Conformal Coatings Market Overview
The market for conformal coatings is expected to grow at a CAGR of more than 6% during the forecast period. The major factors driving the market are the increasing demand for high-end applications, that require conformal coating. Also, the rising medical applications in Asia-Pacific are expected to act like an opportunity to the market. Consumer Electronics is the largest consumer of conformal coatings. Consumer electronics include various electronic devices from entertainment, communication, to home appliances. Conformal coatings are used to coat on all electronic components such as semiconductors, PCBs, transistors, resistors, capacitors, inductors, diodes, connectors, and other critical components are used in order to protect against thermal shocks, moisture, dust, chemical, and corrosion. The conformal coatings of higher standards can self-extinguish a flame on a circuit board.
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Conformal Coatings Market – Geographical Overview
The Asia-Pacific region is expected to dominate the market for conformal coatings during the forecast period
China is the world’s largest electronics production base and offers tough competition to existing upstream producers, such as South Korea, Singapore, and Taiwan. Electronic products, such as smartphones, OLED TVs, and tablets, among others, have the highest growth rates in the consumer electronics segment of the market in terms of demand. The consumer electronics production in India grew at a rapid rate between 2015-2020, with the production value of consumer electronics exhibiting a growth of 16.6% between 2018-19 and 2019-20. The consumer electronics industry witnessed a drop in production outputs in 2020-21 owing to the COVID-19 pandemic and its subsequent impact on domestic production facilities. Furthermore, the consumer electronics market is expected to witness a CAGR of over 10% during the forecast period, in turn, increasing the need for the production of consumer electronics at a higher rate in the country. This is projected to increase the demand for conformal coatings in the region during the forecast period.
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Key Highlights of the Conformal Coatings Market
- The global conformal coatings market is partially consolidated in terms of revenue. Some of the major players include Dow, H.B. Fuller Company, Henkel AG & Co. KGaA, ITW, and Shin-Etsu Chemical Co. Ltd, among others.
- In Europe, Germany’s electronics industry is the largest in the region. The electrical and electronics industry accounted for 10% of the total industrial production in Germany. According to the German Electrical and Electronic Manufacturers’ Association (ZVEI), the global electric industry is expected to rise to EUR 5 trillion in 2021. The increasing smart home applications along with growing demand from smartphones and wearables are estimated to drive the market in the coming years.
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List of Key Players in the Conformal Coatings Market
- Altana
- Chase Corp.
- CHT Ltd
- Dow
- Dymax
- HK Wentworth Ltd
- H.B. Fuller Company
- Henkel AG & Co. KGaA
- ITW
- Kisco Ltd
- MG Chemicals
- Panacol-Elosol GmbH
- Shin-Etsu Chemical Co. Ltd
- Momentive
*List Not Exhaustive
Mordor Intelligence has segmented the global conformal coatings market on the basis of material type, end-user industry, and geography:
- Material Type (Market Size & Forecast based on Revenue (USD million), 2016-2026)
- Acrylic
- Epoxy
- Urethane
- Silicone
- Other Types
- End-user Industry (Market Size & Forecast based on Revenue (USD million), 2016-2026)
- Automotive
- Aerospace and Defense
- Medical
- Consumer Electronics
- Other End-user Industries
- Geography (Market Size & Forecast based on Revenue (USD million), 2016-2026)
- Asia-Pacific
- China
- India
- Japan
- South Korea
- Rest of Asia-Pacific
- North America
- United States
- Canada
- Mexico
- Europe
- Germany
- United Kingdom
- Italy
- France
- Rest of Europe
- South America
- Brazil
- Argentina
- Rest of South America
- Middle-East and Africa
- Saudi Arabia
- South Africa
- Rest of Middle-East and Africa
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