PUNE, India, August 15, 2017 /PRNewswire/ --
According to a new market research 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", published by MarketsandMarkets™, the market was valued at USD 273.0 Million in 2016 and is projected to reach USD 416.6 Million by 2022, at a CAGR of 7.3% from 2017 to 2022.
Browse 110 Market Data Tables and 33 Figures spread through 147 Pages and in-depth TOC on "Thermally Conductive Grease Market"
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The growth of the thermally conductive grease market across the globe is fueled by the increased demand from the LED lighting industry in indoor and outdoor applications. There is an increasing demand for thermally conductive grease in Asia Pacific, Europe, North America, and South America.
The silicone grease type segment of the thermally conductive grease market is projected to grow at the highest CAGR from 2017 to 2022.
The silicone grease type segment of the thermally conductive grease market is projected to grow at the highest CAGR between 2017 and 2022, owing to the increased use of these greases in different end-use industries. The market for silicone grease is large owing to its superior properties. Silicone greases can withstand higher temperatures and have less viscosity, making them ideal for filling small gaps or voids between two surfaces. Silicone greases are also cheaper than non-silicone greases and hence preferred in various applications.
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Among end-use industries, the transportation segment is projected to lead the thermally conductive grease market from 2017 to 2022.
The LED lighting end-use industry is projected to lead the thermally conductive grease market during the forecast period, owing to the increased demand for thermally conductive grease from the indoor and outdoor LED lighting applications across the globe. The increased government initiatives to ban CFL and improve energy efficient lighting systems in various regions are expected to drive the market of LED lighting. This, in turn, is expected to drive the demand for thermally conductive grease during the forecast period.
The Asia Pacific region is the largest market for thermally conductive grease across the globe.
In 2016, the Asia Pacific region led the thermally conductive grease market, in terms of both value as well as volume. The growth of the Asia Pacific thermally conductive grease market is due to the increased use of thermally conductive grease by different end-use industries in China, India, Japan, South Korea, and Rest of Asia Pacific. Improving economic condition in the region has led to an increased demand for automobiles, thereby fueling the growth of the thermally conductive grease market in the region. Moreover, the continuously increasing population of the region is also contributing towards increased demand for consumer products, which, in turn, is leading to the growth of the Asia Pacific thermally conductive grease market.
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There are a few global players operating in the Thermally Conductive Grease Market. These companies are actively investing in various strategies, such as expansions, new product launches, mergers & acquisitions, and joint ventures to increase their market shares and strengthen their position in the thermally conductive grease market. PPG Industries, Inc. (US), Akzo Nobel N.V. (Netherlands), The Sherwin-Williams Company (US), The Valspar Corporation (US), Axalta Coating Systems Ltd. (US), Jotun (Norway), BASF SE (Germany), Nippon Paints Holdings Co., Ltd. (Japan), 3M Company (US), and Kansai Paints Co., Ltd. (Japan) are the leading players in the thermally conductive grease market who have adopted various organic and inorganic strategies to ensure their growth in this market.
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