The growth of the market is driven by the increase in demand from emerging markets for conformal coatings and high demand for printed circuit boards in the automotive & transport and electronics industries.
Conformal Coatings Market Size – USD 11.79 Billion in 2020, Growth - CAGR of 4.49%, Trends –Increase in demand for electronics and automotive & transportation industries.
The Conformal Coatings Market is forecast to grow from USD 11.79 Billion in 2020 to USD 16.71 Billion by 2028, at a CAGR of 4.49%, during the forecast period. The market is driven by the increase in demand from emerging markets for conformal coatings and high demand for printed circuit boards in the automotive & transport and electronics industries.
Conformal coatings consists of unique properties like high resistance to dust, salts, moisture, corrosion, high temperature and humidity and increase in reliability of electronic equipment by 5 years. Costly replacement and repair in the event of damage and technological constraints in the application, preparation and drying of conformal coatings are the major restrictions for the market.
Top Lading Players: Henkel (Germany), Illinois Tool Works (US), Shin-Etsu Chemical Co., Ltd (Japan), DOW Corning (US), H.B. Fuller (US), Chase Corporation (US), Europlasma NV (Belgium), MG Chemicals (Canada), Dymax Corporation (US) and Kisco Conformal Coatings LLC (US).
Some Key Highlights from the Report:
- The Conformal Coatings Market is forecasted to grow from USD 11.79 Billion in 2020 to USD 16.71 Billion by 2028, at a CAGR of 4.49%, during the forecast period. The market is driven by the increase in demand from emerging markets for conformal coatings and high demand for printed circuit boards in the automotive & transport and electronics industries.
- The market for acrylics is expected to grow the largest at USD 4.12 Billion in 2028, at a CAGR of 5.5% during the forecast period. Because of their cheap nature and easy-to-apply properties, acrylic conformal coatings accounted for the largest share. This market is expected to be driven by rising demand for environment friendly or volatile organic compounds (VOCs)-free conformal coatings in countries like Germany and France. Attention is being paid to new products such as Certonal FC-742 and Never Wet, which are likely to improve the use and application of conformal coatings.
- On the basis of application, the market for electronics industry is expected to grow the largest at USD 3.97 Billion in 2028, at a CAGR of 5.06% during the forecast period. The rising growth of the electronic industry and the requirement for conformal coatings on polychlorinated biphenyl (PCB) for improved performance in hazardous environments has been the crucial drivers for the growth of the electronic industry in the market.
Conformal Coatings Market Upcoming Growth:
Conformal coatings are protective coatings applied to electronic components and printed circuit boards to protect them from environmental factors such as moisture, dust, and chemicals. The market for conformal coatings is expected to grow due to the increasing demand for electronic devices in various industries.
Moreover, the increasing demand for high-performance electronic devices that are resistant to harsh environments and extreme temperatures is expected to drive the growth of the market. The development of new formulations and advanced technologies for conformal coatings is also expected to create new opportunities for the market in the future.
However, the growth of the market may be limited by factors such as the volatility of raw material prices and the strict environmental regulations related to the use of conformal coatings. The increasing adoption of alternative technologies such as nano-coatings and plasma treatments may also pose a challenge to the growth of the market.
In conclusion, the conformal coatings market is expected to experience steady growth in the coming years due to the increasing demand for electronic devices in various industries and the development of new technologies for conformal coatings.
Segments covered in the report:
Type (Kilo Tons) (Revenue, USD Million; 2020-2028)
Coating Type (Kilo Tons) (Revenue, USD Million; 2020-2028)
- Brush Coating
- Dip Coating
- Selective Coating by Machine
- Spray Coating
Application (Kilo Tons) (Revenue, USD Million; 2020-2028)
- Automotive & Transportation
- Aerospace & Defense
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- North America (U.S.A., Canada, Mexico)
- Europe (Italy, U.K., Germany, France, Rest of Europe)
- Asia Pacific (China, India, Japan, South Korea, Australia, Rest of APAC)
- Latin America (Chile, Brazil, Argentina, Peru, Rest of Latin America)
- Middle East & Africa (Saudi Arabia, U.A.E., South Africa, Rest of MEA)
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