Farmington, Feb. 10, 2023 (GLOBE NEWSWIRE) -- The Global Conformal Coatings Market Size Was Valued At USD 899.1 Million In 2021. The Market Is Projected To Grow From USD 940.8 Million In 2022 To USD 1,392.8 Million By 2030, Exhibiting a CAGR Of 5.8% During The Forecast Period. The COVID-19 pandemic has been shocking and has never been seen before. When compared to before the pandemic, the demand for conformal coatings is lower than expected in all regions. Our research shows that the world market was 6.0% smaller in 2020 than it was in 2019.
Conformal coatings are thin layers of materials made from polymers that are put on printed circuit boards (PCBs). Acrylics, epoxies, silicones, and urethanes are all types of polymers. Most of the time, these coatings stick to the rough surface of the PCB and make a layer of insulation between the various electronic parts. Because the device has a high dielectric strength, the PCB can be small.
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Recent Developments:
- March 2022 – HumiSeal launched UV500-2, a conformal coating that provides PCB protection. Designed to provide additional performance in thermal and mechanical cycling tests commonly used in the automotive and white goods industries.
- April 2022 – Japan-based Shin-Etsu Chemical Co. Ltd.'s US subsidiary, Shin-Etsu Silicones of America, Inc. (SESA), has launched the MR-COAT-01F and 02F conformal coating series. It features high hardness and very high elongation, which increases wear resistance and reduces stress on PCB components.
Segment Overview
Product Insights
In 2021, acrylic was the most popular product on the market. The growth of the acrylic segment is being driven by the electronics manufacturing industry. Coatings like these can be found in the automotive, consumer electronics, and other end-use industries. It's easy to use acrylic coating, and the process isn't too hard to understand. But it doesn't stand up well to petroleum-based alcohols and solvents. Because of this, it's not too hard to fix. Acrylic, like polyurethane and silicone, is resistant to water. Both mechanically and electrically, they work well. This kind of coating can be used in temperatures ranging from about -59°C to 132°C. They have about 1,500 volts/mil of dielectric strength, which is very good. It's not too expensive, which makes it a good choice for many businesses.
End-use Insights
The consumer electronics segment made up a big part of the market. The size of electronic parts has been getting smaller over the past few years. Smaller PCBs and electronics that are scaled down can damage circuits when the dielectric strength between the parts is low. Conformal coatings, when put on these miniaturised PCBs, can increase the dielectric strength between electronic components by a lot. This makes it possible to make circuits that are much smaller. Because IoT and 5G technologies are getting better, there will likely be a lot more demand for small, light electronic devices in the coming years. All of the business is growing because of these things.
Regional Outlook:
In 2021, Asia and the Pacific made up a big part of the market. Due to rising demand from the electronics manufacturing sector, the region is likely to keep its top spot over the next few years. Asia is where most of the world's consumption happens, and China is the biggest consumer. The country has a strong industry for making electronics, which will account for about 40% of the world's total use in 2021. Also, most countries in the region are just starting to build up their economies, so there is a huge amount of market growth potential that hasn't been used yet. People in these developing countries can now afford more things and live better than they could a few years ago. If this trend keeps going, there may be more demand for home appliances.
People want electric cars more now than they did a few years ago in North America. The International Energy Association says that by 2021, more than 500,000 electric cars will have been sold in the U.S., which is 4.5% of all car sales. In the last ten years, the number of electronic gadgets in a typical new car has grown by many times. An electric or hybrid car has a lot more electronics than a regular gas-powered car. How well the car's electronics work affects what people choose. So, automakers are coming up with new ways to protect the paths of fragile electronic parts and PCBs without making cars heavier. It keeps sensitive electronic systems safe from harsh environments while weighing very little compared to solutions like enclosures that take up a lot of space. So, the market is likely to be driven by the automotive industry's growing need.
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Scope of Report:
| Report Attributes | Details |
| Growth Rate | CAGR of 5.8% from 2023 to 2030. |
| Revenue Forecast by 2030 | USD 1,392.8 Million |
| By Product | Epoxy, Acrylic, Urethane, Parylene, Silicone, Others |
| By End-use Industry | Automotive, Medical, Aerospace & Defense, Consumer Electronics, Others |
| By Companies | Chemtronics (South Korea), Henkel AG & Company (Germany), Shin-Etsu Chemical Co., Ltd (Japan), Dow (U.S.), Chase Corporation (U.S.), Dymax Corporation (U.S.), Specialty Coating Systems (U.S.), Electrolube (U.K.), B. Fuller (U.S.), M.G. Chemicals (Canada) |
| Regions and Countries Covered |
|
| Base Year | 2022 |
| Historical Year | 2017 to 2022 |
| Forecast Year | 2023 to 2030 |
Latest Trends:
Market growth will be driven by increasing demand from the electric vehicle sector.
Over the past few years, the global automotive industry has been reshaping itself by moving towards electric vehicles. These new types of electric vehicles have more electronic systems than ever before. Basically, several microcontrollers and processors are responsible for running everything else in the car. Some of the most important electronic systems that are becoming the new standard in the automotive industry are chassis electronics, driver assistance devices, engine electronics, entertainment systems, integrated cockpit systems, passenger comfort, passive safety and transmission electronics.
Driving Factors:
Growing demand from the consumer electronics industry will drive the market growth.
In the past, conformal coatings were only used to protect circuit boards in the aerospace industry. Due to improvements in materials and manufacturing techniques, these coatings are now widely used in the consumer electronics industry. It is used in mobile electronics such as white goods, mobile phones, tablets, and wearable electronics. New technologies such as artificial intelligence and machine learning are being used to make smart home electronics even smarter. These electronic devices can not only connect to each other, but also talk to each other, providing users with a unique and highly personalized experience.
Restraining Factors:
Adoption of stricter rules on the environment will slow down the market growth.
Greenhouse gases (GHGs) emitted from conformal coatings are called volatile organic compounds (VOCs) and are not good for the environment. Solvent vapors released during the manufacturing process are airborne in coating plants that do not have adequate equipment to capture them. These volatile organic compounds (VOCs) react to create tropospheric ozone when they come into contact with nitrogen oxides, which are released when fuel is burned too quickly in cars and factories. This results in the formation of fine particulate matter, a condition known as terrestrial smog. The ozone layer that forms on the ground can cause problems by creating harmful chemicals that can prevent plants from growing.
Key Segments Covered:
Top Market Players:
Chemtronics (South Korea), Henkel AG & Company (Germany), Shin-Etsu Chemical Co., Ltd (Japan), Dow (U.S.), Chase Corporation (U.S.), Dymax Corporation (U.S.), Specialty Coating Systems (U.S.), Electrolube (U.K.), B. Fuller (U.S.), M.G. Chemicals (Canada), and others.
By Product Type
- Epoxy
- Acrylic
- Urethane
- Parylene
- Silicone
- Others
By Application
- Automotive
- Medical
- Aerospace & Defense
- Consumer Electronics
- Others
Regions and Countries Covered
- North America: (US, Canada, Mexico, Rest of North America)
- Europe: (Germany, France, Italy, Spain, UK, Nordic Countries, Benelux Union, Rest of Europe)
- Asia-Pacific: (Japan, China, India, Australia, South Korea, Southeast Asia, Rest of Asia-Pacific)
- The Middle East & Africa: (Saudi Arabia, UAE, Egypt, South Africa, Rest of the Middle East & Africa)
- Latin America: (Brazil, Argentina, Rest of Latin America)
- Rest Of the World
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