The global conformal coatings market size is expected to value at USD 15.73 Billion by 2024, during the forecast period. The market is subject to witness a substantial growth due to the rising demand for end-user products from customer-oriented electronics market segment. The conformal coating is implemented in electronic industries to safeguard printed circuit boards and panels from external environmental factors such as dust, moisture, heat, varying temperatures, environmental noise and other form of environmental factors. Growing competition in the conformal coating industry with substantial presence of medium-sized manufactures, large-scale production houses and suppliers are positively impacting the industry. Globally, the conformal coatings market is predicted to grow at CAGR of 5.6% in forecast period, providing numerous opportunity for market players to invest for research and development of the market.
Growth
of electronic and electrical sector mainly in the developing economies across
the globe is pertaining to the progress of the market. Conformal coatings offer
numerous advantages in comparison with their counterparts such as assurance on
better corrosion and dielectric resistance. Such advantages are playing a key
role in rising demand of the conformal coating market in the electronic
industry. Most common form of materials used for conformal coating is acrylic
coating. The acrylic coating market segment is predicted to hold major share of
the material-based segment of the market in upcoming years.
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Acrylic
conformal coatings are simple to apply and rework in case of emergency. They
are fairly low priced compared to other types of the conformal coating with
high abrasion and dielectric coefficient. The acrylic coating also provide
protection from moisture and chemicals, require less time for applying coating
to the electronic circuitry. Such factors are driving application specific
conformal coatings market across range of industry segments. Application of the
conformal coating has extended to the automotive industry as well due its vast
set of benefits that puts it apart from other types coatings.
Material
used in the conformal coating commonly involves a thin polymeric film that are
designed to encapsulate the printed circuit board in order to safeguard the
electronic components placed onto the board from external factors. The thin
polymeric films are majorly varied in thickness from twenty-five micrometers to
two hundred micrometers. They act as a safeguard mechanism to resist
accumulation of water, dust, chemicals, and temperature changes.
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The
electronic circuitry is subjected to harsh environments during their regular
use, so it becomes critical to protect from adverse atmospheric mechanical and
chemical reaction, uncoated electronic circuitscan not withstand such hazardous
condition, and are bound to fail over the period of time. The use of conformal
coating allows consistent performance level from the electronic circuitry. A
transparent layer of conformal coating is applied to the coat assemblies that
is light weight and allow easier inspection of the electronic circuitry. The
conformal coating is classified into four distinct classes such as acrylic,
urethane, silicone, and varnishes.
The
market is divided into regional market segment such as North America, Europe,
Asia-Pacific, Latin America and Africa. Asia-Pacific region is predicted to
hold major market share in the conformal coatings market with massive growth in
forecast period. Countries such as Taiwan, China, Japan and South Korea are leading
the Asia-Pacific market with the rising investments in the electronics and
automotive fields. Also, rapid industrialization in automotive and consumer
electronics production segment in India is likely to assists reach of conformal
coating industry in the region. North America has shown major growth in recent
years owing to the increasing need for high-tech electronic devices such as
global position systems (GPS) and various products across the automotive
sector.
The
leading players in the conformal coatings market are Henkel Company,
Chemtronics Incorporations, and Shin-Etsu Chemical Corporations. The raw
materials required for production of conformal coatings is procured from
well-established market players in the chemicals segment such as BASF SE, and Aditya
Birla Chemicals.
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