Conformal coating is a chemical or polymer coating type that helps protect the circuit board from any adverse or abrasive environment. The coating also aids in keeping the circuit away from any chemical contaminants. The global conformal coatings market, according to the recently published report by the team of Market Research Future (MRFR), is expected to grow with an impressive growth rate during the forecast period between 2016 and 2023. Furthermore, the valuation is forecasted to go beyond the previously reported market valuation by the end of the forecast period.
The conformal coatings market is driven by the demand from the electronics industry. The market is expected to grow due to the increasing demand for gadgets from an expanding population. Increasing adoption of AI and IoT and proliferation of adoption are also key factors pushing the market growth further. The market is also gaining considerable traction from the aviation industry, which is, in turn, supporting the growth of the market.
Competitive Landscape
The global conformal coatings market includes various prominent players, including Specialty Coatings System Inc. (U.S.), The Dow Chemical Industry (U.S.), Electrolube (UK), Henkel AG Co. kgaA (Germany), HemiSeal (U.S.), Global Manufacturing Services, Inc (U.S.), Europlasma NV (Belgium), Chemtronics (India), H.B.Fuller Company (U.S.), and Shin-Etsu Chemical Co., Ltd (Japan).
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Market Segmentation
The market segmentation of conformal coatings is classified on the basis of type and end-user industry.
By type, the market comprises of epoxy, acrylics, parylene, urethane, silicone, and others. The epoxy segment is expected to grow at a significant rate in the coming years of the forecast period.
By end-user industry, the market includes aerospace, electronics, marine, automobile, and others. The electronics segment is expected to grow with the maximum share. While the automobile and the healthcare industry for conformal coatings is anticipated to grow substantially in the forthcoming years as well.
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Regional Analysis
The regional segmentation of the global conformal coatings market covers the following key regions: North America, Europe, Asia Pacific, and the Middle East and Africa.
North America held the dominant portion of the market share in the global standings as per the last study undertaken in 2016. The region is further expected to grow in the forecast period between 2016 and 2023. The dominance of the region can be attributed to the growing advancements in technology, increasing adoption of automation, and rising purchasing power among the consumers. Furthermore, the booming expansion and integration of artificial intelligence enabled services by various pioneering companies like Google, Apple, and Samsung Electronics is broadening the applications of conformal coatings in electronics, thus driving the market growth. North America is home to some of the leading aircraft manufacturing organizations like GenCorp and Boeing. The surging budget in the aerospace defense sector in recent years, especially in the US, is expected to influence the demand for the conformal coatings market in a positive manner. Additionally, the booming demand for semiconductors and electronics manufacturing services is stimulating a notable growth in the region as well.
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