CITIC Securities projects the global thermal interface materials (TIM) market
will expand from CNY 9.67 bln in 2025 to CNY 22.12 bln in 2030, driven by rising
AI compute demand and advanced packaging that increase chip power and heat flux.
AI servers and new-energy vehicles are identified as the main incremental demand
sources. Overseas suppliers dominate the mid-to-high end on formulation
know‑how, mass‑production experience and customer qualification; Chinese firms
are accelerating product adoption leveraging local chip, packaging & testing and
terminal supply chains. Reported investment themes: (1) domestic breakthroughs
in chip‑level TIM; (2) upgrades in electronic‑grade silicone materials and wider
thermal‑management applications.
