Market Insights
Thermally conductive additives are challenging traditional materials, such as metals (notably aluminum) and ceramics, as these additives offer a gamut of advantages including lightweight, low cost, easy moldability, and the ability to develop custom parts. Apart from these advantages, these additives also offer more in the way of thermal stability, impact strength, and resistance to scratch and abrasion. Thermal conductivity in plastic provides the ability to meet demanding engineering requirements in many applications and is more cost-effectively than other materials including metals, ceramics, and other plastics.
Thermoplastic conductive additives are used in a multitude of applications including electrical & electronics, LED lighting, automotive, and consumer durable products. Most of these industries suffered during the Pandemic; however, their intensity varied from industry to industry. Thermoplastic conductive additives, a sizeable market, could not escape from such trends and witnessed a slight decline (-3.8%+ in 2020) amid the pandemic.
Unlike other materials markets that are witnessing a 2-5-year recovery trajectory, the thermally conductive additives market recorded extraordinary growth in the year 2021, heaved the loss of the market participants endured during the pandemic. The factor that led an extraordinary growth in the market in 2021 was the increasing penetration of thermally conductive plastics in major markets paired with the organic growth in these markets.
Still, the penetration of thermally conductive plastics is at the embryonic stage and renders ample opportunities for the market participants to work closely with tier players and OEMs to further accelerate the penetration level. The demand for lightweight is most prevalent in most of the plastic-fatty markets such as automotive and electronics. Furthermore, engine downsizing in automotive and miniaturization of electronic devices are increasing temperature in local areas and compelling tier players to incorporate these conductive additives in the plastic compound. Overall, the thermally conductive additives market is likely to rebound at a promising CAGR of 11% in the long run to reach US$ 1.3 Billion in 2027.
Recent Product Developments:
- The 3M company developed 3M™ Boron Nitride Cooling Fillers, offering lightweight and high efficiency.
- Huber's Martoxid® TM-4000 Series offers improved efficiency and performance.
- Imerys' HAR® T77 talc offers high electrical insulation.
- Henze Boron Nitride products, such as HeBoFill® CL-ADM 020 offer superior thermal conductivity and electrical insulation.
Recent Market JVs and Acquisitions:
- In 2021, Momentive acquired the Silicone division of KCC to enhance its ability to provide advanced silicone solutions on a global level.
- Imerys acquired Nippon Power Graphite, the Japanese anode materials producer, in 2017.
- In 2017, Showa Denko acquired the graphite electrode production business of SGL GE Holding GmbH to serve its customer globally.
Segment Analysis
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Segmentations
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List of Sub-Segments
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Dominant and Fastest-Growing Segments
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Resin Type
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Thermoplastics and Thermosets
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Thermoplastics hold dominance. Among thermoplastics, polyamide is the biggest user of thermoplastic conductive additives.
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Additive Type
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Graphite, Boron Nitride, Alumina, Aluminum Nitride, and Others
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Graphite is likely to maintain its mammoth lead during the forecast period. Boron nitride is gaining momentum faster than other additives.
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End-Use Industry Type
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E&E, Automotive, LED Lighting, Consumer Goods, and Others.
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E&E remains the biggest demand generator for thermoplastic conductive plastics. Automotive is likely to witness the highest growth.
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Region
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North America, Europe, Asia-Pacific, and Rest of the World.
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Asia-Pacific is likely to be the dominant and fastest-growing region in the years to come.
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Based on the resin type, the thermally conductive additives market is segmented into thermoplastics and thermosets. To have a better understanding of the segment, Stratview has further broken the market into different thermoplastics and thermosets. Thermoplastics are bifurcated into PA, PBT, PC, and others. Analogously, thermosets are divided into epoxy, phenolic, and other thermosets. Seemingly, most of the thermally conductive plastics are going with thermoplastics, serving a wide range of industries including but not limited to automotive, consumer goods, electrical and electronics, and LED lighting. Among thermoplastics, PA is the biggest market category for these additives.
Based on the additive type, the market is segmented into Graphite, Boron Nitride, Alumina, Aluminum Nitride, and Others. Graphite is expected to remain the dominant as well as the faster-growing additive type in the market during the forecast period. Graphite is the best option if electrical conductivity and high thermal conductivity are required in a plastic compound. It is preferred due to its low cost. Graphite costs approximately half of the boron nitride additives.
Based on the end-use industry type, the market is classified as E&E, automotive, LED lighting, consumer goods, and others. E&E is likely to remain the most dominant demand generator in the years to come, whereas LED Lighting is likely to be the fastest-growing market during the same period. Electronic devices are becoming smaller yet more powerful with every generation, and the importance of thermally conductive and electrically insulative plastics for enclosures has been rising tremendously.
In terms of regions, Asia-Pacific is expected to remain the largest market for thermally conductive additives during the forecast period. China is the growth engine of the Asia-Pacific’s thermally conductive additives market. A significant increase in the demand for smart electronics, LED lights, and electric vehicles in the country will continue to boost the demand during the forecast period. Furthermore, lucrative government policies are attracting investments from various companies to expand their manufacturing base in the region. North America and Europe also hold a fair share of the global market and are likely to create sizeable growth opportunities for the market participants in the years to come.
Key Players
The market is highly populated with the presence of several local, regional, and global players. Most of the major players compete in some of the governing factors including price, product offerings, regional presence, etc. The following are the key players in the thermally conductive additives market. Most of the major players are providing various additives as part of their product portfolio.
- Imerys S.A.
- Showa Denko K.K.
- Saint-Gobain S.A.
- The 3M Company
- Momentive Inc.
- Denka Corporation
- Asbury Carbon Inc.
- Henze Boron Nitride Products AG
- Huber Engineered Materials
- SGL Carbon SE
Research Methodology
This strategic assessment report, from Stratview Research, provides a comprehensive analysis that reflects today’s thermally conductive additives market realities and future market possibilities for the forecast period. The report segments and analyses the market in the most detailed manner in order to provide a panoramic view of the market. The vital data/information provided in the report can play a crucial role for the market participants as well as investors in the identification of the low-hanging fruits available in the market as well as to formulate the growth strategies to expedite their growth process.
This report offers high-quality insights and is the outcome of a detailed research methodology comprising extensive secondary research, rigorous primary interviews with industry stakeholders, and validation and triangulation with Stratview Research’s internal database and statistical tools. More than 1,000 authenticated secondary sources, such as company annual reports, fact books, press releases, journals, investor presentations, white papers, patents, and articles, have been leveraged to gather the data. We conducted more than 15+ detailed primary interviews with the market players across the value chain in all four regions and industry experts to obtain both qualitative and quantitative insights.
Report Features
This report provides market intelligence in the most comprehensive way. The report structure has been kept such that it offers maximum business value. It provides critical insights into the market dynamics and will enable strategic decision-making for the existing market players as well as those willing to enter the market. The following are the key features of the report:
- Market structure: Overview, industry life cycle analysis, supply chain analysis.
- Market environment analysis: Growth drivers and constraints, Porter’s five forces analysis, SWOT analysis.
- Market trend and forecast analysis.
- Market segment trend and forecast.
- Competitive landscape and dynamics: Market share, Product portfolio, New Product Launches, etc.
- Attractive market segments and associated growth opportunities.
- Emerging trends.
- Strategic growth opportunities for the existing and new players.
- Key success factors.
The thermally conductive additives market is segmented into the following categories.
Thermally Conductive Additives Market, by Resin Type
- Thermoplastics
- (Regional Analysis: North America, Europe, Asia-Pacific, and RoW)
- (Resin-Type Analysis: PA, PBT, PC, and Others)
- Thermosets
- (Regional Analysis: North America, Europe, Asia-Pacific, and RoW)
- (Resin-Type Analysis: Epoxy, Phenolic, and Others)
Thermally Conductive Additives Market, by Additive Type
- Graphite (Regional Analysis: North America, Europe, Asia-Pacific, and RoW)
- Boron Nitride (Regional Analysis: North America, Europe, Asia-Pacific, and RoW)
- Alumina (Regional Analysis: North America, Europe, Asia-Pacific, and RoW)
- Aluminum Nitride (Regional Analysis: North America, Europe, Asia-Pacific, and RoW)
- Others (Regional Analysis: North America, Europe, Asia-Pacific, and RoW)
Thermally Conductive Additives Market, by End-Use Industry Type
- E&E (Regional Analysis: North America, Europe, Asia-Pacific, and RoW)
- Automotive (Regional Analysis: North America, Europe, Asia-Pacific, and RoW)
- LED Lighting (Regional Analysis: North America, Europe, Asia-Pacific, and RoW)
- Consumer Goods (Regional Analysis: North America, Europe, Asia-Pacific, and RoW)
- Others (Regional Analysis: North America, Europe, Asia-Pacific, and RoW)
Thermally Conductive Additives Market, by Region
- North America (Country Analysis: The USA, Canada, and Mexico)
- Europe (Country Analysis: Germany, France, The UK, Russia, and Rest of Europe)
- Asia-Pacific (Country Analysis: Japan, China, India, and Rest of Asia-Pacific)
- Rest of the World (Country Analysis: Latin America, The Middle East, and Others)
Report Customization Options
With this detailed report, Stratview Research offers one of the following free customization options to our respectable clients:
Company Profiling
- Detailed profiling of additional market players (up to three players)
- SWOT analysis of key players (up to three players)
Competitive Benchmarking
- Benchmarking of key players on the following parameters: Product portfolio, geographical reach, regional presence, and strategic alliances
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