The global conformal coatings market revenue was around US$ 899.1 million in 2022 and is estimated to reach US$ 1580 million by 2031, growing at a compound annual growth rate (CAGR) of 5.8% during the forecast period from 2023 to 2031.
Conformal coatings are polymer-based substances that are applied as a thin layer on a printed circuit board (PCB). A few of the polymers include epoxy, acrylic, urethane, and silicone, among others. In general, these coatings adhere to the irregular surface of the PCB and create an insulating layer between different electronic components.
Market Driving Factors
Increasing demand from the consumer electronics industry to boost the market expansion. Due to advances in material and processing technologies, conformal coatings are widely used in the consumer electronics industry, including consumer electronic products such as mobile electronic devices like tablets, mobile phones, and wearable electronics. In addition, the increasing affordability of electronic devices and the development of supporting technology, such as IoT and 5G are likely to increase the product demand for consumer electronics manufacture.
The surge in advancements in conformal coating technologies boosts the market growth. Manufacturers are constantly refining and improving the formulation of conformal coatings, incorporating advanced materials and chemical compositions. These innovations are resulting in conformal coatings that provide efficient protection against environmental factors, such as dust, moisture, and chemicals. As a result, the market is witnessing a high demand for these cutting-edge coatings from different sectors, including automotive, electronics, aerospace, and medical devices.
The adoption of strict environmental regulations hamper the market expansion.
Regional Analysis
Asia Pacific dominated the market and is expected to maintain its dominance over the forecast period. This can be attributed to the increased demand in the electronics manufacturing sector. Furthermore, most of the countries in the region are in their early phase of economic growth with an enormous untapped market growth potential. Additionally, the living standards and purchasing power of people in developing countries have enhanced significantly. As this trend continues, it is predicted to increase the demand for consumer electronics and propel the market growth in the region.
North America is expected to dominate the market. This is due to the high PCB demand from the several major electric vehicle producers in this region. Furthermore, PCB producers are also seeking methods to capture the aerospace and defense sectors. This is providing engaging prospects for conformal coatings as PCBs are utilized in these sectors. It must offer work protection in full capability throughout operations.
Segmentation Insights
Product Insight
The acrylic segment dominated the market. This can be attributed to the increase in demand from the electronics manufacturing sector. These kinds of coatings are widely utilized in different end-use industries, including consumer electronics, automotive, and other industries.
Furthermore, these types of coatings have suitable thermal stability with an operating temperature range of approximately -59°C to 132°C. They have a superior dielectric strength of approximately 1,500 volts/mil. Its relative affordability makes it a cost-effective choice for several end-use industries.
End-use Industry Insight
The consumer electronics segment dominates the market. This is due to the electronic components have been miniaturizing, which is a trend in electronic devices. Smaller PCBs along with miniaturized electronic devices placed in a compact design can lead to circuit damage if the dielectric strength between components is less.
Furthermore, conformal coatings, when employed on these miniaturized PCBs can significantly raise the dielectric strength between electronic components allowing for the creation of much smaller electronic circuits. Demand for lightweight, compact electronic devices is predicted to surge significantly due to advancements in 5G and IoT technology. Therefore, these elements propel the market growth.
Prominent Companies
Segmentation Outline
The global conformal coatings market segmentation focuses on Product, End-use Industry, and Region.
By Product
By End-use Industry
By Region
[TABLE OF CONTENTS]
1 INTRODUCTION OF GLOBAL CONFORMAL COATINGS MARKET
1.1 OVERVIEW OF THE MARKET
1.2 SCOPE OF REPORT
1.3 ASSUMPTIONS
2 EXECUTIVE SUMMARY: CONFORMAL COATINGS MARKET
3 RESEARCH METHODOLOGY
3.1 DATA MINING
3.2 VALIDATION
3.3 PRIMARY INTERVIEWS
3.4 LIST OF DATA SOURCES
3.5 ANALYST TOOLS AND MODELS
4 GLOBAL CONFORMAL COATINGS MARKET OUTLOOK
4.1 OVERVIEW
4.2 MARKET DYNAMICS AND TRENDS
4.2.1 DRIVERS
4.2.2 RESTRAINTS
4.2.3 OPPORTUNITIES
4.3 PORTERS FIVE FORCE ANALYSIS
4.4 VALUE CHAIN ANALYSIS
4.5 MARKET GROWTH AND OUTLOOK
4.5.1 PRICE TREND ANALYSIS
4.5.2 OPPORTUNITY SHARE
5 GLOBAL CONFORMAL COATINGS MARKET, BY PRODUCT
5.1 OVERVIEW
5.2 EPOXY
5.3 ACRYLIC
5.4 URETHANE
5.5 PARYLENE
5.6 SILICONE
5.7 OTHERS
6 GLOBAL CONFORMAL COATINGS MARKET, BY END-USE INDUSTRY
6.1 OVERVIEW
6.2 AUTOMOTIVE
6.3 MEDICAL
6.4 AEROSPACE & DEFENSE
6.5 CONSUMER ELECTRONICS
6.6 OTHERS
7 GLOBAL CONFORMAL COATINGS MARKET, BY GEOGRAPHY
7.1 OVERVIEW
7.2 NORTH AMERICA
7.2.1 NORTH AMERICA MARKET SNAPSHOT
7.2.2 U.S.
7.2.3 CANADA
7.2.4 MEXICO
7.3 EUROPE
7.3.1 EUROPE MARKET SNAPSHOT
7.3.2 WESTERN EUROPE
7.3.2.1 THE UK
7.3.2.2 GERMANY
7.3.2.3 FRANCE
7.3.2.4 ITALY
7.3.2.5 SPAIN
7.3.2.6 REST OF WESTERN EUROPE
7.3.3 EASTERN EUROPE
7.3.3.1 POLAND
7.3.3.2 RUSSIA
7.3.3.3 REST OF EASTERN EUROPE
7.4 ASIA PACIFIC
7.4.1 ASIA PACIFIC MARKET SNAPSHOT
7.4.2 CHINA
7.4.3 JAPAN
7.4.4 INDIA
7.4.5 AUSTRALIA & NEW ZEALAND
7.4.6 ASEAN
7.4.7 REST OF ASIA PACIFIC
7.5 MIDDLE EAST & AFRICA
7.5.1 MIDDLE EAST & AFRICA MARKET SNAPSHOT
7.5.2 UAE
7.5.3 SAUDI ARABIA
7.5.4 SOUTH AFRICA
7.5.5 REST OF MEA
7.6 SOUTH AMERICA
7.6.1 SOUTH AMERICA MARKET SNAPSHOT
7.6.2 BRAZIL
7.6.3 ARGENTINA
7.6.4 REST OF SOUTH AMERICA
8 GLOBAL CONFORMAL COATINGS MARKET COMPETITIVE LANDSCAPE
8.1 OVERVIEW
8.2 COMPANY MARKET RANKING
8.3 KEY DEVELOPMENT STRATEGIES
8.4 COMPETITIVE DASHBOARD
8.5 PRODUCT MAPPING
8.6 TOP PLAYER POSITIONING, 2022
8.7 COMPETITIVE HEATMAP
8.8 TOP WINNING STRATEGIES
9 COMPANY PROFILES
9.1 CHEMTRONICS
9.1.1 OVERVIEW
9.1.2 FINANCIAL PERFORMANCE
9.1.3 PRODUCT OUTLOOK
9.1.4 KEY DEVELOPMENTS
9.1.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
9.2 HENKEL AG & COMPANY
9.2.1 OVERVIEW
9.2.2 FINANCIAL PERFORMANCE
9.2.3 PRODUCT OUTLOOK
9.2.4 KEY DEVELOPMENTS
9.2.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
9.3 SHIN-ETSU CHEMICAL CO LTD
9.3.1 OVERVIEW
9.3.2 FINANCIAL PERFORMANCE
9.3.3 PRODUCT OUTLOOK
9.3.4 KEY DEVELOPMENTS
9.3.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
9.4 DOW
9.4.1 OVERVIEW
9.4.2 FINANCIAL PERFORMANCE
9.4.3 PRODUCT OUTLOOK
9.4.4 KEY DEVELOPMENTS
9.4.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
9.5 CHASE CORPORATION
9.5.1 OVERVIEW
9.5.2 FINANCIAL PERFORMANCE
9.5.3 PRODUCT OUTLOOK
9.5.4 KEY DEVELOPMENTS
9.5.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
9.6 DYMAX CORPORATION
9.6.1 OVERVIEW
9.6.2 FINANCIAL PERFORMANCE
9.6.3 PRODUCT OUTLOOK
9.6.4 KEY DEVELOPMENTS
9.6.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
9.7 SPECIALTY COATING SYSTEMS
9.7.1 OVERVIEW
9.7.2 FINANCIAL PERFORMANCE
9.7.3 PRODUCT OUTLOOK
9.7.4 KEY DEVELOPMENTS
9.7.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
9.8 ELECTROLUBE
9.8.1 OVERVIEW
9.8.2 FINANCIAL PERFORMANCE
9.8.3 PRODUCT OUTLOOK
9.8.4 KEY DEVELOPMENTS
9.8.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
9.9 H.B. FULLER
9.9.1 OVERVIEW
9.9.2 FINANCIAL PERFORMANCE
9.9.3 PRODUCT OUTLOOK
9.9.4 KEY DEVELOPMENTS
9.9.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
9.10 M.G. CHEMICALS
9.10.1 OVERVIEW
9.10.2 FINANCIAL PERFORMANCE
9.10.3 PRODUCT OUTLOOK
9.10.4 KEY DEVELOPMENTS
9.10.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
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