全球先進半導體封裝用溫度控管系統與材料市場（2027-2037 年）

溫度控管已從封裝決策中下游的特定產品因素轉變為決定性因素。目前，功率密度而非裝置數量才是推動熱管理發展的關鍵因素。運行 AI 工作負載的 GPU 的熱通量約為 140 W/cm²，而3D架構的平均熱通量接近 300 W/cm²，局部熱點的熱通量甚至可達 500–1000 W/cm²。單一封裝的熱設計功耗 (TDP) 已超過千瓦級，並朝著 3000–5000 W 的範圍邁進。限制因素在於傳統散熱堆疊結構（矽、金屬導線、微凸塊、底部填充劑、導熱界面材料 1、蓋板、導熱界面材料 2、冷板）的累積熱阻。兩種可能的解決方案是：縮短傳熱路徑並降低界面熱阻，以及增加可用於熱交換的面積。這兩種方法正在並行推進，有效地模糊了封裝內「材料」和「冷卻系統」之間的界線。

封裝面積的擴大是推動大規模生產的主要動力。採用 5.5 倍光罩尺寸的 CoWoS_L 平台預計將於 2026 年開始量產，其封裝包含約 12 個 HBM3E 或 HBM4 堆疊層。預計到 2027 年，光罩尺寸將達到約 9.5 倍。由於全矽中介層在光罩尺寸超過約 3.3 倍後會面臨良率和成本的限制，業界正在轉向嵌入式矽橋、玻璃基板和麵板形式。所有這些都會引入翹曲和熱膨脹係數 (CTE) 不匹配的問題，從而增加控制鍵合線均勻性的難度。

2026年中期，多項技術進步將徹底改變該領域的格局。台積電已將微流體冷卻技術整合到其3DFabric平台中，將冷卻系統與電源和互連線整合在一起，作為聯合設計和技術最佳化的一部分。微通道蓋板作為一種過渡架構應運而生，它能引導冷卻液更靠近晶片，同時保持可認證的TIM1介面。散熱結構已轉移到記憶體堆疊內部。 SK海力士的iHBM將冷卻元件整合到晶片間物理層中，據稱可將熱阻降低30%以上，同時保持與現有回流焊接底部填充製程的兼容性。三星的Heat Path Block也針對類似的熱門議題，而基於HBM5的晶片正朝著2nm製程邁進。

在材料方面，液態金屬的製造方式正從自由塗覆轉向通過封裝（纖維基質、嵌入彈性體的液滴、混合壩結構），從而解決諸如泵出、洩漏以及與鋁的兼容性等挑戰。人造鑽石的製造流程也日趨成熟，採用與CMOS製程相容的低溫生長技術，並具備易於鍵結的表面，但晶粒結構仍是關鍵因素。只有微晶和單晶等級的鑽石才能達到最高的導電性。供應商群體日益集中，隨著要求的日益嚴格，高性能領域的認證範圍也不斷縮小。

「2027-2037年全球先進半導體封裝溫度控管系統及材料市場」報告全面評估了決定先進封裝散熱能力的材料、硬體和散熱架構。該預測基於截至2037年的固定價格，以2025年美元為基準貨幣，並分三個層面進行建模：導熱界面材料、封裝級散熱硬體以及封裝內和直接矽散熱。所有細分市場的數據匯總為一個統一的總合。

目錄包括以下內容：

• 摘要整理- 研究範圍、主要發現和本版本變更
• 引言 - 熱設計功耗、高效能運算晶片的先進封裝、熱性能和優勢、GPU平面晶片封裝的發展
• 2.5D 和 3D 封裝技術 - 最新封裝技術、互連、CoWoS 和大尺寸2.5D、面板和玻璃平台、凸塊形成技術、微凸塊和銅-銅混合鍵合、製造良率、成本分析、矽、有機和玻璃基板的演變
• 電源管理 - 電源系統和網路、電源雜訊、動態電壓頻率調節 (DVFS)、電源和時脈門控、整合到中介層的電壓調節器、開關電容轉換器、磁整合、封裝內電壓調節、去耦電容、低電阻互連
• 新型導熱材料－晶片黏接技術、3D封裝中的TIM1、選擇與最佳化、奈米碳管TIM、石墨烯、氣凝膠、超材料散熱器、仿生方法、高頻寬記憶體的封裝內冷卻、受限和複合液態金屬介面、人造鑽石和銅-鑽石複合材料、晶級導熱堆疊黏接技術
• 液冷－機架級功率限制、晶片級方法、混合和熱電整合、熱回收和再利用、可靠性和冗餘性、微通道蓋和微通道液冷板、矽整合微流體和直接矽冷卻、共封裝光學元件的溫度控管。
• 熱建模與模擬－多物理場需求整合、人工智慧驅動的設計最佳化與即時監控。
• 全球市場預測至2037年－範圍、定義及表示；市場總規模；類型、材料選擇、面積、銷售額、封裝架構、封裝內冷卻技術、區域細分；鄰近資料中心液冷市場；先進導熱材料的演進；情境分析；供應商趨勢與產業重組
• 公司簡介 - 涵蓋材料、硬體和冷卻領域的 61 家公司的簡介。其中包括 2D Generation、2D Photonics/CamGraphIC、3M、Accelsius、Akash Systems、Apheros、Arieca、Asia Vital Components（AVC）、Asperitas Immersed Computing、Auras Technology、Black Semiconductor、BNNano、Boston Materials、Boyd Corporation、Carbice、First Graphene、Carbon Waters、Cooler Master、CoolSem Technologies、Destination 2D、Dexerials、Diamond Quanta、Element Solutions/MacDermid Alpha Electronics Solutions、Engineered Fluids、Fabric8Labs、Fujitsu Laboratories、Global Graphene Group、Graphmatech、Green Revolution Cooling（GRC）、Henkel、Huntsman、Iceotope、Indium Corporation、Jentech Precision Industrial、JetCool Technologies等。

目錄

第1章摘要整理

第2章：引言

• 熱設計功率（TDP）
• 用於高效能運算晶片的先進半導體封裝技術
• GPU中的2.5D和3D封裝
• GPU平面晶片封裝技術的演進
• 高功率先進封裝的溫度控管
• 介紹
• 最新半導體封裝技術
• 先進半導體封裝技術的最佳化
• 互連技術
• 2.5D封裝
• 凸起技術
• 製造良率
• 成本分析
• 基板技術的發展（矽、有機材料、玻璃）
• 高級軟體包的組裝和測試挑戰

第4章 電源管理

• 介紹
• 電源系統
• 高效能運算晶片生態系統
• 先進電力傳輸網路（PDN）
• 電源雜訊
• 動態電壓頻率調節（DVFS）
• 電源門控
• 時鐘門控
• 內插器整合式電壓調節器 (IVR)
• 開關電容電壓轉換器
• 磁性整合到構裝基板上
• 人工智慧驅動的動態電源管理
• 溫度控管運行時循環
• 封裝內電壓調節 (OPVR)
• 去耦電容（去電容）
• 低阻抗互連
• 任務

第5章：用於先進封裝的創新導熱材料與解決方案

• 介紹
• 晶片連接技術
• 3D半導體封裝中的TIM1
• 新興熱技術
• 熱建模與仿真

第6章 液冷

• 概述
• 液冷技術
• 機架級功率限制
• 晶片級冷卻方法
• 先進的冷卻整合
• 微通道蓋和微通道液冷板
• 矽整合微流體控裝置和直接矽冷卻
• 共封裝光學元件的溫度控管
• 冷卻技術比較

第7章：全球市場預測

• 範圍、定義和重新說明
• 整體市場
• 按類型
• TIM1 和 TIM1.5 材料的選擇
• 按地區
• 按收入流
• 依封裝架構
• 底部冷卻和直接矽冷卻
• 鄰近市場：資料中心液冷系統
• 先進熱材料市場的發展
• 地理市場分佈
• 設想
• 與供應商整合

第8章：公司簡介（61家公司簡介）

第9章參考文獻

Thermal management has moved from a downstream consequence of packaging decisions to a determinant of them. Power density, not device count, now sets the pace: GPUs running AI workloads dissipate heat fluxes on the order of 140 W/cm², while three-dimensional architectures record average fluxes near 300 W/cm² with localised hotspots between 500 and 1,000 W/cm². Single-package thermal design power has passed the kilowatt level and is advancing toward the 3,000-5,000 W range. The binding constraint is the accumulated resistance of a conventional thermal stack - silicon, metal interconnect, micro-bumps, underfill, TIM1, lid, TIM2, cold plate. Two levers are available: shortening the path and reducing interfacial resistance, or expanding the area available for heat exchange. Both are being pursued simultaneously, and the boundary between "material" and "cooling system" has effectively dissolved inside the package.

Package area growth is the dominant volume driver. The 5.5× reticle-scale CoWoS_L platform entered volume production in 2026 carrying around twelve HBM3E or HBM4 stacks, with roughly 9.5× reticle-scale packages expected by 2027. Full silicon interposers face yield and cost limits beyond about 3.3× reticle, pushing the industry toward embedded silicon bridges, glass substrates and panel formats - each of which makes warpage and CTE mismatch, and therefore bond line uniformity, harder to control.

Several developments reshaped the field through mid-2026. TSMC is integrating microfluidic cooling into its 3DFabric platform, bringing cooling into design-technology co-optimisation alongside power delivery and interconnect. Micro-channel lids have emerged as the transitional architecture, retaining a qualifiable TIM1 interface while moving coolant close to the die. Thermal structures have migrated inside the memory stack: SK hynix's iHBM embeds integrated cooling elements at the die-to-die physical layer, claiming over 30% lower thermal resistance while remaining compatible with existing mass reflow molded underfill processes, and Samsung's Heat Path Block targets the same hotspot, with the HBM5 base die moving to a 2 nm process.

Materially, liquid metal has found a manufacturable form through confinement - fibre-matrix, elastomer-embedded droplet and hybrid dam architectures - rather than free application, addressing pump-out, leakage and aluminium compatibility. Engineered diamond has moved toward manufacturability via CMOS-compatible low-temperature growth and bond-ready surfaces, though grain structure remains decisive: only microcrystalline and single-crystal grades deliver headline conductivity. The supplier base is consolidating, narrowing the qualified field at the high-performance end precisely as requirements become more demanding.

The Global Market for Thermal Management Systems and Materials for Advanced Semiconductor Packaging 2027-2037 is a comprehensive assessment of the materials, hardware and cooling architectures that determine how much power an advanced package can dissipate. Forecasts run to 2037 in constant 2025 US dollars, modelled across three layers - thermal interface materials, package-level thermal hardware, and in-package and direct-to-silicon cooling - with all segmentations reconciling to a single consistent total.

Contents include:

• Executive summary - scope, key findings, and what has changed in this edition
• Introduction - thermal design power, advanced packaging in HPC chips, thermal properties and benefits, evolution of planar die packaging area for GPUs
• 2.5D and 3D packaging technologies - modern packaging technology, interconnection, CoWoS and large-format 2.5D, panel and glass platforms, bumping technologies, micro-bump and copper-to-copper hybrid bonding, manufacturing yield, cost analysis, substrate evolution across silicon, organic and glass
• Power management - power delivery systems and networks, supply noise, DVFS, power and clock gating, integrated voltage regulators in interposers, switched capacitor converters, magnetic integration, on-package voltage regulation, decoupling capacitors, low-resistance interconnects
• Novel thermal materials - die-attach technology, TIM1 in 3D packaging, selection and optimisation, carbon nanotube TIMs, graphene, aerogels, metamaterial heat spreaders, bio-inspired approaches, in-package cooling for high-bandwidth memory, confined and composite liquid metal interfaces, engineered diamond and copper-diamond composites, wafer-level thermal stacks, active copper and advanced die-attach
• Liquid cooling - rack-level power limitations, chip-level approaches, hybrid and thermoelectric integration, heat recovery and reuse, reliability and redundancy, micro-channel lids and micro-channel liquid cold plates, silicon-integrated microfluidics and direct-to-silicon cooling, thermal management for co-packaged optics
• Thermal modelling and simulation - multi-physics requirements, AI-enhanced design optimisation, real-time monitoring integration
• Global market forecasts to 2037 - scope, definitions and restatement; total market; segmentation by type, material selection, area, revenues, package architecture, in-package cooling technology, region; adjacent data centre liquid cooling market; advanced thermal materials evolution; scenario analysis; supplier landscape and consolidation
• Company profiles - 61 profiles across materials, hardware and cooling inlcuding 2D Generation, 2D Photonics/CamGraphIC, 3M, Accelsius, Akash Systems, Apheros, Arieca, Asia Vital Components (AVC), Asperitas Immersed Computing, Auras Technology, Black Semiconductor, BNNano, Boston Materials, Boyd Corporation, Carbice, First Graphene, Carbon Waters, Cooler Master, CoolSem Technologies, Destination 2D, Dexerials, Diamond Quanta, Element Solutions / MacDermid Alpha Electronics Solutions, Engineered Fluids, Fabric8Labs, Fujitsu Laboratories, Global Graphene Group, Graphmatech, Green Revolution Cooling (GRC), Henkel, Huntsman, Iceotope, Indium Corporation, Jentech Precision Industrial, JetCool Technologies and more.....

Table of Contents

1 EXECUTIVE SUMMARY

• 1.1 Scope of this edition
• 1.2 Market size and growth
• 1.3 Key findings
• 1.4 What has changed in this edition
• 1.5 Advanced semiconductor packaging-2D architectures to advanced 2.5D and 3D integration technologies
• 1.6 Challenges
  • 1.6.1 Power delivery
  • 1.6.2 Thermal management
• 1.7 TSV Performance
• 1.8 Transition from lateral to vertical power delivery
• 1.9 Thermal interface material selection for TIM1 applications
• 1.10 Cooling Technologies for HPC

2 INTRODUCTION

• 2.1 Thermal design power (TDP)
• 2.2 Advanced Semiconductor Packaging Technologies in HPC chips
  • 2.2.1 Thermal properties
  • 2.2.2 Thermal Benefits
  • 2.2.3 TDP in Advanced Packaging
• 2.3 2.5D and 3D Packaging in GPUs
• 2.4 Evolution of planar die packaging area for GPUs
• 2.5 Thermal management of high-power advanced packages
• 3.1 Introduction
• 3.2 Modern semiconductor packaging technology
• 3.3 Optimization of advanced semiconductor packaging technologies
• 3.4 Interconnection technology
• 3.5 2.5D packaging
  • 3.5.1 Chip-on-Wafer-on-Substrate (CoWoS)
  • 3.5.2 Large-format 2.5D, panel and glass platforms
• 3.6 Bumping technologies
  • 3.6.1 Overview
  • 3.6.2 Challenges
  • 3.6.3 Micro-bump technology
  • 3.6.4 Copper-to-copper hybrid bonding
• 3.7 Manufacturing Yield
• 3.8 Cost Analysis
• 3.9 Substrate Technology Evolution (Silicon vs Organic vs Glass)
• 3.10 Assembly and Test Challenges for Advanced Packages

4 POWER MANAGEMENT

• 4.1 Introduction
• 4.2 Power delivery systems
• 4.3 Ecosystem for HPC chips
• 4.4 Advanced Power Delivery Networks (PDNs)
• 4.5 Power supply noise
• 4.6 Dynamic Voltage and Frequency Scaling (DVFS)
• 4.7 Power Gating
• 4.8 Clock Gating
• 4.9 Integrated Voltage Regulators (IVRs) in Interposers
• 4.10 Switched Capacitor Voltage Converters
• 4.11 Magnetic Integration in Package Substrates
• 4.12 AI-Driven Dynamic Power Management
• 4.13 Thermal Management Runtime Loops
• 4.14 On-Package Voltage Regulation (OPVR)
• 4.15 Decoupling Capacitors (Decaps)
• 4.16 Low-Resistance Interconnects
• 4.17 Challenges

5 NOVEL THERMAL MATERIALS AND SOLUTIONS FOR ADVANCED PACKAGING

• 5.1 Introduction
  • 5.1.1 Progression toward three-dimensional packaging architectures
• 5.2 Die-attach technology
• 5.3 TIM1 in 3D Semiconductor Packaging
  • 5.3.1 Overview
  • 5.3.2 Applications
  • 5.3.3 Selection and optimization of TIM1 materials
  • 5.3.4 Liquid Cooling Technologies
• 5.4 Emerging Thermal Technologies
  • 5.4.1 Carbon Nanotube Thermal Interface Materials
  • 5.4.2 Graphene
  • 5.4.3 Aerogel-Based Thermal Solutions
  • 5.4.4 Metamaterial Heat Spreaders
  • 5.4.5 Bio-Inspired Thermal Management Approaches
  • 5.4.6 In-package cooling for high-bandwidth memory
  • 5.4.7 Confined and composite liquid metal interfaces
  • 5.4.8 Engineered diamond and copper-diamond composites
  • 5.4.9 Wafer-level thermal stacks
  • 5.4.10 Active copper and advanced die-attach for thermal paths
• 5.5 Thermal Modelling and Simulation
  • 5.5.1 Multi-Physics Simulation Requirements
  • 5.5.2 AI-Enhanced Thermal Design Optimization
  • 5.5.3 Real-Time Thermal Monitoring Integration

6 LIQUID COOLING

• 6.1 Overview
• 6.2 Liquid Cooling Technologies
• 6.3 Rack-level power limitations
• 6.4 Chip-level cooling approaches
• 6.5 Advanced Cooling Integration
  • 6.5.1 Hybrid Cooling Systems (Air + Liquid)
  • 6.5.2 Thermoelectric Cooling Integration
  • 6.5.3 Heat Recovery and Reuse Systems
  • 6.5.4 Cooling System Reliability and Redundancy
• 6.6 Micro-channel lids and micro-channel liquid cold plates
• 6.7 Silicon-integrated microfluidics and direct-to-silicon cooling
• 6.8 Thermal management for co-packaged optics
• 6.9 Cooling Technology Comparison

7 GLOBAL MARKET FORECASTS

• 7.1 Scope, definitions and restatement
• 7.2 Total market
• 7.3 By type
• 7.4 TIM1 and TIM1.5 material selection
• 7.5 By area
• 7.6 By revenues
• 7.7 By package architecture
• 7.8 In-package and direct-to-silicon cooling
• 7.9 Adjacent market: data centre liquid cooling
• 7.10 Advanced thermal materials market evolution
• 7.11 Geographic market distribution
• 7.12 Scenarios
• 7.13 Supplier landscape and consolidation

8 COMPANY PROFILES (61 company profiles)

9 REFERENCES

List of Tables

• Table 1. Total thermal management market for advanced semiconductor packaging, 2026-2037 (millions USD).
• Table 2. Evolution of semiconductor packaging.
• Table 3. Comparison Table of 2.5D and 3D IC Integration in HPC chips.
• Table 4. Overview of Power Management Components for HPC chips.
• Table 5. Impact of Key Design Parameters on PDN Performance in 2.5D Integration.
• Table 6. Backside Power Delivery for Next Generation HPC chips.
• Table 7. TSV Reliability in Advanced Packaging.
• Table 8. Lateral Power Delivery (LPD) to Vertical Power Delivery (VPD).
• Table 9. Thermal interface material selection for TIM1.
• Table 10. Diamond as substrate materials .
• Table 11. Cooling Technologies for HPC.
• Table 12. TDP Trends for HPC (High Performance Computing) Chips to 2025.
• Table 13. Comparison of 2.5D and 3D IC Integration in HPC chips.
• Table 14. TDP Implications in Advanced Packaging.
• Table 15. 2.5D and 3D Packaging in GPUs.
• Table 16. Evolution of planar die packaging area for GPUs.
• Table 17. Cooling Strategies for High-Power 2.5D/3D Packages.
• Table 18. Advanced cooling strategies.
• Table 19. Semiconductor packaging technology.
• Table 20. Key metrics for advanced semiconductor packaging performance.
• Table 21. Interconnection techniques in semiconductor packaging.
• Table 22. Thermal management in 2.5D packaging.
• Table 23. Large-format 2.5D and CoWoS-class roadmap.
• Table 24. Bumping Technology Overview.
• Table 25. Challenges in scaling bumps.
• Table 26. 3.8 μ bump for advanced semiconductor packaging.
• Table 27. Bumpless Cu-Cu hybrid bonding Overview.
• Table 28. Manufacturing Yield Considerations in Advanced Packaging.
• Table 29. Cost Analysis: 2.5D vs 3D Implementation Economics.
• Table 30. Substrate Technology Evolution (Silicon vs Organic vs Glass).
• Table 31. Assembly and Test Challenges for Advanced Packages.
• Table 32. Power Delivery in Advanced Semiconductor Packaging for HPC.
• Table 33. Power Management Components for HPC chips.
• Table 34. Advanced power delivery networks for HPC packaging.
• Table 35. Overview of Power gating technology.
• Table 36. OPVR Implementation.
• Table 37. Decoupling Technology.
• Table 38. Trend Towards 3D Packaging and Advanced Thermal Management.
• Table 39. Die-Attach for CPUs, GPUs and Memory Modules.
• Table 40. Die Attach Materials Comparison.
• Table 41. TIM1 applications in advanced packaging.
• Table 42. Selection and optimization of TIM1 materials.
• Table 43. Microfluidic cooling for advanced semiconductor packaging forecast: 2026-2036 (units).
• Table 44. Liquid Cooling Options.
• Table 45. Carbon Nanotube Thermal Interface Materials.
• Table 46. Graphene Manufacturing for TIMs.
• Table 47. Layer Count, Defect Density, and Thermal Performance.
• Table 48. Graphene-Polymer Composites for TIM Applications.
• Table 49. Graphene Oxide vs Reduced Graphene Oxide Trade-offs.
• Table 50. Vertical Graphene Structures for Enhanced Heat Transfer.
• Table 51. Graphene-metal matrix composites .
• Table 52. Cost Reduction Roadmap for Graphene Materials.
• Table 53. Aerogel-Based Thermal Solutions.
• Table 54. Metamaterial heat spreaders.
• Table 55. Bio-inspired thermal management approaches.
• Table 56. In-package thermal architectures for high-bandwidth memory.
• Table 57. High conductivity heat spreading materials compared.
• Table 58. Die-attach materials for thermal paths compared.
• Table 59. Comparison of Liquid Cooling Technologies.
• Table 60. Power Limitation of Different Cooling on Rack Level.
• Table 61. Chip-level cooling approaches.
• Table 62. Hybrid Cooling System Performance Comparison.
• Table 63. Thermoelectric Cooling Integration Specifications.
• Table 64. Heat Recovery System Economics.
• Table 65. Cooling System Reliability Analysis.
• Table 66. Micro-channel fabrication routes compared.
• Table 67. Thermal requirements by in-package function.
• Table 68. Cooling Technology Comparison.
• Table 69. Restatement of the market definition between editions.
• Table 70. Total thermal management market for advanced semiconductor packaging by layer, 2026-2037 (millions USD).
• Table 71. Total thermal management market for advanced semiconductor packaging, annual series 2026-2037 (millions USD).
• Table 72. Thermal interface materials for advanced semiconductor packaging, by type, 2026-2037 (millions USD).
• Table 73. Thermal interface materials for advanced semiconductor packaging, share of value by type (%).
• Table 74. TIM1 and TIM1.5 material mix for advanced semiconductor packaging, by area share (%).
• Table 75. TIM selection criteria by application segment.
• Table 76. TIM1 and TIM1.5 area consumption and package size, 2026-2037.
• Table 77. Die-level TIM1 and TIM1.5 market, 2026-2037.
• Table 78. Thermal management market by package architecture, 2026-2037 (millions USD).
• Table 79. Package size and thermal content.
• Table 80. In-package and direct-to-silicon cooling market, 2026-2037 (millions USD).
• Table 81. Heat flux capability and maturity by cooling approach.
• Table 82. Data centre liquid cooling market, 2026-2037.
• Table 83. Liquid cooling penetration by end segment (%).
• Table 84. Advanced thermal materials market by category, 2026-2037 (millions USD).
• Table 85. Thermal management market for advanced semiconductor packaging by region, 2026-2037 (millions USD).
• Table 86. Scenario analysis, total market (millions USD).
• Table 87. Selected transactions and partnerships, 2025-2026.

List of Figures

• Figure 1. Scheme of the three essential components in power devices thermal management and the big gap between the theoretical limit and current developed TIMs.
• Figure 2. Schematic of thermal interface materials used in a flip chip package.
• Figure 3. Evolution roadmap of semiconductor packaging.
• Figure 4. 2.5D packaging structure.
• Figure 5. CoWoS - development progress and roadmap.
• Figure 6. Typical IC package construction identifying TIM1 and TIM2