The Conformal Coatings Market size was valued at USD 950.5 million in 2022. It is expected to grow to USD 1480.99 million by 2030 and grow at a CAGR of 5.7% over the forecast period of 2023-2030.
The demand for conformal coatings is increasing due to the increasing complexity and miniaturization of electronic devices. As technology advances, electronic components become more susceptible to damage caused by external elements. Conformal coatings act as a shield, safeguarding these components and extending their lifespan. One of the key drivers of the conformal coatings market is the growing adoption of electronic devices in various sectors, including automotive, aerospace, healthcare, and consumer electronics. The automotive industry, in particular, relies heavily on conformal coatings to protect sensitive electronic systems from harsh operating conditions. With the rise of electric vehicles and autonomous driving technology, the demand for conformal coatings is expected to soar even higher.
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Moreover, the increasing awareness regarding the importance of sustainability and environmental protection has led to the development of eco-friendly conformal coatings. These coatings not only provide excellent protection but also adhere to stringent environmental regulations. This trend has further fueled the growth of the conformal coatings market, as companies strive to meet the demands of environmentally conscious consumers. In terms of regional analysis, Asia Pacific dominates the conformal coatings market, owing to the presence of major electronics manufacturing hubs in countries like China, Japan, and South Korea. The region's robust electronics industry, coupled with the rising disposable income of consumers, has contributed to the high demand for conformal coatings.
The consumer electronic segment dominated the conformal coatings market with the highest revenue share of about 46% in 2022 due to the increased adoption of consumer electronics following the COVID-19 pandemic, which has witnessed a surge in demand for miniaturized electronic circuit boards. These compact circuit boards are particularly vulnerable to dust, high temperatures, humidity, and other airborne contaminants, thus driving the need for effective conformal coatings. The escalating demand for consumer electronics has encouraged manufacturers of conformal coatings to introduce innovative products that cater to this evolving market. As a result, industry leaders such as Dow and Electrolube have recently launched new offerings in response to the post-pandemic landscape.
Drivers
Rising demand for electronic devices
Growing automotive industry
The growing automotive industry plays a significant role in driving the market. With the rise in the production of electric vehicles and the integration of advanced electronics in automobiles, the demand for conformal coatings is expected to surge. These coatings safeguard the sensitive electronic components from harsh automotive environments, enhancing their performance and durability.
Restraint
High cost associated with maintenance and repairing of conformal coatings
Opportunities
Emergence of new technologies, such as nano-coatings and self-healing coatings
Development of smart cities
Challenges
Increasing adoption of stringent environmental regulation
Volatile Organic Compounds released from conformal coatings pose a significant threat to the environment as they are categorized as Greenhouse Gases. Unfortunately, many coating facilities lack the necessary infrastructure to capture the solvent vapors emitted during the manufacturing process, leading to their release into the atmosphere. When these VOCs come into contact with nitrogen oxides, which are emitted through incomplete combustion of fuels in vehicles and other industrial activities, a chemical reaction occurs, resulting in the formation of tropospheric ozone. This process also contributes to the creation of fine particulate matter, leading to the formation of ground-level smog. The formation of ozone at ground level can have devastating effects, as it gives rise to harmful chemicals that hinder plant growth. This poses a serious threat to our ecosystem and the delicate balance of nature.
Governments worldwide are increasingly addressing increasing concerns regarding the environment and public health by implementing more stringent standards to restrict the emission of toxic Volatile Organic Compounds. Consequently, the adoption of these stricter regulations is anticipated to impede market growth.
The conformal coatings market, which plays a crucial role in protecting electronic components from environmental factors, has not been immune to the consequences of this war. The conflict has disrupted supply chains, leading to shortages of raw materials and increased prices. This has created challenges for manufacturers, who are struggling to meet the demand for conformal coatings. Furthermore, the geopolitical tensions between Russia and Ukraine have also affected the market dynamics. The uncertainty surrounding the conflict has made investors cautious, leading to a decline in foreign direct investment in the region. This has hindered the growth of the conformal coatings market.
During the recession, businesses across different sectors face financial constraints, leading to reduced investments and cost-cutting measures. As a result, the demand for conformal coatings, which are primarily used in the electronics industry, tends to decline. This decline is attributed to the decrease in consumer spending and the postponement of new product launches by manufacturers. Furthermore, the recession often prompts companies to prioritize essential expenses, such as raw materials and labor costs, over non-essential items like conformal coatings. This shift in priorities further contributes to the decline in demand for these coatings. The impact of the recession on conformal coating manufacturers is twofold. Firstly, the decrease in demand directly affects their revenue and profitability. With fewer orders coming in, manufacturers may struggle to maintain their production levels and may even face the possibility of downsizing or shutting down operations. Secondly, the recession also affects the competitive landscape of the conformal coatings market. As demand decreases, manufacturers face increased competition for the market share. This intensification of competition often leads to price wars, further squeezing profit margins for manufacturers.
By Product
Epoxy
Acrylic
Silicone
Urethane
Parylene
Others
By End-use Industry
Aerospace & Defense
Consumer Electronics
Industrial
Automotive
Medical
Telecommunication
Others
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Asia Pacific dominated the Conformal Coatings Market with the highest revenue share of about 52.5% in 2022. This dominance is mainly attributed to the high demand for conformal coatings in key industries such as aerospace, automotive, consumer electronics, and manufacturing. A press release by Airbus in February 2022 highlighted the significant growth expected in the Asia-Pacific region. It is projected that the area will require 17,720 new passenger and freighter aircraft, driven by the expanding population. Additionally, cargo traffic in Asia-Pacific is predicted to increase at a rate of 3.7% per year, resulting in a doubling of air freight in the region by 2040. This growth is expected to have a positive impact on the market for conformal coatings in the area.
North America held a significant revenue share of the Conformal Coatings Market and is expected to grow with a CAGR of about 6.1% during the forecast period. North America has experienced a rising demand for advanced electronics, particularly GPS systems and related products in the automotive industry. The e-commerce industry in the region has also witnessed an upward trend, leading to increased sales of commercial vehicles to meet the demands of this sector. The demand for electric vehicles in North America has been steadily increasing in recent years. The amount of electronics present in new conventional cars has multiplied several times over the past decade. In comparison, electric and hybrid vehicles have an even higher reliance on electronics. The reliability of these electronic components greatly influences consumer decisions. As a result, automakers are implementing innovative methods to protect delicate electronic components and pathways on a PCB (Printed Circuit Board) without adding excessive weight to the vehicles. Conformal coatings provide a solution by safeguarding sensitive electronic systems from harsh environmental conditions, all while minimizing the increase in weight compared to space-consuming alternatives like enclosures. Consequently, the growing demand from the automotive industry is expected to drive the market forward.
REGIONAL COVERAGE:
North America
US
Canada
Mexico
Europe
Eastern Europe
Poland
Romania
Hungary
Turkey
Rest of Eastern Europe
Western Europe
Germany
France
UK
Italy
Spain
Netherlands
Switzerland
Austria
Rest of Western Europe
Asia Pacific
China
India
Japan
South Korea
Vietnam
Singapore
Australia
Rest of Asia Pacific
Middle East & Africa
Middle East
UAE
Egypt
Saudi Arabia
Qatar
Rest of the Middle East
Africa
Nigeria
South Africa
Rest of Africa
Latin America
Brazil
Argentina
Colombia
Rest of Latin America
The major key players are Chemtronics, Henkel AG & Co. KGaA, H.B. Fuller Company, Electrolube, MG Chemicals, Dow, Chase Corp., Shin-Etsu Chemical Co. Ltd., KISCO LTD, Dymax Corporation, ALTANA, Europlasma NV, and other key players mentioned in the final report.
In April 2022, Shin-Etsu Silicones of America, Inc. (SESA), a subsidiary of the Japan-based Shin-Etsu Chemical Co. Ltd., introduced the MR-COAT-01F and 02F conformal coating series. These products boast exceptional hardness and remarkable elongation, offering superior resistance against abrasion and reducing stress on printed circuit board (PCB) components.
In Oct 2021, Electrolube has recently unveiled its latest innovation, the UV Cure Coating Xtra (UVCLX), a bio-based conformal coating. This revolutionary bio-coating is predominantly derived from organic content sourced from renewable materials. What sets this product apart is its utilization of solvent-free technology, ensuring a more sustainable and environmentally friendly solution. Electrolube proudly asserts that its new creation is unparalleled in the industry, offering exceptional protection without compromising on processing time.
In Oct 2021, Dow launched the innovative DOWSIL™ CC-2588 Conformal Coating, a robust silicone-based material designed to safeguard printed circuit boards (PCBs) and electronic components from the damaging effects of high humidity and corrosion.
| Report Attributes | Details |
| Market Size in 2022 | US$ 950.5 Mn |
| Market Size by 2030 | US$ 1480.99 Mn |
| CAGR | CAGR of 5.7% From 2023 to 2030 |
| Base Year | 2022 |
| Forecast Period | 2023-2030 |
| Historical Data | 2019-2021 |
| Report Scope & Coverage | Market Size, Segments Analysis, Competitive Landscape, Regional Analysis, DROC & SWOT Analysis, Forecast Outlook |
| Key Segments | • By Product (Epoxy, Acrylic, Silicone, Urethane, Parylene, and Others) • By End-use Industry (Aerospace & Defense, Consumer Electronics, Industrial, Automotive, Medical, Telecommunication, and Others) |
| Regional Analysis/Coverage | North America (US, Canada, Mexico), Europe (Eastern Europe [Poland, Romania, Hungary, Turkey, Rest of Eastern Europe] Western Europe] Germany, France, UK, Italy, Spain, Netherlands, Switzerland, Austria, Rest of Western Europe]), Asia Pacific (China, India, Japan, South Korea, Vietnam, Singapore, Australia, Rest of Asia Pacific), Middle East & Africa (Middle East [UAE, Egypt, Saudi Arabia, Qatar, Rest of Middle East], Africa [Nigeria, South Africa, Rest of Africa], Latin America (Brazil, Argentina, Colombia Rest of Latin America) |
| Company Profiles | Chemtronics, Henkel AG & Co. KGaA, H.B. Fuller Company, Electrolube, MG Chemicals, Dow, Chase Corp., Shin-Etsu Chemical Co. Ltd., KISCO LTD, Dymax Corporation, ALTANA, Europlasma NV |
| Key Drivers | • Rising demand for electronic devices • Growing automotive industry |
| Market Restraints | • High cost associated with maintenance and repairing of conformal coatings |
Ans. The Compound Annual Growth rate for the Conformal Coatings Market over the forecast period is 5.7%.
Ans. The projected market size for the Conformal Coatings Market is USD 1480.99 million by 2030.
Ans: The Acrylic product segment dominated the Conformal Coatings Market with the highest revenue share of about 49.5% in 2022.
Ans: The European region is expected to grow with a CAGR of about 6.3% in the Conformal Coatings Market during the forecast period.
Ans: Yes, you can ask for the customization as per your business requirement.
TABLE OF CONTENT
1. Introduction
1.1 Market Definition
1.2 Scope
1.3 Research Assumptions
2. Research Methodology
3. Market Dynamics
3.1 Drivers
3.2 Restraints
3.3 Opportunities
3.4 Challenges
4. Impact Analysis
4.1 Impact of Russia-Ukraine War
4.2 Impact of Ongoing Recession
4.2.1 Introduction
4.2.2 Impact on major economies
4.2.2.1 US
4.2.2.2 Canada
4.2.2.3 Germany
4.2.2.4 France
4.2.2.5 United Kingdom
4.2.2.6 China
4.2.2.7 Japan
4.2.2.8 South Korea
4.2.2.9 Rest of the World
5. Value Chain Analysis
6. Porter’s 5 forces model
7. PEST Analysis
8. Conformal Coatings Market Segmentation, By Product
8.1 Epoxy
8.2 Acrylic
8.3 Silicone
8.4 Urethane
8.5 Parylene
8.6 Others
9. Conformal Coatings Market Segmentation, By End-use Industry
9.1 Aerospace & Defense
9.2 Consumer Electronics
9.3 Industrial
9.4 Automotive
9.5 Medical
9.6 Telecommunication
9.7 Others
10. Regional Analysis
10.1 Introduction
10.2 North America
10.2.1 North America Conformal Coatings Market by Country
10.2.2North America Conformal Coatings Market by Product
10.2.3 North America Conformal Coatings Market by End-use Industry
10.2.4 USA
10.2.4.1 USA Conformal Coatings Market by Product
10.2.4.2 USA Conformal Coatings Market by End-use Industry
10.2.5 Canada
10.2.5.1 Canada Conformal Coatings Market by Product
10.2.5.2 Canada Conformal Coatings Market by End-use Industry
10.2.6 Mexico
10.2.6.1 Mexico Conformal Coatings Market by Product
10.2.6.2 Mexico Conformal Coatings Market by End-use Industry
10.3 Europe
10.3.1 Eastern Europe
10.3.1.1 Eastern Europe Conformal Coatings Market by Country
10.3.1.2 Eastern Europe Conformal Coatings Market by Product
10.3.1.3 Eastern Europe Conformal Coatings Market by End-use Industry
10.3.1.4 Poland
10.3.1.4.1 Poland Conformal Coatings Market by Product
10.3.1.4.2 Poland Conformal Coatings Market by End-use Industry
10.3.1.5 Romania
10.3.1.5.1 Romania Conformal Coatings Market by Product
10.3.1.5.2 Romania Conformal Coatings Market by End-use Industry
10.3.1.6 Hungary
10.3.1.6.1 Hungary Conformal Coatings Market by Product
10.3.1.6.2 Hungary Conformal Coatings Market by End-use Industry
10.3.1.7 Turkey
10.3.1.7.1 Turkey Conformal Coatings Market by Product
10.3.1.7.2 Turkey Conformal Coatings Market by End-use Industry
10.3.1.8 Rest of Eastern Europe
10.3.1.8.1 Rest of Eastern Europe Conformal Coatings Market by Product
10.3.1.8.2 Rest of Eastern Europe Conformal Coatings Market by End-use Industry
10.3.2 Western Europe
10.3.2.1 Western Europe Conformal Coatings Market by Country
10.3.2.2 Western Europe Conformal Coatings Market by Product
10.3.2.3 Western Europe Conformal Coatings Market by End-use Industry
10.3.2.4 Germany
10.3.2.4.1 Germany Conformal Coatings Market by Product
10.3.2.4.2 Germany Conformal Coatings Market by End-use Industry
10.3.2.5 France
10.3.2.5.1 France Conformal Coatings Market by Product
10.3.2.5.2 France Conformal Coatings Market by End-use Industry
10.3.2.6 UK
10.3.2.6.1 UK Conformal Coatings Market by Product
10.3.2.6.2 UK Conformal Coatings Market by End-use Industry
10.3.2.7 Italy
10.3.2.7.1 Italy Conformal Coatings Market by Product
10.3.2.7.2 Italy Conformal Coatings Market by End-use Industry
10.3.2.8 Spain
10.3.2.8.1 Spain Conformal Coatings Market by Product
10.3.2.8.2 Spain Conformal Coatings Market by End-use Industry
10.3.2.9 Netherlands
10.3.2.9.1 Netherlands Conformal Coatings Market by Product
10.3.2.9.2 Netherlands Conformal Coatings Market by End-use Industry
10.3.2.10 Switzerland
10.3.2.10.1 Switzerland Conformal Coatings Market by Product
10.3.2.10.2 Switzerland Conformal Coatings Market by End-use Industry
10.3.2.11 Austria
10.3.2.11.1 Austria Conformal Coatings Market by Product
10.3.2.11.2 Austria Conformal Coatings Market by End-use Industry
10.3.2.12 Rest of Western Europe
10.3.2.12.1 Rest of Western Europe Conformal Coatings Market by Product
10.3.2.12.2 Rest of Western Europe Conformal Coatings Market by End-use Industry
10.4 Asia-Pacific
10.4.1 Asia Pacific Conformal Coatings Market by Country
10.4.2 Asia Pacific Conformal Coatings Market by Product
10.4.3 Asia Pacific Conformal Coatings Market by End-use Industry
10.4.4 China
10.4.4.1 China Conformal Coatings Market by Product
10.4.4.2 China Conformal Coatings Market by End-use Industry
10.4.5 India
10.4.5.1 India Conformal Coatings Market by Product
10.4.5.2 India Conformal Coatings Market by End-use Industry
10.4.6 Japan
10.4.6.1 Japan Conformal Coatings Market by Product
10.4.6.2 Japan Conformal Coatings Market by End-use Industry
10.4.7 South Korea
10.4.7.1 South Korea Conformal Coatings Market by Product
10.4.7.2 South Korea Conformal Coatings Market by End-use Industry
10.4.8 Vietnam
10.4.8.1 Vietnam Conformal Coatings Market by Product
10.4.8.2 Vietnam Conformal Coatings Market by End-use Industry
10.4.9 Singapore
10.4.9.1 Singapore Conformal Coatings Market by Product
10.4.9.2 Singapore Conformal Coatings Market by End-use Industry
10.4.10 Australia
10.4.10.1 Australia Conformal Coatings Market by Product
10.4.10.2 Australia Conformal Coatings Market by End-use Industry
10.4.11 Rest of Asia-Pacific
10.4.11.1 Rest of Asia-Pacific Conformal Coatings Market by Product
10.4.11.2 Rest of Asia-Pacific Conformal Coatings Market by End-use Industry
10.5 Middle East & Africa
10.5.1 Middle East
10.5.1.1 Middle East Conformal Coatings Market by Country
10.5.1.2 Middle East Conformal Coatings Market by Product
10.5.1.3 Middle East Conformal Coatings Market by End-use Industry
10.5.1.4 UAE
10.5.1.4.1 UAE Conformal Coatings Market by Product
10.5.1.4.2 UAE Conformal Coatings Market by End-use Industry
10.5.1.5 Egypt
10.5.1.5.1 Egypt Conformal Coatings Market by Product
10.5.1.5.2 Egypt Conformal Coatings Market by End-use Industry
10.5.1.6 Saudi Arabia
10.5.1.6.1 Saudi Arabia Conformal Coatings Market by Product
10.5.1.6.2 Saudi Arabia Conformal Coatings Market by End-use Industry
10.5.1.7 Qatar
10.5.1.7.1 Qatar Conformal Coatings Market by Product
10.5.1.7.2 Qatar Conformal Coatings Market by End-use Industry
10.5.1.8 Rest of Middle East
10.5.1.8.1 Rest of Middle East Conformal Coatings Market by Product
10.5.1.8.2 Rest of Middle East Conformal Coatings Market by End-use Industry
10.5.2 Africa
10.5.2.1 Africa Conformal Coatings Market by Country
10.5.2.2 Africa Conformal Coatings Market by Product
10.5.2.3 Africa Conformal Coatings Market by End-use Industry
10.5.2.4 Nigeria
10.5.2.4.1 Nigeria Conformal Coatings Market by Product
10.5.2.4.2 Nigeria Conformal Coatings Market by End-use Industry
10.5.2.5 South Africa
10.5.2.5.1 South Africa Conformal Coatings Market by Product
10.5.2.5.2 South Africa Conformal Coatings Market by End-use Industry
10.5.2.6 Rest of Africa
10.5.2.6.1 Rest of Africa Conformal Coatings Market by Product
10.5.2.6.2 Rest of Africa Conformal Coatings Market by End-use Industry
10.6 Latin America
10.6.1 Latin America Conformal Coatings Market by Country
10.6.2 Latin America Conformal Coatings Market by Product
10.6.3 Latin America Conformal Coatings Market by End-use Industry
10.6.4 Brazil
10.6.4.1 Brazil Conformal Coatings Market by Product
10.6.4.2 Brazil Africa Conformal Coatings Market by End-use Industry
10.6.5 Argentina
10.6.5.1 Argentina Conformal Coatings Market by Product
10.6.5.2 Argentina Conformal Coatings Market by End-use Industry
10.6.6 Colombia
10.6.6.1 Colombia Conformal Coatings Market by Product
10.6.6.2 Colombia Conformal Coatings Market by End-use Industry
10.6.7 Rest of Latin America
10.6.7.1 Rest of Latin America Conformal Coatings Market by Product
10.6.7.2 Rest of Latin America Conformal Coatings Market by End-use Industry
11 Company Profile
11.1 Chemtronics
11.1.1 Company Overview
11.1.2 Financials
11.1.3 Product/ Services Offered
11.1.4 SWOT Analysis
11.1.5 The SNS View
11.2 Henkel AG & Co. KGaA
11.2.1 Company Overview
11.2.2 Financials
11.2.3 Product/ Services Offered
11.2.4 SWOT Analysis
11.2.5 The SNS View
11.3 H.B. Fuller Company
11.3.1 Company Overview
11.3.2 Financials
11.3.3 Product/ Services Offered
11.3.4 SWOT Analysis
11.3.5 The SNS View
11.4 Electrolube
11.4.1 Company Overview
11.4.2 Financials
11.4.3 Product/ Services Offered
11.4.4 SWOT Analysis
11.4.5 The SNS View
11.5 MG Chemicals
11.5.1 Company Overview
11.5.2 Financials
11.5.3 Product/ Services Offered
11.5.4 SWOT Analysis
11.5.5 The SNS View
11.6 Dow
11.6.1 Company Overview
11.6.2 Financials
11.6.3 Product/ Services Offered
11.6.4 SWOT Analysis
11.6.5 The SNS View
11.7 Chase Corp.
11.7.1 Company Overview
11.7.2 Financials
11.7.3 Product/ Services Offered
11.7.4 SWOT Analysis
11.7.5 The SNS View
11.8 Shin-Etsu Chemical Co. Ltd.
11.8.1 Company Overview
11.8.2 Financials
11.8.3 Product/ Services Offered
11.8.4 SWOT Analysis
11.8.5 The SNS View
11.9 KISCO Ltd.
11.9.1 Company Overview
11.9.2 Financials
11.9.3 Product/ Services Offered
11.9.4 SWOT Analysis
11.9.5 The SNS View
11.10 Dymax Corporation, ,
11.10.1 Company Overview
11.10.2 Financials
11.10.3 Product/ Services Offered
11.10.4 SWOT Analysis
11.10.5 The SNS View
11.11 ALTANA
11.11.1 Company Overview
11.11.2 Financials
11.11.3 Product/ Services Offered
11.11.4 SWOT Analysis
11.11.5 The SNS View
11.12 Europlasma NV
11.12.1 Company Overview
11.12.2 Financials
11.12.3 Product/ Services Offered
11.12.4 SWOT Analysis
11.12.5 The SNS View
12. Competitive Landscape
12.1 Competitive Benchmarking
12.2 Market Share Analysis
12.3 Recent Developments
12.3.1 Industry News
12.3.2 Company News
12.3.3 Mergers & Acquisitions
13. USE Cases and Best Practices
14. Conclusion
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