Conformal coatings offer protective barrier against moisture, dust, chemicals and abrasion, effectively protecting printed circuit boards and electronic components from various environmental factors. Conformal coatings find wide application in automotive, aerospace, defense, telecommunications and consumer electronics industries owing to their insulating and waterproofing properties. The growing demand for electronics from automotive and consumer durables has augmented the growth of conformal coatings market.
The global Conformal Coatings Market is estimated to be valued at US$ 2.05 billion 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 key trends: The accelerated demand from the automotive and electronics industries has been a key growth driver for the conformal coatings market. With the advent of hybrid and electric vehicles, there has been a growing focus on lightweight components and smaller circuit boards which have increased the utilization of conformal coatings in the automotive sector. These coatings provide protection against moisture, dust and chemicals in the hostile engine bay environment. Moreover, the rising integration of advanced electronics in vehicles has also augmented the consumption of conformal coatings. The demand from consumer electronics segment has also been robust owing to increased affordability and uptake of various smart devices and gadgets. Conformal coatings protect sensitive electronic components from damage and extend the lifespan of devices.
Segment Analysis
The global conformal coatings market can be segmented based on material type, end use industry and region. By material type, the market can be bifurcated into acrylic, silicone, parylene and others. Among these, acrylic segment dominates the market and is expected to maintain its dominance during the forecast period. Acrylic conformal coatings are inexpensive, offer good moisture and chemical resistance along with moderate electrical properties. Thus, they are widely used for general purpose applications.
Key Takeaways
The global Conformal Coatings Market Demand is expected to witness high growth during the forecast period of 2023-2030. The global Conformal Coatings Market is estimated to be valued at US$ 2.05 billion in 2023 and is expected to exhibit a CAGR of 3.3% over the forecast period 2023 to 2030.
Regional analysis: Asia Pacific dominates the global conformal coatings market currently and is projected to continue its dominance during the forecast period as well. Rapid industrialization and urbanization coupled with increasing electronic product manufacturing in countries such as China, India, South Korea and Japan is driving the demand for conformal coatings in the region.
Key players: Key players operating in the conformal coatings market are Henkel AG & Co. KGaA , Dow Inc., H.B. Fuller Company, Chase Corporation, Shin-Etsu Chemical Co., Ltd., Dymax Corporation, Electrolube, MG Chemicals, Specialty Coating Systems Inc. Henkel AG & Co. KGaA is the global leader in the conformal coatings market.
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