Conformal coatings are thin polymer films that are applied on printed circuit boards (PCBs) and other electronic components to protect them from different environmental factors such as moisture, dust, chemicals, and mechanical stress and strains. Conformal coatings provide protection against corrosion and oxidation while maintaining the electrical functionality of the components. They find wide applications in electronics, automotive, aerospace, defense, aviation, and medical device industries to protect sensitive components.
The global conformal coatings market is estimated to be valued at US$ 1332.71 Mn 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:
Increasing demand from electronics and medical devices industries is driving the growth of the conformal coatings market. Conformal coatings find wide usage in electronic products such as smartphones, tablets, computers, wearables, and home appliances to protect the printed circuit boards and other electronic components from environmental issues. They help extend the product life. Similarly, in the medical device industry, conformal coatings provide protection to sensitive components in equipment such as MRI and CT scanners, dialysis machines, ventilators, pacemakers, and defibrillators. They help these devices perform efficiently in high moisture conditions. Growing demand for consumer electronics and increasing healthcare spending is fueling the market growth.
The rising demand from the electronics industry owing to miniaturization of electronic components is another key factor augmenting the conformal coatings market growth. miniaturization has increased the instances of failures due to environmental stresses. Conformal coatings protect miniature electronic components and circuitry from moisture, dust, chemicals and corrosion, thereby ensuring long-term reliability of miniature electronic devices. This is increasing the product adoption.
SWOT Analysis
Strength: Conformal coatings provide protection to electronic circuit boards from moisture, dust, chemicals and other environmental threats which helps extend the lifespan of electronics. They act as a protective layer and allow circuits to function reliably for long periods. Manufacturers offer a wide variety of coating materials like acrylic, silicone, urethane etc. to suit diverse application requirements.
Weakness: Stringent environmental regulations around the use of volatile organic compound emitting conformal coatings is a challenge. Finding substitutes for banned hazardous chemicals increases product costs. The coating application process requires specialized equipment and skilled labor which increases production expense.
Opportunity: Rising use of printed circuit boards in automotive, industrial equipment and consumer electronics injects strong demand for protective coating solutions. Growth in medical device manufacturing also spurs market opportunities. Expanding into new geographic regions and emerging economies presents scope for additional revenues.
Threats: Availability of cheaper alternative protection methods like enclosures threaten market demand. Supply chain disruptions and raw material price volatility are issues. Intense competition amongst global coating suppliers pressures pricing.
Key Takeaways
The Global Conformal Coatings Market Share is expected to witness high growth over the forecast period of 2023 to 2030 on account of rising electronics production. The market size is projected to exceed US$ 1332.71 Mn by 2024.
Regional analysis: Asia Pacific currently dominates conformal coatings consumption led by countries like China, India, Japan and South Korea. This is attributed to extensive electronics manufacturing activity in the region. North America and Europe are other major markets driven by automotive, industrial and medical sectors. Latin America and Middle East & Africa offer promising future prospects with growing industrialization.
Key players: Key players operating in the conformal coatings market are ChampionX, Seepex Inc., Halliburton Company, PCM Group, Xylem Inc., Schlumberger Limited, Weatherford International PLC, NETZSCH Group, and National-Oilwell Varco Inc., among others. These companies focus on new product development, expanding production capacity and strategic acquisitions to strengthen their market position.
Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
Money Singh is a seasoned content writer with over four years of experience in the market research sector. Her expertise spans various industries, including food and beverages, biotechnology, chemical and materials, defense and aerospace, consumer goods, etc.