USD 986.97 billion
Conformal Coatings Market Size, Share, Growth Analysis, By Type(Acrylic, Silicone, Epoxy, Urethane), By End-use(Consumer electronics, Automotive, Aerospace and Defense, Industrial), By Region - Industry Forecast 2024-2031
Report ID:
SQMIG15A2158 |
Region:
Global |
Published Date: August, 2024
Pages:
184
|Tables:
69
|Figures:
75
Conformal Coatings Market Insights
Global Conformal Coatings Market size was valued at USD 1.25 billion in 2022 and is poised to grow from USD 1.32 billion in 2023 to USD 1.97 billion by 2031, growing at a CAGR of 5.20% during the forecast period (2024-2031).
The market is driven by factors such as the growing demand for electronics, advancements in coating technologies, and the need for reliable protection against environmental factors. Factors such as the rising production of electronic devices, advancements in coating technologies, and the emergence of new applications are driving the market expansion. One of the key factors fueling the growth of the global conformal coatings market is the rising adoption of electronic devices and the need for enhanced reliability and longevity. As the electronics industry continues to advance, with the development of smaller and more complex electronic components, the protection and reliability of these devices become paramount. Conformal coatings offer a cost-effective solution by safeguarding delicate circuitry from corrosion, dust, and other contaminants, extending electronic product lifespan.
Moreover, increasing environmental regulations and the growing focus on sustainability have further expanded the market. Conformal coatings with low volatile organic compound (VOC) content and eco-friendly formulations are gaining prominence, as manufacturers strive to reduce their environmental footprint and meet stringent regulations. This has led to the development of environmentally friendly conformal coating materials that offer high performance while minimizing potential harm to the environment.
US Conformal Coatings Market is poised to grow at sustainable CAGR for the next forecast year.
Market Snapshot - 2024-2031
Global Market Size
Largest Segment
Acrylic
Fastest Growth
Acrylic
Growth Rate
6% CAGR
Global Conformal Coatings Market ($ Bn)
Country Share for Asia Pacific Region (%)
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Conformal Coatings Market Segmental Analysis
Global Conformal Coatings Market is segmented based on type, application, and region. Based on type, the market is segmented into acrylic, silicone, epoxy, urethane, parylene, and others. Based on end-use, the market is segmented into consumer electronics, automotive, aerospace and defence, industrial, telecommunication, and others. Based on region, the market is segmented into North America, Europe, Asia Pacific, Middle East and Africa, and Latin America.
Conformal Coatings Market Analysis by Type
The market is primarily dominated by the acrylic segment, which experiences high demand from the electronics manufacturing sector. These coatings find extensive application across multiple industries, including automotive, consumer electronics, and others. Acrylic coatings are favored due to their ease of application and relatively simpler processing. However, they exhibit limited resistance to petroleum-based solvents and alcohols, making them relatively easy to repair. Acrylic coatings demonstrate moisture resistance similar to polyurethane and silicone, along with excellent mechanical and electrical properties. They exhibit good thermal stability within a temperature range of approximately -59°C to 132°C and possess an impressive dielectric strength of around 1,500 volts/mil. Additionally, their cost-effectiveness makes them an attractive choice for various end-use industries.
The fastest-growing variety of conformal coating is parylene conformal coating. It stands out as a distinctive type of coating that is manufactured at room temperature and applied through the vapor phase deposition method. These coatings exhibit exceptional characteristics, including a remarkably high dielectric strength, exceptional resistance to moisture, solvents, and extreme temperatures. Parylene conformal coating offers excellent protection for circuit boards due to its application as a very thin film through the vapor phase method. It has the ability to penetrate easily and can be utilized on diverse substrates such as glass, metal, plastic, and elastomer. Parylene conformal coating are emerging as a fast-growing segment.
Conformal Coatings Market Analysis by End-use
The consumer electronics segment dominated the global market. In recent years, there has been a notable trend towards miniaturization of electronic components in electronic devices. With smaller printed circuit boards (PCBs) and compact designs, there is an increased risk of circuit damage if the dielectric strength between components is insufficient. To address this, the application of conformal coatings on these miniaturized PCBs plays a crucial role in enhancing the dielectric strength between electronic components, enabling the design of even more compact electronic circuits.
The telecommunication sector emerges as the fastest growing end-use segment in the global conformal coatings market. The advent of 5G technology has significantly transformed the communication landscape in recent times, presenting numerous opportunities for stakeholders across the value chain. As 5G continues to be implemented, there is a rapid growth expected in the demand for printed circuit boards (PCBs) from this industry. PCBs are an indispensable component of 5G infrastructure. Considering that each 5G base station necessitates substantial quantities of PCBs, it becomes crucial to protect them from harsh environmental conditions to ensure optimal performance. The demand for compact and lightweight electronic devices is expected to witness substantial growth in the forecast period due to advancements in IoT and 5G technology.
Conformal Coatings Market Analysis by Region
The conformal coatings market in the Asia Pacific region is witnessing robust growth driven by various significant factors. The region's role as a prominent electronics manufacturing hub and rapid industrialization are key drivers behind the escalating demand for these coatings. They serve to protect electronic components from harsh environmental conditions. The burgeoning automotive sector, alongside the expansion of telecommunication networks and renewable energy systems, is additionally fueling the requirement for effective coatings. Advancements in technology are further elevating the need for conformal coatings tailored to specific industry needs. However, challenges encompass navigating complex regulatory frameworks and ensuring the development of sustainable formulations. With a thriving electronics industry and an increasing recognition of the necessity for protection, the Asia Pacific conformal coatings market presents substantial growth prospects for manufacturers who can adeptly adapt to evolving industry dynamics and sustain adherence to environmental regulations.
Global Conformal Coatings Market By Type
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Conformal Coatings Market Regional Insights
The Asia Pacific region held a substantial market share, and it is expected to maintain its position throughout the forecast period. This can be attributed to the growing demand from the region's electronics manufacturing sector. Asia, particularly China, stands out as the primary consumer of conformal coatings globally, accounting for a significant portion of the total consumption approximately 40%. The robust electronics manufacturing industry in China contributes to this consumption level. Moreover, many countries in the Asia Pacific region are in the early stages of economic development, presenting an immense untapped market growth potential. Over the past few years, there has been a notable improvement in living standards and purchasing power among the population in these developing countries. This trend is expected to continue, leading to an increase in demand for consumer electronics.
The Middle East & Africa region is poised to experience significant growth in the Global Conformal Coatings Market during the forecast period. Countries like South Africa boast a strong agro-processing industry, encompassing sectors such as food and beverages, textiles, clothing, leather and footwear, as well as wood and wood products. The food and beverages sector, in particular, plays a prominent role in the country's manufacturing industry. As these industries increasingly adopt automation, there is a projected surge in demand for electronic systems comprising of printed circuit boards (PCBs), sensors, and other electronic components. This heightened demand highlights the importance of protecting these delicate electronic components from various external factors, ultimately extending their service life.
Global Conformal Coatings Market By Region
- Largest
- Fastest
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Conformal Coatings Market Dynamics
Conformal Coatings Market Drivers
Increasing demand for conformal coatings in high-end applications.
- One key driver for the Global Conformal Coatings Market is the increasing demand for conformal coatings in high-end applications. In the aerospace & defense sector, conformal coatings are utilized in critical systems and controls, including space shuttles, aircraft communications, satellite systems, robotic cable assemblies, and lightning protection chassis. Reliability is of paramount importance in this industry, as conformal coatings must perform effectively in extreme environments and hazardous conditions. Aerospace & defense electronics have specific requirements, with smaller-sized components that reduce weight and enhance functionality and performance. Thorough testing is necessary to ensure the reliability of new technologies before they can be used in critical applications. PCBs used in this sector have tight tolerance levels and must meet aerospace standards such as RTCA-DO-160 and MIL-STD-810 to ensure reliability. In the automotive industry, conformal coatings are needed for PCBs that can withstand high temperatures, moisture, and chemicals such as oils and lubricants. This is especially important for high-end applications like automatic driver assistance systems (ADAS) that are increasingly adopted in premium cars. These applications drive the demand for conformal coatings to protect the components for extended periods. Overall, the increasing requirements in high-end applications in aerospace & defense and automotive sectors contribute to the growing market for conformal coatings.
Conformal Coatings Market Restraints
Miniaturization of PCBs affecting the usage of conformal coating.
- The demand for compact and lightweight electronic devices and components has led to the need for miniaturization in printed circuit boards (PCBs). The PCB industry plays a crucial role in the advancement of electronic gadgets. The utilization of smaller PCBs has various advantages, including reduced material requirements, space-saving benefits, and decreased recycling needs. An important development in this regard is the emergence of High-Density Interconnect (HDI) technology, which allows for a greater number of interconnections on a PCB while occupying minimal space. This innovation enables PCB manufacturers to achieve miniaturization goals by placing components closer together and significantly reducing board space, all while maintaining functionality. These trends have greatly contributed to the manufacturing of efficient electronic devices. However, it is important to note that miniaturization has also led to a decrease in the volume of conformal coating used per PCB. As components are packed more closely and board space is reduced, the amount of coating required for each PCB is reduced as well. This shift in usage volume reflects the impact of miniaturization on the application of conformal coatings, highlighting the need for manufacturers to adapt to these evolving requirements.
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Conformal Coatings Market Competitive Landscape
Global Conformal Coatings Market is characterized by a mix of established companies and emerging players. The market is primarily dominated by a few key players who hold a competitive advantage due to their proprietary products and unique offerings. These companies maintain their edge by continuously investing in research and development to cater to the evolving needs of the electronics industry. The market is characterized by plant expansions and strategic mergers & acquisitions, with major players actively acquiring competitors to achieve economies of scale. This focus on scale allows established companies to maintain their dominance, leading to intense competition in the market.
Conformal Coatings Market Top Player’s Company Profiles
- Chemtronics (South Korea)
- Henkel AG & Company (Germany)
- Shin-Etsu Chemical Co., Ltd (Japan)
- Dow (US)
- Chase Corporation (US)
- Dymax Corporation (US)
- Specialty Coating Systems (US)
- Electrolube (UK)
- H.B. Fuller (US)
- M.G. Chemicals (Canada)
- KISCO (South Korea)
- DOWA Electronics Materials Co., Ltd. (Japan)
- ITW (Illinois Tool Works) (US)
- Chase Electronic Coatings (US)
- HK Wentworth Ltd (UK)
- Henkel Adhesives Technologies (US)
- Peters Group (Germany)
- MG Chemicals (Canada)
- Chemcoaters (US)
- Shin-Nakamura Chemical Co., Ltd. (Japan)
Conformal Coatings Market Recent Developments
- In April 2022, Shin-Etsu Silicones of America, Inc. (SESA), a subsidiary of Shin-Etsu Chemical Co. Ltd. based in Japan, launched the MR-COAT-01F and 02F series of conformal coatings. These innovative products are characterized by their high hardness and exceptional elongation, providing improved resistance to abrasion and reducing stress on PCB components.
- In March 2022, HumiSeal introduced a new conformal coating called UV500-2, specifically designed to enhance PCB protection. This coating offers superior performance in thermal and mechanical cycling tests, making it suitable for applications in industries such as automotive and white goods.
Conformal Coatings Key Market Trends
- The key market trend in the Global Conformal Coatings Market is the growing consumption from consumer electronics industry. The consumer electronics industry is the primary consumer of conformal coatings, encompassing a wide range of electronic devices spanning entertainment, communication, and home appliances. These devices rely on various electronic components such as semiconductors, PCBs, transistors, resistors, capacitors, inductors, diodes, connectors, and other crucial elements to ensure their functionality. The increased adoption of telework and stay-at-home practices has driven up the demand for electronic equipment. This trend has also led to a surge in solution services, as businesses invest more in digitalization and leverage advanced data utilization techniques. Consequently, there is an expected rise in demand for polycarbonates used in the electronics segment to support this growing industry.
Conformal Coatings Market SkyQuest Analysis
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Co-relates, and Analyses the Data collected by means of Primary Exploratory Research backed by robust Secondary Desk research.
According to our Global Conformal Coatings Market analysis, the market is driven by the increasing demand from various industries, including consumer electronics, aerospace & defense, automotive, and telecommunications. The miniaturization of PCBs in electronic devices has created a need for advanced coatings that provide protection and ensure optimal performance. Major players in the market are continuously investing in research and development to meet the evolving needs of the electronics industry. Additionally, new product launches with enhanced features, such as improved thermal and mechanical resistance, are contributing to market growth. The consumer electronics sector remains the largest consumer of conformal coatings, driven by the growing demand for compact and high-performance electronic devices. The aerospace & defense industry also demands reliable coatings that can withstand extreme environments. Furthermore, the automotive sector requires coatings that can endure high temperatures and exposure to chemicals. Overall, the global market is witnessing significant growth due to technological advancements and the increasing importance of protecting electronic components in various applications.
| Report Metric | Details |
|---|---|
| Market size value in 2022 | USD 1.25 billion |
| Market size value in 2031 | USD 1.97 billion |
| Growth Rate | 5.20% |
| Base year | 2023 |
| Forecast period | 2024-2031 |
| Forecast Unit (Value) | USD Billion |
| Segments covered |
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| Regions covered | North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA) |
| Companies covered |
|
| Customization scope | Free report customization with purchase. Customization includes:-
|
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Table Of Content
Executive Summary
Market overview
- Exhibit: Executive Summary – Chart on Market Overview
- Exhibit: Executive Summary – Data Table on Market Overview
- Exhibit: Executive Summary – Chart on Conformal Coatings Market Characteristics
- Exhibit: Executive Summary – Chart on Market by Geography
- Exhibit: Executive Summary – Chart on Market Segmentation
- Exhibit: Executive Summary – Chart on Incremental Growth
- Exhibit: Executive Summary – Data Table on Incremental Growth
- Exhibit: Executive Summary – Chart on Vendor Market Positioning
Parent Market Analysis
Market overview
Market size
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- SWOT Analysis
KEY MARKET INSIGHTS
- Technology Analysis
- (Exhibit: Data Table: Name of technology and details)
- Pricing Analysis
- (Exhibit: Data Table: Name of technology and pricing details)
- Supply Chain Analysis
- (Exhibit: Detailed Supply Chain Presentation)
- Value Chain Analysis
- (Exhibit: Detailed Value Chain Presentation)
- Ecosystem Of the Market
- Exhibit: Parent Market Ecosystem Market Analysis
- Exhibit: Market Characteristics of Parent Market
- IP Analysis
- (Exhibit: Data Table: Name of product/technology, patents filed, inventor/company name, acquiring firm)
- Trade Analysis
- (Exhibit: Data Table: Import and Export data details)
- Startup Analysis
- (Exhibit: Data Table: Emerging startups details)
- Raw Material Analysis
- (Exhibit: Data Table: Mapping of key raw materials)
- Innovation Matrix
- (Exhibit: Positioning Matrix: Mapping of new and existing technologies)
- Pipeline product Analysis
- (Exhibit: Data Table: Name of companies and pipeline products, regional mapping)
- Macroeconomic Indicators
COVID IMPACT
- Introduction
- Impact On Economy—scenario Assessment
- Exhibit: Data on GDP - Year-over-year growth 2016-2022 (%)
- Revised Market Size
- Exhibit: Data Table on Conformal Coatings Market size and forecast 2021-2027 ($ million)
- Impact Of COVID On Key Segments
- Exhibit: Data Table on Segment Market size and forecast 2021-2027 ($ million)
- COVID Strategies By Company
- Exhibit: Analysis on key strategies adopted by companies
MARKET DYNAMICS & OUTLOOK
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- Regulatory Landscape
- Exhibit: Data Table on regulation from different region
- SWOT Analysis
- Porters Analysis
- Competitive rivalry
- Exhibit: Competitive rivalry Impact of key factors, 2021
- Threat of substitute products
- Exhibit: Threat of Substitute Products Impact of key factors, 2021
- Bargaining power of buyers
- Exhibit: buyers bargaining power Impact of key factors, 2021
- Threat of new entrants
- Exhibit: Threat of new entrants Impact of key factors, 2021
- Bargaining power of suppliers
- Exhibit: Threat of suppliers bargaining power Impact of key factors, 2021
- Competitive rivalry
- Skyquest special insights on future disruptions
- Political Impact
- Economic impact
- Social Impact
- Technical Impact
- Environmental Impact
- Legal Impact
Market Size by Region
- Chart on Market share by geography 2021-2027 (%)
- Data Table on Market share by geography 2021-2027(%)
- North America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- USA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Canada
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Europe
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Germany
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Spain
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- France
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- UK
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Europe
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Asia Pacific
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- China
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- India
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Japan
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Korea
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Asia Pacific
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Latin America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Brazil
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of South America
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Middle East & Africa (MEA)
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- GCC Countries
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Africa
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of MEA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
KEY COMPANY PROFILES
- Competitive Landscape
- Total number of companies covered
- Exhibit: companies covered in the report, 2021
- Top companies market positioning
- Exhibit: company positioning matrix, 2021
- Top companies market Share
- Exhibit: Pie chart analysis on company market share, 2021(%)
- Total number of companies covered
Methodology
For the Conformal Coatings Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Conformal Coatings Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
Analyst Support
Customization Options
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Conformal Coatings Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the Conformal Coatings Market for additional countries.
Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.
Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.
Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.
Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.
Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.
Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.
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