Conformal Coatings Market to Reach USD 20.2 billion by 2031, Expanding at a CAGR of 5.5%: TMR Report

The global conformal coatings market is expected to be driven by the critical function of coatings in protecting electronic components.

WILMINGTON, Del., Oct. 24, 2023 /PRNewswire/ — Transparency Market Research Inc. – The global conformal coatings market is projected to flourish at a CAGR of 5.5% from 2022 to 2031. As per the report published by TMR, a valuation of US$ 20.2 billion is anticipated for the market in 2031. As of 2023, the market for conformal coatings is expected to close at US$ 13.0 billion.

 

The conformal coatings market has witnessed significant growth in recent years due to the increasing demand for electronic products in various sectors, such as consumer electronics, automotive, aerospace, medical devices, and industrial applications. The expanding use of electronics in harsh operating environments and the need for enhanced protection against moisture, corrosion, and other contaminants are driving the adoption of conformal coatings.

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Conformal Coatings Market Report Scope:

The booming consumer electronics, automotive, telecommunications, and industrial sectors create a significant demand for PCBs and related products. This high-volume production of electronic devices translates into a growing need for conformal coatings to protect the PCBs used in these devices. Without conformal coatings, consumer electronic gadgets would be more exposed to the negative impact of changing climatic conditions. These coatings protect PCBs against oxidation and chemical damage by acting as a barrier against potentially corrosive chemicals.

The increasing complexity of automotive electronics, including advanced driver-assistance systems (ADAS) and electric vehicles (EVs), has led to the greater use of conformal coatings for protection against temperature variations, moisture, and vibration, driving the market growth. The growing adoption of LED lighting systems, which often contain sensitive electronic components, has driven the use of conformal coatings to protect LEDs from heat, humidity, and external influences.

Key Takeaways from the Market Study

As of 2022, the conformal coatings market was valued at US$ 12.4 billionBased on the product, the acrylic segment is expected to account for a high market share.Based on the operation method, the spray-coating segment is expected to dominate the market growth.

Conformal Coatings Market: Key Trends and Opportunistic Frontiers

UV-cure conformal coatings are gaining popularity due to their rapid curing process, which can lead to increased efficiency and reduced production times.The healthcare sector is increasingly using medical-grade conformal coatings to ensure the safety and reliability of electronic components in medical devices.Advances in the consumer electronics sector have increased demand for conformal coatings that could be applied on printed circuit boards.The conformal coatings market research indicates a steady growth trajectory fueled by surge in demand in the electronics and automotive industries.

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Conformal Coatings Market – Regional Analysis

Asia Pacific is expected to hold the largest share of the market during the forecast period. The region is expected to gain market share in the next few years. This is ascribed to a rise in income, an increase in population, and growth of the consumer electronics sectors.The region’s booming automotive sectors and the emergence of cutting-edge technologies and IoT devices create substantial demand for conformal coatings.North America has a sizable conformal coatings market. The region is characterized by strong demand for conformal coatings, driven by the production of consumer electronics, automotive electronics, aerospace components, and medical devices. Stricter environmental regulations and quality standards contribute to the adoption of conformal coatings.

Competitive Landscape

Companies in the global conformal coatings industry have adopted several strategies to maintain and expand their market presence. According to the most recent conformal coatings market analysis, the landscape is healthy, with several opportunities for growth and innovation.

Henkel AG & KGaAAR Brown Co., Ltd.Dow CorningChase CorporationElectrolubeShin Etsu Chemical Company LimitedEuroplasma N.V.H.B. Fuller CompanyMG ChemicalsAl Technology, Inc.ChemtronicsAalpha Conformal CoatingsDiamond-MTDAWN Tech Sdn BhdSimtal Coatings Ltd.Dymax CorporationPeters GroupELANTAS PDG, Inc.SCH TechnologiesPanacol-Elosol GmbHDAIKIN INDUSTRIES, Ltd.KISCO LTD.FUJI CHEMICAL INDUSTRIAL CO., LTDCHT UK Bridgwater Ltd.INCURE

Key Developments in the Conformal Coatings Market 

H.B. Fuller provides conformal coatings designed for various electronic and industrial applications. Their developments focus on the use of advanced materials to enhance protection and performance.MG Chemicals offers a variety of conformal coatings and has been involved in the development of innovative formulations to improve the performance and protection of electronic assemblies.

Conformal Coatings Market – Key Segments

Product

AcrylicSiliconePolyurethaneEpoxyParyleneFluoropolymer

Operation Method

Dip CoatingSpray CoatingBrush CoatingCVD

Technology

Solvent-basedWater-basedUV Cured

End-use Industry

Consumer ElectronicsAutomotiveIndustrial Machinery & EquipmentMedicalAerospaceDefenseMarineOthers

Region

North AmericaEuropeAsia PacificMiddle East & AfricaLatin America

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