April 18, 2024

Conformal Coating Stripper Market Growing At A CAGR Of 4.2% By Sustainable Environmental Regulations

The conformal coating stripper market comprises organic solvent-based and water-based coating removal products that eliminate coating residues from printed circuit boards. Conformal coatings are used to protect electronic components from moisture, dust, chemicals, and other environmental hazards. Coating strippers safely dissolve and lift off conformal coatings without damaging intricate component designs. The Global Conformal Coating Stripper Market is estimated to be valued at US$ 11.72 Mn in 2024 and is expected to exhibit a CAGR of 4.2% over the forecast period from 2024 to 2030.

Key Takeaways
Key players operating in the conformal coating stripper market are Seqirus, GlaxoSmithKline plc, Sanofi, AstraZeneca, FluGen, Inc., Moderna, Inc., Biocryst Pharmaceuticals, Inc., CPL Biologicals Pvt. Ltd., CureVac AG, OSIVAX, and Solaris Vaccines. The growing demand for electronic devices is fueling the need for conformal coatings and stripper solutions in various industries. Strict environmental regulations regarding the use of hazardous chemicals are further propelling the adoption of sustainable and recyclable coating removal products. Geographically, the market is witnessing high growth in the Asia Pacific region on account of expanding electronics manufacturing units and increasing industrialization.

Market Key Trends
Sustainable chemistry is a major trend in the Conformal Coating Stripper Market Scope . Manufacturers are investing in the development of bio-based and zero-VOC products to replace toxic solvents and comply with environmental norms. These eco-friendly solutions decompose quickly and do not harm the ecosystem. Their growing popularity among electronics, automotive, and medical device manufacturers will drive the green coating stripper market over the forecast period.

Porter’s Analysis
Threat of new entrants: The threat of new entrants is moderate due to the requirements of R&D, manufacturing and marketing capabilities.
Bargaining power of buyers: The bargaining power of buyers is high due to the availability of substitute products in the market.
Bargaining power of suppliers: The bargaining power of suppliers is moderate due to the availability of alternative raw material suppliers.
Threat of new substitutes: The threat of new substitutes is high due to the presence of alternative stripping products.
Competitive rivalry: The competitive rivalry is high.

Geographical regions
North America region holds the largest share in the conformal coating stripper market in terms of value owing to the presence of major coating stripper manufacturers. The United States dominates the North America market due to growing demand from end-use industries such as automotive and transportation.

Asia Pacific region is expected to grow at the fastest rate during the forecast period. Factors such as increasing electronics and semiconductor production and growing automotive industry in countries such as China, Japan, India are contributing to the growth of the conformal coating stripper market in the Asia Pacific region.

*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it