Theglobal Conformal Coatings Market generated revenues of worth USD 10.5 billion in 2017 and is anticipated to grow at a CAGR of 5.4% during the forecast period.
These products are a segment of coatings that are considered protective, chemically formulated, non-conductive and dielectric layers. These are applied primarily onto printed circuit boards (PCB) assembly. These coatings are used to prevent the damage to the electronic assembly due to moisture, salt spray, contamination, corrosion, and few other factors caused by harsh environment.
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Rising demand for consumer electronics, advancements in medical equipment, and emerging smart vehicle technologies are some of the prominent factors that broadly make use of conformal coatings and are driving its market. Increase rate of in consumer disposable income and the demand for modern electronic devices such as mobile phones, laptops, and other gadgets have tremendously driven the growth of demand for these products in electronic items.
Automotive, aerospace, and defense industries have also significantly contributed to the growth of the conformal coatings market. Several factors that have led to increased manufacturing of aircrafts manufacturing include recovery in GDP, stable commodity prices such as that of crude oil, and growth in passenger travel demand especially in Asia Pacific, Latin America, and the Middle East.
Different types of resin materials are used in the formulation of conformal coatings. Silicone based conformal coatings have witnessed recent developments in this industry. These products have lower environmental impact and superior reliability. However, silicone based conformal coatings have relatively higher purchase price and with material advancements in the industry, these are anticipated to have reduction in total cost of ownership lower or to be equal to the common conformal coatings.
Some other technological advancement for the market includes low viscosity solvent-free conformal coating, parylene-like hydrophobic conformal coating, and single component conformal coating material to protect sensitive information on PCBs.
Most of the manufacturers of these products, device fabricators, and PCB assemblers prefer solvent-free conformal coatings for environmental and economic reasons, though, solvent based ones enhance performance. On account of more demand for “green chemicals”, certain resins are growing at a faster pace as compared to the traditional ones such as acrylics.
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Competitive Landscape and Key Vendors
Asia Pacific is the dominant regional market. China, Japan, and South Korea are among the major contributing nations towards the growth of this regional market. In addition to this, the region has also witnessed strong demand in the consumer electronics products and semiconductor devices.
Global industry market constitutes of large number of multinational and domestic companies and is moderately competitive. Some of the major industry players for conformal coatings include Electrolube, Kisco Conformal Coatings, H.B. Fuller, Chase Corporation, Henkel AG & KGaA, Illinois Tool Works, and Dow Corning.
- Consumer Electronics
- Aerospace & Defence
- North America
- Rest of Europe
- Rest of Asia-Pacific
- Latin America
- Rest of Latin America
- Middle East and Africa
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