According to Precedence Research, the global conformal coatings market size was valued at US$ 11.53 billion in 2019 and predicted to register a compound annual growth rate (CAGR) of around 5.76% during period 2020 to 2027.
The global conformal coatings market size is expected to reach around US$ 16.45 billion by 2027.
Requisite of conformal coating has hit the roof on account of constant miniaturization of electronics and related circuitry since past few years. Selection of appropriate application method and type of coating has become very crucial. Mounting product demand from consumer electronics sector to safeguard PCB’s from moisture, dust, heat and other harsh environmental are some of the main drivers expected to amplify growth of the market during next few years. Major influence for the growth of conformal coating market is elevated demand from its end-use sectors including automotive, electrical and electronics, medical and semiconductor. On account of promptly intensifying consumer electronic sector in most of the corners of the globe, the conformal coatings have significantly inched their way in the mobile and domestic electronics sector.
Diverse kinds of resin materials are usually utilized to formulate conformal coatings including epoxy, acrylic, silicone, polyurethane, parylene, and fluoropolymer. Among all, acrylic is predicted to record fastest growth with highest CAGR during prediction period. This progress of this material is credit to its enhanced characteristics including stress-free application, moisture resistance, and exclusion for reworking that create them favored selection for acceptance in end-use sector.
Epoxy conformal coatings own dielectric properties and are extremely resistant to solvents that are appropriate for uses in electronic devices PCBs. Further, these type of coatings are resistant and rigid to abrasion that’s why they are employed in the production of circuit boards and home appliance. Conformal coatings based on silicon have been making a mark in the marketplace with significant rate of progresses. These coatings have inferior environmental footmark and offer greater reliability. Silicon based coatings are pricier than anticipated however it their price is projected to drop to price of common conformal coatings with progressions in material expertise.
Operation Method Insights
Out of different operation methods employed in conformal coatings industry, spray coating appeared as protruding method in 2019. They are one of the extremely convenient and effectual methods of putting conformal coatings on PCBs.
Global conformal coatings generate revenue by demand from different end-use sectors such as automotive, consumer electronics, medical, industrial machinery & equipment, aerospace, marine, and defense among others. The consumer electronics end-use sector is probable to inflate at a speedy rate during coming years as it is a prominent user of conformal coatings. Upsurge in automotive production and intensification in requirement for automotive with innovative features are anticipated to surge the sale of conformal coatings throughout the estimate period. Need for rigid and flexible PCBs are huge in the automotive sector across globe.
Conformal coatings are needed to defend PCBs that are utilized in digital displays, engines, radar, mirror controls and power relay timing systems. As per statistics stated by European Automobile Manufacturers’ Association, the motor vehicles production was greater than 80 million in 2017. Requirement for automobiles with cutting-edge facilities has been increasing significantly across the world which requires PCB for functioning. This, in turn, is expected to lift the sale for conformal coatings in the automotive sector greatly.
Geographically, North America is expected to appear as second-largest marketplace in terms of total market value. This growth will be supported by high PCB demand from the several major electric vehicle manufacturers in this region. PCB manufacturers are also seeking ways to capture the defense and aerospace sector. This is offering alluring prospects for conformal coatings as PCBs used in these sectors must be offer protection to work in full capability throughout operations.
Asia Pacific is estimated as firmest budding regional market on account of huge spending in the electronics industry in China, Taiwan, South Korea and Japan that generate enormous product demand. Besides, rapid progress of the consumer electronics and automotive manufacturing industry in India is expected to fuel product demand in the region.
Europe and North America are growth marketplaces only next to Asia pacific due to high defense outlay in U.S and impending security threats. North American defense sectors stances to achieve with it being a foremost end use industry. Further, enormous growth in the U.S. is endorsed to a deep-rooted aerospace, electronics, automotive, and defense industry. Crucial companies in this region are adopting strategies such as collaboration, acquisition to attain advantage in market dynamics across the value chain.
Key Companies & Market Share Insights
Several market leaders are heavily capitalizing in R&D accomplishments in order to develop exceptional environment-friendly coatings products. Some of the noteworthy companies contending in the market arena are as below:
Report Scope of the Conformal Coatings Market
|Market Size||USD 16.45 Billion by 2027|
|Growth Rate||CAGR of 5.76% from 2020 to 2027|
|Largest Market||North America|
|Fastest Growing Market||Asia Pacific|
|Forecast Period||2021 to 2027|
|Segments Covered||Product, Operation Method, Technology, End User, Region|
|Companies Mentioned||Dow, H.B. Fuller Company, Henkel AG & Co. KGaA, ITW, Shin-Etsu Chemical Co. Ltd, Chemtronics, KGaA|
Segments Covered in the Report
This research study comprises comprehensive assessment of the marketplace revenue with the help of prevalent quantitative and qualitative acumens, and forecasts of the market. This report presents breakdown of market into major and niche segments. Furthermore, this research study gauges market revenue growth and its drift at global, regional, and country from 2016 to 2027. This report includes market division and its revenue assessment by categorizing it depending on product, operation method, technology, end-user and region as follows:
By Operation Method
By Regional Outlook
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