April 17, 2024
Conformal Coatings Market

Conformal Coatings Market is poised to grow by expanding use of IoT devices

Conformal coatings are increasingly used as protection against moisture, dust, chemicals and other environmental factors for printed circuit boards and components. Conformal coatings provide a thin uniform coating over the assembled printed circuit boards, components and circuits to prevent any corrosion or damage to electronic devices. With the rising adoption of internet of things devices across various end use industries, the demand for conformal coatings is experiencing significant growth. The Global Conformal Coatings Market is estimated to be valued at US$ 1535.29 Mn in 2024 and is expected to exhibit a CAGR of 3.3% over the forecast period 2024 to 2030.

Conformal coatings offer advantages such as moisture and chemical resistance, electrical insulation, protection against corrosion and operate as a stress minimizer. These coatings are used in various end use industries including automotive, consumer electronics, healthcare devices, industrial equipment and others. With higher adoption of IoT devices that require protection from environmental factors for smooth operation, the demand for conformal coatings is growing substantially. The Global Conformal Coatings Market is driven by the increasing use of wearable devices, automotive electronics, medical devices and other connected electronic devices that require protection using these coatings.

Key Takeaways

Key players operating in the Conformal Coatings market size are ChampionX, Seepex Inc., Halliburton Company, PCM Group, Xylem Inc., Schlumberger Limited, Weatherford International PLC, NETZSCH Group, and National-Oilwell Varco Inc., among others. Key players are focusing on expanding their product portfolio and increasing geographical presence to capitalize on the growing opportunities.

The demand for conformal coatings is experiencing significant growth owing to the rising adoption of IoT devices across various industries globally. With increasing applications of wearable devices, connected automation equipment and electronic automotive components, the need for protection using conformal coatings is surging rapidly.

The global conformal coatings market is expanding with growing applications in Asia Pacific and Latin American countries. Key players are investing in these regions to tap the market potential. Additionally, the increasing government initiatives for developing connected infrastructure is also driving the market growth.

Market key trends

One of the key trends gaining traction in the conformal coatings market is the growing demand for UV curable coatings. UV curable coatings are environment friendly, cost effective and offer faster curing. They are increasingly used as an alternative to solvent based technologies. UV curable conformal coatings provide benefits such as no volatile organic compound emissions and rapid curing even for complex PCB designs. With strict environmental regulations, the demand for UV curable conformal coatings is expected to increase significantly over the forecast period.

Porter’s Analysis
Threat of new entrants: New players face huge costs required to build a manufacturing facility and distribution network which deters new entrants. Bargaining power of buyers: There are many established players in the market providing conformal coatings so buyers have bargaining power to negotiate lower prices. Bargaining power of suppliers: Raw material suppliers have limited power as there are many material suppliers in the market. Threat of new substitutes: There is no direct substitute for conformal coatings in electronics applications due to its unique protective and dielectric properties. Competitive rivalry: The market is dominated by a few large players increasing competition to gain market share and reduce prices with continuous R&D.

Geographical Regions
Asia Pacific accounts for the largest share of the conformal coatings market due to growing electronics manufacturing industry. Countries like China, Japan, South Korea, and Taiwan have major electronics manufacturers and component suppliers driving high demand.

North America is expected to be the fastest growing region during the forecast period. This is attributed to increasing investments into defense, aerospace, and industrial electronics. Countries like the US and Canada are focused on developing advanced weaponry, aircraft, and automated systems requiring reliable conformal coatings.

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