The global thermally
conductive plastics market is foreseen to grow by 15.7%, from USD 142.99
Million in 2022 to USD 459.17 Billion in 2030. Miniaturization of electronic
components and development of power electronics, rising demand for lightweight
and customizable parts in automotive industry, advancements in E-mobility and
telecommunications is to drive the market for the upcoming forecast period.
However, Lower thermal conductivity than traditional metals, sluggish growth of
electronics industry due to geopolitical uncertainties remains one factor
hindering the market growth over the anticipated period.
Market Definition
What is Thermally
Conductive Plastics?
Thermally conductive plastics are a type of material that
can conduct heat while retaining the properties of a plastic. This makes them
ideal for use in various applications where heat dissipation is important, such
as in the automotive and electronics industries. In this essay, we will explore
the properties of thermally conductive plastics, their applications, and their
advantages.
Market Overview
Properties of
Thermally Conductive Plastics
Thermally
conductive plastics have the ability to conduct heat, making them useful in applications
where heat dissipation is important. They are also lightweight and have
excellent electrical insulation properties. Thermally conductive plastics are
also durable and resistant to wear and tear, making them ideal for use in harsh
environments.
Applications of
Thermally Conductive Plastics
Thermally
conductive plastics are used in various applications, including electronics,
automotive, aerospace, and medical industries. In the electronics industry,
they are used in the manufacturing of heat sinks and printed circuit boards. In
the automotive industry, they are used in the production of engine cooling
systems, air conditioning systems, and other heat dissipation components. In
the aerospace industry, thermally conductive plastics are used in the
manufacture of aircraft components that require heat dissipation. In the
medical industry, they are used in the production of medical devices, such as
MRI machines and ultrasound equipment.
Advantages of
Thermally Conductive Plastics
One of the
significant advantages of thermally conductive plastics is their ability to
conduct heat while being lightweight. This makes them an excellent alternative
to metal-based materials that are heavier and more expensive. Additionally,
thermally conductive plastics are easy to manufacture and mold, making them
cost-effective and efficient to produce. They are also resistant to corrosion
and wear, making them durable and long-lasting.
Conclusion
Thermally
conductive plastics are an essential material in various industries where heat
dissipation is critical. They possess unique properties such as heat
conductivity, lightweight, and electrical insulation, making them ideal for use
in harsh environments. Their versatility and cost-effectiveness make them an
excellent alternative to metal-based materials. The future of thermally
conductive plastics looks promising, as advancements in technology continue to
improve their properties and increase their applications.
The world's
manufacturing industry has been greatly impacted during the COVID-19 pandemic
as almost every country worldwide imposed some form of lockdown. The resulting
disruptions in production and supply chains have had a notable negative effect
on the market for thermally conductive plastics.
The thermally
conductive plastics market is largely concentrated in the Asia Pacific region,
which leads the market in terms of volume. However, the early outbreak of the
pandemic in Asia Pacific countries such as China, Japan, and India turned these
nations into virus hotspots. As a result, their manufacturing hubs were subject
to lockdowns in order to limit the spread of the virus. This intensified social
distancing campaigns in the region, further exacerbating the negative impact on
its manufacturing industries.
The COVID-19
pandemic spread quickly across Asia Pacific countries, particularly in China.
Consequently, China, Japan, India, and other nations in the region were sealed
off to prevent the virus from spreading. As a direct result of Chinese
factories being forced into lockdown, there were disruptions in supply chains
for manufacturing industries, and exports to China decreased by nearly 50% in
2020. China is a crucial hub for the global manufacturing of electrical and
electronics and automotive industries. The pandemic not only caused production
line disruptions and supply chain delays but also labor shortages and inactive
logistics due to mass lockdowns implemented by countries worldwide.
Thermally
Conductive Plastics Market Dynamics
The thermally
conductive plastics market is driven by the miniaturization of electronic
components and the development of power electronics. As microelectronics and
power electronics continue to innovate and develop smaller components, there is
an increasing demand for advanced thermal management solutions. This is where
thermally conductive plastics come into play. They are able to address the
critical challenge of heat dissipation in microelectronics and power
electronics. Compared to conventional materials such as aluminum, thermally
conductive plastics offer greater design freedom and can be over-molded to form
complex component designs. They are particularly effective in dissipating heat
in power electronics components such as LED, which can experience performance
issues or even damage due to heat concentration. As a result, thermally
conductive plastics are commonly used as a substitute material for metals and
ceramics in industries such as electrical & electronics and automotive,
where superior thermal management is essential.
Restraints in
Thermally Conductive Plastics Market
However, a
significant restraint to the growth of the thermally conductive plastics market
is their lower thermal conductivity compared to traditional metals such as
aluminum. While thermally conductive plastics can be modified with fillers and
additives to increase their thermal conductivity, they still fall short in this
area compared to metals. Metals also have certain drawbacks, such as being
prone to corrosion and heat concentration, which can create hot spots on their
surface. In contrast, thermally conductive plastics are design-dependent and
can be compatible with a range of polymer resins that can be processed into
various shapes, sizes, and complex structures. Despite these advantages, the
lower thermal conductivity of thermally conductive plastics compared to
traditional materials remains a major restraint for their adoption in certain
industries.
Opportunities
in Thermally Conductive Plastics Market
The demand for
heat dissipation in the electronics, automotive, and telecommunications
industries is increasing, creating an opportunity for the thermally conductive
plastics market. These plastics are highly suitable for heat dissipation in
high-temperature applications such as automotive lighting and LED luminaries.
The rising demand for microelectronics for the development of single
multi-functional components has also led to an increased demand for thermally
conductive plastics to enable efficient heat dissipation. The manufacturers of
thermally conductive plastics can explore opportunities in heat sinks, housings
for electronics components, telecommunication radomes, and cooling cell holders
for automotive batteries. Additionally, computer-aided component simulations
and CAE analysis are driving the development of customized thermally conductive
plastics for high-performance applications.
Challenges in
Thermally Conductive Plastics Market
However, the
fluctuating crude oil prices pose a challenge for the thermally conductive
plastics market. The prices of polymer resins used to produce thermally
conductive plastics are impacted by volatility in the prices of crude oil due
to geopolitical uncertainties, production and storage costs, and high energy
costs. As the raw materials for thermally conductive plastics are derived from
petroleum products, they are exposed to fluctuations in commodity prices. The
COVID-19 pandemic and uncertain geopolitical situations in Europe have resulted
in volatile oil prices, which in turn, affect the prices of polymer resins and
thermally conductive plastics.
The thermally
conductive plastics market is expected to see rapid growth during the forecast
period, with polycarbonate being the fastest-growing type in this market.
Polycarbonate-based thermally conductive plastics are highly sought-after
engineering plastics due to their exceptional properties, including high impact
strength, insulation, heat resistance, transparency, flame retardancy, and
recyclability. Furthermore, these plastics are flexible, impact-resistant, and
offer superior optical properties, which make them an ideal replacement for
other engineering plastics used in similar applications. The increasing demand
for lightweight and transparent materials in the automotive, electrical &
electronics, and medical industries has further fueled the consumption of
polycarbonate-based thermally conductive plastics.
The automotive
industry is the fastest-growing end-use industry in the thermally conductive
plastics market during the forecast period. The development of hybrid electric
vehicles (HEV) and electric vehicles (EV) is driving the demand for thermally
conductive plastics for automotive electronics applications. The substitution
of mechanical components with thermally conductive engineered plastics is increasing
due to the design flexibility of 3D components, weight reduction, and heat
sinks for automotive LED lighting systems. This trend is driving the demand for
thermally conductive plastics in the automotive industry.
North America
is the second-fastest growing region in the thermally conductive plastics
market during the forecast period. The region's market is driven by innovation
in the electrical & electronics, automotive, and aerospace industries. The
region has an advanced manufacturing ecosystem and export-oriented economies
that support the growth of the thermally conductive plastics market. Moreover,
government initiatives to promote electric vehicles and rising investment in
the electrical & electronics industry are expected to increase the consumption
of thermally conductive plastics during the forecast period.
Market Segmentation
For the purpose
of this report, the global thermally conductive plastics market segmented on
the basis of material type, application, end use, and region:
Material Type Outlook:
On the basis of
Material Type, the market is segmented into Polyamide, Polycarbonate,
Polyphenylene Sulfide (PPS), Polybutylene Terephthalate (PBT), Polyetherimide
(PEI), Polysulfones, Others.
Application Outlook:
On the basis of
application, the market is segmented into lighting systems, battery modules,
others.
End use Outlook:
On the basis of
end-use, the market is segmented into electrical & electronics, automotive,
industrial, healthcare, aerospace, telecommunications, others.
Figure 1 Thermally Conductive Plastics Market
By End use (Market Size And Forecast By Value - USD Million, 2022 & 2030)