Conformal Coatings Market- Growing Electronics Industry to boost the growth of Conformal Coatings Market
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 6.0% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Conformal coatings are designed to protect electronic assemblies from damage caused by moisture, dust, abrasion and other environmental factors. They are applied as thin films over printed circuit boards (PCBs), integrated circuits (ICs) and other components to prevent corrosion and failure. Conformal coatings increase the lifespan of components in harsh environmental conditions by providing a physical barrier against moisture, dust and chemicals. The growing demand for electronics devices requiring longer durability is driving the need for conformal coatings in various industries like automotive, aerospace & defense, consumer electronics and others.
Market key trends:
One of the key trends in the conformal coatings market is the growing demand for PCB-level coating. Conformal coatings are widely used at the PCB level to protect assembly sites from moisture, chemicals and prevent galvanic corrosion. The increasing miniaturization of electronics components has increased the need for PCB-level coating to ensure reliability. Another major trend is the growing popularity of ultraviolet (UV) curable coatings. UV curable conformal coatings offer faster production speeds and greater environmental sustainability as compared to traditional thermal cure coatings. They reduce the drying time and eliminate the need for heaters during the curing process. This has increased their adoption in various industries. Additionally, manufacturers are developing coatings offering improved adhesion properties and chemical resistance to meet the requirements of advanced electronics assemblies operating under extreme environmental conditions.
Threat of new entrants: The threat of new entrants into the conformal coatings market is moderate. New entrants require significant investments in R&D and production facilities to produce high-quality and efficient conformal coatings.
Bargaining power of buyers: The bargaining power of buyers is high due to presence of numerous established players providing conformal coatings. Buyers can negotiate on price and demand customized solutions.
Bargaining power of suppliers: Suppliers of raw materials have low bargaining power due to availability of substitute materials. Suppliers do not pose major threat.
Threat of new substitutes: Threat from substitutes is low as there are limited alternatives available for conformal coatings. Developing substitutes require extensive R&D.
Competitive rivalry: The conformal coatings market is consolidated with presence of few large players. Competition is high based on product quality, innovation, and pricing.
The global conformal coatings market is expected to witness high growth, exhibiting CAGR of 6.0% over the forecast period, due to increasing demand for protection of components from moisture, corrosion, and dust accumulation in major end-use industries.
Regional analysis: Asia Pacific dominates the global conformal coatings market and is expected to be the fastest growing region during the forecast period. This is attributed to growing electronics industry and increasing demand from countries such as China, India, South Korea, and Japan. North America and Europe are also key markets for conformal coatings.
Key players: Key players operating in the conformal coatings market are Altana, Chase Corp., CHT Ltd, Dow, Dymax, HK Wentworth Ltd, H.B. Fuller Company, Henkel AG & Co. KGaA, ITW, Kisco Ltd, MG Chemicals, Panacol-Elosol GmbH, Shin-Etsu Chemical Co. Ltd, and Momentive
- Source: Coherent Market Insights, Public sources, Desk research
- We have leveraged AI tools to mine information and compile it