Conformal Coatings Market size is forecast to reach $17.23 billion by 2026 after growing at a CAGR of 6% during 2021-2026. Growing demand for conformal coatings from the consumer electronics industry to protect printed circuit boards from dust, moisture, heat and other environmental impacts is expected to fuel market growth over the forecast period. Major industry players are concentrating on expanding their activities by venturing into the raw material processing and distribution sectors in order to gain a competitive advantage on the market.
Conformal Coatings Market Segment Analysis – By Type
Acrylic segment held the largest share in the Conformal Coatings market in 2020 growing at a CAGR of 4.3%. Acrylic coatings are commonly used in various applications such as telecommunications, automotive and aerospace applications. Traditionally, they are solvent-based formulations that include durable and clear coatings with low moisture absorption, fast drying cycles and good pot life. Acrylic conformal coatings have excellent physical and electrical properties that help to withstand fungal growth. Acrylic coatings that are solvent-borne are often associated with VOC content and are subject to stringent government legislation on health, safety and environmental issues. Many of the available formulations have no VOCs and urethane acrylic derivatives and acrylics are also available on the market.
Conformal Coatings Market Segment Analysis – By End Use
Electrical and electronics segment held the largest share in the conformal coatings market in 2020 and is growing at a CAGR of 7% during the forecast period. Conformal coatings are designed to protect assembled printed circuit board circuitry from harsh environmental conditions. Being electrically insulating, they also ensure extended surface insulation to preserve the long term operational integrity of components by preventing high voltage arcing, shorts and static discharge while permitting to put traces closer together for miniaturization. While the modern electronics industry continues to advance at a rapid pace, the conformal coating market has also undergone a steady evolution. In the midst of rising environmental issues and increasing regulatory pressure, conformal coating manufacturers are increasingly concentrating on the development of environmentally friendly conformal coatings. A variety of materials have gained significant popularity within the conformal coating market landscape due to encouraging research results and a strong eco-friendly quotient. Currently, the global economy is in severe slowdown mode amidst deepening credit crunch, upsetting developmental targets of economies and COVID-19 pandemic across the world. The manufacturing facilities for electronic components have been halted due to the downturn in infrastructure and the unavailability of the global workforce due to COVID-19 pandemic.
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Conformal Coatings Market Segment Analysis – By Geography
Asia-Pacific (APAC) dominated the conformal coatings market consisting share of 38% in year 2020 followed by North America and Europe. The region has a large & robust industrial base for all segments of application. High investment in the electronics industry in Taiwan, China, Japan and South Korea is expected to fuel demand for goods. Specifically, these countries dominate in the selling of household appliances that are becoming more popular across the continent due to increased disposable incomes and fast-paced lifestyles. Nonetheless, it would be fair to say that the regional demand for household appliances would account for a major share of the world’s largest household appliances industry, with shipments forecast to surpass 800 million units by 2024. Furthermore, the rapid growth of the automotive and consumer electronics manufacturing sector in India is likely to drive demand growth in the area. Numerous factors have amplified this growth in recent years. These include an increase in the middle-class population of India, an increase in disposable income among its citizens and a fall in electronics prices. The adoption of high-end technologies is also contributing to the growth in consumer electronic devices.
Conformal Coatings Market Drivers
Strong market penetration across number of Industries and advanced technologies deployed for product manufacturing will drive the market
The introduction of new production techniques for the company has led to a reduction in the cost of the product. As a result, drug penetration has increased across growing sectors, including automotive and medical, thus fostering market growth. Further, the advanced properties of conformal coatings enables its use in a wide range of applications in automotive and electronics industries. In addition, the heat emitted by acrylic-based conformal coatings during the curing process eliminates the potential risk of damaging heat-sensitive components, thus, promoting market growth.
R&D in Conformal Coatings can augment market growth
Coating technologies are being brought to new heights with the introduction of new products and increased research and development. UV-curing requires R&D initiatives to develop new conformal coating technology, which significantly decreases curing times. Continuous progress in environmental performance implies a future in which the versatility of conformal coatings is improved and transformed to satisfy additional, more complex demands from traditional areas of safety and aesthetics.
Conformal Coatings Market Challenges
Poor adhesion on conformal coating can restrict market growth
The four major factors such as no-clean flux residues, solder mask, low surface energy and improper treatment can restrict the market growth. Solder mask is the typically green, lacquer-like coating that covers the copper layer of a PCB in between the solder pads where components are attached. This covering protects the copper traces that connect the components that populate the board from coming into contact with other metals and conductive material. Commonly, PCB and pre-conformal layer coatings have a significant polymer component, which is an inherently low-energy material. Surface energy is directly related to the degree of attraction the surface has to other materials. Normally, a surface with high energy is very bondable, and a low energy surface is not. Low energy surfaces require treatment or cleaning to achieve a surface energy level that is suitable for adhesion.
Strict Standards can restrict market growth
In order to be considered for use in such settings, such as military or automotive applications, conformal coating standards are a set of requirements and tests that a coating must pass. The majority of conformal coatings are either MIL-I-46058C-qualified or follow the criteria of the closely related IPC-CC-830B standard. In addition, Underwriters Laboratories may recognize them either as a permanent coating in which the flammability of the coating is assessed as UL94V0 or as a conformal coating in which the electrical characteristics are assessed as part of the UL746E standard.
Conformal Coatings Market Landscape
Technology launches, acquisitions and R&D activities are key strategies adopted by players in the Conformal Coatings market. In 2019 the Conformal Coatings market has been consolidated by the top five players accounting for xx% of the share. Major players in the Conformal Coatings market rare Henkel AG & Co. KGaA, Shin Etsu Chemical Co Ltd, Dow Chemical Company, ITW, H.B Fuller Company and Others.
Acquisitions/Technology Launches/ Product Launches
In September 2019, Henkel AG & Co. KGaA launched Hysol PC62, a quick-drying, toluene-free conformal coating system in order to provide mechanical and environmental protection to PC boards.
In February 2018, HumiSeal, a Chase company introduced adhesives and encapsulation solutions which comprises of epoxy, urethane, and acrylate which offers protection from chemical attack, mechanical stress, and moisture ingress.
Key Takeaways
Asia-pacific dominates the conformal coatings market owing to high investment in the electronics industry.
Conformal coatings are a type of protective coating with a thickness of 25-75μm applied to PCBs and other electronic components to protect them from harsh environments.
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