Attractive Opportunities in Thermally Conductive Grease Market | Global Forecast
Posted by Robin White on December 5th, 2019
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% from 2017 to 2022. The growth of the 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 the Asia Pacific, Europe, North America, and South America.
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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.
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 global forerunner in the market in terms of both value as well as volume, and this trend is expected to continue till 2022. Factors, such as ban on CFL lighting, increasing need for energy conservation, and need for reducing electricity expense are expected to contribute towards the growth of the LED lighting industry of the region. This, in turn, is expected to drive the growth of the Asia Pacific market for thermally conductive grease during the forecast period.
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