Thermally Conductive Grease Market to Register Unwavering Growth During Forecast Period| MarketsandMarkets™
Thermally Conductive Grease is a thermal compound that is used to improve thermal transfer between two surfaces. It is usually made up of silicone oil and a thermally conductive filler. Aluminium oxide, boron nitride, titanium dioxide, and zinc oxide are some examples of fillers. The grease fills any gaps between the two surfaces, allowing for better contact and thermal transfer. Thermally conductive grease is essential in cooling systems because it helps to quickly dissipate heat away from the source and improve system efficiency. The demand for thermally conductive grease is growing in tandem with the development of more electronic devices and components, as well as the growing market for cooling solutions.
The report "Thermally Conductive Grease Market by Type (Silicone Grease, and Non-silicone Grease), End-Use Industry (LED Lighting, Telecommunication & IT, Automotive Electronics, Power Electronics), and Region - Global Forecast to 2022", The thermally conductive grease market was projected to reach USD 416.6 Million by 2022, at a CAGR of 7.3%.
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The silicone grease type segment of the thermally conductive grease market is projected to grow at the highest CAGR during forecast period
The silicone grease type segment of the thermally conductive grease market is expected to grow at the fastest CAGR during the forecast period. This segment is expected to grow significantly over the forecast period due to its superior properties such as ease of lubrication, low temperature stability, good electrical insulation, and improved thermal conductivity. The use of silicone grease in the automotive, industrial, and electronics industries is expected to drive the growth of this segment. Furthermore, the growing demand for thermally conductive greases in the renewable energy sector is expected to create lucrative opportunities for the silicone grease type segment.
Among end-use industries, the transportation segment is projected to lead the thermally conductive grease market
Thermally conductive grease is widely used in the transportation industry to reduce friction, heat transfer, and component wear and tear. It is also used to dissipate heat from the aircraft engines and the engine and exhaust system. Over the forecast period, this factor is expected to drive market growth. Furthermore, rising electric vehicle production and increased use of greases in the automotive industry are expected to drive market growth over the forecast period.
The Asia Pacific region is the largest market for thermally conductive grease across the globe
The Asia Pacific region dominates the thermally conductive grease market, accounting for nearly half of global demand. It is also the fastest growing market, with demand from the automotive and electronics industries driving growth. China is the region's biggest consumer of thermally conductive grease, followed by Japan, South Korea, and Taiwan. India, Indonesia, Malaysia, and Thailand are also important markets. Dow Corning, Henkel, and Shin-Etsu are among the region's leading players in the global thermally conductive grease market.
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The leading players in the thermally conductive grease market are Dow Corning Corporation (US), Electrolube (UK), Momentive Performance Materials Inc. (US), Laird PLC (US), 3M Company (US), Parker-Hannifin Corporation (US), LORD Corporation (US), Wacker Chemie AG (Germany), and Henkel AG & Co. KGaA (Germany) and others.
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