COMPANY PROFILE / ADHESIVES & ENCAPSULANTS
Indium Corporation
Joining, cooling and sealing semiconductors with metal: not an adhesives company, but a bonding, thermal and sealing materials company
Indium Corporation is a privately held materials company founded in New York State in 1934. It describes itself as a refiner, smelter, manufacturer and supplier, and sells solders, sinter pastes, metal-based thermal interface materials (TIMs) and indium sealing materials to the electronics, semiconductor, thin-film and thermal-management markets. This is close to the subject of this series, adhesives and encapsulants, but the company's core is not resin adhesives or encapsulants. It is metal for bonding, heat removal and hermetic sealing. Its finances are not published. This article sets out what could be confirmed and what could not.
- At a glance: Indium Corporation and its place in adhesives and encapsulants
- Logo and naming
- Where the company sits in adhesives and encapsulants
- Company scale
- Resources committed to adhesives and encapsulants
- Track record
- Plans
- What the company is aiming for in adhesives and encapsulants
- Partnership map for adhesives and encapsulants
- Technologies, products and services
- Risks
- Glossary
- References
- Claim-to-source audit
1. At a glance: Indium Corporation and its place in adhesives and encapsulants
New York, United StatesMoved to Woods Park Drive in 2020
materials (metal-based)Not a polymer adhesive or encapsulant specialist
metal TIMs, sealsUsed for joining, heat removal and hermetic sealing in semiconductors
Indium Corporation is not an adhesives company. It is a materials company that joins with metal, removes heat with metal, and seals with metal Sourced. Its products include solders and sinter pastes that connect semiconductor chips to substrates, metal thermal interface materials (TIMs) that fill the gap between a chip and a heat sink, and indium seals that stop leaks at cryogenic temperatures and in vacuum. They are a different kind of material from the resin adhesives and encapsulants (epoxies and so on) covered elsewhere in this series, but they solve the same problems of joining, protecting and removing heat, so they are both competitors and complements. No product corresponding to an epoxy or silicone encapsulant could be found on the company's product pages Not yet confirmed. This article reads Indium as "a metal-based bonding, thermal and sealing materials company that sits next to adhesives and encapsulants".
2. Logo and naming
The Indium Corporation logo is the company's trademark. This article does not reproduce it with generated images; it uses the
logo image taken from the company's official website, stored as img/indium_corporation_logo.png (the website's WebP image converted to PNG with the design unchanged).
A note on names: the company is Indium Corporation (originally The Indium Corporation of America). "Indium" is also the name of the metal it works with, so this article writes "Indium" for the company and "indium" for the metal. Its subsidiary in Landshut, Germany, is Indium Advanced Materials GmbH. The company owns many registered product names, such as Heat-Spring, Durafuse and InFORMS. They are treated here as "the company's product lines", and this article does not rank individual products.
Official site: https://www.indium.com/3. Where the company sits in adhesives and encapsulants
Indium's primary type is semiconductor and electronic materials. But its focus on metal, not resin, sets it apart from the other companies in this series (Henkel, H.B. Fuller, DELO, Master Bond and others). The table sorts out which materials and uses are central, as far as the company's own documents allow.
| Material or use | Where it sits at Indium | Primary source found | Basis |
|---|---|---|---|
| Solder and joining materials | Central. Solder pastes, preforms, wire and fluxes, from board assembly to semiconductor die attach, flip-chip and ball attach | Application and product pages on the company website | Sourced |
| Sinter materials (die attach and package attach) | One of the centres. Silver and copper pressure and pressureless sintering, for power semiconductors such as SiC and GaN | Die-attach application page; press release | Sourced |
| Thermal interface materials (TIM) | One of the centres. Metal-based: compressible (Heat-Spring), solder TIMs, liquid metals and phase-change metal TIMs | TIM application page, product page, technical data sheet | Sourced |
| Sealing (hermetic and cryogenic) | Part. Seals made of indium wire and preforms; the seal is metal, not resin | Sealing page on the company website | Sourced |
| Bonding (temporary fixing) | Part. Tacking agents, tacky temporary fixatives that leave no residue after heating and hold parts in place before soldering or sintering | Product page on the company website | Sourced |
| Bonding (reactive nano foil) | Part. NanoFoil, a material that releases controlled heat for joining. InnoJoin holds exclusive global sales for component mounting | Press release (November 2024) | Sourced |
| Semiconductor encapsulants (EMC), underfill, UV-curing adhesives | Not confirmed on the company's product pages. It does address compatibility between flux residue and underfill | - | Not yet confirmed |
4. Company scale
Indium is privately held, and its sales, profit and other financial results are not published. The table shows the scale that the official materials do support Sourced.
| Item | Detail |
|---|---|
| Sales and profit | Not disclosed. This article makes no estimate |
| Founding and headquarters | Founded in Utica, New York, in 1934. In 2020 the headquarters moved from Robinson Road to Woods Park Drive in Clinton |
| Employees | More than 1,400 (2024; the website says the company reached "more than 1,400 employees globally" in its 90th year) |
| Sites | Sixteen entries on the facilities list (manufacturing, headquarters, offices and a warehouse), in eight countries: China, Germany, India, Malaysia, Singapore, South Korea, the United Kingdom and the United States. A new plant in Guadalajara, Mexico, opened in August 2026 |
| Product range | Solders and fluxes; brazes; thermal interface materials; sputtering targets; indium, gallium, germanium and tin metals and inorganic compounds; and NanoFoil (company description in its press releases) |
| Quality certification | All of its solder paste and preform manufacturing facilities are IATF 16949:2016 certified, and the company is ISO 9001:2015 registered (2025 technical data sheet). It also runs ISO 14001-certified environmental management systems (sustainability page) |
| Management | Executive Chair: Greg Evans; President and CEO: Ross Berntson; Vice President and CFO: Mike McKenna |
Because the finances are not published, how much of its sales come from the areas close to adhesives and encapsulants (TIMs, sinter materials, solders) cannot be confirmed Not yet confirmed. The figures that stand out on the company's website are its own statements: "over 5 billion front-end SiP modules have been manufactured using our semiconductor materials", and "as of 2024, more than 20 million electric vehicles on the road include Rel-ion products". They are counted the company's way and not independently verified. This article treats them as company claims, not as established facts.
5. Resources committed to adhesives and encapsulants
With finances undisclosed, amounts cannot be confirmed. The table covers four points (people, money, outside investments and deals, universities and public funding) and shows what could and could not be confirmed.
| Item | What could be confirmed | Basis |
|---|---|---|
| People (R&D sites and headcount) | More than 1,400 employees (2024). R&D sits partly at its research and development facility in Rome, New York, where the gallium extraction process was developed. In September 2026 it promoted Hongwen Zhang, Ph.D., to Research and Development Director (responsible for technology development, product road-mapping and the materials portfolio). A technology hub opened in Penang, Malaysia, in 2014. Total R&D headcount is not disclosed | Sourced / Not disclosed |
| Money (R&D and capital expenditure) | R&D spending and capital expenditure are not disclosed. The new plant in Guadalajara, Mexico, is 1,230 square metres and makes solder paste, cored wire and wave flux. The company calls it the first phase of a long-term manufacturing investment in Mexico, and expects about 18 to 20 metric tons of solder paste a month at full capacity (company expectation) | Sourced / Not disclosed |
| Outside investments, acquisitions, joint ventures | Acquisition: Solder Chemistry of Landshut, Germany, in March 2021 (by its subsidiary Indium Advanced Materials GmbH). Partnerships: Rio Tinto (gallium extraction), Yunnan Tin Group (strategic partnership, 2017) and InnoJoin (exclusive sales partner for NanoFoil, 2024). Investment in start-ups could not be confirmed | Sourced / Not confirmed (investment) |
| Universities, research institutes, public funding | In April 2026 it joined India's national IDSPS programme (a framework of the national government, state governments, universities and industry) as an industry partner. It also runs internships and student outreach with schools and colleges (social responsibility pages). Receipt of public funding (NEDO, EU projects, U.S. CHIPS Act grants and so on) could not be confirmed | Sourced / Not confirmed (public funding) |
6. Track record
| When | Event | Why it matters |
|---|---|---|
| 1934 | Founded in Utica, New York, as The Indium Corporation of America | Started from applications of the metal indium |
| 1938 | Plated the first indium-treated aircraft engine bearing | The first use was an aircraft part, not electronics |
| 1952 | Developed a commercially viable process for precision solder preforms, enabling mass production of alloy-junction transistors | The entry point into semiconductor joining materials |
| 1959 | Granted a U.S. patent on soldering to printed circuit boards ("Printing Circuits and Method of Soldering the Same") | Moved into solder for board assembly |
| 1977 | Began developing solder pastes | One of the main materials of surface-mount technology (SMT) |
| 1991 | Granted a U.S. patent on a method of forming a gasket of indium and braid (InFORMS) | Technology for metal seals and reinforced preforms |
| 1990 to 2008 | Founded its European company (1990), commissioned Asia-Pacific operations in Singapore (1995), Chicago manufacturing (2006) and a plant in Cheongju, South Korea (2008) | Global expansion |
| 2009 | Patent granted for Heat-Spring thermal interface material technology | The origin of its metal TIMs |
| 2010 and 2014 | Introduced a halogen-free solder paste (2010) and ultra-low-residue no-clean semiconductor-grade fluxes (2014) | Extension into semiconductor packaging |
| 2017 | Formed a strategic technology and materials partnership with Yunnan Tin Group to supply indium-based products to China's electronics and flat-panel display markets. In November promoted Greg Evans to CEO and Ross Berntson to President and COO | A raw-material and sales tie in China |
| 2019 to 2020 | Moved its headquarters to Woods Park Drive and expanded in Penang, Chennai, Suzhou, Singapore and Clinton | Expansion of facilities and staff |
| 2021 | Introduced Durafuse LT, a high-reliability solder paste. Acquired Solder Chemistry of Germany in March | High-reliability materials for automotive and power uses |
| 2024 | Celebrated 90 years, with more than 1,400 employees. In November named InnoJoin the exclusive global sales partner for NanoFoil | A sales set-up for the reactive nano foil |
| February to July 2025 | Announced Heat-Spring HSx, a new pattern for large dies with warpage (February). With Rio Tinto, extracted gallium from feed from Rio Tinto's alumina refinery in Quebec (May). Launched WS-910, a water-soluble flip-chip flux (July) | Three directions: metal TIMs, raw materials, semiconductor fluxes |
| April to August 2026 | Joined India's IDSPS as an industry partner (April). Opened a new manufacturing facility in Guadalajara, Mexico (11 August) | Talent and research, and a production base in the Americas |
7. Plans
18 to 20 t a monthAt full capacity (company expectation). Other capabilities planned as the plant grows
3.5 tonsIn Quebec. Then 40 tons a year at commercial scale (company plan)
standard being studiedWork by a DKE working group and the IEC. A company expert was due to present in May 2026
The gallium project with Rio Tinto has reached the stage of successfully extracting gallium, announced in May 2025, from feed from Rio Tinto's alumina refinery in Saguenay, Quebec. The company says it will keep developing the process at its research and development facility in Rome, New York, and aims for a 3.5-ton demonstration plant and then a commercial scale of 40 tons a year Not yet confirmed. No date for commercialisation is given.
The new Mexican plant will start with the Indium8.9HF and Indium10.8HF solder pastes. The company says it will support growth markets including "AI, automotive, electric vehicles, robotics, medical technology, energy storage and advanced semiconductor packaging" Sourced.
None of the following appears in the primary sources Not yet confirmed.
Capital expenditure / a sales target / a date for commercialising the gallium extraction / a plan to enter resin-based adhesives or encapsulants / any plan for new acquisitions. The company's announcements are mostly product introductions, conference talks, promotions, awards and new sites, with no numerical targets.
8. What the company is aiming for in adhesives and encapsulants
This section includes points the company does not state directly. They are given as inferences drawn from the primary sources, together with the evidence.
| What can be read | Primary-source evidence | Basis |
|---|---|---|
| It sees packaging for AI and high-performance computing as its most important growth area | "AI", "high-performance computing" and "data centre" recur in its 2025 and 2026 press releases. In May 2026 it proposed solder TIMs for cooling AI data-centre ASICs | Inference |
| It is selling metal TIMs as an alternative to resin-based TIMs | It says solder TIMs, unlike traditional thermal greases and polymer phase-change materials, show no performance degradation over time (a company claim) | Sourced (company claim) |
| It is looking to secure raw materials upstream (gallium) | It calls itself a refiner, smelter, manufacturer and supplier, and has demonstrated gallium extraction with Rio Tinto | Inference |
| It is trying to grow in power semiconductors (SiC, GaN) and EVs | Silver and copper sinter pastes, the Rel-ion product family (claimed to be in more than 20 million EVs as of 2024), and talks at events such as PCIM Asia | Inference |
| It will not enter resin-based encapsulants and underfill (or at least will not put them forward) | No matching product could be found on its product pages, while its fluxes treat compatibility with underfill as a design point | Inference |
The basis for reading "no entry into resin-based encapsulants" is that no matching product appears on the product pages, while neighbouring materials explicitly address compatibility with resin. A search of the company's products for "encapsulant" returned no results. For flip-chip fluxes, meanwhile, the company names compatibility between flux residue and underfill as a challenge, and WS-910, launched in July 2025, lists "excellent compatibility with molded and capillary underfill" as a feature Sourced. In other words, it appears to stand not as a maker of resin encapsulants but as a supplier of a neighbouring process material that guarantees compatibility with them. This is a reading of what was reviewed, and the possibility of unpublished development cannot be ruled out Not yet confirmed.
9. Partnership map for adhesives and encapsulants
Indium's ties extend through securing raw materials (Rio Tinto, Yunnan Tin Group), outsourcing a sales channel (InnoJoin), expanding manufacturing by acquisition (Solder Chemistry), and a talent and research framework (IDSPS). By contrast, joint development with semiconductor or electronics makers is not named in the company's press releases and could not be confirmed from the primary sources Not yet confirmed. The few customers it names are exceptions, such as ON Semiconductor, from which it received quality awards.
10. Technologies, products and services
The following comes from the company's application pages, product pages, technical data sheets and press releases. Figures are the manufacturer's stated values, and test conditions are given where the source states them Sourced.
| Product group | What the company's pages say (manufacturer's stated values) |
|---|---|
| Solder pastes and fluxes | For board assembly, semiconductors and gold-alloy uses. For semiconductors: die attach, SiP, flip-chip and ball attach. It says it introduced the first ultra-low-residue flux more than ten years ago, and that its flip-chip fluxes are widely used in 2.5D and advanced packaging |
| Preforms | InFORMS (reinforced solder preforms) and gold-based precision die-attach (PDA) preforms (for example 80Au/20Sn; announced July 2024), for laser and RF die attach |
| Sinter materials | Silver and copper sinter pastes: for pressure sintering (InFORCE series), pressureless sintering (InBAKE series) and fast sintering of small dies (QuickSINTER series). The company calls them pure sinter materials with no epoxy or polymer. It says sintering allows chips in SiC and GaN applications to operate above 200 degC |
| Metal TIM (compressible: Heat-Spring) | A patterned foil of soft metal alloy. The standard material is pure indium (99.99%). The bulk thermal conductivity of indium metal is 86 W/mK (data sheet). An example of the conditions for its reliability data (HSD): initial metal thickness 0.004 inch and pressure 31 psi. HSx (2025) is for large dies with warpage above 200 microns and clamping forces below 30 psi, with an effective thermal conductivity of 16 W/m-K at 20 psi (pure indium). No reflow or high-temperature cure is needed |
| Liquid metal and liquid metal paste | Gallium-based. Melting points of 7.6 to 17 degC. RoHS-compliant. They are electrically conductive and must be contained to prevent leaks, and the company says it uses a patented multi-barrier system |
| Solder TIM and phase-change metal TIM | Used between the semiconductor die and the package lid (TIM1). Reflow and non-reflow versions for LGA, PGA and BGA packages |
| Seals (hermetic and cryogenic) | Seals of indium wire and preforms. Because indium is soft and malleable, it can seal uneven surfaces, and it does not become brittle at cryogenic temperatures, the company says |
| Tacking agents | No-clean, residue-free temporary fixatives. They position semiconductor dies, solder preforms and packages without fixtures, and can be used in flux-free formic acid soldering |
| NanoFoil | A nanomaterial that delivers controlled heat for joining and heating. The company says it is used in semiconductor, aerospace, automotive, biomedical and defence applications |
| Metals, compounds and recycling | Indium, gallium, germanium and tin metals and compounds, and ITO (indium tin oxide). Reclaim and recycle of metals and compounds |
The clearest case is the thermal interface material (TIM) (see also our explainer on thermal interface materials). The "bulk thermal conductivity of indium metal of 86 W/mK" in the company's data sheet is a material value; the thermal resistance of an assembled joint depends on the state of the contact surfaces, the pressure and the thickness. Indeed, the HSx figure is given as "16 W/m-K at 20 psi", far below the bulk value. The gap reflects contact resistance until the patterned foil has been squashed to match the surface, and it shows that even a high-conductivity metal performs according to how it is pressed and how well it conforms (general explanation). The company's data sheet says thermal resistance falls markedly early in use, and attributes this to plastic deformation, in which "heat and pressure cause the metal patterning to creep and mold to the micro-imperfections of the surface". It also says that, unlike greases and polymer TIMs, the metal does not pump out or bake out, but this is the company's claim and the evaluation conditions are not given.
The other point is the solder joint and its relationship with the surrounding resin. In die attach, voids in the solder joint govern heat dissipation and reliability. The company stresses void reduction on its die-attach page and puts "Avoid the Void" forward as a featured product. In flip-chip assembly, flux residue can affect how underfill resin flows and adheres (general explanation), which is why the company names residue compatibility as a challenge and makes it a product feature (see also our explainers on underfill and die attach).
Finally, sintering. The company says sintering allows operation above 200 degC in SiC and GaN, but that, unlike soldering, it still lacks industry-wide standards for mass production (May 2026 announcement). Beyond the material's performance, standardising the process (pressure-assisted or pressureless) and the evaluation method is a barrier to mass production.
11. Risks
| Risk | Detail | Basis |
|---|---|---|
| Finances are invisible | Sales, profit, R&D spending and capital expenditure are all undisclosed. The share of products close to adhesives and encapsulants cannot be confirmed either | Not yet confirmed |
| Raw-material supply and price | The company's blog puts global indium production at "about 1,000 tons per year" (a company statement). It depends on raw materials that are small in volume and limited to particular uses. Gallium sourcing is only at an early demonstration stage with Rio Tinto | Sourced (company statement) |
| Concentration in semiconductor and AI demand | Most of its announcements concern AI, high-performance computing, power semiconductors and EVs, so it is exposed to swings in demand there | Inference |
| Ramping a new plant | The Mexican plant is "the first phase of a long-term investment", and full capacity (18 to 20 tons a month) is a future expectation | Not yet confirmed |
| Commercialising gallium extraction | The 3.5-ton demonstration plant and the 40-ton-a-year commercial scale have no stated dates | Not yet confirmed |
| Conductivity of liquid metal | Gallium-based liquid metals conduct electricity and can short-circuit electronics if they leak, so containment is needed, as the company itself explains | Sourced |
| Missing sintering standards | The company says sintering lacks industry-wide standards for mass production. Delays in standardisation could slow adoption | Sourced |
| Verifying company claims | "Over 5 billion SiP modules", "more than 20 million EVs" and effective thermal conductivity are company statements, and independent verification and full test conditions could not be confirmed | Sourced (company claim) |
12. Glossary
- Solder paste
- A paste of fine solder powder mixed with flux. It is printed onto a board and heated to join components.
- Flux
- A chemical that removes oxide films from metal surfaces and helps solder wet. Its residue can affect compatibility with resins.
- Preform
- Solder pre-shaped to a set form and thickness, used where the amount must be controlled precisely, as in die attach.
- Die attach
- The step of fixing a semiconductor chip (die) to a lead frame or substrate. It is also a path for heat and electricity.
- Sintering
- Joining by heating and pressing metal powder so that it fuses without melting. It can be used at higher temperatures than solder.
- TIM (thermal interface material)
- A material that fills the gap between a heat-generating part and a heat sink and carries heat across it. TIM1 sits between the die and the lid, TIM2 between the lid and the heat sink.
- Liquid metal
- A metal or alloy that is liquid near room temperature. It is based on gallium and conducts heat well, but it is also electrically conductive.
- Tacking agent
- A tacky material that holds parts in place before soldering or sintering. It disappears on heating without residue.
- SiP
- System in Package. A module that combines several chips and components in a single package.
- Void
- A cavity in a solder joint. It obstructs heat flow and lowers reliability.
- SiC and GaN
- Silicon carbide and gallium nitride, materials for power semiconductors that tolerate high voltage and temperature.
- Manufacturer's stated value
- A performance value given by the manufacturer itself. It cannot be compared with other makers' products unless the test conditions are the same.
13. References
- Indium Corporation About Us / Corporate (company website). Company overview, founding, history and 2024 headcount. https://www.indium.com/corporate/
- Indium Corporation Technical Milestones (company website). Partnerships, awards, acquisition and headquarters move, 2015 to 2022. https://www.indium.com/corporate/media-center/milestones/
- Indium Corporation Facilities (company website). List of sites. https://www.indium.com/corporate/facilities/
- Indium Corporation Executive Team (company website). https://www.indium.com/corporate/team/executive-team/
- Indium Corporation Semiconductor Packaging and Assembly (company website, application page). https://www.indium.com/applications/semiconductor-packaging-and-assembly/
- Indium Corporation Die-Attach (company website, application page). https://www.indium.com/applications/semiconductor-packaging-and-assembly/die-attach/
- Indium Corporation Flip-Chip (company website, application page). Flux residue and underfill compatibility; fluxless tacking agent. https://www.indium.com/applications/semiconductor-packaging-and-assembly/flip-chip/
- Indium Corporation TIM1, TIM1.5, TIM2 (company website, application page). https://www.indium.com/applications/thermal-management/tims/
- Indium Corporation Sealing: Cryogenic and Hermetic (company website, application page). https://www.indium.com/applications/sealing/
- Indium Corporation Heat-Spring (company website, product page). https://www.indium.com/products/thermal-interface-materials/compressible-tims/heatspring/
- Indium Corporation Heat-Spring Ultra-Low Thermal Resistance No-Reflow Thermal Interface Material as Pressurized TIM1.5/TIM2/TIM3 (product data sheet, Form No. 100326 R1, 2025). Bulk thermal conductivity, recommended pressure, reliability, quality certifications. https://www.indium.com/wp-content/uploads/2025/01/Heat-Spring%C2%AE%E2%80%93Ultra-Low-Thermal-Resistance-No-Reflow-as-TIM-1.523-PDS-100326-R1.pdf
- Indium Corporation Liquid Metal and Liquid Metal Paste (company website, product page). https://www.indium.com/products/thermal-interface-materials/liquid-metal/
- Indium Corporation Tacking Agents (company website, product page). https://www.indium.com/products/tacking-agents/
- Indium Corporation Rel-ion (company website, e-mobility product page). https://www.indium.com/products/relion/
- Indium Corporation "Indium Corporation Opens New Manufacturing Facility in Guadalajara, Mexico, Expanding Global Production Network" (press release, 11 August 2026). https://www.indium.com/press-releases/indium-corporation-opens-new-manufacturing-facility-in-guadalajara-mexico-expanding-global-production-network/
- Indium Corporation "Indium Corporation and Rio Tinto Announce Groundbreaking Milestone in Gallium Extraction Partnership" (press release, 7 May 2025). https://www.indium.com/press-releases/indium-corporation-and-rio-tinto-announce-groundbreaking-milestone-in-gallium-extraction-partnership/
- Indium Corporation "Indium Corporation Joins India's IDSPS Industry Consortium Partnership" (press release, 23 April 2026). https://www.indium.com/press-releases/indium-corporation-joins-indias-idsps-industry-consortium-partnership/
- Indium Corporation "Indium Corporation to Introduce New Heat-Spring HSx Metal Thermal Interface Material for Semiconductor Test at TestConX" (press release, 26 February 2025). https://www.indium.com/press-releases/indium-corporation-to-introduce-new-heat-spring-hsx-metal-thermal-interface-material-for-semiconductor-test-at-testconx/
- Indium Corporation "Indium Corporation Announces InnoJoin as Exclusive Global Sales Partner for NanoFoil" (press release, 4 November 2024). https://www.indium.com/press-releases/indium-corporation-announces-innojoin-as-exclusive-global-sales-partner-for-nanofoil/
- Indium Corporation "Indium Corporation Experts to Address Data Center Thermal Management and Sintering Standards at SMTA Conference" (press release, 12 May 2026). https://www.indium.com/press-releases/indium-corporation-experts-to-address-data-center-thermal-management-and-sintering-standards-at-smta-conference/
- Indium Corporation "Indium Corporation Introduces New Flip-Chip Flux for Semiconductor Devices" (press release, 31 July 2025). https://www.indium.com/press-releases/indium-corporation-introduces-new-flip-chip-flux-for-semiconductor-devices/
- Indium Corporation Sustainability (company website). ISO 14001 and sustainability efforts. https://www.indium.com/corporate/csr/sustainability/
- Indium Corporation Company website (source of the logo image). https://www.indium.com/
- Indium Corporation "Indium Corporation Promotes Hongwen Zhang to Research and Development Director" (press release, 3 September 2026). https://www.indium.com/press-releases/indium-corporation-promotes-hongwen-zhang-to-research-and-development-director/
- Indium Corporation "Indium Corporation Introduces Au-Based Precision Die-Attach Preforms" (press release, 17 July 2024). https://www.indium.com/press-releases/indium-corporation-introduces-au-based-precision-die-attach-preforms/
- Indium Corporation Sintering Materials (company website, product page). Sinter materials without resin. https://www.indium.com/products/sintering-materials/
- Indium Corporation "Why Indium Is One of the Most Important Metals in Electronics" (company blog, 27 August 2026). The company's statement on indium production. https://www.indium.com/blog/why-indium-is-one-of-the-most-important-metals-in-electronics/
14. Claim-to-source audit
| Claim in the text | Basis | Source |
|---|---|---|
| Company name, 1934 founding in Utica, New York, former name The Indium Corporation of America, the 2020 headquarters move | Sourced | Reference 1 and 2 https://www.indium.com/corporate/ https://www.indium.com/corporate/media-center/milestones/ |
| Product range (solders and fluxes, brazes, thermal interface materials, sputtering targets, metals and inorganic compounds, NanoFoil) | Sourced | Reference 18 https://www.indium.com/press-releases/indium-corporation-to-introduce-new-heat-spring-hsx-metal-thermal-interface-material-for-semiconductor-test-at-testconx/ |
| Hongwen Zhang's promotion to R&D Director (September 2026) and the Penang technology hub (2014) | Sourced | Reference 24 and 1 https://www.indium.com/press-releases/indium-corporation-promotes-hongwen-zhang-to-research-and-development-director/ https://www.indium.com/corporate/ |
| Gold-based precision die-attach preforms (July 2024) | Sourced | Reference 25 https://www.indium.com/press-releases/indium-corporation-introduces-au-based-precision-die-attach-preforms/ |
| Sinter material types (InFORCE, InBAKE, QuickSINTER) and sinter pastes with no epoxy or polymer | Sourced | Reference 26 https://www.indium.com/products/sintering-materials/ |
| More than 1,400 employees (2024, the 90th year), sites in eight countries, history (1938 bearing, 1952 preforms, 1959 patent, 1977 solder paste, 1991 InFORMS patent, 2009 Heat-Spring patent and others) | Sourced | Reference 1 https://www.indium.com/corporate/ |
| The list of sites (sixteen entries: manufacturing, headquarters, offices, warehouse) | Sourced | Reference 3 https://www.indium.com/corporate/facilities/ |
| Management (Executive Chair, President and CEO, CFO) | Sourced | Reference 4 https://www.indium.com/corporate/team/executive-team/ |
| The 2017 strategic partnership with Yunnan Tin Group, the 2017 management promotions, the March 2021 acquisition of Solder Chemistry, quality awards from ON Semiconductor (for 2015 and 2017) | Sourced | Reference 2 https://www.indium.com/corporate/media-center/milestones/ |
| Sales, profit, R&D spending and capital expenditure | Not yet confirmed | None is disclosed, and this article makes no estimate |
| Descriptions of materials for semiconductor packaging (solder, die attach, flip-chip, SiP) and the claim of more than 5 billion front-end SiP modules (company claim) | Sourced | Includes a company claim. Reference 5, 6, 7 https://www.indium.com/applications/semiconductor-packaging-and-assembly/ https://www.indium.com/applications/semiconductor-packaging-and-assembly/die-attach/ https://www.indium.com/applications/semiconductor-packaging-and-assembly/flip-chip/ |
| Metal TIMs (Heat-Spring, solder TIM, liquid metal): uses and descriptions | Sourced | Reference 8, 10, 12 https://www.indium.com/applications/thermal-management/tims/ https://www.indium.com/products/thermal-interface-materials/compressible-tims/heatspring/ https://www.indium.com/products/thermal-interface-materials/liquid-metal/ |
| Bulk thermal conductivity of indium metal of 86 W/mK, the HSD example (0.004 inch, 31 psi), the fall in thermal resistance from plastic deformation of the pattern, the statement of no pump-out, IATF 16949:2016 and ISO 9001:2015 | Sourced | Manufacturer's stated value. Reference 11 https://www.indium.com/wp-content/uploads/2025/01/Heat-Spring%C2%AE%E2%80%93Ultra-Low-Thermal-Resistance-No-Reflow-as-TIM-1.523-PDS-100326-R1.pdf |
| Heat-Spring HSx (warpage above 200 microns, below 30 psi, effective 16 W/m-K at 20 psi, thickness 300 microns to 1 mm) | Sourced | Manufacturer's stated value as of the February 2025 announcement. Reference 18 https://www.indium.com/press-releases/indium-corporation-to-introduce-new-heat-spring-hsx-metal-thermal-interface-material-for-semiconductor-test-at-testconx/ |
| Liquid-metal melting points of 7.6 to 17 degC, electrical conductivity, the patented multi-barrier system | Sourced | Manufacturer's stated value. Reference 12 https://www.indium.com/products/thermal-interface-materials/liquid-metal/ |
| Hermetic and cryogenic seals of indium wire and preforms | Sourced | Reference 9 https://www.indium.com/applications/sealing/ |
| Tacking agents (no-clean, residue-free, no fixtures) | Sourced | Reference 13 https://www.indium.com/products/tacking-agents/ |
| NanoFoil's uses, and InnoJoin's (Bremen, Germany) exclusive sales for component mounting (November 2024) | Sourced | Reference 19 https://www.indium.com/press-releases/indium-corporation-announces-innojoin-as-exclusive-global-sales-partner-for-nanofoil/ |
| The Rel-ion product family (in more than 20 million EVs as of 2024; a company claim) | Sourced | Company claim. Reference 14 https://www.indium.com/products/relion/ |
| The new Guadalajara, Mexico, plant (opened 11 August 2026, 1,230 square metres, solder paste, wire and flux, an expected 18 to 20 tons a month at full capacity) | Sourced | The expectation is the company's own. Reference 15 https://www.indium.com/press-releases/indium-corporation-opens-new-manufacturing-facility-in-guadalajara-mexico-expanding-global-production-network/ |
| Successful gallium extraction with Rio Tinto (May 2025) and process development at the Rome research and development facility | Sourced | Reference 16 https://www.indium.com/press-releases/indium-corporation-and-rio-tinto-announce-groundbreaking-milestone-in-gallium-extraction-partnership/ |
| The plan for a 3.5-ton demonstration plant and 40 tons a year at commercial scale for gallium | Not yet confirmed | A company plan with no date stated. Reference 16 https://www.indium.com/press-releases/indium-corporation-and-rio-tinto-announce-groundbreaking-milestone-in-gallium-extraction-partnership/ |
| Joining India's IDSPS as an industry partner (April 2026) | Sourced | Reference 17 https://www.indium.com/press-releases/indium-corporation-joins-indias-idsps-industry-consortium-partnership/ |
| Reference to standardising sintering (DKE working group, IEC), and the statements about solder TIMs: no degradation over time, 86 W/mK | Sourced | Includes company claims. Reference 20 https://www.indium.com/press-releases/indium-corporation-experts-to-address-data-center-thermal-management-and-sintering-standards-at-smta-conference/ |
| WS-910 flip-chip flux (water-soluble, compatible with molded and capillary underfill, July 2025) | Sourced | Reference 21 https://www.indium.com/press-releases/indium-corporation-introduces-new-flip-chip-flux-for-semiconductor-devices/ |
| Flux residue and underfill compatibility named as a challenge | Sourced | Reference 7 https://www.indium.com/applications/semiconductor-packaging-and-assembly/flip-chip/ |
| ISO 14001 environmental management systems | Sourced | Reference 22 https://www.indium.com/corporate/csr/sustainability/ |
| The company blog's statement that global indium production is about 1,000 tons a year | Sourced | A company statement, not a third-party statistic. Reference 27 https://www.indium.com/blog/why-indium-is-one-of-the-most-important-metals-in-electronics/ |
| That the company is privately held, and its financial disclosure | Not yet confirmed | Not in the official materials (the private status is this article's understanding from the absence of any filings). This article makes no estimate |
| R&D headcount, receipt of public funding, start-up investment, and whether it has resin-based encapsulant or underfill products | Not yet confirmed | Not in the official materials. This article does not conclude that none exist |
| The reading that AI, high-performance computing, power semiconductors and EVs are its most important growth areas | Inference | This article's interpretation of how concentrated its 2025 and 2026 press-release topics are Reference 15 and 20 https://www.indium.com/press-releases/indium-corporation-opens-new-manufacturing-facility-in-guadalajara-mexico-expanding-global-production-network/ https://www.indium.com/press-releases/indium-corporation-experts-to-address-data-center-thermal-management-and-sintering-standards-at-smta-conference/ |
| The reading that it is looking to secure raw materials upstream (gallium) | Inference | This article's interpretation of its self-description as refiner, smelter, manufacturer and supplier and the Rio Tinto demonstration Reference 1 and 16 https://www.indium.com/corporate/ https://www.indium.com/press-releases/indium-corporation-and-rio-tinto-announce-groundbreaking-milestone-in-gallium-extraction-partnership/ |
| The reading that it is trying to grow in power semiconductors (SiC, GaN) and EVs | Inference | This article's interpretation of its sinter materials, the Rel-ion family and its announcements Reference 14 and 20 https://www.indium.com/products/relion/ https://www.indium.com/press-releases/indium-corporation-experts-to-address-data-center-thermal-management-and-sintering-standards-at-smta-conference/ |
| The reading that it will not enter resin-based encapsulants and underfill (or will not put them forward) | Inference | This article's interpretation of the absence of any such product and the emphasis on compatibility in its fluxes Reference 7 and 21 https://www.indium.com/applications/semiconductor-packaging-and-assembly/flip-chip/ https://www.indium.com/press-releases/indium-corporation-introduces-new-flip-chip-flux-for-semiconductor-devices/ |
| The reading that concentration in semiconductor and AI demand is a risk | Inference | This article's interpretation of the tilt of its announcements Reference 15 and 20 https://www.indium.com/press-releases/indium-corporation-opens-new-manufacturing-facility-in-guadalajara-mexico-expanding-global-production-network/ https://www.indium.com/press-releases/indium-corporation-experts-to-address-data-center-thermal-management-and-sintering-standards-at-smta-conference/ |
| Placing Indium as a semiconductor and electronic materials company (metal-based), and the three-type classification | Our calculation | Our own classification. Companies shown are examples from those covered in this series |
| Technical explanation that thermal resistance depends on contact condition and pressure rather than bulk conductivity, and that voids and compatibility with resin govern reliability | Our calculation | General technical explanation, not figures for any individual product (see our explainers in this series) |
Last updated 3 October 2026 / Troy Technical
The content of this article comes from Indium Corporation's official website and official press releases. The company is privately held and does not publish its finances, and no research-firm market estimates or press-based figures have been used. Passages marked "Inference" are this article's interpretation of primary sources, not statements made by the company. Performance values are the manufacturer's stated values from the company's data sheets and product pages, and where test conditions are not given they are shown without them.