The growth of the market is driven by the increase in demand from emerging markets for conformal coatings and high demand for printed circuit boards in the automotive transport and electronics industries.
The Conformal Coatings Market is forecast to grow from USD 11.79 Billion in 2020 to USD 16.71 Billion by 2028, at a CAGR of 4.49%, during the forecast period. The market is driven by the increase in demand from emerging markets for conformal coatings and high demand for printed circuit boards in the automotive transport and electronics industries.
Conformal coatings consists of unique properties like high resistance to dust, salts, moisture, corrosion, high temperature and humidity and increase in reliability of electronic equipment by 5 years. Costly replacement and repair in the event of damage and technological constraints in the application, preparation and drying of conformal coatings are the major restrictions for the market.
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Top Lading Players: Henkel (Germany), Illinois Tool Works (US), Shin-Etsu Chemical Co., Ltd (Japan), DOW Corning (US), H.B. Fuller (US), Chase Corporation (US), Europlasma NV (Belgium), MG Chemicals (Canada), Dymax Corporation (US) and Kisco Conformal Coatings LLC (US).
Some Key Highlights from the Report:
- The Conformal Coatings Market is forecasted to grow from USD 11.79 Billion in 2020 to USD 16.71 Billion by 2028, at a CAGR of 4.49%, during the forecast period. The market is driven by the increase in demand from emerging markets for conformal coatings and high demand for printed circuit boards in the automotive transport and electronics industries.
- The market for acrylics is expected to grow the largest at USD 4.12 Billion in 2028, at a CAGR of 5.5% during the forecast period. Because of their cheap nature and easy-to-apply properties, acrylic conformal coatings accounted for the largest share. This market is expected to be driven by rising demand for environment friendly or volatile organic compounds (VOCs)-free conformal coatings in countries like Germany and France. Attention is being paid to new products such as Certonal FC-742 and Never Wet, which are likely to improve the use and application of conformal coatings.
- On the basis of application, the market for electronics industry is expected to grow the largest at USD 3.97 Billion in 2028, at a CAGR of 5.06% during the forecast period. The rising growth of the electronic industry and the requirement for conformal coatings on polychlorinated biphenyl (PCB) for improved performance in hazardous environments has been the crucial drivers for the growth of the electronic industry in the market.
- The market for selective coating by machine is expected to reach USD 4.67 Billion in 2028, at a CAGR of 5.2% during the forecast period. This method is suitable for all manufacturing levels and has the advantage that dip coating requires for minimal masking, and if the board is well designed for coating, masking can be completely avoided. Also being applied by machine means that the recommended thickness of an even, uniform and repeatable coating application is guaranteed.
Segments covered in the report:
Type (Kilo Tons) (Revenue, USD Million; 2020-2028)
- Acrylics
- Epoxy
- Urethane
- Silicone
- Parylene
- Others
Coating Type (Kilo Tons) (Revenue, USD Million; 2020-2028)
- Brush Coating
- Dip Coating
- Selective Coating by Machine
- Spray Coating
Application (Kilo Tons) (Revenue, USD Million; 2020-2028)
- Electronics
- Automotive Transportation
- Aerospace Defense
- Industrial
- Marine
- Others
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Regional Outlook:
- North America (U.S.A., Canada, Mexico)
- Europe (Italy, U.K., Germany, France, Rest of Europe)
- Asia Pacific (China, India, Japan, South Korea, Australia, Rest of APAC)
- Latin America (Chile, Brazil, Argentina, Peru, Rest of Latin America)
- Middle East Africa (Saudi Arabia, U.A.E., South Africa, Rest of MEA)
Key Questions Addressed in the Report:
- What are the dominating factors that are influencing the growth of the industry?
- In the forecast period, which market segment is expected to rise the most?
- What are the risks and challenges that the industry is facing?
- In the coming years, which area is projected to dominate the market?
- Who are the major players in the market?
- What kind of strategic business plans have they made?
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