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 have 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.
The thermally conductive grease 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%. 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.
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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.
New product launches, expansions, and mergers & acquisitions are the key growth strategies undertaken by the market players to maintain and enhance their position in the thermally conductive grease market. The growth of the thermally conductive grease market can be attributed to the increased demand from the electronics & electrical industry. Leading players in this market are also focusing on partnerships to increase their market shares.
Major manufacturers of thermally conductive grease, including Dow Corning Corporation (US), Electrolube (UK), Laird PLC. (UK), Momentive Performance Materials Inc. (US), 3M Company (US), Parker-Hannifin Corporation (US), LORD Corporation (US), Wacker Chemie AG (Germany), and Henkel AG & Co. KGaA (Germany) have been profiled in this report on the thermally conductive grease market. These companies adopted both organic and inorganic growth strategies to strengthen their position in the thermally conductive grease market.
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