The Global Conformal Coating Market is estimated to attain close to USD 16 billion by 2024. It stood at USD 9.7 billion in 2015. Industries, such as automotives and consumer electronics can propel this market from 2016 to 2024 (forecast period).
Conformal coatings are thin polymeric films which protect electronic components against chemicals and various other environmental effects. But these are used primarily on printed circuit boards (PCBs). Brush coating, spray application coating, and conformal coating dipping are the various ways in which these coatings are used. Selecting the right material for conformal coating can ensure the reliability of circuit boards in the long run.
Customization is the latest trend in the global industry. Companies these days develop 8-10 different versions of a particular coating material to meet the demands of various industries. However, fluctuating prices of raw materials may negatively influence market growth. Concerns regarding volatile organic compound (VOC) content in conformal coatings can also hamper worldwide demand. Most industry players focus on novel technologies to simplify the application procedure. They invest robustly in this area to reap long term benefits. Technologies such as ultrasonic coatings, selective coatings, and selective needle dispensing may catapult market demand over the forecast period.
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All these factors can open novel market prospects. However, a primary market restraint involves high prices of these products in comparison to their mineral counterparts. Additionally, rising consumption of mineral oils, particularly in India & China, will have a negative market impact over the forecast period. Also, inaptness of PAOs with PAG & other conventional mineral oils may hinder the market in the eight years ahead.
Expanding automotives & urbanization could also propel market sales. Favorable properties of these lubricants augur well for the synthetic lubricants market. The market is fragmented by products, applications, and geographies. Products consist of esters, PAG (polyalkylene glycol), group 3 (hydrocracking), and polyalphaolefin (PAO). PAO reigned recently and is expected to continue likewise till 2024.
PAO based lubricants are compatible with other mineral & synthetic oils. Their compatibility would propel the market in the eight years ahead. Esters are projected to observe considerable profits (regarding volumes) from 2016 to 2024. Wider adoption of esters across jet engines due to their high thermal stability can positively impact this segment.
In terms of applications, engine oils led the market in the recent past. Sales of automotives in India and China are likely to increase segment demand till 2024. With regards to geographies, Asia Pacific was the biggest market in 2015. Asia Pacific is predicted to experience the highest CAGR over the forecast period.
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