Conformal coatings are thin protective barriers that shield electronic components and circuitry from any environmental contamination and damage. They protect printed circuit boards and other electronic assemblies against moisture, chemicals, dust, and temperature extremes. Conformal coatings are commonly used in industrial, military, and aerospace electronic circuitry and components to increase reliability. The global conformal coatings market is driven by the growing demand from electronics and electrical industries. Conformal coatings provide strong mechanical and electrical protection to printed circuit boards used across various electronic devices like smartphones, laptops, automotive instrument panels, medical devices, and wearable devices. The global conformal coatings Market is estimated to be valued at US$ 1332.71 in 2023 and is expected to exhibit a CAGR of 3.3% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Dynamics:
Growing demand from electronics industry is expected to drive the conformal coatings market during the forecast period. As mentioned in the heading, the demand for conformal coatings is growing across various electronic products due to its protective properties. Electronic devices are vulnerable to moisture, dust, heat and chemical damage. Conformal coatings form a protective layer that shields printed circuit boards and components from such environmental contaminants, thereby improving product life and reliability. This drives the need for conformal coatings in diverse electronic applications. Additionally, the growing demand for miniaturization of electronic components coupled with increasing complexity of PCB designs has also fueled the market growth over the years.
Segment Analysis
Conformal Coatings can be segmented into Acrylic Conformal Coatings, Silicone Conformal Coatings, Parylene Conformal Coatings, Urethane Conformal Coatings and Epoxy Conformal Coatings. Among these, Silicone Conformal Coatings dominates the market with over 35% share due to its excellent properties such as flexibility, weatherability and biocompatibility.
PEST Analysis
Political: The conformal coatings market is impacted by governmental regulations on product safety and environmental protection. Changes in regulations influence R&D and production.
Economic: Rising demand from electronics and automotive industries is driving market growth. Emerging economies offer opportunities owing to increasing industrialization.
Social: Growing electronics and automotive usage along with increasing consumer standards of living boost market demand.
Technological: Developments in coating material properties, application techniques, and quality testing technologies aid market expansion. Miniaturization trend necessitates effective protection of circuits.
Key Takeaways
The Global Conformal Coatings Market Share is expected to witness high growth at a CAGR of 3.3% during the forecast period of 2023 to 2030.
Regionally, Asia Pacific dominates with over 40% share led by China, Japan, South Korea and others due to large manufacturing bases for electronics and automotive.
Key players operating in the conformal coatings market are ChampionX, Seepex Inc., Halliburton Company, PCM Group, Xylem Inc., Schlumberger Limited, Weatherford International PLC, NETZSCH Group, and National-Oilwell Varco Inc., among others. Some of the major trends influencing the market include rising demand from automotive and electronics sectors, increasing focus on miniaturization of devices and focus on material innovation to achieve performance and environmental benefits.
For more details on the report, Read- https://www.ukwebwire.com/conformal-coatings-market-growth-demand-and-overview/
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