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The increasing trend towards the electrification of automobiles, coupled with the rising adoption of PCBs in electric and autonomous vehicles, is fueling the demand for conformal coatings in the automotive sector which further fueled the Conformal Coatings Market expansion. According to the latest report by SNS Insider, the Conformal Coatings Market size was valued at USD 1.02 billion in 2023. It is expected to grow to USD 1.60 billion by 2031 and grow at a CAGR of 5.7% over the forecast period of 2024-2031.
The global Conformal Coatings Market is witnessing a paradigm shift towards sustainability and eco-conscious practices. With growing environmental concerns and increasing awareness about the ecological impact of chemical substances, manufacturers are focusing on developing bio-based and environmentally friendly coatings derived from renewable sources. Water-based formulations, for instance, are gaining prominence due to their low toxicity, reduced emissions, and compliance with stringent environmental regulations. Additionally, the adoption of recyclable packaging materials and eco-friendly application processes underscores the industry's commitment to sustainability. As sustainability becomes a defining factor in consumer preferences and regulatory frameworks, the Conformal Coatings Market is poised to witness a notable transformation, driven by eco-friendly innovations and sustainable practices.
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Major Key Players in the Conformal Coatings Market :
l Chemtronics
l Henkel AG & Co. KGaA
l H.B. Fuller Company
l Electrolube
l MG Chemicals
l Dow
l Chase Corp.
l Shin-Etsu Chemical Co. Ltd.
l KISCO LTD
l Dymax Corporation
l ALTANA
l Europlasma NV
l and other
Market Report Scope:
Conformal coatings, comprising materials such as acrylic, epoxy, silicone, and urethane, are indispensable polymer-based substances applied as thin layers on Printed Circuit Boards (PCBs). These coatings not only adhere to the irregular PCB surface but also form insulating layers between electronic components, supporting the ongoing trend of electronic circuitry miniaturization. The global automotive sector, transitioning towards vehicle electrification, relies heavily on electronic systems. With electronic components at the core of numerous automotive functions, conformal coatings play a pivotal role in safeguarding automotive electronics against external stressors, enhancing their longevity and reliability. The robust growth of the electric automotive sector is anticipated to fuel the demand for PCBs, consequently driving the market for conformal coatings.
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Market Analysis:
The proliferating demand for conformal coatings stems from their historical usage in the aviation industry, which has now expanded to encompass various sectors, including consumer electronics. The emergence of smart household electronics, propelled by advancements in AI and machine learning, alongside collaborations among major tech companies, is augmenting market growth. Additionally, the increasing affordability of electronic devices, coupled with supporting technologies like 5G and IoT, is driving the demand for consumer electronics, consequently boosting the need for conformal coatings to extend the lifespan of these devices.
Segment Analysis:
By Product
l Epoxy
l Acrylic
l Silicone
l Urethane
l Parylene
l Others
By End-use Industry
l Aerospace & Defense
l Consumer Electronics
l Industrial
l Automotive
l Medical
l Telecommunication
l Others
In the product segment, acrylic coatings dominated the global market with over 47% of the overall revenue share in 2022. This dominance can be attributed to acrylic coatings' versatility, cost-effectiveness, and excellent moisture resistance. Furthermore, the consumer electronics segment emerged as the dominant end-use industry, accounting for approximately 46% of the market share in 2022. This dominance is driven by the widespread integration of electronics in daily life and the escalating demand for electronic devices.
Key Regional Development:
Asia Pacific emerged as the leading market for conformal coatings, commanding a revenue share of about 52.5% in 2022. The region's dominance can be attributed to the rapid industrialization, particularly in electronics manufacturing hubs like China and South Korea. Conversely, North America, holding a significant revenue share, is poised to witness robust growth with a projected CAGR of about 6.1% during the forecast period. This growth is fueled by the region's strong presence in key industries such as automotive, aerospace, and consumer electronics.
Key Takeaways for The Conformal Coatings Market:
· The Conformal Coatings Market is poised for substantial growth, driven by expanding applications across diverse industries.
· Acrylic coatings and the consumer electronics sector are key segments propelling market expansion.
· Asia Pacific leads the market, with North America anticipated to exhibit significant growth in the coming years.
Recent Developments:
· In April 2022, Shin-Etsu Silicones of America introduced the MR-COAT-01F and 02F conformal coating series, offering superior resistance against abrasion.
· Electrolube unveiled the UV Cure Coating Xtra (UVCLX), a bio-based conformal coating, in October 2021, emphasizing sustainability.
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