“Global conformal coatings market is anticipated to grow at a CAGR of over 6% from 2020 to 2030”, says Visiongain
29 November 2019
Visiongain’s new report Conformal Coatings Market Report 2020-2030: Forecasts by Method (Brush Coating, Dipping, Spray Coating, Selective Coating, Vapor Deposition), Material (Acrylic, Epoxy, Parylene, Polyurethane\Urethane, Silicone, Others), Equipment (Coating & Dispensing Systems, Curing Systems, Inspection Systems), Applications (Aerospace & Defense, Automotive, Consumer Electronics, Medical, Others), by region and analysis of leading companies operating in this industry.
The global conformal coatings market was valued at over USD 11 billion in 2018 and is anticipated to grow at a CAGR of over 6% during the forecast period from 2020 to 2030. It is projected that the conformal coatings market will experience steady growth during the 2020 to 2030 forecast period. Increasing demand from consumer electronics and the automotive and transport industries is expected to drive the market over the forecast period to protect printed circuit boards from dirt, moisture, salts, oxidation, heating, humidity, and other environmental impacts. Asia-Pacific accounts for the largest share, experiencing a strong demand for conformal coatings, fuelled by strengthened economies, coupled with amplified demand from the telecommunications, automotive, and aerospace & defense sectors.
The global conformal coating market is in its mature stage and the market is expanding at a moderate pace. In 2018, Asia-Pacific held the largest share of the global conformal coatings market and is expected to experience the highest level of CAGR over the forecast period from 2020 to 2030. With the increasing use of electronic components in the automotive & consumer electronics sector, the global conformal coating market is anticipated to register moderate growth in the forecast period.
The global conformal coatings demand is being driven by the increasing demand for reliable electronic devices and equipment coupled with the growing platforms for automation across end-use industries. The introduction of new consumer processing technology has led to a reduction in the cost of the product. As a result, consumer penetration has increased across different industries, including the automotive and medical industries, thereby fostering the market growth.
Compared to its counterpart, the acrylic conformal coating is expected to record substantial growth due to its fast-drying ability. This estate makes its use in the automobile and electronics industries in a wide range of applications. Moreover, the heat released by acrylics during the healing process eliminates the potential risk of damaging heat-sensitive types of machinery, thereby encouraging market growth.
Asia Pacific is expected to be the fastest-growing regional market, rising over the forecast period at a CAGR of over 7%. High investments in Taiwan, China, Japan, and South Korea's electronics sector are expected to boost demand for products. Also, rapid growth in the manufacturing sector of automotive and consumer electronics in India is likely to drive the region's product production.
North America accounted for 20% of the global conformal coating market in 2016 and is expected to grow over the forecast period at a CAGR of 3.5 percent. The increasing demand for advanced electronics in the automotive industry, including GPS systems and other related products, is expected to increase consumer demand over the forecast period.
Many federal agencies and governments, including the U.S. The Environmental Protection Agency (EPA), the U.S. Occupational and Health Administration (OSHA) and the National Institute for Occupational Safety and Health (NIOSH) have enforced environmental VOC pollution laws and regulations. It is expected that these strict regulations would pose a challenge to industry participants.
Some of the key Conformal Coatings market players include Aalpha Conformal Coatings, ACC Silicones Ltd., Altana AG Electrical Insulation, Chase Corporation, Chemtronics, CSL Silicones Inc., DOW Corning, Dymax Corporation, Electrolube, Europlasma NV, Global Manufacturing Services, Inc., H.B. Fuller, HemiSeal, Henkel AG & Company, KGaA, Kisco Conformal Coatings LLC, MG Chemicals, Shin-Etsu Chemical Co., Ltd., Specialty Coatings System Inc., Protech Powder Inc., Peters Group. among other prominent players.
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