Market Announcement | Frost & Sullivan Congratulates Shenzhen Hongfucheng Advanced Materials Co., Ltd. on Successfully Listing on GEM Market (301716.SZ)
Market Announcement | Frost & Sullivan Congratulates Shenzhen Hongfucheng Advanced Materials Co., Ltd. on Successfully Listing on GEM Market (301716.SZ)
Frost & Sullivan
Shenzhen Hongfucheng Advanced Materials Co., Ltd. (Stock Code: 301716.SZ) successfully listed on the GEM market on September 29, 2026. Hongfucheng is a national-level "little giant" enterprise specializing in the research and development and industrialization of advanced electronic functional materials and devices, including thermal interface management, electromagnetic shielding, and wave absorption. Its products are widely used in data centers (AI high-power chips, optical modules), smart vehicles, 5G communications, and consumer electronics. In the field of thermal interface management, the company is one of the few enterprises in the industry capable of mass-producing graphene heat conduction pads and applying them on a large scale, and it is directly competing with leading international material companies. Frost & Sullivan (hereinafter referred to as "Frost & Sullivan") would like to extend its warm congratulations on the company's successful listing.
Shenzhen Hongfucheng Advanced Materials Co., Ltd. (hereinafter referred to as "Hongfucheng") successfully went public on September 29, 2026, with a total share issuance of 18.730606 million shares, and the issue price per share was 76.86 yuan.
01
Investment Highlights
The company is one of the few enterprises in the industry capable of mass-producing graphene heat conduction pads and applying them on a large scale, and it is directly competing with leading international material companies.
With innovative products such as graphene heat conduction pads and metal carbon-based composite materials, the company has now joined the global leading AI chip enterprise supply chain for heat conduction interface materials and provides bulk supplies.
The company is also one of the few domestic enterprises that have successfully provided small-scale supply of TIM1 thermal interface materials.
Most of the company's downstream customers are globally renowned chip leaders, consumer electronics manufacturers, brand companies, and new energy vehicle electronics manufacturers.
Frost & Sullivan has long focused on the global and Chinese thermal interface management materials industry, published numerous research reports, and these reports have been widely referenced in the prospectuses of leading GEM listed companies, helping clients accelerate their growth.
02
Overview of the Thermal Interface Management Materials Market
Thermal Interface Management Materials (TIM) refer to functional materials used between heating devices and cooling components, structural parts, or cooling elements, to fill microscopic gaps at the interface, reduce contact thermal resistance, and improve heat conduction efficiency. From a thermological perspective, even after precise processing, there are often roughness, flatness deviations, and microholes on the surface of electronic devices in contact with radiators, cold plates, metal casings, etc. If directly bonded, a large amount of air will remain in the interface, and since air has extremely low thermal conductivity, it significantly increases interface thermal resistance, reducing the efficiency of heat transfer from chips, power devices, or modules to the outside. The core function of TIM is to replace air with materials with higher thermal conductivity to fill the interface gaps, while improving surface wetting and bonding conditions, establishing a continuous, stable, and low-thermal-resistance heat transfer path, thereby reducing hot spot temperature rise and enhancing system thermal management efficiency.
03
Global Market Size and Forecast of Thermal Interface Management Materials
Looking at the global market, the thermal interface materials market is showing continuous expansion. From 2021 to 2025, the global thermal interface materials market size increased from 19.48 billion yuan to 30.25 billion yuan, with a compound growth rate of 11.6%, mainly driven by growing demand in data centers and AI servers, new energy vehicles, communication equipment, and high-performance consumer electronics. Among them, the market size of polymer-based composite materials increased from 15.58 billion yuan to 21.17 billion yuan, with a compound growth rate of 8.0%; metal-based thermal interface materials increased from 2.73 billion yuan to 5.75 billion yuan, with a compound growth rate of 20.5%; new carbon-based materials increased from 1.17 billion yuan to 3.33 billion yuan, with a compound growth rate of 29.9%. Polymer-based composite materials remain the dominant players, but metal-based and new carbon-based materials are growing faster, and the market structure is beginning to show an upgrading trend.
In the future, the global thermal interface materials market is expected to continue growing, with the market size expected to increase from 30.25 billion yuan in 2025 to 53.5 billion yuan in 2030, with a compound growth rate of 12.1% from 2025 to 2030. Among them, polymer-based composite materials are expected to increase from 21.17 billion yuan to 267.5 billion yuan, with a compound growth rate of 4.8%; metal-based thermal interface materials are expected to increase from 5.75 billion yuan to 155.2 billion yuan, with a compound growth rate of 22.0%; new carbon-based materials are expected to increase from 3.33 billion yuan to 112.4 billion yuan, with a compound growth rate of 27.6%. As downstream applications require higher thermal conductivity, lower thermal resistance, thinner thickness, and higher reliability, the global thermal interface materials market will show a development trend of both total expansion and structural upgrading, with metal-based and new carbon-based materials expected to be the main drivers of future growth.
Global Thermal Interface Materials Market Size from 2021 to 2030E
Source: Frost & Sullivan Report
04
Chinese Thermal Interface Management Materials Market Size and Forecast
In the Chinese market, the thermal interface materials market size continues to grow rapidly. From 2021 to 2025, the Chinese thermal interface materials market size increased from 6.11 billion yuan to 10.51 billion yuan, with a compound growth rate of 14.5%. Among them, polymer-based composite materials increased from 4.88 billion yuan to 7.36 billion yuan, with a compound growth rate of 10.8%; metal-based thermal interface materials increased from 0.61 billion yuan to 1.24 billion yuan, with a compound growth rate of 19.4%; new carbon-based materials increased from 0.61 billion yuan to 1.91 billion yuan, with a compound growth rate of 33.0%. Polymer-based composite materials remain the dominant players, but metal-based and new carbon-based materials are growing significantly faster, and the material structure is showing an upgrading trend.
In the future, the Chinese thermal interface materials market is expected to continue high-growth trends, with the market size expected to increase from 10.51 billion yuan in 2025 to 19.62 billion yuan in 2030, with a compound growth rate of 13.3% from 2025 to 2030. Among them, polymer-based composite materials are expected to increase from 7.36 billion yuan to 98.1 billion yuan, with a compound growth rate of 4.8%; metal-based thermal interface materials are expected to increase from 1.24 billion yuan to 39.2 billion yuan, with a compound growth rate of 22.0%; new carbon-based materials are expected to increase from 1.91 billion yuan to 58.9 billion yuan, with a compound growth rate of 27.6%. Driven by growing downstream demands for high thermal conductivity, low thermal resistance, thinness, and high reliability, the global thermal interface materials market will show a development trend of both total expansion and structural upgrading, with new carbon-based and metal-based materials expected to be the main drivers of future growth.
Chinese Thermal Interface Materials Market Size from 2021 to 2030E
Source: Frost & Sullivan Report
05
Global and Chinese Competition Landscape of Thermal Interface Management Materials
On a global scale, the competition landscape in the thermal interface materials industry shows a clear tiers structure, with a high overall concentration level. The first tier mainly includes integrated international manufacturers such as DuPont, 3M, Dow Chemical, and Huntsman, with a single manufacturer's market share usually exceeding 8%. These companies typically have global customer coverage capabilities, a complete product portfolio, a stable supply chain system, and strong material engineering and application verification capabilities. They can provide various thermal interface products such as heat conduction pads, heat conduction gels, and phase change materials, and hold a dominant position in high-end application areas such as data centers, AI, automotive electronics, communication equipment, and high-performance consumer electronics; the second tier mainly includes manufacturers such as Ferrocerium, Shin-Etsu Chemical, Sinosteel Technology, and Honeywell, with a single manufacturer's market share usually in the range of 5% to 8%. These companies usually have certain technical accumulations and customer bases in specific material systems, niche product forms, or regional markets, and can form competitiveness in some niche areas through differentiated products or specialized solutions; the third tier mainly includes manufacturers such as Parker Hannifin, Maitre, Leyland, Wacker, and Hongfucheng, with a single manufacturer's market share usually less than 5%. These manufacturers usually focus on specific customers, regional markets, or niche application scenarios, and some companies have already formed certain supporting capabilities in specific product types or downstream fields. Market competition is mainly reflected in product customization, response speed, cost control, and delivery efficiency. As downstream requirements for low interface thermal resistance, long-term reliability, customized development, and large-scale delivery capabilities continue to increase, the global thermal interface materials market share is expected to further concentrate among top manufacturers with comprehensive capabilities.
Global Thermal Interface Materials Players' Competition Tiers (2025)
Source: Frost & Sullivan Report
In the Chinese market, the thermal interface materials industry also shows a relatively clear tiers competition landscape, but compared with the global market, local enterprises have a higher participation level, and market competition is more diverse. The first tier mainly includes Huntsman, 3M, Ferrocerium, Sinosteel Technology, Hongfucheng, and Siquan New Materials; from the perspective of single manufacturers, the market share of enterprises in this tier is usually higher than 5%. These companies typically have strong brand influence, a complete product layout, and stable customer resources, and have strong competitiveness in mainstream and high-performance product areas such as heat conduction pads, heat conduction gels, phase change materials, and graphene heat conduction pads. Among them, Hongfucheng has achieved mass production of graphene heat conduction pads and metal carbon-based composite materials and entered the AI data center supply chain. It has strong competitiveness in scenarios such as data centers, AI high-power chips, and optical modules, demonstrating its leading capabilities in carbon-based thermal material formulations, process control, and high-end application introduction.
Chinese Thermal Interface Materials Players' Competition Tiers (2025)
Source: Frost & Sullivan Report
06
Drivers and Trends of the Thermal Interface Management Materials Industry
Continued growth in high-power density applications drives rapid increase in thermal management demand
As downstream fields such as data centers and AI servers, new energy vehicles, communication equipment, industrial control, and high-performance consumer electronics continue to evolve towards high power, high computing capacity, and high integration, the heat flux density per unit area of heating devices increases continuously. Thermal management has gradually evolved from a supplementary design aspect to a key factor affecting product performance, operational stability, and service life. Under this background, as an important thermal conductive medium connecting chips, power devices, battery modules, coolers, radiators, and structural parts, thermal interface materials play a more significant role in the thermal path. Compared with traditional radiators, fans, or cooling systems, thermal interface materials directly act on the front interface of heat transfer. Once there are gaps or high thermal resistance at the interface, even if the rear cooling capacity is sufficient, efficient heat dissipation is difficult to achieve. Therefore, as terminal device power consumption continues to increase, new cooling solutions such as liquid cooling become more widespread, and high-performance electronic systems have higher requirements for temperature control, the market demand for thermal interface materials will continue to grow, driving the industry towards higher performance and reliability.
End-users continue to demand higher reliability, thinner thickness, and mass production compatibility
In addition to thermal performance, the evaluation criteria for thermal interface materials by downstream customers are continuously expanding. The demand for thinner, smaller, and higher-integration products in the consumer electronics field is increasing, requiring thermal interface materials to not only have good thermal conductivity but also be thin, flexible, and compatible with complex structures. In automotive electronics, communication equipment, and industrial control fields, the stability and reliability of materials under high-low temperature cycles, vibration and impact, humid and hot environments, and long-term continuous operation are emphasized more. At the same time, as terminal manufacturing develops towards automation, scale, and high consistency, customers' requirements for thermal interface materials in point coating, attachment, die-cutting, assembly efficiency, and mass production stability are also continuously increasing. It can be seen that the competition logic for thermal interface materials has shifted from a single thermal conductivity parameter orientation to a comprehensive balance of performance, reliability, structural compatibility, and mass production process compatibility. This change not only raises the industry threshold for mid-to-high-end thermal interface materials but also brings greater market opportunities for companies with material development, manufacturing, and application coordination capabilities.
Business Consultation Hotline
(021) 54075836
Scan to add official WeCom customer service for online support.
Scan to follow our official WeChat
