Conformal coating is a chemical or polymer coating type that helps protect the circuit board from any adverse or abrasive environment. The coating also aids in keeping the circuit away from any chemical contaminants. The global conformal coatings market, according to the recently published report by the team of Market Research Future (MRFR), is expected to grow with an impressive growth rate during the forecast period between 2021 and 2030. Furthermore, the valuation is forecasted to go beyond the previously reported market valuation by the end of the forecast period.
Conformal Coatings Market is projected to be worth USD 17.02 Billion by 2030, registering a CAGR of 5% during the forecast period (2021 - 2030).
The conformal coatings market is driven by the demand from the electronics industry. The market is expected to grow due to the increasing demand for gadgets from an expanding population. Increasing adoption of AI and IoT and proliferation of adoption are also key factors pushing the market growth further. The market is also gaining considerable traction from the aviation industry, which is, in turn, supporting the growth of the market.
Market Segmentation
The Global Conformal Coatings Market has been segmented into type, end-use industry, and region.
On the Basis of the Type, the market is divided into acrylics, epoxy, urethane, silicone, parylene and others.
Based on End-Use Industry, the market is segmented into electronics, automobile, aerospace, marine and others.
Geographically, the market is divided into five regions including North America, Europe, Asia Pacific, Latin America, and the Middle East Africa.
Key Players
- The Dow Chemical Industry (U.S.)
- Specialty Coatings System Inc.
- Global Manufacturing Services Inc (U.S.)
- HemiSeal (U.S.)
- Henkel AG Co. kgaA (Germany)
- Chemtronics (India)
- B.Fuller Company (U.S.)
- Electrolube (UK)
- Europlasma NV (Belgium)
- Shin-Etsu Chemical Co. Ltd (Japan).
Regional Analysis
North America was the dominant region in the Global Conformal Coatings Market due to its increasing use in the electronic devices mainly in automobile and aerospace industry. Additionally, increasing expenditure on consumer electronics mainly in home appliances, smart watches, and wireless devices.
Europe is expected to drive the market growth due to the introduction of high quality and technically advanced products. Increasing expenditure on research and development in electronics by Germany is likely to fuel the product demand in this region.
Asia Pacific region is growing substantially due to rapid urbanization and digitalization in the developing economies such as India and China. Moreover, implementation of various initiatives such as Smart City and Startup in India is encouraging the Indian companies to focus on product innovation and RD.
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