Conformal Coatings Market to Expand at CAGR of 5.4% from 2020 to 2030; Popularity of Electric Vehicles to Significantly Impact Market Growth, Study by TMR

- Expanding demand for lightweight electronics among global populace is estimated to serve as a vital growth booster for the conformal coatings market

- Robustness and durability of these coatings make them widely accepted for use across a plethora of end-use industries

ALBANY, N.Y., Sept. 10, 2021 /PRNewswire/ -- Conformal coatings are prominently used for protecting printed circuit boards from heat, moisture, dust, and other environmental aspects. These benefits help in boosting the growth opportunities across the conformal coatings market.

The demand for consumer electronics has increased substantially over the years. The rising disposable income and the growing urbanization are reasons for the high demand for conformal coatings. As consumer electronics use conformal coatings on a large scale, the conformal coatings market is expected to observe tremendous growth opportunities during the forecast period of 2020-2030. The consumer electronics segment held 25% market share in 2019, and the similar trend is expected to follow during the forecast period.

As per the projections made by the analysts at Transparency Market Research (TMR), the global market for conformal coatings is estimated to expand at a CAGR of 5.4% during the forecast period. The conformal coatings market is expected to surpass US$ 17.86 Bn valuation by 2030.

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Technological advancements in electric assemblies and the ever-evolving consumer demands are expected to offer the growth opportunities in the conformal coatings market. The expansive usage in automotive applications and consumer electronics will further rest in exponential growth. In addition, advantages such as hardness, scratch resistance, superior coating thickness, and good adhesion are likely to fuel the growth of the conformal coatings market. Consistent investments in R&D activities coupled with strategic mergers and acquisitions opportunities will also add value to the growth structure of the conformal coatings market.

Key Findings of Report

Acrylic Conformal Coatings to Observe High Demand

Based on product, the global market for conformal coatings has been segmented into silicone, epoxy, acrylic, fluoropolymer, parylene, and epoxy in this study. Among these, the acrylic segment is estimated to emerge as the highest growth-generating segment. Properties such as protection from salt mist and humidity make acrylic coatings a good fit among many applications. All these aspects bring promising growth for the conformal coatings market.

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Electric Vehicle Boom to Serve as Growth Booster for Conformal Coatings Market

The demand for electric vehicles has increased exponentially over the years. The emergence of electric vehicles as a sustainable option to fuel-powered vehicles has led to an increase in sales. The presence of printed board circuit assemblies are more in electric vehicles as compared to conventional vehicles. Thus, this factor will add value to the growth trajectory of the conformal coatings market. The conformal coatings market was already experiencing great demand from the automotive sector, but with the growing popularity of electric vehicles, it is expected to grow rapidly.

Emergence of China as Leading Electric Vehicle Production Hub to Offer Lucrative Opportunities across Asia Pacific

Among all regions, Asia Pacific is expected to observe a dominating stance during the forecast period. China is making extensive advancements in terms of electric vehicle production. This, in turn, is increasing the demand for printed board circuit assemblies. Thus, these aspects will serve as significant growth contributors. Furthermore, the demand for consumer electronics is increasing across countries in Asia Pacific, eventually accelerating the growth of the conformal coatings market.

Some well-entrenched players in the conformal coatings market are Daikin Industries, Henkel AG & KGaA, Chase Corporation, Shin Etsu Chemical Company, H.B. Fuller Company, and Dow Corning.

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Global Conformal Coatings Market: Segmentation

Conformal Coatings Market, by Product

• Acrylic
• Silicone
• Polyurethane
• Epoxy
• Parylene
• Fluoropolymer

Conformal Coatings Market, by Operation Method

• Dip Coating
• Spray Coating
• Brush Coating
• Chemical Vapor Deposition (CVD)

Conformal Coatings Market, by Technology

• Solvent-based
• Water-based
• UV Cured

Conformal Coatings Market, by End-use Industry

• Consumer Electronics
• Automotive
• Industrial Machinery & Equipment
• Medical
• Aerospace
• Defense
• Marine
• Others (including Nanotechnology)

Conformal Coatings Market, by Region

• North America
• U.S.
• Canada
• Europe
• Germany 
• France 
• U.K. 
• Italy 
• Russia & CIS 
• Rest of Europe
• Latin America
• Brazil
• Mexico
• Rest of Latin America 
  
• Middle East & Africa
• GCC Countries
• Rest of Middle East & Africa
• Asia Pacific 
• China 
• India 
• Japan 
• Thailand 
• Vietnam 
• Singapore 
• Philippines 
• Malaysia 
• Indonesia 
• Cambodia 
• Myanmar 
• Laos 
• Brunei 
• Rest of Asia Pacific

Chemicals & Materials Industry battles Tangible Impact of Economic and Cultural changes, Explore Transparency Market Research's award-winning coverage of the global Chemicals & Materials Industry:

Military Aerospace Coatings Market - Increase in military expenditure in major economies such as the U.S., China, Western Europe, and the UAE and strong growth of aviation technology in the industry are driving the demand for high performance military coatings. This is expected to boost the military aerospace coatings market in the next few years. Technological advancement and extensive R&D expenditure by OEMs for advanced coating materials for the manufacture of military aerospace coatings are anticipated to augment the military aerospace coatings market.

Industrial Floor Coatings Market - The industrial floor coating market is expanding significantly owing to the increase in demand for these coatings in the food processing industry. Additionally, rapid growth in urbanization and increase in government initiatives to provide improved manufacturing facilities in emerging economies are boosting the industrial floor coating market. Rise in demand for chemical resistant and tensile strength flooring is propelling the global industrial floor coating market. However, high cost of raw materials and implementation of stringent government regulations on usage of these coatings in the food industry are hampering the global industrial floor coating market. Nevertheless, rise in infrastructure and commercial construction is creating opportunities for the global industrial floor coating market.

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