HBM 열 관리 및 TIM : 시장 점유율 분석, 업계 동향 및 통계, 성장 예측(2026-2031년)

According to Mordor Intelligence, the HBM thermal management and TIM market size is expected to increase from USD 0.31 billion in 2025 to USD 0.41 billion in 2026 and reach USD 1.71 billion by 2031, growing at a CAGR of 32.90% over 2026-2031.

This report is Segmented by Solution Type (Thermal Interface Materials, Heat Spreaders and Thermal Enhancement Components, and Active and Advanced Cooling Solutions), TIM Type (Silicone-Based TIM, and More), Application (Die Attach and Chip Boarding, and More), End Use Industry (AI Accelerators and GPUs, and More), and Geography. The Market Forecasts are Provided in Terms of Value (USD).

Global HBM Thermal Management and TIM Market Trends and Insights

AI Accelerator Power Density Escalation

The HBM thermal management and TIM market is responding first to the sharp rise in GPU power envelopes, which moved from up to 700 W in NVIDIA H100 systems to 1,000 W in the Blackwell B200 path and to 1,400 W in the B300 path described in the source material. That increase reduces the thermal margin across the entire package because the GPU die and the HBM stack must now share a much tighter heat-reduction path within the same footprint. Material choices that worked for earlier accelerator generations are becoming less suitable as junction temperature control now depends on lower resistance at multiple interfaces rather than just better bulk conductivity. NVIDIA also tied liquid cooling to lower operating costs in large AI facilities, giving customers a financial incentive to raise thermal specifications before the next memory node even reaches volume deployment. In the HBM thermal management and TIM market, this shift is driving supplier discussions away from simple conductivity claims toward co-design support, interface matching, and simulation capabilities during package development. Suppliers that can help customers balance heat flow between compute silicon and memory layers earlier in the design cycle are therefore gaining stronger design-in positions.

HBM Stack Height Growth Increasing Package Heat Flux

The HBM thermal management and TIM market is also being pushed by taller memory stacks, because JEDEC's HBM4 standard, published in April 2025, supports up to 16-high stacks with 32 Gb die density and a maximum cube capacity of 64 GB. Each added tier expands the heat-generating area while lengthening the vertical path through which lower dies must release heat, making stack geometry itself a thermal constraint. Imec showed the scale of this issue when its 3D HBM-on-GPU study reported peak GPU temperatures of 141.7°C without mitigation, while a package with structural and cooling changes reduced them to 70.8°C. SK hynix addressed the same problem in May 2026 with iHBM, which places Integrated Cooling Elements at the D2D PHY layer and lowers thermal resistance by more than 30% versus indirect cooling approaches. For suppliers in the HBM thermal management and TIM market, this means stack-level interfaces are moving toward thinner bondlines, more localized hot spots, and performance requirements that extend beyond the validated range of many current silicone products. That shift raises the value of formulations that can hold thermal performance at very thin bondlines without sacrificing reliability under repeated thermal stress.

Tight Reliability Windows for Long-Life AI and HPC Deployments

The HBM thermal management and TIM market faces a clear brake from the long service life expected in hyperscale and HPC hardware, because operators want systems to run under sustained heavy use for 5 to 7 years before replacement. Advanced materials such as graphene-enhanced gels and gallium-based liquid metals still have limited production scale and field history compared with incumbent silicone systems, even when their lab performance looks stronger. IEEE THERMINIC research in 2025 showed that TIM1 degradation in large die packages can be highly localized and shaped by assembly warpage and by material behavior under thermomechanical stress. This means bulk thermal conductivity alone does not predict field reliability well enough for buyers making long-life infrastructure decisions. Once a material is qualified and deployed, operators are reluctant to change it mid-cycle because replacement requires disassembly and renewed validation. That creates qualification lock-in in the HBM thermal management and TIM market, slowing the adoption of novel chemistries even when they can exceed the incumbent's thermal performance in controlled testing.

Other drivers and restraints analyzed in the detailed report include:

1. Co-Packaged Memory and Logic Roadmaps Raising Thermal Qualification Thresholds
2. Advanced Semiconductor Packaging Adoption in HBM Supply Chains
3. Material Qualification Cycles Delaying Commercial Scale-Up

For complete list of drivers and restraints, kindly check the Table Of Contents.

Segment Analysis

Thermal Interface Materials held 53.83% of the HBM thermal management and TIM market share in 2025, which reflected their long-established role across die attach, package lid, and heatsink interfaces in AI accelerator packages. That position came from installed base depth as much as from performance, because many current package designs still rely on silicone and polymer systems that are already qualified in automated production and assembly flows. Even so, the performance ladder in this category is moving upward as customers seek formulations that maintain lower resistance without sacrificing compliance during cycling and warpage. Research published in ACS Applied Energy Materials in 2025 showed that vertically aligned graphene arrays achieved a bulk thermal conductivity of 90.5 W m-1 K-1 at 30.07 wt% graphene loading, far above the range typical of conventional silicone pads. In the HBM thermal management and TIM market, that result matters because it supports the move from laboratory validation toward early commercial sampling for TIM1 and related high-heat interfaces.

Heat spreaders and thermal enhancement components occupy an important middle ground, supporting both current lidded packages and newer lid-integrated thermal path concepts that are gaining attention in HBM stack-level management. Active and Advanced Cooling Solutions is projected to expand at a 33.49% CAGR through 2031, making it the fastest-growing solution type as platform-level cooling moves closer to the package. NVIDIA's 2025 commentary on Rubin described a fully liquid-cooled system direction with fan removal and warmer coolant, which changes the boundary conditions that downstream thermal materials must meet. Frore Systems reinforced that direction in March 2026 when it raised USD 143 million at a USD 1.64 billion valuation to scale its LiquidJet platform, showing that capital is also moving toward package-integrated active cooling concepts.

Silicone-Based TIM accounted for 42.19% of the HBM thermal management and TIM market in 2025, reflecting its broad qualification base, mechanical compliance, and compatibility with existing automated dispensing processes. Graphene and Carbon-Based TIM is projected to record the fastest CAGR of 34.08% through 2031, as it offers a much higher theoretical conductivity ceiling and a stronger path toward next-generation hot-spot control. The same ACS Applied Energy Materials study cited in the input explains why interest remains high; graphene can translate its strong intrinsic thermal properties into bulk structures that deliver far better performance than legacy filler systems when processing challenges are addressed. In the HBM thermal management and TIM market, the issue is no longer whether carbon-rich systems can perform, but whether they can do so at scale with stable bondlines, clean processing, and repeatable package reliability. That is why the segment still balances growth potential against commercial readiness rather than moving immediately away from incumbent silicon systems.

Dow's launch of DOWSIL TC-3120 Thermal Gel in May 2026 showed that incumbent silicone suppliers are still raising the performance ceiling, with thermal conductivity near 12 W/m*K and positioning for dense optical and electronic module interfaces. Non-silicone TIM and phase change materials remain relevant where silicone contamination is a concern, and Laird's Tpcm 7000 provided a premium benchmark with 7.5 W/mK thermal conductivity and reliability across 2,000 aging test hours in the source material. Liquid metal systems continue to gain interest, with Indium's gallium-based Indalloy formulations approaching 44 W m-1 K-1 and targeting TIM0 and TIM1 use in bare-die AI server processors and ASICs. The HBM thermal management and TIM industry is therefore not moving in a single direction, since the winning chemistry still depends on containment, contamination risk, manufacturability, and the interface position being served.

Complete Report Scope:

• By Solution Type
  • Thermal Interface Materials
  • Heat Spreaders and Thermal Enhancement Components
  • Active and Advanced Cooling Solutions
• By TIM Type
  • Silicone-Based TIM
  • Non-Silicone TIM
  • Phase Change Materials
  • Liquid Metal TIM
  • Graphene and Carbon-Based TIM
  • Indium and Metal Alloy TIM
• By Application
  • Die Attach and Chip Bonding
  • Interposer and Silicon Bridge Thermal Management
  • HBM Stack Thermal Interface
  • Package-to-Heatsink Interface
  • Advanced Heterogeneous Packaging
• By End Use Industry
  • AI Accelerators and GPUs
  • Data Centers
  • High-Performance Computing
  • Automotive
  • Telecom
  • Consumer Electronics
• By Geography
  • North America
    • United States
    • Canada
    • Mexico
  • Europe
    • Germany
    • United Kingdom
    • France
    • Italy
    • Rest of Europe
  • Asia-Pacific
    • China
    • Japan
    • South Korea
    • Taiwan
    • India
    • Rest of Asia-Pacific
  • South America
  • Middle East and Africa

Geography Analysis

Asia-Pacific held 64.96% of the HBM thermal management and TIM market share in 2025, which reflected the region's concentration of HBM manufacturing, advanced packaging, and supporting semiconductor materials capacity. South Korea remained central because Samsung Electronics and SK hynix anchor global HBM supply, while Taiwan supports the package side through large-scale advanced packaging activity tied to AI accelerator programs. The HBM thermal management and TIM market in Asia-Pacific is also supported by the faster adoption of taller HBM stacks and more complex package layouts, which increase the need for qualified interface materials near the memory and compute dies. JEDEC's HBM4 release in 2025 and SK hynix's iHBM launch in 2026 both reinforced the region's role in setting practical thermal requirements for the next wave of package design. Japan also held strategic value through materials development and process work, with Wacker expanding local silicone TIM capacity and NEDO supporting manufacturing innovation to lower silicone TIM production costs.

North America is projected to post the fastest CAGR at 33.81% through 2031, driven by rapid AI data center buildout and the need to support denser compute clusters with liquid-ready thermal solutions. NVIDIA's own discussion of liquid-cooling economics shows why this region is moving quickly, as thermal infrastructure decisions now affect both system performance and operating costs in large AI facilities. The HBM thermal management and TIM market in North America also benefits from domestic semiconductor packaging expansion under the current industrial policy, which broadens demand beyond hyperscale servers alone. That combination links component-level materials demand with a larger buildout in package, board, and cooling hardware.

Europe held a smaller position, but it remained technically important because its electronics and automotive base keeps demand focused on compliance, reliability, and research-led package development. The region's RoHS and REACH frameworks still matter for suppliers using metal-rich or specialized filler systems, as material selection must align with stricter compliance requirements in industrial and mobility applications. South America, the Middle East, and Africa remained early-stage in direct HBM-related TIM demand, as local HBM production and advanced packaging activity remain limited. Even so, later-period AI infrastructure programs in parts of the Middle East could create incremental opportunity for the HBM thermal management and thermal interface material (TIM) market if local compute capacity moves from deployment planning to sustained hardware installation.

1. Henkel AG and Co. KGaA
2. Dow Inc.
3. DuPont de Nemours, Inc.
4. Shin-Etsu Chemical Co., Ltd.
5. 3M Company
6. Laird Thermal Systems, Inc.
7. Parker-Hannifin Corporation
8. Fujipoly America Corporation
9. Momentive Performance Materials Inc.
10. Honeywell International Inc.
11. Indium Corporation
12. Eaton Corporation
13. Saint-Gobain S.A.
14. Rogers Corporation
15. Wacker Chemie AG
16. Panasonic Holdings Corporation
17. Nitto Denko Corporation
18. Shenzhen FRD Science and Technology Co., Ltd.
19. Suzhou Tianmai Thermal Technology Co., Ltd.
20. Resonac Holdings Corporation

Additional Benefits:

• The market estimate (ME) sheet in Excel format
• 3 months of analyst support

TABLE OF CONTENTS

1 INTRODUCTION

• 1.1 Study Assumptions and Market Definition
• 1.2 Scope of the Study

2 RESEARCH METHODOLOGY

3 EXECUTIVE SUMMARY

4 MARKET LANDSCAPE

• 4.1 Market Overview
• 4.2 Market Drivers
  • 4.2.1 AI Accelerator Power Density Escalation
  • 4.2.2 HBM Stack Height Growth Increasing Package Heat Flux
  • 4.2.3 Co-Packaged Memory and Logic Roadmaps Raising Thermal Qualification Thresholds
  • 4.2.4 Advanced Semiconductor Packaging Adoption in HBM Supply Chains
  • 4.2.5 Underreported Demand for Package-Level Thermal Simulation and Design-In Services
  • 4.2.6 HBM Thermal Failure Margins Driving Premium TIM Adoption in Hyperscale Designs
• 4.3 Market Restraints
  • 4.3.1 Tight Reliability Windows for Long-Life AI and HPC Deployments
  • 4.3.2 Material Qualification Cycles Delaying Commercial Scale-Up
  • 4.3.3 Limited Supply of High-Purity Filler Systems for Advanced TIM Formulations
  • 4.3.4 Yield Loss Risk From Thermal-Mechanical Stress in 3D Stacked Memory
• 4.4 Supply Chain Analysis
• 4.5 Regulatory Landscape
• 4.6 Technological Outlook
• 4.7 Porter's Five Forces Analysis
  • 4.7.1 Threat of New Entrants
  • 4.7.2 Bargaining Power of Suppliers
  • 4.7.3 Bargaining Power of Buyers
  • 4.7.4 Threat of Substitutes
  • 4.7.5 Intensity of Competitive Rivalry
• 4.8 Impact of Macroeconomic Factors on the Market

5 MARKET SIZE AND GROWTH FORECASTS (VALUE)

• 5.1 By Solution Type
  • 5.1.1 Thermal Interface Materials
  • 5.1.2 Heat Spreaders and Thermal Enhancement Components
  • 5.1.3 Active and Advanced Cooling Solutions
• 5.2 By TIM Type
  • 5.2.1 Silicone-Based TIM
  • 5.2.2 Non-Silicone TIM
  • 5.2.3 Phase Change Materials
  • 5.2.4 Liquid Metal TIM
  • 5.2.5 Graphene and Carbon-Based TIM
  • 5.2.6 Indium and Metal Alloy TIM
• 5.3 By Application
  • 5.3.1 Die Attach and Chip Bonding
  • 5.3.2 Interposer and Silicon Bridge Thermal Management
  • 5.3.3 HBM Stack Thermal Interface
  • 5.3.4 Package-to-Heatsink Interface
  • 5.3.5 Advanced Heterogeneous Packaging
• 5.4 By End Use Industry
  • 5.4.1 AI Accelerators and GPUs
  • 5.4.2 Data Centers
  • 5.4.3 High-Performance Computing
  • 5.4.4 Automotive
  • 5.4.5 Telecom
  • 5.4.6 Consumer Electronics
• 5.5 By Geography
  • 5.5.1 North America
    • 5.5.1.1 United States
    • 5.5.1.2 Canada
    • 5.5.1.3 Mexico
  • 5.5.2 Europe
    • 5.5.2.1 Germany
    • 5.5.2.2 United Kingdom
    • 5.5.2.3 France
    • 5.5.2.4 Italy
    • 5.5.2.5 Rest of Europe
  • 5.5.3 Asia-Pacific
    • 5.5.3.1 China
    • 5.5.3.2 Japan
    • 5.5.3.3 South Korea
    • 5.5.3.4 Taiwan
    • 5.5.3.5 India
    • 5.5.3.6 Rest of Asia-Pacific
  • 5.5.4 South America
  • 5.5.5 Middle East and Africa

6 COMPETITIVE LANDSCAPE

• 6.1 Market Concentration
• 6.2 Strategic Moves
• 6.3 Market Share Analysis
• 6.4 Company Profiles (includes Global Level Overview, Market Level Overview, Core Segments, Financials as available, Strategic Information, Market Rank/Share, Products and Services, Recent Developments)
  • 6.4.1 Henkel AG and Co. KGaA
  • 6.4.2 Dow Inc.
  • 6.4.3 DuPont de Nemours, Inc.
  • 6.4.4 Shin-Etsu Chemical Co., Ltd.
  • 6.4.5 3M Company
  • 6.4.6 Laird Thermal Systems, Inc.
  • 6.4.7 Parker-Hannifin Corporation
  • 6.4.8 Fujipoly America Corporation
  • 6.4.9 Momentive Performance Materials Inc.
  • 6.4.10 Honeywell International Inc.
  • 6.4.11 Indium Corporation
  • 6.4.12 Eaton Corporation
  • 6.4.13 Saint-Gobain S.A.
  • 6.4.14 Rogers Corporation
  • 6.4.15 Wacker Chemie AG
  • 6.4.16 Panasonic Holdings Corporation
  • 6.4.17 Nitto Denko Corporation
  • 6.4.18 Shenzhen FRD Science and Technology Co., Ltd.
  • 6.4.19 Suzhou Tianmai Thermal Technology Co., Ltd.
  • 6.4.20 Resonac Holdings Corporation

7 MARKET OPPORTUNITIES AND FUTURE OUTLOOK

• 7.1 White-Space and Unmet-Need Assessment