15 Oct 2018: 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. 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.
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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.
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.
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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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