The new report by Expert Market Research titled, ‘Global Conformal Coatings Market Report and Forecast 2023-2028’, gives an in-depth analysis of the global conformal coatings market, assessing the market based on its segments like type, end use and major regions. The report tracks the latest trends in the industry and studies their impact on the overall market. It also assesses the market dynamics, covering the key demand and price indicators, along with analysing the market based on the SWOT and Porter’s Five Forces models.
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The key highlights of the report include:
Market Overview (2018-2028)
- Historical Market Size (2020): USD 11.3 billion
- Forecast CAGR (2023-2028): 5%
The conformal coatings market is driven by the increasing applications in professional electronic devices. Among other types of conformal coatings, acrylic conformal coatings have the largest market share. Acrylic conformal coatings are inexpensive and easy to use. They are fungus resistant and have excellent moisture resistance. This type of coating shields the electrical circuit from moisture, dirt, dust, and heat shocks, all of which can destroy, shorten, or harm the electrical element. It provides high-voltage dielectric resistance while isolating against high-voltage arcing, short circuits, and static discharges. Most conforming coating applications have lower labour costs because they require less touch time and do not require the use of specialised or expensive machinery which propel the conformal coatings market growth.
Industry Definition and Major Segments
A conformal coating is a chemical protective barrier or polymer film that shields circuit boards from hazardous environments. They are used as thin layers of a few micrometres in thickness to protect circuitry from extreme humidity, salt spray, dust, chemicals, and temperature in order to prevent corrosion, mould development, and power outages.
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On the basis of type, the industry can be segmented into:
- Silicone
- Acrylic
- Epoxy
- Urethane
- Parylene
Based on end use, the industry can be divided into:
- Electronics
- Aerospace and Defence
- Automotive and Transportation
- Industrial
- Marine
- Others
The regional markets include:
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East and Africa
Market Trends
The growing demand for reliable and consistent electronics devices and equipment, as well as increased automation across end-use industries are the primary drivers of this market. Rising defence spending, combined with technological advances in the aerospace and defence sectors, is expected to propel the industry growth. Increasing demand from Asia Pacific’s emerging economies such as India is expected to drive the market demand. These conformal coatings are used in many electrical components found in entertainment devices such as televisions, cameras, gaming consoles, remote cars, and others, communication devices such as smart phones, computers, laptops, printers, wearable devices, faxes, and others, and home appliances such as refrigerators, washing machines. The growing demand for smart home applications, as well as smart phones and wearables, is expected to augment the market in the coming years.
Key Market Players
The major players in the market are Henkel AG & Company, KGaA, Chemtronics, Shin-Etsu Chemical Co., Ltd., DOW Corning, H.B. Fuller, Chase Corporation, Electrolube, and Others.The report covers the market shares, capacities, plant turnarounds, expansions, investments and mergers and acquisitions, among other latest developments of these market players.
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