Chan Ye Xin Xi Wang·2025-06-22 02:00Industry Overview - The vapor chamber, also known as a heat spreader, is a highly efficient thermal management solution used in various fields such as consumer electronics, new energy vehicles, 5G communication, and data centers. The demand for vapor chambers is increasing with the rapid development of these sectors [1][12] - The global vapor chamber market is projected to reach $1.089 billion in 2024, representing a year-on-year growth of 16.72%. The consumer electronics sector is particularly driving this demand due to the continuous enhancement of product performance and the trend towards thinner devices [12] Industry Development History - The vapor chamber industry in China has evolved through four main stages: 1. The nascent stage (1970s-1980s) where the concept emerged but lacked commercial application due to material and processing limitations [4] 2. The technological breakthrough period (1990s-early 2000s) marked by advancements in material science and precision processing, leading to initial applications in high-end servers [4] 3. The explosive growth phase (2010s-early 2020s) driven by the miniaturization and high performance of consumer electronics, with companies like Xiaomi and Huawei adopting vapor chamber solutions [5] 4. The high-end transformation phase (2020s-present) where new markets such as 5G base stations and new energy vehicles are emerging as growth engines [6] Industry Supply Chain - The upstream of the vapor chamber industry includes raw materials (copper, aluminum, stainless steel, etc.) and production equipment (CNC machines, chemical etching machines, etc.). The midstream involves the manufacturing of vapor chambers, while the downstream applications span consumer electronics, automotive electronics, communication base stations, and data centers [8] Key Companies and Performance - The competitive landscape of the vapor chamber industry in China features both leading enterprises and smaller firms. Major players like Zhongshi Technology and Carbon Yuan Technology dominate the market with significant technological advantages, while smaller companies seek niche opportunities [14] - Zhongshi Technology reported a revenue of 349 million yuan in Q1 2025, a year-on-year increase of 16.41%, with a net profit of 62 million yuan, up 105.70% [16] - Lingyi Technology achieved a revenue of 44.211 billion yuan in 2024, reflecting a growth of 29.56%, with R&D investment reaching 1.978 billion yuan, a 9.10% increase [18] Industry Development Trends 1. Technological Innovation: The industry is expected to advance towards more efficient, thinner, and flexible designs. Innovations in materials and manufacturing processes will enhance thermal management efficiency while reducing thickness and weight [20] 2. Application Expansion: The demand for efficient thermal solutions is increasing in new fields such as new energy vehicles and data centers, alongside traditional applications in smartphones and laptops [21][22] 3. Sustainability: The industry is focusing on environmentally friendly materials and manufacturing processes, with a trend towards using recyclable materials to minimize environmental impact [23]