Conformal Coating Market Size, Industry Analysis Report, Competitive Market Share & Forecast To 2024
The global Conformal Coating Market is estimated to attain close to USD 16 billion by 2024. It stood at USD 9.7 billion in 2015. Industries, such as automotives and consumer electronics can propel this market from 2016 to 2024 (forecast period).
Conformal coatings are thin polymeric films which protect electronic components against chemicals and various other environmental effects. But these are used primarily on printed circuit boards (PCBs). Brush coating, spray application coating, and conformal coating dipping are the various ways in which these coatings are used. Selecting the right material for conformal coating can ensure the reliability of circuit boards in the long run.
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Customization is the latest trend in the global industry. Companies these days develop 8-10 different versions of a particular coating material to meet the demands of various industries. However, fluctuating prices of raw materials may negatively influence market growth. Concerns regarding volatile organic compound (VOC) content in conformal coatings can also hamper worldwide demand. Most industry players focus on novel technologies to simplify the application procedure. They invest robustly in this area to reap long term benefits. Technologies such as ultrasonic coatings, selective coatings, and selective needle dispensing may catapult market demand over the forecast period.
The global conformal coating market is segmented on the basis of products, end-users, and regions. Based on products, the segments are parylene, urethane, silicone, epoxy, acrylic, and others. ‘Others’ consists of UV cure coatings. Acrylic conformal coatings accounted for over 40% shares in global revenues in 2015. Superior surface adhesion rate & moisture resistance exhibited by these coatings can fuel its demand over the next eight years. Silicone coatings are projected to display a CAGR below 6% in the forthcoming years. This segment is propelled by demand from manufacturing & industrial sectors.
End-users in the global conformal coating market are industrial, marine, consumer electronics, medical, automotive & transportation, aerospace & defense, and others. ‘Others’ includes military and telecommunications. Consumer electronics accounted for over 40% of overall market demand in 2015. Robust demand for computers, laptops, smartphones, and other household electronics is expected to positively impact the industry.
The automotive & transportation segment could expand at a CAGR above 4% during the forecast period. It uses conformal coatings to protect circuits from salt spray, brake fluid, and gasoline vapor in automobiles. They are also used extensively in passenger compartment systems and under the hood systems.
On the basis of regions, the global conformal coating market is divided into North America, South America, Europe, Asia Pacific (APAC), and the Middle East & Africa (MEA). With a revenue share exceeding 55%, APAC led the worldwide industry in 2015. China is the most lucrative region in APAC because of low raw material & labor costs. High disposable incomes and lifestyle changes in APAC could boost industries, such as consumer electronics, aerospace, and medical. Such a trend may support the global market growth in the years ahead.
Key competitors operating in the global Conformal Coating Market are H. B. Fuller, Henkel AG & Co. KGaA, Dymax Corporation, and Chase Corporation. As a means to reduce transportation costs, most of these players procure raw materials directly from their local suppliers. Common market expansion strategies adopted by companies are product innovation and strategic business ventures. Dymax Corporation has launched a new conformal coating for PCBs and other electronic components. The product named ‘Multi-Cure 9-20557’ has been developed to stick on difficult-to-wet components made from silver or copper.
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