Conformal Coatings Market Overview:
The global conformal coatings market size was valued at USD 992.1 million in 2023 and is projected to grow from USD 1,047.1 million in 2024 to USD 1,647.9 million by 2032, exhibiting a CAGR of 5.8% during the forecast period. The global conformal coatings market size is expected to gain momentum owing to the growing focus on stringent automotive standards and the increasing incidence of automobile fires that favors the demand for advanced conformal coatings across the globe. This information is published by Fortune Business Insights, in its upcoming report, titled, “Conformal Coatings Market Size, Share & Industry Analysis, By Product (Epoxy, Acrylic, Urethane, Parlene, Silicone, Others), By Application (Automotive, Medical, Aerospace, Consumer Electronics, Others) and Regional Forecast, 2019-2026.”
Conformal coatings are thin polymeric film materials applied to the printed circuit boards to protect them from external forces such as chemicals, moisture, and extreme temperature. Additionally, they aid in protecting the boards from mould growth, corrosion, and other electrical failures. Owing to their super properties, they are in huge demand across several industrial applications that include automotive, aerospace & defense, and electronics.
What does the Report Include?
The market report includes quantitative and qualitative analysis of several factors such as the key drivers and restraints that will impact growth. Additionally, the report provides insights into the regional analysis that covers different regions, which are contributing to the growth of the market. It includes the competitive landscape that involves the leading companies and the adoption of strategies by them to introduce new products, announce partnerships, and collaboration that will further contribute to the growth of the market between 2019 and 2026. Moreover, the research analyst has adopted several research methodologies such as PESTEL and SWOT analysis to extract information about the current trends and industry developments that will drive the market growth in the forthcoming years.
Conformal Coatings Driving Factors
Increasing Focus on Vehicle Safety Standards to Promote Growth
According to the U.S. Fire Administration, about 171,500 vehicle fires on highways are reported in the U.S. annually. The surging incidence of automotive fires is propelling the demand for conformal coatings to ensure the safety of the passengers and vehicle. In addition to this, the increasing focus on vehicle safety standards such as the Society of Automotive Engineering (SAE) is ensuring that automotive manufacturers adhere to stringent regulations to maintain optimum vehicle quality in terms of safety and performance aspects. This is expected to boost the global conformal coatings market in the forthcoming years.
Conformal Coatings Regional Insights
Asia-Pacific to Remain at the Forefront; Growing Automotive Sector to Spur Demand
Among all the regions, North America is expected to hold the highest position in the global conformal coatings market during the forecast period. This is attributable to the growing automotive sector that drives demand for conformal coatings to ensure the safety and efficiency of electrical components within the automobile in countries such as India and China.
The market in North America is expected to showcase a substantial growth backed by the increasing adoption of electronic devices and the rising aerospace and electronic industries in countries such as the U.S. between 2019 and 2026.
Source: https://www.fortunebusinessinsights.com/conformal-coatings-market-102867
Conformal Coatings Competitive Landscape
Product Launches by DOW & Chemtronics to Boost Their Sales Revenue
The global conformal coatings market size is consolidated by the presence of key players such as Chemtronics and Dow. These companies are focusing on initiatives such as the introduction of new products to leverage the opportunities provided by the market and further boost their sales revenue. The other key players are adopting strategies such as collaboration, partnership, and merger and acquisition to maintain their stronghold that will contribute to the growth of the global conformal coatings market during the forecast period.
Industry Development
February 2020 – Dow announced the launch of new DOWSIL CC-8030 UV and Moisture Dual Cure Conformal Coating. According to the company, the coating is the first-ever solventless silicone technology that promotes safety, sustainability, and health of the environment through its low viscosity level.
List of the Companies Operating in the Global Market for Conformal Coatings:
Chemtronics
Henkel AG & Company
Shin-Etsu Chemical Co., Ltd.
Illinois Tool Works
DOW
Chase Corporation
Dymax Corporation
Specialty Coating Systems
Electrolube
B. Fuller
Others