WASHINGTON, Feb. 10, 2022 (GLOBE NEWSWIRE) -- Vantage Market Research’s recent analysis of the Global Automotive Conformal Coatings Market finds that increasing adoption of electronics in vehicles is expediting market growth. Primarily driven by rising need for compliance with government regulations, the total global Automotive Conformal Coatings Market is estimated to reach USD 3.53 Billion by 2028, up from USD 1.96 Billion in 2021, at a compound annual growth rate (CAGR) of 8.8%.
Furthermore, the increasing technological developments are also anticipated to augment the growth of the global Automotive Conformal Coatings Market, states Vantage Market Research, in a report, titled “Automotive Conformal Coatings Market by Material (Acrylic, Silicone, Epoxy, Polyurethane), by Component (ECU, PCB, Sensor, Battery Casing), by Vehicle (Passenger Vehicle, Commercial Vehicles), by Region (North America, Europe, Asia Pacific, Middle East & Africa) - Global Industry Assessment (2016 - 2021) & Forecast (2022 - 2028)”.
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List of Prominent Players in the Automotive Conformal Coatings Market:
- Dow (US)
- PPG Industries, Inc. (U.S.)
- Henkel (Germany)
- GC Chemicals America, Inc. (Japan)
- SABIC Innovative Plastics Holding BV (Netherlands)
- HUBER Group (Germany)
- Akzo Nobel N.V. (Netherlands)
- Chase Corporation (US)
- Badu Chemical Industry Co., Ltd. (China)
- Electrolube (UK)
- RPM International LLC (U.S.)
- H.B. Fuller (US)
- Wacker Chemie AG (Germany)
Market Dynamics:
Increasing Adoption of Electronics in Vehicles to Fuel Global Automotive Conformal Coatings Market
The increasing adoption of electronics in vehicles is anticipated to augment the market over the next seven years. The betterment in lifestyle and increasing disposable income of the consumers has resulted in a change of consumer preferences worldwide. The increasing demand for safety and comfort features in vehicles has seen a rising trend in current years. These feature needs effective process of various components like ECUs, PCBs, and sensors, among others. Major companies are focusing on opting for various automotive ECUs in order to control the electrical systems and sub-systems of automobiles. As a result, the demand for automotive conformal coatings for effective protection of these electronic control units has increased.
Rising Need for Compliance with Government Regulations to Stimulate Market Growth
Rising need for compliance with government regulations is anticipated to augment the market growth over the forecast period. Major priority for government as well as automotive industries is to ensure safety for both drivers and pedestrians. The automotive ECUs combined with sensors, image processing algorithms, and cameras, backs up a number of Advanced Driver Assistance Systems like cruise control, driver drowsiness detection, lane departure warning, forward collision alert, and pedestrian detection, among others. The automotive ECUs based vehicles also produces less emissions comparatively. This has resulted in surge of awareness and encouraged the adoption of these vehicles by the government in order to decrease the oil consumption, emissions and air pollution. Thus, it is anticipated that the market will grow at substantial rate in the years to come.
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Segment Summary:
- Based on material, acrylic sub-segment held significant share in 2020. This is attributable to the low-price of the material as compared to the other existing coating materials and no special necessity of any extra equipment for its application. It also offers protection to subtle components against a wide level of impurities. Acrylic conformal coating material is known for its abrasion resistance, high dielectric strength and fair moisture. It delivers a prime level of safety at a reasonable cost and as these components are not exposed to high temperatures, they are extensively used for coating components inside the vehicle cabin.
- Based on component, the sensor sub-segment will grow at a fastest CAGR from 2022 to 2028. This is attributable to the increasing setting up of sensors worldwide in vehicles since the focus of government is increasing on vehicle safety regulations. Furthermore, the increase in the use of sensors in automobiles is also due to the rising efforts on emission and fuel efficiency.
- Based on vehicle type, the passenger car sub-segment is projected to hold the major share during the forecast period. This is owing to the rising manufacturing and requirement of passenger cars by the consumers. Along with that, the compulsory regulation for installation of airbags and severe emission rules in many countries is expected to support the growth of the market.
COVID-19 Impact Analysis:
The COVID-19 outbreak has affected various industries worldwide. Governments across the world implemented strict lockdown measures and social distancing norms in order to restrict the swift spread of the pandemic. Manufacturing facilities around the world were shut down during the initial stages of the pandemic. Moreover, the economic crisis after the pandemic might lead to a significant delay in the commercial roll-out of the coatings industry. Small and medium-scale companies are the backbone of technology providers and are witnessing a steep drop in revenue since the emergence of the pandemic in 2020. Hence, market players faced numerous challenges as disruptions in the supply chain were observed. However, things will improve in the second half of 2022 as more supplies will come online. The impact of COVID-19 on the market demand is considered while estimating the current and forecast market size and growth trends of the market for all the regions and countries based on the following data points:
- Impact Assessment of COVID-19 Pandemic
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East & Africa
- Quarterly Market Revenue Forecast by Asia Pacific 2020 & 2021
- Key Strategies Undertaken by Companies to Tackle COVID-19
- Long Term Dynamics
- Short Term Dynamics
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The report on Automotive Conformal Coatings Market highlights:
- Assessment of the market
- Premium Insights
- Competitive Landscape
- COVID Impact Analysis
- Historic Data, Estimates and Forecast
- Company Profiles
- Global and Regional Dynamics
Regional Analysis:
Asia Pacific Dominates the Global Automotive Conformal Coatings Market
Asia Pacific held largest share in 2021. This is attributable to the growing installation of electronic systems by the manufacturers in automobiles to ensure safety of the consumers. Furthermore, the huge presence of electronic systems and components producers in economies like China, South Korea, and Japan are likely to support the growth of the automotive coatings market in the Asia Pacific region. Moreover, the growing automobile manufacturing hubs such as China and Japan, and increasing demand rising disposable income of the consumers is expected to generate huge demand for the market in this region.
North America is anticipated to grow at a substantial CAGR in the years to come. This is owing to the increasing adoption of technological developments in automotive industry. Additionally, increasing advancements in autonomous and connected mobility is expected to open new avenues for the Automotive Conformal Coatings Market over the coming years.
Browse market data Tables and Figures spread through 178 Pages and in-depth TOC on "Automotive Conformal Coatings Market by Material (Acrylic, Silicone, Epoxy, Polyurethane), by Component (ECU, PCB, Sensor, Battery Casing), by Vehicle (Passenger Vehicle, Commercial Vehicles), by Region (North America, Europe, Asia Pacific, Middle East & Africa) - Global Industry Assessment (2016 - 2021) & Forecast (2022 - 2028)" View detailed Research Report here – https://www.vantagemarketresearch.com/press-release/automotive-conformal-coatings-market-601858
Key questions answered in the report:
- Which regional market will show the highest and rapid growth?
- Which are the top five players of the Automotive Conformal Coatings Market?
- How will the Automotive Conformal Coatings Market change in the upcoming six years?
- Which application and product will take a lion’s share of the Automotive Conformal Coatings Market?
- What is the Automotive Conformal Coatings market drivers and restrictions?
- What will be the CAGR and size of the Automotive Conformal Coatings Market throughout the forecast period?
Recent Developments:
January, 2020: Electro lube announced the launch of New UV Coatings, Resins, and Gap Fillers along with two new encapsulation resins. The new polyurethane resin, UR5645, is developed for the protection of electrical components.
This market titled “Automotive Conformal Coatings Market” will cover exclusive information in terms of Regional Analysis, Forecast, and Quantitative Data – Units, Key Market Trends, and various others as mentioned below:
| Report Attribute | Details |
| Market Size in 2021 | USD 1.96 Billion |
| Projected Market Size in 2028 | USD 3.53 Billion |
| CAGR Growth Rate | CAGR of 8.8% From 2022 - 2028 |
| Base Year | 2021 |
| Historic Years | 2016 - 2020 |
| Forecast Years | 2022 - 2028 |
| Segments Covered | Material: - Acrylic, Silicone, Epoxy Component: - ECU, PCB, Sensor Vehicle: - Passenger Vehicle, Commercial Vehicles Region: - North America, Europe, Asia Pacific |
| Quantitative Data - Units | Revenue in USD Million/Billion and CAGR from 2022 to 2028 |
| Regions Covered | North America, Europe, Asia Pacific, Latin America, and Middle East & Africa |
| Countries Covered | U.S., Canada, Mexico, U.K., Germany, France, Italy, Spain, China, India, Japan, South Korea, Brazil, Argentina, GCC Countries, and South Africa, among others |
| Report Coverage | Market growth drivers, restraints, opportunities, Porter’s five forces analysis, PEST analysis, value chain analysis, regulatory landscape, market attractiveness analysis by segments and region, company market share analysis, and COVID-19 impact analysis. |
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