Conformal Coatings Market Size to Reach Valuation of US$ 16.45 Bn by 2027
The global Conformal Coatings Market Size is projected to reach USD 16.45 billion by 2027, with a compound annual growth rate (CAGR) of 5.76% during the forecast timeline 2020 to 2027.
Our reports on the Conformal Coatings market provide a holistic analysis, industry size, share, market trends, growth drivers, challenges and forecast, top vendor analysis covering around 15+ vendors.
This research report evaluates Conformal Coatings Market on a global and regional level. It offers thorough analysis of market status, growth and forecast of the global Conformal Coatings Market for the period from 2016 to 2027. This research study offers historic data for years 2016 to 2019 along with a forecast from 2020 to 2027 based on value.
Requirement of conformal coating has hit the roof on account of constant miniaturization of electronics and related circuitry since past few years. A conformal coating is a thin polymeric film coated on PCB to protect it and its components from the corrosion and environment. This film adapts to the shape of the board and its components defendingand covering solder joints, unprotected traces, the leads of electronic components, and other metallized areas from corrosion, eventually lengthening the work-life of the PCB. Conformal coatings are employed in an extensive range of environments to defend PCBs from salt spray, moisture, temperature and chemicals limits to avoid mould growth, corrosion, and electrical catastrophes. The fortification delivered by conformal coatings permits for upper voltage gradients and nearer track spacing, in turn allowing designers to address the requirement of consistency and miniaturization.
Selection of appropriate application method and type of coating has become very crucial. However, weeding via the massive amount of online information is overwhelming. There are numeral choices for coating technologies, and the finest selection must rely mostly on the protection needed. Convenience of rework and application method is significant aspect and must usually be measured secondary to the protective enactment desirable. At present, conformal coatings are generating revenue by enormous demand from different end-use sectors such as automotive, consumer electronics, medical, industrial machinery & equipment, aerospace, marine, and defense among others.
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Growth Factors
Augmenting application scope in automobile sector is prospective to support conformal coatings market growth over the prediction period. Automotive sector make use of these coatings indefending circuitry against brake fluid, gasoline vapor and salt spray. Electronic system usage in the form of parking and GPS systems is rising rapidly and fortification against afore said influences is vigorous for safeguarding long term consistency. They are employed in automotive applications like passenger compartments systems and under the hood systems. Snowballing market for automotive and an immersive driving practice is projected to uptake the growth of conformal coatings market during years to come. Mounting demand for durable coatings with very great corrosion resistance is anticipated to further push the market growth. Deterrence against rapid decompressions and compressions for circuitry performance underneath harsh circumstances in aerospace sector is prospective to fuel conformal coatings sector progress.
Report Highlights
- Asia Pacific conquered the global market due to highest consumption in a nation such as India and China among others
- Growing applications in the medical sector in Asia Pacific is anticipated to offer lucrative growth prospects to the conformal coatings in this region
- Aerospace is estimated to be a highly rewarding sector in the global conformal coatings market during upcoming years
- Swelling perception of high-end electronic products including tablets, HDTVs, LEDs and LCD is escalating the application of conformal coatings.
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Regional Snapshots
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. Furthermore, exhaustive growth of consumer electronics and automotive manufacturing base in India is prospective to reinforce the growth of the market in this region. India is a budding economy and embraces great prospective for forthcoming market opportunities. The medical industry in India is profiting from cumulative population that is developing at a rate of 1.6 % per year.
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 America is projected to perceive brisk progress in the global market during coming years on account of flourishing demand for GPS systems and advanced electronics in specific. 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 Players & Strategies
The global conformal coating market is extremely fragmented with the occurrence of plentiful manufacturers. Foremost contributors in the market such as KGaA, Henkel AG & Company, Shin-Etsu Chemical Co., Ltd and Chemtronics are spending greatly in R&D accomplishments to developground-breaking environment-friendly coatings product. Conformal coating manufacturing market across the world has become extremely competitive on account of large pool of well-regarded suppliers and establishments along withnovel market entrants. Companies are investing and bringing about frequent R&D undertakings with custom formulations for multiple end-usemarkets. For occurrence, in 2017 AkzoNobel NV declared R&D directive that related to electronics and protective coatings for its felling capacity in UK.
Market Segmentation
By Product
- Epoxy
- Acrylic
- Silicone
- Polyurethane
- Parylene
- Fluoropolymer
By Operation Method
- Brush Coating
- Dip Coating
- Spray Coating
- Chemical Vapor Deposition
By End-User
- Automotive
- Consumer Electronics
- Industrial Machinery & Equipment
- Aerospace
- Marine
- Medical
- Defense
- Others
By Technology
- Water-based
- Solvent-based
- UV Cured
By Regional Outlook
- North America
- Europe
- Asia Pacific
- Middle East & Africa
- Latin America
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