Rising Demand for the Conformal Coatings Market in the Forecast Period of 2022-2029
The global conformal coatings market size was valued at USD 899.1 million in 2021 and touched USD 940.8 million in 2022. The market is expected to touch USD 1,392.8 million by 2029, exhibiting a CAGR of 5.8% during 2022-2029. Robust adoption of the electric automotive sector and increasing miniaturization trends are likely to foster the industry’s growth. Fortune Business Insights™ presents this information in its report titled “Conformal Coatings Market, 2022-2029.”
Supply Chain Disruptions Hampered the Market’s Progress
The industry was negatively affected during the COVID-19 pandemic due to supply chain disruptions. Moreover, the increasing spike in COVID-19 infections led to supply chain restrictions. The halt of transport and travel led to the lack of raw materials for the coatings’ production. However, the adoption of industrial automation reduced capacities, and part-time shifts empowered companies to recover costs and boost their market position. This factor favored industry growth.
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Acrylic Segment to Lead Owing to Strong Adoption from the Electronic Manufacturing Industry
By product, the market is segmented into acrylic, epoxy, urethane, silicone, parylene, and others. The acrylic segment is expected to dominate, owing to robust demand from the electronic manufacturing industry.
Consumer Electronics Segment to Lead Owing to Strong Demand for Miniaturized Electronic Applications
As per end-use industry, the market is classified into automotive, medical, aerospace & defense, consumer electronics, and others. The consumer electronics segment may dominate due to increasing demand for miniaturized electronic applications.
Regionally, the market is grouped into North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa
The report provides a detailed analysis of the top segments and the latest trends in the market. It comprehensively discusses the driving and restraining factors and the impact of COVID-19 on the market. Additionally, it examines the regional developments and the strategies undertaken by the market’s key players.
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Drivers and Restraints
Strong Demand from Consumer Electronics Industry to Foster Market Growth
Conformal coatings are polymer-based materials applied on PCB. It is a thin layer that protects several products at hand. The increasing demand for conformal coatings from the consumer electronics industry may bolster the product adoption. Further, the extensive adoption of coatings from automotive, consumer electronics, and other industries may bolster the product adoption. Also, the rising implementation of novel technologies such as Artificial Intelligence (AI) and Machine Learning (ML) is anticipated to drive the conformal coatings market growth.
However, strict environmental regulations by governments may hinder the industry’s progress.
Robust Demand from the Electronics Manufacturing Industry to Fuel Market Growth in Asia Pacific
Asia Pacific is expected to dominate the conformal coatings market share due to robust demand from the electronics manufacturing industry. The market in Asia Pacific is expected to touch USD 767.3 million in 2021 and is likely to gain a huge portion of the global market share in the coming years.
In North America, the robust demand for electric vehicles is likely to foster the product adoption. Furthermore, the rising adoption of electronics in hybrid and electric vehicles is likely to foster the market’s progress in the upcoming years.
In Europe, the increasing product adoption from the automotive sector is expected to foster the industry’s growth.
Major Players Devise Novel Product Launches to Enhance their Brand Image
The prominent companies operating in the market announce novel products to boost their brand image. For example, Electrolube introduced its novel UV Cure Coating Xtra (UVCLX) in October 2021. The product is developed by utilizing organic content sourced from renewable means. This strategy may enable the company to boost its brand image globally. Furthermore, key players deploy research and development, mergers, expansions, acquisitions, and expansions to elevate their market position.
Key Industry Development
- March 2022: HumiSeal announced UV500-2 conformal coating with PCB protection developed to offer additional performance under mechanical and thermal cycling testing for white goods and automotive sectors.
List of Key Players Profiled in Conformal Coatings Market Report
- Chemtronics (South Korea)
- Henkel AG & Company (Germany)
- Shin-Etsu Chemical Co., Ltd (Japan)
- Dow (U.S.)
- Chase Corporation (U.S.)
- Dymax Corporation (S.)
- Specialty Coating Systems (U.S.)
- Electrolube (K.)
- B. Fuller (U.S.)
- G. Chemicals (Canada)
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