The global conformal coatings market is expected to advance at a steady rate and attain high growth figures over the forecast period of 2016-2023, projects Market Research Future (MRFR) in a minutely analyzed research report. Conformal coatings are applied to electronic circuit boards which provides protection against their end-user environment. Conformal coatings find application in automotive, military, consumer electronics, military, and other industries.
Competitive Insights:
Some of the major players in the Conformal Coatings Market are The Dow Chemical Industry (U.S.), Specialty Coatings System Inc. (U.S.), Global Manufacturing Services, Inc (U.S.), HemiSeal (U.S.), Henkel AG & Co. KgaA (Germany), Chemtronics (India), H.B.Fuller Company (U.S.), Electrolube (UK), Europlasma NV (Belgium), and Shin-Etsu Chemical Co., Ltd (Japan).
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Segmental Analysis:
The global conformal coatings market has been segmented based on type and end user.
By type, the market has been segmented into acrylics, epoxy, urethane, silicone, parylene, and others.
By end users, the market has been segmented into electronics, automobile, aerospace, marine, and others.
Market Abstract:
The global conformal coatings market is expanding rapidly on account of diverse application across various industry verticals and growth in end-user industries. Conformal coatings find application in the medical industry too. They are used to ensure the protection of tools and prevent them against corrosion; in pacemakers, they are used to ensure continuous performance.
Conformal coatings experience inflated demand from the automotive industry. The use of electronics in vehicles is increasing and is even higher in hybrid vehicles. Safety and regulatory norms mandate the inclusion of features in cars as standard features which used to be categorized under advanced or luxury features earlier. Thus, the increase in electronic content per vehicle has resulted in the growth of the global conformal coatings market. The growth of the automotive industry, especially in developing countries is likely to propel the growth of the global conformal coatings market. Other driving factors include increasing demand from the marine industry owing to superior properties such as high chemical resistance and humidity resistance.
Industry/Related News:
22nd November 2016 – HumiSeal an American manufacturer of electronic coatings made a new addition to their product portfolio of conformal coatings. The company released a two part silicone conformal coating 2C51. This new coating is transparent film enables superior protection and has low VOC content. This new product is in line with their strategy to further enhance their market grip and cater to a wide range of environment consciousness consumers.
23rd August 2016- Intertronics an U.K based manufacturer of adhesives and coatings has launched a new product Dymax Multi-Cure 9451. This new product is a black and opaque conformal coating that helps in enhancing the security of electronic products. According to the company, the product enhances security by covering the circuit board and components hiding the electronic components from inspection.
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Regional Insights:
North America accounted for the largest market share in the global conformal coatings market in 2016. This is due to the rising technological advancements and automation coupled with increasing purchasing power among consumers. Expansion of artificial intelligence (AI) enabled services from various companies such as Apple, Google, and Samsung Electronics is widening the scope of application for conformal coatings in electronics. The region is home to some of the leading aircraft manufacturing companies such as Boeing and GenCorp. Escalating aerospace & defence budget over the last five years in the U.S. is slated to influence conformal coatings demand positively. Moreover, increasing sale of semiconductors and electronics manufacturing services is witnessing significant growth over the years.
Europe is another substantial market due to increasing use of electronic devices in the vehicles in order to comply with the emission targets set by the European Union. Regulatory norms in Europe due to environmental issues are driving the demand for fuel-efficient products. Furthermore, Internet of Things (IoT) has accelerated the market growth for electronic devices due to increasing desire of the consumers for technically advanced products, convenience and functionality.
Asia Pacific region is witnessing a significant growth in the market as a result of increasing demand for smartphones, smartwatches and other electronic devices coupled with rising purchasing power and improving living standard of the consumers. Expanding automobile industry in the developing regions such as India, China, Thailand, and South Korea is propelling the market growth. For instance, according to the Indian Brand Equity Foundation, the sale of electric cars in India increased to 25,000 in the year 2016-2017, and the vehicle production grew by 14% per year on year basis.
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