Report Details:
15 Companies Covered
111 Pages
MRFR Press Release - Market Research Future has published a half-cooked research report on the Global Conformal Coatings Market. The Conformal Coatings Market was valued at USD 12.26 billion in 2023 and is expected to grow to USD 18.69 billion by 2032, registering a compound annual growth rate (CAGR) of 4.80% from 2024 to 2032.
Overview:
The global conformal coatings market, as per the business analysis of the market done by Market Research Future (MRFR), is all set to grow with impressive CAGR during the forecast period (2024-2032). The valuation achieved in the process is expected to exceed the predicted worth in the report. Conformal coating is a type of chemical coating or polymer coating that can protect the circuit board from any abrasion or adverse environment such as moisture. Also, it is expected to keep the circuit away from chemical contaminants. The film is generally 25-75µm thick and adheres to the type of the circuit board. The coating increases the functionality of the circuit board in diverse conditions. But the coating is also breathable and allows trapped moisture to escape. It adds almost no weight to the finished product due to which a number of sectors are showing great interest in the component.
The conformal coatings market is getting huge traction from the electronics segment. The rising number of gadget intake is getting boosted by huge population. At the same time, miniaturization of gadgets is also creating scope for enough market expansion. Growing cases of home automation and integration of AI and IoT are also reasons that can push the limits further. The aviation industry is witnessing multifold traction from both defense and commercial which can ensure growth for the conformal coatings market.
Segmentation:
MRFR segments the global conformal coatings market by type and end-user.
Based on the type, the conformal coatings market can be divided into epoxy, parylene, acrylics, silicone, urethane, and others. The epoxy segment is expecting much growth as it is highly resistant to solvents and showcase dielectric properties.
Based on the end-use industry, the conformal coatings market can be segmented into the automobile, electronics, aerospace, marine, and others. The burgeoning electronics industry is expected to ensure growth for the sector. The automobile sector is also witnessing substantial growth. In recent times, conformal coatings are gaining traction from the healthcare sector as various tools such as therapeutics, respiratory care, and imaging systems.
Regional Analysis:
Region-specific analysis, done by MRFR, on the conformal coatings market includes North America, Europe, Asia Pacific (APAC), Latin America, and the Middle East & Africa (MEA).
As of 2016, North America held the largest market share. Integration of automation and technological advancement are things that require much involvement of the conformal coatings. At the same time, widespread use of artificial intelligence (AI) by market titans in the region can ensure further growth for the market. The region has some of the leading aviation companies operating worldwide which can escalate the intake of the conformal coatings.
Europe’s market is heavily driven by environmental concerns. Carbon emission in the automotive sector is something that manufacturers are trying hard to curb. This can be a significant thruster for the European market. In addition, IoT, like in North America, is creating a substantial market scope for expansion.
The APAC market can expect substantial growth as the demand for smartphones is rising all the time. The region has a huge population base and the number of takers for such gadgets is quite high. Also, the automotive giants are now looking at the APAC side as a market opportunity which can boost the regional conformal coatings market. Regions such as India, China, Thailand, and South Korea are expecting benefit from this.
Competitive Landscape:
Notable players, as per the MRFR report, in the global conformal coatings market are Specialty Coatings System Inc. (U.S.), The Dow Chemical Industry (U.S.), Henkel AG & Co. kgaA (Germany), Global Manufacturing Services, Inc (U.S.), HemiSeal (U.S.), Chemtronics (India), Electrolube (UK), Europlasma NV (Belgium), H.B.Fuller Company (U.S.), and Shin-Etsu Chemical Co., Ltd (Japan).
In 2018, Electrolube launched two new conformal coatings, 2K350 and 2K550. These two are polyurethane coatings. 2K350 is solvent-free and its opaque blue which simplifies inspection. Both the products are UL94V-0 compliant.
Browse Complete Report Details @ conformal coatings market size