첨단 반도체 패키징용 열관리 시스템 및 재료 시장(2027-2037년)

Thermal management has moved from a downstream consequence of packaging decisions to a determinant of them. Power density, not device count, now sets the pace: GPUs running AI workloads dissipate heat fluxes on the order of 140 W/cm², while three-dimensional architectures record average fluxes near 300 W/cm² with localised hotspots between 500 and 1,000 W/cm². Single-package thermal design power has passed the kilowatt level and is advancing toward the 3,000-5,000 W range. The binding constraint is the accumulated resistance of a conventional thermal stack - silicon, metal interconnect, micro-bumps, underfill, TIM1, lid, TIM2, cold plate. Two levers are available: shortening the path and reducing interfacial resistance, or expanding the area available for heat exchange. Both are being pursued simultaneously, and the boundary between "material" and "cooling system" has effectively dissolved inside the package.

Package area growth is the dominant volume driver. The 5.5× reticle-scale CoWoS_L platform entered volume production in 2026 carrying around twelve HBM3E or HBM4 stacks, with roughly 9.5× reticle-scale packages expected by 2027. Full silicon interposers face yield and cost limits beyond about 3.3× reticle, pushing the industry toward embedded silicon bridges, glass substrates and panel formats - each of which makes warpage and CTE mismatch, and therefore bond line uniformity, harder to control.

Several developments reshaped the field through mid-2026. TSMC is integrating microfluidic cooling into its 3DFabric platform, bringing cooling into design-technology co-optimisation alongside power delivery and interconnect. Micro-channel lids have emerged as the transitional architecture, retaining a qualifiable TIM1 interface while moving coolant close to the die. Thermal structures have migrated inside the memory stack: SK hynix's iHBM embeds integrated cooling elements at the die-to-die physical layer, claiming over 30% lower thermal resistance while remaining compatible with existing mass reflow molded underfill processes, and Samsung's Heat Path Block targets the same hotspot, with the HBM5 base die moving to a 2 nm process.

Materially, liquid metal has found a manufacturable form through confinement - fibre-matrix, elastomer-embedded droplet and hybrid dam architectures - rather than free application, addressing pump-out, leakage and aluminium compatibility. Engineered diamond has moved toward manufacturability via CMOS-compatible low-temperature growth and bond-ready surfaces, though grain structure remains decisive: only microcrystalline and single-crystal grades deliver headline conductivity. The supplier base is consolidating, narrowing the qualified field at the high-performance end precisely as requirements become more demanding.

The Global Market for Thermal Management Systems and Materials for Advanced Semiconductor Packaging 2027-2037 is a comprehensive assessment of the materials, hardware and cooling architectures that determine how much power an advanced package can dissipate. Forecasts run to 2037 in constant 2025 US dollars, modelled across three layers - thermal interface materials, package-level thermal hardware, and in-package and direct-to-silicon cooling - with all segmentations reconciling to a single consistent total.

Contents include:

• Executive summary - scope, key findings, and what has changed in this edition
• Introduction - thermal design power, advanced packaging in HPC chips, thermal properties and benefits, evolution of planar die packaging area for GPUs
• 2.5D and 3D packaging technologies - modern packaging technology, interconnection, CoWoS and large-format 2.5D, panel and glass platforms, bumping technologies, micro-bump and copper-to-copper hybrid bonding, manufacturing yield, cost analysis, substrate evolution across silicon, organic and glass
• Power management - power delivery systems and networks, supply noise, DVFS, power and clock gating, integrated voltage regulators in interposers, switched capacitor converters, magnetic integration, on-package voltage regulation, decoupling capacitors, low-resistance interconnects
• Novel thermal materials - die-attach technology, TIM1 in 3D packaging, selection and optimisation, carbon nanotube TIMs, graphene, aerogels, metamaterial heat spreaders, bio-inspired approaches, in-package cooling for high-bandwidth memory, confined and composite liquid metal interfaces, engineered diamond and copper-diamond composites, wafer-level thermal stacks, active copper and advanced die-attach
• Liquid cooling - rack-level power limitations, chip-level approaches, hybrid and thermoelectric integration, heat recovery and reuse, reliability and redundancy, micro-channel lids and micro-channel liquid cold plates, silicon-integrated microfluidics and direct-to-silicon cooling, thermal management for co-packaged optics
• Thermal modelling and simulation - multi-physics requirements, AI-enhanced design optimisation, real-time monitoring integration
• Global market forecasts to 2037 - scope, definitions and restatement; total market; segmentation by type, material selection, area, revenues, package architecture, in-package cooling technology, region; adjacent data centre liquid cooling market; advanced thermal materials evolution; scenario analysis; supplier landscape and consolidation
• Company profiles - 61 profiles across materials, hardware and cooling inlcuding 2D Generation, 2D Photonics/CamGraphIC, 3M, Accelsius, Akash Systems, Apheros, Arieca, Asia Vital Components (AVC), Asperitas Immersed Computing, Auras Technology, Black Semiconductor, BNNano, Boston Materials, Boyd Corporation, Carbice, First Graphene, Carbon Waters, Cooler Master, CoolSem Technologies, Destination 2D, Dexerials, Diamond Quanta, Element Solutions / MacDermid Alpha Electronics Solutions, Engineered Fluids, Fabric8Labs, Fujitsu Laboratories, Global Graphene Group, Graphmatech, Green Revolution Cooling (GRC), Henkel, Huntsman, Iceotope, Indium Corporation, Jentech Precision Industrial, JetCool Technologies and more.....

Table of Contents

1 EXECUTIVE SUMMARY

• 1.1 Scope of this edition
• 1.2 Market size and growth
• 1.3 Key findings
• 1.4 What has changed in this edition
• 1.5 Advanced semiconductor packaging-2D architectures to advanced 2.5D and 3D integration technologies
• 1.6 Challenges
  • 1.6.1 Power delivery
  • 1.6.2 Thermal management
• 1.7 TSV Performance
• 1.8 Transition from lateral to vertical power delivery
• 1.9 Thermal interface material selection for TIM1 applications
• 1.10 Cooling Technologies for HPC

2 INTRODUCTION

• 2.1 Thermal design power (TDP)
• 2.2 Advanced Semiconductor Packaging Technologies in HPC chips
  • 2.2.1 Thermal properties
  • 2.2.2 Thermal Benefits
  • 2.2.3 TDP in Advanced Packaging
• 2.3 2.5D and 3D Packaging in GPUs
• 2.4 Evolution of planar die packaging area for GPUs
• 2.5 Thermal management of high-power advanced packages
• 3.1 Introduction
• 3.2 Modern semiconductor packaging technology
• 3.3 Optimization of advanced semiconductor packaging technologies
• 3.4 Interconnection technology
• 3.5 2.5D packaging
  • 3.5.1 Chip-on-Wafer-on-Substrate (CoWoS)
  • 3.5.2 Large-format 2.5D, panel and glass platforms
• 3.6 Bumping technologies
  • 3.6.1 Overview
  • 3.6.2 Challenges
  • 3.6.3 Micro-bump technology
  • 3.6.4 Copper-to-copper hybrid bonding
• 3.7 Manufacturing Yield
• 3.8 Cost Analysis
• 3.9 Substrate Technology Evolution (Silicon vs Organic vs Glass)
• 3.10 Assembly and Test Challenges for Advanced Packages

4 POWER MANAGEMENT

• 4.1 Introduction
• 4.2 Power delivery systems
• 4.3 Ecosystem for HPC chips
• 4.4 Advanced Power Delivery Networks (PDNs)
• 4.5 Power supply noise
• 4.6 Dynamic Voltage and Frequency Scaling (DVFS)
• 4.7 Power Gating
• 4.8 Clock Gating
• 4.9 Integrated Voltage Regulators (IVRs) in Interposers
• 4.10 Switched Capacitor Voltage Converters
• 4.11 Magnetic Integration in Package Substrates
• 4.12 AI-Driven Dynamic Power Management
• 4.13 Thermal Management Runtime Loops
• 4.14 On-Package Voltage Regulation (OPVR)
• 4.15 Decoupling Capacitors (Decaps)
• 4.16 Low-Resistance Interconnects
• 4.17 Challenges

5 NOVEL THERMAL MATERIALS AND SOLUTIONS FOR ADVANCED PACKAGING

• 5.1 Introduction
  • 5.1.1 Progression toward three-dimensional packaging architectures
• 5.2 Die-attach technology
• 5.3 TIM1 in 3D Semiconductor Packaging
  • 5.3.1 Overview
  • 5.3.2 Applications
  • 5.3.3 Selection and optimization of TIM1 materials
  • 5.3.4 Liquid Cooling Technologies
• 5.4 Emerging Thermal Technologies
  • 5.4.1 Carbon Nanotube Thermal Interface Materials
  • 5.4.2 Graphene
  • 5.4.3 Aerogel-Based Thermal Solutions
  • 5.4.4 Metamaterial Heat Spreaders
  • 5.4.5 Bio-Inspired Thermal Management Approaches
  • 5.4.6 In-package cooling for high-bandwidth memory
  • 5.4.7 Confined and composite liquid metal interfaces
  • 5.4.8 Engineered diamond and copper-diamond composites
  • 5.4.9 Wafer-level thermal stacks
  • 5.4.10 Active copper and advanced die-attach for thermal paths
• 5.5 Thermal Modelling and Simulation
  • 5.5.1 Multi-Physics Simulation Requirements
  • 5.5.2 AI-Enhanced Thermal Design Optimization
  • 5.5.3 Real-Time Thermal Monitoring Integration

6 LIQUID COOLING

• 6.1 Overview
• 6.2 Liquid Cooling Technologies
• 6.3 Rack-level power limitations
• 6.4 Chip-level cooling approaches
• 6.5 Advanced Cooling Integration
  • 6.5.1 Hybrid Cooling Systems (Air + Liquid)
  • 6.5.2 Thermoelectric Cooling Integration
  • 6.5.3 Heat Recovery and Reuse Systems
  • 6.5.4 Cooling System Reliability and Redundancy
• 6.6 Micro-channel lids and micro-channel liquid cold plates
• 6.7 Silicon-integrated microfluidics and direct-to-silicon cooling
• 6.8 Thermal management for co-packaged optics
• 6.9 Cooling Technology Comparison

7 GLOBAL MARKET FORECASTS

• 7.1 Scope, definitions and restatement
• 7.2 Total market
• 7.3 By type
• 7.4 TIM1 and TIM1.5 material selection
• 7.5 By area
• 7.6 By revenues
• 7.7 By package architecture
• 7.8 In-package and direct-to-silicon cooling
• 7.9 Adjacent market: data centre liquid cooling
• 7.10 Advanced thermal materials market evolution
• 7.11 Geographic market distribution
• 7.12 Scenarios
• 7.13 Supplier landscape and consolidation

8 COMPANY PROFILES (61 company profiles)

9 REFERENCES