Chan Ye Xin Xi Wang·2025-06-12 01:31Industry Overview - The thermal materials industry in China is experiencing rapid growth, with a market size projected to reach approximately 22.2 billion yuan in 2024, representing a year-on-year increase of 8.18% [1][11] - This growth is primarily driven by the fast development of downstream sectors such as consumer electronics, communications, and automotive industries, which have a growing demand for thermal materials [1][11] - New infrastructure sectors like data centers and energy storage devices are emerging as incremental markets for thermal materials, with high-end thermal materials showing promising application prospects [1][11] Industry Development History - The industry has gone through three main stages: the initial stage from the 1950s to 1980s, the development stage from the 1990s to 2010, and the rapid growth stage from 2010 to the present [4][5] - The initial stage saw the use of metals like aluminum and copper, while the development stage introduced new materials such as silicone and aluminum oxide [4] - The current rapid growth stage is characterized by the emergence of advanced materials like graphene and carbon nanotubes, driven by the demands of AI, 5G, and other emerging technologies [4][5] Industry Value Chain - The upstream of the thermal materials industry includes raw materials and production equipment, such as graphite, PI film, silicone rubber, and various metals [7] - The midstream involves the manufacturing of thermal materials, while the downstream applications span consumer electronics, new energy vehicles, communication devices, home appliances, and healthcare [7] Key Companies and Performance - The industry is characterized by a "three-legged" competitive structure involving international giants, domestic leaders, and emerging companies [13] - Notable companies include Zhongshi Technology, which has developed artificial synthetic graphite with a thermal conductivity of 1200 W/(m·K), and Feirongda, which has seen revenue growth driven by demand from major clients like Huawei and Ningde Times [13][17] - Zhongshi Technology reported a revenue of 1.49 billion yuan in 2024, with a year-on-year growth of 27.54% [13][17] Market Trends - The industry is entering a phase driven by technological innovation, with new materials like graphene and phase change materials gaining traction [19][21] - Key growth engines for thermal materials demand include 5G communications, new energy vehicles, and data centers, with increasing power requirements leading to higher demand for thermal management solutions [21][22] - Domestic companies are enhancing their global presence and competitive edge through technological breakthroughs and vertical integration of the supply chain [22]