.3     TIM1, TIM1.5 and TIM2: naming, roles and consolidation 225
  • 12.4     Worked thermal resistance budget: AI accelerator package          226
  • 12.5     Bond-line thickness sensitivity          227
  • 12.6     Bringing the coolant closer: cold plates, micro-channel lids and direct-to-silicon cooling       228
  • 12.7     2.5D and 3D stacks and the HBM thermal path      229
  • 12.8     Backside power delivery and its thermal implications       230
  • 12.9     Warpage of large packages and its effect on bond-line thickness              230
  • 12.10  Co-packaged optics and vertical power delivery    231
  • 12.11  Power modules: cooling architectures and the disappearing interface   232
  • 12.12  Worked thermal resistance budget: SiC traction module 233
  • 12.13  Case studies  235
    • 12.13.1              Bare-die accelerator on a liquid cold plate 235
    • 12.13.2              HBM in-stack thermal paths                235
    • 12.13.3              Pin-fin direct-cooled SiC traction module  235
    • 12.13.4              Double-sided cooling in hybrid and EV inverters    235
    • 12.13.5              Composite case: indium TIM1 adoption in a custom AI ASIC         235
  • 12.14  Simulation, digital twins and system-technology co-optimisation            236
  • 12.15  Metrology: measuring what matters               237
  • 12.16  Reliability qualification           238
  • 12.17  What to specify beyond thermal conductivity          238
  • 12.18  Implications for the market  239

 

13          SUPPLY CHAIN, RAW MATERIALS, PRICING AND GEOPOLITICS 240

  • 13.1     The value chain from raw materials to OEMs            240
  • 13.2     Raw materials and their exposure by subcategory                241
  • 13.3     Concentration by country      242
  • 13.4     Export controls             242
    • 13.4.1 Responses by the United States and its allies          244
  • 13.5     Tariffs, 2025–2026     245
  • 13.6     PFAS restrictions and fluorinated materials              245
  • 13.7     Prices and price trends           246
  • 13.8     Qualification cycles and switching costs    249
  • 13.9     M&A and consolidation, 2023–2026              250
  • 13.10  Regional manufacturing capacity    251
  • 13.11  Risk matrix       252

 

14          GLOBAL MARKET FORECASTS 2027–2037 254

  • 14.1     Forecast basis and assumptions     254
  • 14.2     Total market    254
  • 14.3     Market by material subcategory        255
  • 14.4     Market by position in the heat-removal pathway    257
  • 14.5     Market by application               258
    • 14.5.1 AI accelerators and advanced packaging   258
    • 14.5.2 AI servers and data-centre IT equipment     258
    • 14.5.3 Data-centre power infrastructure     258
    • 14.5.4 EV and transport power electronics                258
    • 14.5.5 Renewable, grid and industrial power electronics 258
    • 14.5.6 Telecom, RF and defence power devices     258
  • 14.6     Material by application matrix            262
  • 14.7     AI hardware versus power electronics           263
  • 14.8     Market by region          264
  • 14.9     Scenario analysis       265

 

15          TECHNOLOGY ROADMAP, RESEARCH PRIORITIES AND COMPETITIVE LANDSCAPE    267

  • 15.1     Technology roadmap 2027–2037     268
  • 15.2     Research priorities     269
    • 15.2.1 Thin-bond-line interfaces      269
    • 15.2.2 Diamond integration 269
    • 15.2.3 High-conductivity insulating composites   270
    • 15.2.4 Materials for package-integrated cooling    270
  • 15.3     Emerging materials watchlist              271
  • 15.4     Competitive landscape          272
    • 15.4.1 Strategic groups           272
    • 15.4.2 Supplier positioning across the eight subcategories           274
  • 15.5     Recommendations    276
    • 15.5.1 For materials suppliers           276
    • 15.5.2 For device makers and system integrators 276
    • 15.5.3 For investors  277
  • 15.6     Outlook             278

 

16          COMPANY PROFILES                279 (156 company profiles)

 

 

17          APPENDIX        648

  • 17.1     Glossary of terms and abbreviations             648
  • 17.2     Unit conversions and conventions  649

 

 

List of Tables

  • Table 1. The eight material subcategories, by position in the heat-removal pathway.    22
  • Table 2. Global market for thermal management materials for AI and power electronics by subcategory, 2027–2037 (US$ million).      23
  • Table 3. Global market by application, 2027–2037 (US$ million).               24
  • Table 4. Market by position in the heat-removal pathway, 2027 and 2037.           26
  • Table 5. Thermal-management requirements: AI hardware versus power electronics. 26
  • Table 6. Research priorities for thermal management materials, 2027–2037.   27
  • Table 7. Scope boundaries: what is included and excluded from the market sizing.      29
  • Table 8. The eight material subcategories mapped to position in the heat-removal pathway.  31
  • Table 9. Worked example: area-specific resistance and temperature rise across TIM1 at 1,400 W over 1,600 mm².     33
  • Table 10. Total power and heat flux for representative devices, 2026.     34
  • Table 11. Principal measurement and characterisation methods for thermal-management materials.                36
  • Table 12. AI accelerator and power-module heat paths compared.          38
  • Table 13. Key forecasting conventions and assumptions.               39
  • Table 14. Application segment definitions. 40
  • Table 15. Regional segmentation and 2026–2037 market values (US$ million). 40
  • Table 16. Related Future Markets reports and their relationship to this study.   41
  • Table 17. AI accelerator package power by vendor and generation.           42
  • Table 18. Packaging architecture trends and their thermal-materials implications.       44
  • Table 19. Rack density bands, cooling methods and the thermal materials they pull through.               46
  • Table 20. Data-centre power infrastructure: devices, thermal challenges and materials.          47
  • Table 21. Evolution of the traction-inverter module material stack.          48
  • Table 22. Renewable, grid and industrial power electronics: thermal profiles.  50
  • Table 23. Telecom, RF and defence thermal requirements.            50
  • Table 24. Thermal and mechanical properties of semiconductor and packaging materials.    51
  • Table 25. Wide-bandgap penetration by application and material consequences, 2026–2035.            52
  • Table 26. Requirement matrix by application.          53
  • Table 27. Relative importance of material subcategories by application, 2026–2037 (H = high, M = medium, L = low).       53
  • Table 28. Sustainability, regulatory and trade drivers affecting thermal-management materials.         55
  • Table 29. Restraints and challenges for thermal-management materials.            55
  • Table 30. Future Markets estimates of thermal-material content per device (constant 2025 US$).     56
  • Table 31. Thermal-management materials market by application, 2027–2037 (US$ million, constant 2025 dollars). 57
  • Table 32. Application shares, growth and incremental value, 2026–2037.           58
  • Table 33. Polymer TIM product forms in scope and their typical operating envelope.    61
  • Table 34. Strengths, weaknesses and dominant failure modes of polymer TIM forms. 64
  • Table 35. Comparison of polymer TIM matrix chemistries.              65
  • Table 36. Properties and indicative prices of the principal TIM fillers.      65
  • Table 37. Temperature drop across an interface (K) as a function of applied thermal resistance and heat flux.      68
  • Table 38. Typical reliability tests applied to polymer TIMs and the failure modes they probe.  69
  • Table 39. Key research questions for polymer TIMs: mechanisms, metrics and current status.             70
  • Table 40. Requirement comparison: polymer TIMs in AI hardware versus power electronics. 72
  • Table 41. Benchmark of selected thermal greases and thin-bond-line materials.           73
  • Table 42. Benchmark of selected gels, dispensable gap fillers, pads and adhesives.   73
  • Table 43. Indicative 2026 prices for polymer TIMs, volume industrial purchases.            75
  • Table 44. Selected developments in polymer TIMs, 2024–2026. 76
  • Table 45. Leading suppliers of polymer TIMs and estimated 2026 market shares (applications covered by this report).               77
  • Table 46. Polymer-based thermal-interface materials market by application, 2027–2037 (US$ million, constant 2025 dollars).          78
  • Table 47. Polymer-based TIM market by product form, 2027–2037 (US$ million; Future Markets estimates).      79
  • Table 48. SWOT analysis: polymer-based thermal-interface materials. 80
  • Table 49. Classes of phase-change interface materials.  83
  • Table 50. Organic (polymer) PCMs compared with low-melting metal-alloy PCMs.        85
  • Table 51. Pre-applied TIM programmes at selected power module makers.        85
  • Table 52. Phase-change materials compared with thermal greases at the same interfaces.   87
  • Table 53. Key research questions for phase-change interface materials.              88
  • Table 54. Requirement comparison: phase-change materials in AI hardware versus power electronics.                89
  • Table 55. Benchmark of selected commercial phase-change interface materials.         90
  • Table 56. Selected developments in phase-change interface materials, 2024–2026.  92
  • Table 57. Leading suppliers of phase-change interface materials and estimated 2026 market shares.                93
  • Table 58. Phase-change interface materials market by application, 2027–2037 (US$ million, constant 2025 dollars). 94
  • Table 59. Phase-change interface materials market by form, 2027–2037 (US$ million; Future Markets estimates).      94
  • Table 60. SWOT analysis: phase-change interface materials.       95
  • Table 61. Scope of metallic interface and attachment materials by position in the stack.         98
  • Table 62. Typical metallisation stack for indium solder TIM1.        100
  • Table 63. Confinement approaches for gallium-based liquid metal interfaces. 101
  • Table 64. Property benchmark: metallic interface and attachment materials.   106
  • Table 65. Indicative thermal resistance budget for TIM1 options on a 700 mm² AI accelerator die.      107
  • Table 66. Joining temperature windows against component limits.          109
  • Table 67. Indicative power-cycling lifetime of die-attach technologies.  110
  • Table 68. Compatibility of metallic interface materials with common adjoining surfaces.        111
  • Table 69. Requirements for metallic interface and attachment materials: AI packaging versus power electronics.     112
  • Table 70. Raw-material price and supply indicators for metallic interface and attachment materials, 2024–2026.    113
  • Table 71. Selected products and suppliers of metallic interface and attachment materials.   115
  • Table 72. Supplier landscape by technology segment.      116
  • Table 73. Recent developments in metallic interface and attachment materials.           116
  • Table 74. Metallic interface and attachment materials market by application, 2027–2037 (US$ million).                117
  • Table 75. Application shares and growth, metallic interface and attachment materials.            117
  • Table 76. Metallic interface and attachment materials by technology, 2026–2037 (US$ million, Future Markets estimates).  119
  • Table 77. SWOT analysis: metallic interface and attachment materials.               120
  • Table 78. Research priorities for metallic interface and attachment materials. 121
  • Table 79. Carbon-based heat spreader families: form, conductivity and role.   124
  • Table 80. Synthetic graphite sheet: representative conductivity by thickness (Panasonic PGS reference grades).             125
  • Table 81. Graphene oxide and reduced graphene oxide routes for thermal films.            126
  • Table 82. Pitch-based carbon fibres used in thermal management.         128
  • Table 83. Carbon–metal composites and encapsulated graphite: representative properties. 129
  • Table 84. Property benchmark: carbon spreaders versus metal and diamond alternatives.     129
  • Table 85. Lateral spreading capacity and vertical penalty of candidate spreaders.        130
  • Table 86. Integration formats for carbon spreaders.            132
  • Table 87. Electrical insulation options for graphite spreaders.     132
  • Table 88. Requirements comparison: AI hardware versus power electronics for carbon spreaders.   135
  • Table 89. Representative carbon spreader and interface products.          135
  • Table 90. Indicative cost ranges for carbon spreaders, 2026.        136
  • Table 91. Recent developments in carbon spreaders and interface structures, 2024–2026.   137
  • Table 92. Supplier landscape for carbon-based heat spreaders. 138
  • Table 93. Carbon-based heat spreaders market by application, 2027–2037 (US$ million).      139
  • Table 94. Carbon-based heat spreaders market by product type, 2027–2037 (US$ million, Future Markets estimates).  140
  • Table 95. SWOT analysis: carbon-based heat spreaders. 141
  • Table 96. Diamond grades and properties for thermal management.      144
  • Table 97. Metal–diamond composites and incumbent package materials.         146
  • Table 98. Production methods for diamond thermal materials.   147
  • Table 99. Diamond thermal material cost trajectory (indicative, US$ per cm²). 148
  • Table 100. Bonding and attachment routes for diamond spreaders.        150
  • Table 101. Thermal boundary resistance at diamond interfaces (representative reported ranges).     151
  • Table 102. Worked example 1: vertical temperature rise contributed by spreader and attach layers (one-dimensional). 151
  • Table 103. Worked example 2: GaN HEMT junction temperature rise versus effective TBR (illustrative).                152
  • Table 104. Application readiness of diamond thermal technologies.       155
  • Table 105. Requirements comparison: diamond in AI hardware versus power electronics.      155
  • Table 106. Recent developments in diamond-based thermal materials, 2024–2026.  156
  • Table 107. Supplier landscape for diamond-based thermal materials.   157
  • Table 108. Diamond-based thermal materials market by application, 2027–2037 (US$ million).         158
  • Table 109. Diamond-based thermal materials market by product type, 2027–2037 (US$ million, Future Markets estimates).  158
  • Table 110. SWOT analysis: diamond-based thermal materials.   160
  • Table 111. Ceramic forms covered in this chapter and their position in the heat-removal pathway.    163
  • Table 112. Property benchmark for thermally conductive insulating ceramics (typical production values).              164
  • Table 113. Aluminium nitride powder production routes compared.        165
  • Table 114. Silicon nitride substrate grades and the variables that control them.              167
  • Table 115. Boron nitride forms for thermal management.               169
  • Table 116. Metallised ceramic substrate technologies compared.            171
  • Table 117. Junction-to-coolant-surface thermal resistance of substrate stacks: worked example (10 × 10 mm die, 45° spreading).  171
  • Table 118. Insulation requirements by voltage class and typical substrate choices.      174
  • Table 119. Thermal-shock and mechanical performance of metallised substrates (typical).  175
  • Table 120. Manufacturing steps, yield risks and cost levers for ceramic substrates.     175
  • Table 121. AI-related applications for insulating ceramics.             177
  • Table 122. Requirement comparison: AI data-centre power versus automotive and industrial power electronics.     177
  • Table 123. Selected thermal-grade ceramic powder producers. 178
  • Table 124. Selected insulating ceramic substrate and metallised substrate producers.             178
  • Table 125. Indicative 2026 prices for insulating ceramics and substrates.           179
  • Table 126. Estimated supplier shares of metallised AMB substrate value (Si3N4 and AlN), 2026.        180
  • Table 127. Selected developments in insulating ceramics and substrates, 2024–2026.             181
  • Table 128. Thermally conductive insulating ceramics market by application, 2027–2037 (US$ million, constant 2025 dollars).          182
  • Table 129. Thermally conductive insulating ceramics market by product group, 2027–2037 (US$ million; Future Markets estimates within model totals).     183
  • Table 130. SWOT analysis: thermally conductive insulating ceramics.   183
  • Table 131. Product classes in scope and their role in the heat path.         186
  • Table 132. Polymer matrices for thermally conductive composites: representative properties.             187
  • Table 133. Filler comparison for thermally conductive polymer composites.     188
  • Table 134. Thermal conductivity versus filler loading: representative through-plane values for common systems.           189
  • Table 135. Processing windows and constraints by product class.           191
  • Table 136. Anisotropy in platelet-filled composites and alignment routes.          192
  • Table 137. Electrical requirements for thermally conductive composites by application.          192
  • Table 138. Product benchmark: representative thermally conductive composite products.    196
  • Table 139. Requirements for thermally conductive composites: AI hardware versus power electronics.                197
  • Table 140. Application map: where each composite product class is used, 2027.         198
  • Table 141. Selected developments in thermally conductive polymer composites, 2024–2026.            198
  • Table 142. Supplier landscape: thermally conductive polymer composites.      199
  • Table 143. Thermally conductive polymer composites market by application, 2027–2037 (US$ million, constant 2025 dollars).          200
  • Table 144. Thermally conductive polymer composites market by product, 2027–2037 (US$ million; Future Markets estimates).  201
  • Table 145. SWOT analysis: thermally conductive polymer composites. 201
  • Table 146. Scope of the materials for integrated liquid cooling subcategory.      204
  • Table 147. Direct-to-chip, immersion and in-package liquid cooling compared.             205
  • Table 148. Cold-plate and cooler material comparison.   206
  • Table 149. Microchannel and cold-plate manufacturing methods.           207
  • Table 150. Joining methods for liquid-cooled structures. 209
  • Table 151. Elastomer and polymer compatibility matrix for coolants and dielectric fluids.       210
  • Table 152. Protective and functional coatings for liquid-cooled structures.        211
  • Table 153. Coolant and dielectric fluid comparison.          213
  • Table 154. Failure modes in integrated liquid cooling and material mitigations.               215
  • Table 155. Integrated liquid cooling material requirements: AI hardware versus power electronics.   217
  • Table 156. Selected developments in materials for integrated liquid cooling, 2024–2026.       217
  • Table 157. Supplier landscape: materials and structures for integrated liquid cooling.               218
  • Table 158. Materials for integrated liquid cooling market by application, 2027–2037 (US$ million, constant 2025 dollars).          219
  • Table 159. Materials for integrated liquid cooling market by material and structure type, 2027–2037 (US$ million; Future Markets estimates). 220
  • Table 160. SWOT analysis: materials for integrated liquid cooling.            222
  • Table 161. Contributions to the thermal resistance of a single interface layer, and the variables that control them. 223
  • Table 162. Lidded versus lidless (bare-die) AI accelerator packages: thermal and integration trade-offs.                224
  • Table 163. Interface positions in AI and HPC packages and the materials used at each, 2026.             225
  • Table 164. Illustrative thermal resistance budget for a 1,200 W lidded AI accelerator on a liquid cold plate (Architecture A: polymer TIM1, copper lid, grease TIM2).    226
  • Table 165. Cooling architectures for AI accelerators: thermal performance and materials implications, 2026–2033.    229
  • Table 166. Thermal implications of advanced package architectures and the materials responses, 2026.                230
  • Table 167. Effect of package coplanarity on achieved TIM bond line and interface temperature drop (illustrative, 1,200 W over 1,600 mm²).         231
  • Table 168. Power module cooling architectures: structure, thermal performance and materials, 2026.                232
  • Table 169. Illustrative thermal resistance budget for one switch position of a 1,200 V SiC module (Architecture: conventional baseplate with grease TIM).  233
  • Table 170. Summary of case studies: what determined the thermal outcome. 236
  • Table 171. Simulation and co-design tools relevant to thermal materials selection, 2026.      236
  • Table 172. Thermal metrology methods and what they reveal about interface quality. 237
  • Table 173. Reliability tests relevant to thermal interface and attachment materials.    238
  • Table 174. Recommended specification parameters beyond bulk thermal conductivity, with indicative 2027 targets.  239
  • Table 175. Thermal management materials value chain: stages, inputs and representative participants.                240
  • Table 176. Critical raw materials for thermal management materials: use, supply concentration and principal risk. 241
  • Table 177. Country positions by subcategory, 2026.           243
  • Table 178. Export control measures affecting thermal management materials, 2023–2026.  244
  • Table 179. Tariff measures affecting thermal management materials and components, 2025–2026. 245
  • Table 180. PFAS exposure in thermal management materials and likely outcomes.      246
  • Table 181. Indicative annual average prices for key metals used in thermal management materials, 2020–2026.    247
  • Table 182. Indicative prices of key engineered thermal materials and components, 2026.       248
  • Table 183. Qualification cycles and switching costs by application and material position.      249
  • Table 184. Selected M&A, separations and strategic transactions affecting thermal management materials, 2023–2026.            250
  • Table 185. Regional production capacity by subcategory and direction of investment, 2024–2026.   251
  • Table 186. Supply-chain risk matrix for thermal management materials, 2027–2030. 252
  • Table 187. Key assumptions underpinning the base-case forecast.         254
  • Table 188. Global market for thermal management materials for AI and power electronics, 2023–2037 (US$ million, constant 2025 dollars).            255
  • Table 189. Global market by material subcategory, 2027–2037 (US$ million).   255
  • Table 190. Share of market by material subcategory, 2027, 2032 and 2037 (%).              256
  • Table 191. Market by position in the heat-removal pathway, 2027–2037 (US$ million). 257
  • Table 192. Global market by application, 2027–2037 (US$ million).         258
  • Table 193. AI accelerators and advanced packaging: market by material subcategory, 2027–2037 (US$ million).             260
  • Table 194. AI servers and data-centre IT equipment: market by material subcategory, 2027–2037 (US$ million).             260
  • Table 195. Data-centre power infrastructure: market by material subcategory, 2027–2037 (US$ million).                261
  • Table 196. EV and transport power electronics: market by material subcategory, 2027–2037 (US$ million).             261
  • Table 197. Renewable, grid and industrial power electronics: market by material subcategory, 2027–2037 (US$ million).    262
  • Table 198. Telecom, RF and defence power devices: market by material subcategory, 2027–2037 (US$ million).             262
  • Table 199. Market by material subcategory and application, 2027 (US$ million).            262
  • Table 200. Market by material subcategory and application, 2037 (US$ million).            263
  • Table 201. CAGR 2027–2037 by material subcategory and application (%).        263
  • Table 202. AI hardware versus power electronics demand, 2027–2037 (US$ million). 264
  • Table 203. Global market by region, 2027–2037 (US$ million).     264
  • Table 204. Scenario forecasts, 2027–2037 (US$ million). 265
  • Table 205. Scenario sensitivities by subcategory: principal swing factors.           266
  • Table 206. Market trajectory by subcategory, 2027–2037 (US$ million, constant 2025 dollars).            267
  • Table 207. Technology roadmap by subcategory, 2027–2037.      268
  • Table 208. Four research priorities: state of the art, targets, gaps and leading developers.       270
  • Table 209. Emerging materials watchlist: properties, technology readiness and commercial horizon.                272
  • Table 210. Strategic groups: characteristics, strengths and strategic risks.         273
  • Table 211. Supplier positioning matrix, part A: interface and spreader pathways (● major position · ○ presence).        274
  • Table 212. Supplier positioning matrix, part B: insulating substrate and cooling-fluid pathways (● major position · ○ presence).            275
  • Table 213. Summary recommendations by stakeholder, priority and timing.     277
  • Table 214. Companies profiled by primary position in the heat-removal pathway.          279
  • Table 215. 3M thermal-management product portfolio for AI and power electronics.   281
  • Table 216. 5N Plus products relevant to metallic interface and attachment materials.               284
  • Table 217. Accelsius two-phase cooling portfolio for AI and HPC.             287
  • Table 218. Adamas Nanotechnologies products relevant to the diamond thermal pathway.    289
  • Table 219. Admatechs spherical filler portfolio relevant to AI and power-electronics thermal management.               292
  • Table 220. Advent Diamond technology and product focus.          295
  • Table 221. AIM Solder product families relevant to thermal attachment in power electronics and servers.              298
  • Table 222. Aismalibar thermal-management product portfolio for power electronics. 300
  • Table 223. Akash Systems Diamond Cooling product portfolio.  303
  • Table 224. Akhan Semiconductor technology portfolio.    305
  • Table 225. Alloy Enterprises Stack Forging thermal components.              307
  • Table 226. Almatis alumina portfolio relevant to thermal management. 309
  • Table 227. Ames Goldsmith materials relevant to thermal attachment and interfaces.              312
  • Table 228. Amkor packaging platforms and the thermal-material decisions they embed.          314
  • Table 229. Amogreentech thermal-management product portfolio for AI and power electronics.        317
  • Table 230. Amosense ceramic substrate activities relevant to thermal management. 320
  • Table 231. Applied Diamond product and capability portfolio relevant to thermal management.        322
  • Table 232. Arieca product portfolio for AI and power electronics.               324
  • Table 233. ASE platforms and the thermal-material decisions they embed.        326
  • Table 234. AVC thermal portfolio for AI and power electronics.    329
  • Table 235. ASMPT equipment relevant to metallic attachment and thermal interfaces.              331
  • Table 236. Auras Technology thermal portfolio for AI and power electronics.      333
  • Table 237. Bando Chemical thermal-management materials.     335
  • Table 238. BNNT Materials product forms and their relevance to thermal management.           337
  • Table 239. Boschman Technologies equipment relevant to thermal attachment and packaging.        340
  • Table 240. Boston Materials thermal-management product portfolio for AI and power electronics.    342
  • Table 241. Boyd and former Boyd Thermal portfolio relevant to AI and power electronics.         345
  • Table 242. Carbice thermal-management product portfolio for AI and power electronics.        347
  • Table 243. Celanese thermal-management product portfolio for AI and power electronics.    350
  • Table 244. CeramTec insulating substrate portfolio for power electronics.           353
  • Table 245. CCTC ceramic products relevant to the heat-removal pathway.          355
  • Table 246. Chemours data-centre cooling fluid programme.        357
  • Table 247. CHT thermal-management silicone portfolio. 360
  • Table 248. Coherent thermal-management materials and products for AI and power electronics.      362
  • Table 249. Cooler Master thermal portfolio for AI and power electronics.             365
  • Table 250. CoolIT Systems liquid-cooling portfolio for AI and HPC.           367
  • Table 251. Coollaboratory liquid-metal product range.     369
  • Table 252. CoolSem WaLTIS positioning against established heat-path options for III-V devices.         371
  • Table 253. CoorsTek ceramics relevant to the heat-removal pathway.     373
  • Table 254. Corintis product and technology portfolio.        375
  • Table 255. CPC Everis liquid-cooling couplings for AI and data-centre equipment.       377
  • Table 256. Danfoss products in the data-centre liquid-cooling loop.       380
  • Table 257. Denka thermal-management portfolio for AI and power electronics.               383
  • Table 258. Dexerials thermal conductive sheet portfolio for AI and power electronics.                386
  • Table 259. Diamfab technology and product portfolio.      388
  • Table 260. Diamond Foundry semiconductor diamond portfolio.               390
  • Table 261. Diamond Materials product portfolio relevant to thermal management.      392
  • Table 262. Diamond Quanta Adamantine platform.            394
  • Table 263. Dow thermal-management product portfolio for AI and power electronics.                396
  • Table 264. DOWA Group materials relevant to the thermal pathway in power electronics and AI hardware.         398
  • Table 265. ELANTAS thermally conductive products for power electronics and e-mobility.      400
  • Table 266. Electrolube thermal interface portfolio for power electronics and data-centre hardware. 402
  • Table 267. Element Six thermal-management product portfolio for AI and power electronics.               404
  • Table 268. Elkem Silicones thermal-management product portfolio.       407
  • Table 269. Engineered Fluids product portfolio for immersion and direct fluid cooling.               409
  • Table 270. Ensinger thermally conductive compound portfolio.  412
  • Table 271. Envalior thermally relevant material families. 414
  • Table 272. Fabric8Labs ECAM thermal portfolio.   416
  • Table 273. Ferrotec substrate and thermal product portfolio.       418
  • Table 274. Freudenberg Sealing Technologies data-centre sealing portfolio.      421
  • Table 275. Fuji Electric module platforms and their thermal-material content. 424
  • Table 276. Fujipoly SARCON portfolio for AI and power electronics.         427
  • Table 277. Aluminium nitride product scope and application fit (Fujian Huaqing and Chinese AlN peers).                429
  • Table 278. GMG thermal-management product portfolio relevant to AI and power electronics.            431
  • Table 279. Graphmatech product platforms and relevance to thermal management. 433
  • Table 280. GRC products for immersion and liquid cooling.          435
  • Table 281. H.B. Fuller thermal-management product portfolio for power electronics and energy storage.                438
  • Table 282. Henan Huanghe Whirlwind diamond products relevant to thermal management. 440
  • Table 283. Henkel thermal-management product portfolio for AI and power electronics.          442
  • Table 284. Heraeus Electronics thermal-management and attachment portfolio.          444
  • Table 285. Huntsman thermal-management product portfolio for power electronics. 446
  • Table 286. Iceotope technology, products and qualification milestones.              448
  • Table 287. IIa Technologies CVD diamond portfolio.            451
  • Table 288. Indium Corporation metallic thermal-interface and attachment portfolio.  453
  • Table 289. Infineon thermal-material choices by product family.               455
  • Table 290. Japan Fine Ceramics products relevant to the heat-removal pathway.           458
  • Table 291. Jentech thermal portfolio for AI and power electronics.            460
  • Table 292. JetCool liquid-cooling portfolio for AI and power electronics.               462
  • Table 293. Jones Tech thermal-management product portfolio.  464
  • Table 294. Kaneka graphite thermal products for AI and power electronics.        466
  • Table 295. KCC–Momentive thermal-management portfolio for AI and power electronics.       469
  • Table 296. Kitagawa thermal-management product portfolio.      471
  • Table 297. Kuprion ActiveCopper application areas.           473
  • Table 298. Kyocera thermal-management materials portfolio.     475
  • Table 299. LiquidStack product portfolio for AI and data-centre cooling.              478
  • Table 300. MacDermid Alpha thermal and attachment portfolio.               480
  • Table 301. MARUWA insulating substrate portfolio.             483
  • Table 302. Mikros Technologies thermal portfolio. 485
  • Table 303. Mitsubishi Chemical Group thermal-management materials relevant to AI and power electronics.     487
  • Table 304. Mitsubishi Electric thermal architectures by product family. 490
  • Table 305. Mitsubishi Materials thermal-management products for power electronics.             493
  • Table 306. Boron nitride filler characteristics and application fit (Mizushima Ferroalloy).          496
  • Table 307. Momentive thermal-management product portfolio for AI and power electronics. 498
  • Table 308. Momentive Technologies thermal-management products.    500
  • Table 309. Motivair liquid-cooling portfolio for AI and HPC.            502
  • Table 310. Nagase ChemteX and Nagase group packaging and thermal materials.       504
  • Table 311. Namics product portfolio relevant to AI and power-electronics thermal paths.        506
  • Table 312. NBE Tech nanosilver sinter technology.               508
  • Table 313. NeoGraf thermal-management product portfolio for AI and power electronics.       510
  • Table 314. NGK thermal and packaging ceramics relevant to AI and power electronics.             513
  • Table 315. Nidec liquid-cooling products for AI data centres.       516
  • Table 316. Nihon Superior materials relevant to thermal attachment.    518
  • Table 317. Ningbo Crysdiam product portfolio.       520
  • Table 318. Nippon Graphite Fiber product forms and thermal-management relevance.             522
  • Table 319. Niterra Materials silicon nitride portfolio for power electronics.          524
  • Table 320. Nitto Denko products relevant to thermal management in electronics.         527
  • Table 321. Nolato thermal and EMC product portfolio.      529
  • Table 322. onsemi thermal architectures by product family.         531
  • Table 323. Orbray diamond portfolio for thermal and electronic applications.  534
  • Table 324. Panasonic Industry graphite thermal product portfolio for AI and power electronics.           536
  • Table 325. Parker Chomerics thermal-management product portfolio for AI and power electronics. 539
  • Table 326. PINK GmbH Thermosysteme process equipment for power-electronics attachment.         541
  • Table 327. Plansee thermal-management materials for power electronics and AI.         543
  • Table 328. Polyplastics materials relevant to thermal management in power electronics and AI hardware.         545
  • Table 329. Proterial products relevant to power-electronics thermal management.     547
  • Table 330. Qnity (Laird) thermal-management product portfolio for AI and power electronics.              550
  • Table 331. Resonac packaging and thermal products for AI accelerators and power devices. 552
  • Table 332. RFHIC DiaFlux CVD diamond heat-spreader specifications (company data).           554
  • Table 333. Rogers curamik and related products for power-electronics thermal management.            556
  • Table 334. ROHM thermal-relevant product platforms.     559
  • Table 335. SABIC thermal-management materials for AI and power electronics.             562
  • Table 336. Saint-Gobain products in the thermal-management pathway.             564
  • Table 337. Samsung thermal and packaging choices relevant to materials suppliers. 567
  • Table 338. Sekisui Polymatech thermal-management product portfolio.              570
  • Table 339. Semikron Danfoss packaging technologies and modules relevant to the thermal pathway.                572
  • Table 340. Senju Metal Industry products relevant to thermal attachment in AI and power electronics.                575
  • Table 341. Shell immersion cooling fluids and milestones.            577
  • Table 342. Shenzhen FRD thermal-management portfolio relevant to AI and power electronics.          579
  • Table 343. Shin-Etsu thermal-management product portfolio for AI and power electronics.    581
  • Table 344. SHT Smart High Tech product portfolio.              583
  • Table 345. Sinocera product lines in the thermal-management pathway.             585
  • Table 346. The Sixth Element and Fuxi Technology thermal-management products.    588
  • Table 347. SK hynix HBM thermal technologies.     590
  • Table 348. Solstice thermal-management product portfolio for AI and power electronics.        592
  • Table 349. STMicroelectronics thermal architectures by product family.              595
  • Table 350. Stäubli connection products for liquid-cooled AI and data-centre equipment.        598
  • Table 351. Submer business lines and products.  600
  • Table 352. Sumitomo Bakelite encapsulation materials for AI and power electronics. 602
  • Table 353. Sumitomo Electric group heat-spreader materials.     604
  • Table 354. T-Global thermal-management product portfolio for AI and power electronics.       606
  • Table 355. TSMC 3DFabric roadmap and thermal implications.  609
  • Table 356. TANAKA materials for thermal attachment in power and semiconductor packaging.           612
  • Table 357. Tanyuan Technology thermal product portfolio.             615
  • Table 358. Tekna technologies and their relevance to thermal-management materials.             617
  • Table 359. Tokuyama heat-dissipation materials portfolio.             620
  • Table 360. Toyo Aluminium TOYALNITE aluminium nitride portfolio.         623
  • Table 361. Toyo Tanso products relevant to AI and power-electronics thermal management. 625
  • Table 362. Umicore activities relevant to metallic interface and attachment materials.             628
  • Table 363. Ventec tec-thermal product portfolio for power electronics and lighting.     630
  • Table 364. Vertiv liquid-cooling and thermal-chain portfolio for AI.           632
  • Table 365. Wacker thermally conductive silicone portfolio for AI and power electronics.           634
  • Table 366. Wieland electronics-cooling portfolio. 636
  • Table 367. Wolfspeed products and their position in the heat-removal pathway.             639
  • Table 368. Zeon thermal and carbon-nanotube products.              642
  • Table 369. Zhengzhou Sino-Crystal product categories relevant to thermal management.      644
  • Table 370. ZutaCore HyperCool platform and ecosystem.              646
  • Table 371. Glossary of terms and abbreviations used in this report.         648

 

List of Figures

  • Figure 1. Global market by material subcategory, 2027–2037 (US$ million).      24
  • Figure 2. CAGR 2027–2037 by material subcategory (%). 25
  • Figure 3. Heat-removal pathway in a liquid-cooled, lidded AI accelerator package (heat flows upward from the die to the coolant). 31
  • Figure 4. Thermal management materials market by heat-path position, 2026, 2030 and 2037 (US$ million, constant 2025 dollars).        32
  • Figure 5. Total area-specific thermal resistance of TIM1 options in the worked example (mm²·K/W; lower is better).          34
  • Figure 6. Heat-removal pathway in a liquid-cooled SiC traction-inverter power module (heat flows downward from the die to the coolant).       37
  • Figure 7. Flagship NVIDIA accelerator package power by generation (W).             43
  • Figure 8. Rack power of flagship NVIDIA AI platforms (kW per rack).        45
  • Figure 9. Average new-build AI rack density, Future Markets base case (kW per rack). 46
  • Figure 10. Thermal-management materials market by application, 2027–2037 (US$ million, constant 2025 dollars). 58
  • Figure 11. CAGR 2027–2037 by application (%).     59
  • Figure 12. Heat path through a lidded AI accelerator module to a direct-to-chip cold plate, showing where polymer TIMs act.        61
  • Figure 13. Effective thermal conductivity of filled silicone versus filler volume fraction, Lewis–Nielsen model (matrix 0.16 W/m·K, spherical particles, maximum packing fraction 0.80).         66
  • Figure 14. Applied thermal resistance of a polymer TIM layer versus bond-line thickness for three bulk conductivities (combined contact resistance 0.02 K·cm²/W).      67
  • Figure 15. Supplier-quoted bulk thermal conductivity of selected polymer TIMs launched or promoted for AI and power electronics, 2021–2026.  74
  • Figure 16. Estimated supplier shares of the polymer TIM market, 2026 (US$1,650 million).    78
  • Figure 17. Polymer-based TIM market by application, 2027–2037 (US$ million).             79
  • Figure 18. Polymer-based TIM market by product form, 2027–2037 (US$ million).         80
  • Figure 19. Quoted bulk thermal conductivity across successive Honeywell/Solstice phase-change TIM generations, with a reference premium grease.      91
  • Figure 20. Quoted thermal impedance of selected thin-bond-line interface materials.               91
  • Figure 21. Estimated supplier shares of the phase-change interface materials market, 2026 (US$310 million).             93
  • Figure 22. Phase-change interface materials market by application, 2027–2037 (US$ million).            94
  • Figure 23. Phase-change interface materials market by form, 2027–2037 (US$ million).           95
  • Figure 24. Metallic layers in a double-sided-cooled SiC power module heat path (one side shown). 99
  • Figure 25. Bulk thermal conductivity versus peak joining temperature for metallic interface and attachment materials (mid-range values). 107
  • Figure 26. Indicative temperature drop across TIM1 for a 1,000 W, 700 mm² accelerator die (mid-point estimates).      108
  • Figure 27. Indicative power-cycling lifetime multiple relative to solder die attach with Al wire bonds (mid-point).    110
  • Figure 28. Silver spot price at selected dates, 2025–2026.             114
  • Figure 29. Metallic interface and attachment materials market by application, 2027–2037.   118
  • Figure 30. Metallic interface and attachment materials by technology, 2027–2037 (Future Markets estimates).      119
  • Figure 31. Technology mix of metallic interface and attachment materials, 2037 (Future Markets estimates).      120
  • Figure 32. Synthetic graphite sheet in-plane conductivity and sheet conductance versus thickness.                126
  • Figure 33. In-plane versus through-plane thermal conductivity of spreader materials (mid-range values).                130
  • Figure 34. Carbon-based heat spreaders market by application, 2027–2037 (US$ million).    139
  • Figure 35. Carbon-based heat spreaders market by product type, 2027–2037 (US$ million). 140
  • Figure 36. Carbon-based heat spreaders market by application, 2037 (share of US$1,748 million).  141
  • Figure 37. Indicative cost trajectory of diamond thermal materials (US$/cm², mid-points, log scale).                149
  • Figure 38. Illustrative GaN HEMT junction temperature rise by component: GaN-on-SiC versus GaN-on-diamond at different effective TBRs (K).       152
  • Figure 39. Near-junction diamond heat path in a GaN-on-diamond HEMT and the layers that add interface resistance. 153
  • Figure 40. Diamond-based thermal materials market by application, 2027–2037 (US$ million).          158
  • Figure 41. Diamond-based thermal materials market by product type, 2027–2037 (US$ million).       159
  • Figure 42. Diamond-based thermal materials: AI accelerators and advanced packaging versus telecom, RF and defence (US$ million).            159
  • Figure 43. Thermal conductivity versus fracture toughness of insulating substrate ceramics (typical production values).   164
  • Figure 44. Worked example: thermal resistance contributions by layer for six substrate stacks (K/W).                172
  • Figure 45. Heat path through a silicon nitride AMB power module stack (illustrative).  173
  • Figure 46. Estimated supplier shares of AMB substrate value, 2026 (mid-points, %).   180
  • Figure 47. Thermally conductive insulating ceramics market by application, 2027–2037 (US$ million).                182
  • Figure 48. Thermally conductive insulating ceramics by product group, 2027–2037 (US$ million).     183
  • Figure 49. Through-plane thermal conductivity versus filler loading, representative composite systems.                190
  • Figure 50. Thermal conductivity versus temperature rating of composite product classes (mid-points of representative ranges).           197
  • Figure 51. Thermally conductive polymer composites market by application, 2027–2037 (US$ million).                200
  • Figure 52. Thermally conductive polymer composites by product, 2027 and 2037 (US$ million).        201
  • Figure 53. Heat-flux capability versus indicative junction-to-fluid thermal resistance of cooling approaches (mid-points).     205
  • Figure 54. Approximate volumetric heat capacity of coolants and dielectric fluids at 25 °C (MJ/m³·K).                213
  • Figure 55. Materials for integrated liquid cooling market by application, 2027–2037 (US$ million).    220
  • Figure 56. Materials for integrated liquid cooling by material and structure type, 2027–2037 (US$ million).             221
  • Figure 57. Materials for integrated liquid cooling: value and share of total thermal management materials market, 2023–2037.           221
  • Figure 58. Illustrative junction-to-coolant thermal resistance by layer for four AI accelerator architectures at 1,200 W (mK/W).   227
  • Figure 59. Temperature drop across the die-level interface versus bond-line thickness, 1,200 W over 1,600 mm² (K).              228
  • Figure 60. Illustrative junction-to-fluid thermal resistance per switch position for three SiC module architectures (mK/W).             234
  • Figure 61. Share of junction-to-coolant thermal resistance attributable to interface layers, illustrative architectures (%).       234
  • Figure 62. China's indicative share of global primary production or refining for selected inputs to thermal management materials, 2025 (%).               242
  • Figure 63. Indicative price index for key thermal-materials metals, 2020 = 100.               247
  • Figure 64. Silver metal content cost per kilogram of sinter paste (88% Ag by weight) at different silver prices (US$/kg).           248
  • Figure 65. Thermal management materials market by region of consumption, 2027, 2030, 2033 and 2037 (US$ million).    251
  • Figure 66. Global market for thermal management materials for AI and power electronics, 2023–2037 (US$ million). 255
  • Figure 67. Global market by material subcategory, 2027–2037 (US$ million).    256
  • Figure 68. Incremental annual revenue by subcategory, 2027 to 2037 (US$ million).    257
  • Figure 69. Market by position in the heat-removal pathway, 2027, 2032 and 2037 (US$ million).          258
  • Figure 70. Global market by application, 2027–2037 (US$ million).          259
  • Figure 71. Market share by application, 2037.         259
  • Figure 72. AI hardware versus power electronics demand, 2027–2037 (US$ million).  264
  • Figure 73. Market by region, 2027 and 2037 (US$ million).              265
  • Figure 74. Scenario forecasts, 2027–2037 (US$ million). 266
  • Figure 75. Thermal management materials market by subcategory, 2027 and 2037 (US$ million).      267
  • Figure 76. Future Markets targets for installed die-level interface resistance, 2024–2037 (mm²·K/W).                269
  • Figure 77. Strategic groups: breadth across the heat-removal pathway versus exposure to AI and power electronics (Future Markets positioning estimates).           273

 

 

 

 

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Thermal Management Materials for AI and Power Electronics: Global Market 2027–2037
Thermal Management Materials for AI and Power Electronics: Global Market 2027–2037
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Thermal Management Materials for AI and Power Electronics: Global Market 2027–2037
Thermal Management Materials for AI and Power Electronics: Global Market 2027–2037
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