by Conformal coatings are essentially thin polymeric coatings that are used to protect printed circuit boards and other electronic assemblies from damage, corrosion, moisture, dust and other environmental factors. Conformal coatings helps to protect delicate electronic components from moisture, dirt, chemicals, and temperature extremes. They are extensively used in automotive electronics, aerospace components, telecommunication devices, consumer electronics, medical devices and others. Conformal coatings enhances the lifespan of electronic devices by preventing short circuits and deterioration of components.
The global Conformal Coatings Market is estimated to be valued at US$ 1.4 billion in 2023 and is expected to exhibit a CAGR of 3.3% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Dynamics
One of the major drivers boosting the growth of conformal coatings market is the rising demand for corrosion resistance properties from various end use industries such as automotive and electronics. Conformal coatings provides protection against corrosion and moisture penetration which enhances the life of electronic components. Furthermore, increasing miniaturization of electronic components have augmented the demand for conformal coatings as coating provides added protection to delicate components from moisture, dust, chemicals and other environmental factors. Growing electronics industry along with increasing disposable income is also fueling the market growth.
Segment Analysis
The conformal coatings market is dominated by the acrylic conformal coatings segment. Acrylic coatings account for over 40% of the total market share owing to their various advantages like resistance to moisture and chemicals, low cost and easy repairing ability in case of defects. They are suitable for a variety of applications across automotive, aerospace, telecom and consumer electronics sectors. The silicone conformal coatings sub-segment is expected to witness fastest growth during the forecast period attributed to their high flexibility, broader operating temperature range and good dielectric properties.
PEST Analysis
Political: The growth of end-user industries like electronics, automotive is dependent on global economic conditions and trade policies. Volatility in crude oil prices impact the raw material prices.
Economic: Growing electronics industry, automotive production and proliferation of IoT devices are driving the demand for conformal coatings. High investments in aerospace & defense sectors of developed regions is further fueling the market growth.
Social: Increasing consumer spending on electronics goods, advanced vehicles and aircraft models is supporting the conformal coatings consumption. Growing middle-class population and urbanization trends across developing nations present new market opportunities.
Technological: Adoption of miniaturization trend and necessity of protective coatings for circuit boards operating under extreme conditions have boosted the product innovation. Development of green, environmental-friendly coating materials without VOCs is the key focus area for manufacturers.
Key Takeaways
The global Conformal Coatings Market Demand is expected to witness high growth in the coming years. The global conformal coatings market is estimated to be valued at US$ 1.4 billion in 2023 and is expected to exhibit a CAGR of 3.3% over the forecast period 2023 to 2030.
Asia Pacific currently dominates the market attributed to presence of large electronics and automotive manufacturing hubs in China, Japan, South Korea, and India. The region accounts for over 35% of the global market share and is projected to retain its leading position through 2030. China dominated country-level market. Low cost of production and presence of huge export-oriented industries have made China the global production hub for electronics, automotive components, etc., thereby driving conformal coatings consumption.
Key players
Key players operating in the conformal coatings market are Henkel AG & Co. KGaA, Chase Corporation, H.B. Fuller Company, Electrolube, Dymax Corporation etc. Henkel AG is the global market leader having wide product portfolio and strong geographical footprint across all major regions. Chase Corporation is also a leading player with significant shares in US and European markets.
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1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
