The global conformal coatings market size is projected to reach USD 17.23 billion by 2027, growing at a CAGR of 5.9% over the forecast period 2020 to 2027.
Growing product demand from consumer electronics industry, in order to protect printed circuit boards from dust, moisture, heating, and other environmental impacts is expected to propel the market growth over the forecast period.
Major industry players are focusing on integrating their operations by venturing into raw material manufacturing and distribution sectors to gain a competitive edge in the market. Companies such as Dow Corning Corporation and Shin Etsu Chemical Company, have entered into distribution sector in order to cut down costs spent on third-party intermediaries.
The product demand in the U.S. in valued at USD 2.15 billion in 2016. The high market share of the country is attributed to the presence of well-established automotive, aerospace & defense and electronics industry. Growing demand for durable coatings with superior corrosion resistance is expected to drive industry growth.
H.B. Fuller, Chase Corporation, MG Chemicals, Dow Corning are some of the leading companies involved in the manufacturing and supply of conformal coatings. Most of these key players procure the raw materials from established players in the chemicals market including BASF SE, and Aditya Birla Chemicals through short term partnerships.
The market is highly competitive owing to the presence of a large number of established manufacturers and suppliers and new entrants in the market. The rapid growth of the industry has led many key players such as Henkel AG & Company, KGaA, Chemtronics, and others to adopt the merger & acquisition strategy to strengthen their presence and expand industry share.
The demand for conformal coating is driven by the growing demand for reliable electronic devices and equipment coupled with the increasing automation platforms across end-use industries. The advent of advanced manufacturing technologies for the product has led to a decrease in the product cost. As a result, the product penetration has increased across various industries including automotive and medical, thus, promoting the market growth.
The acrylic conformal coating is expected to register substantial growth owing to its rapid drying property as compared to its counterpart. This property enables its use in a wide range of applications in automotive and electronics industries. In addition, the heat emitted by acrylics during the curing process eliminates the potential risk of damaging heat-sensitive components, thus, promoting the market growth.
The global conformal coating market has been segmented on the basis of product, application, and region. The product segment comprises acrylic, urethane, epoxy, silicone, and parylene. Based on application, the market has been segmented into consumer electronics, automotive, medical, aerospace & defense, and others. The market has been categorized on the basis of region into North America (U.S.), Europe (Germany, UK), Asia Pacific (China, Japan, India), Latin America (Brazil), and the Middle East & Africa.
Acrylic is anticipated to be the fastest growing product segment, progressing at a CAGR of 6.0%. The high growth rate of the segment is attributed to its superior properties such as moisture resistance, easy application and removal for reworking, which make acrylic the preferred choice for employment in end-use applications.
Epoxy conformal coatings are highly resistant to solvents and possess dielectric properties, which are suitable for applications in electronic devices on printed circuit boards. These coatings are rigid and resistant to abrasion owing to which they are utilized in the manufacturing of home appliances and circuit boards.
Conformal coatings are utilized in the manufacturing of automotive electronics, as they assist in alleviating the vibrations and mechanical stress. Growing automotive sector especially in Asia Pacific and rising consumer demand for enhanced driving experience is likely to augment the product demand for automotive electronic devices over the forecast period.
The product demand in medical application is anticipated to ascend at an estimated CAGR of 5.7% over the forecast period. The segment is expected to be benefitted by the rising demand conformal coatings based devices such as therapeutics, respiratory care, and imaging systems.
Asia Pacific is anticipated to be the fastest growing regional market, progressing at a CAGR of 7.2% over the forecast period. High investments in the electronics sector in the Taiwan, China, Japan and South Korea is expected to propel product demand. Furthermore, rapid growth of automotive and consumer electronics manufacturing sector in India is likely to drive product growth in the region.
North America accounted for 26% of the global conformal coatings industry in 2016 and is likely to grow at a CAGR of 3.5% over the forecast period. The growing demand for advanced electronics including GPS systems and other related products in the automotive industry is expected to augment product demand over the forecast period.
Conformal Coatings Market Share Insights
The global conformal coating market is highly fragmented with the presence of numerous manufacturers. Major participants in the industry including, Henkel AG & Company, KGaA, Chemtronics, and Shin-Etsu Chemical Co., Ltd., are investing in R&D activities to come up with innovative environment-friendly coatings.
Several government and federal agencies including, U.S. Environmental Protection Agency, U.S. Occupational and Health Administration (OSHA), and The National Institute for Occupational Safety and Health (NIOSH) have implemented legislations and regulations regarding VOC emissions into the environment. These stringent regulations are expected to pose as a challenge for industry participants.
Conformal Coatings Product Outlook
Conformal Coatings Application Outlook
Aerospace & Defense
Conformal Coatings Regional Outlook
The Middle East & Africa
The Conformal Coatings market research report covers definition, classification, product classification, product application, development trend, product technology, competitive landscape, industrial chain structure, industry overview, national policy and planning analysis of the industry, the latest dynamic analysis, etc., and also includes major. The study includes drivers and restraints of the global market. It covers the impact of these drivers and restraints on the demand during the forecast period. The report also highlights opportunities in the market at the global level.
The report provides size (in terms of volume and value) of Conformal Coatings market for the base year 2019 and the forecast between 2020 and 2027. Market numbers have been estimated based on form and application. Market size and forecast for each application segment have been provided for the global and regional market.
This report focuses on the global Conformal Coatings market status, future forecast, growth opportunity, key market and key players. The study objectives are to present the Conformal Coatings market development in United States, Europe and China.
It is pertinent to consider that in a volatile global economy, we haven’t just conducted Conformal Coatings market forecasts in terms of CAGR, but also studied the market based on key parameters, including Year-on-Year (Y-o-Y) growth, to comprehend the certainty of the market and to find and present the lucrative opportunities in market.
In terms of production side, this report researches the Conformal Coatings capacity, production, value, ex-factory price, growth rate, market share for major manufacturers, regions (or countries) and type.
In terms of consumption side, this report focuses on the consumption of Conformal Coatings by regions (countries) and application.
Buyers of the report will have access to verified market figures, including global market size in terms of revenue and volume. As part of production analysis, the authors of the report have provided reliable estimations and calculations for global revenue and volume by Type segment of the global Conformal Coatings market. These figures have been provided in terms of both revenue and volume for the period 2016 to 2027. Additionally, the report provides accurate figures for production by region in terms of revenue as well as volume for the same period. The report also includes production capacity statistics for the same period.
With regard to production bases and technologies, the research in this report covers the production time, base distribution, technical parameters, research and development trends, technology sources, and sources of raw materials of major Conformal Coatings market companies.
Regarding the analysis of the industry chain, the research of this report covers the raw materials and equipment of Conformal Coatings market upstream, downstream customers, marketing channels, industry development trends and investment strategy recommendations. The more specific analysis also includes the main application areas of market and consumption, major regions and Consumption, major Chinese producers, distributors, raw material suppliers, equipment providers and their contact information, industry chain relationship analysis.
The research in this report also includes product parameters, production process, cost structure, and data information classified by region, technology and application. Finally, the paper model new project SWOT analysis and investment feasibility study of the case model.
Overall, this is an in-depth research report specifically for the Conformal Coatings industry. The research center uses an objective and fair way to conduct an in-depth analysis of the development trend of the industry, providing support and evidence for customer competition analysis, development planning, and investment decision-making. In the course of operation, the project has received support and assistance from technicians and marketing personnel in various links of the industry chain.
Conformal Coatings market competitive landscape provides details by competitor. Details included are company overview, company financials, revenue generated, market potential, investment in research and development, new market initiatives, global presence, production sites and facilities, production capacities, company strengths and weaknesses, product launch, product width and breadth, application dominance. The above data points provided are only related to the companies’ focus related to Conformal Coatings market.
Prominent players in the market are predicted to face tough competition from the new entrants. However, some of the key players are targeting to acquire the startup companies in order to maintain their dominance in the global market. For a detailed analysis of key companies, their strengths, weaknesses, threats, and opportunities are measured in the report by using industry-standard tools such as the SWOT analysis. Regional coverage of key companies is covered in the report to measure their dominance. Key manufacturers of Conformal Coatings market are focusing on introducing new products to meet the needs of the patrons. The feasibility of new products is also measured by using industry-standard tools.
Key companies are increasing their investments in research and development activities for the discovery of new products. There has also been a rise in the government funding for the introduction of new Conformal Coatings market. These factors have benefited the growth of the global market for Conformal Coatings. Going forward, key companies are predicted to benefit from the new product launches and the adoption of technological advancements. Technical advancements have benefited many industries and the global industry is not an exception.
New product launches and the expansion of already existing business are predicted to benefit the key players in maintaining their dominance in the global market for Conformal Coatings. The global market is segmented on the basis of region, application, en-users and product type. Based on region, the market is divided into North America, Europe, Asia-Pacific, Latin America and Middle East and Africa (MEA).
In this study, the years considered to estimate the market size of Microcontroller are as follows:
History Year: 2016-2019
Base Year: 2019
Estimated Year: 2020
Forecast Year 2020 to 2027
Reasons to Purchase this Report:
- Market segmentation analysis including qualitative and quantitative research incorporating the impact of economic and policy aspects
- Regional and country level analysis integrating the demand and supply forces that are influencing the growth of the market.
- Market value USD Million and volume Units Million data for each segment and sub-segment
- Competitive landscape involving the market share of major players, along with the new projects and strategies adopted by players in the past five years
- Comprehensive company profiles covering the product offerings, key financial information, recent developments, SWOT analysis, and strategies employed by the major market players
In-depth interviews and discussions were conducted with several key market participants and opinion leaders to compile the research report.
This research study involved the extensive usage of both primary and secondary data sources. The research process involved the study of various factors affecting the industry, including the government policy, market environment, competitive landscape, historical data, present trends in the market, technological innovation, upcoming technologies and the technical progress in related industry, and market risks, opportunities, market barriers and challenges. The following illustrative figure shows the market research methodology applied in this report.
Market Size Estimation
Top-down and bottom-up approaches are used to estimate and validate the global market size for company, regional division, product type and application (end users).
The market estimations in this report are based on the selling price (excluding any discounts provided by the manufacturer, distributor, wholesaler or traders). Market share analysis, assigned to each of the segments and regions are achieved through product utilization rate and average selling price.
Major manufacturers & their revenues, percentage splits, market shares, growth rates and breakdowns of the product markets are determined through secondary sources and verified through the primary sources.
All possible factors that influence the markets included in this research study have been accounted for, viewed in extensive detail, verified through primary research, and analyzed to get the final quantitative and qualitative data. The market size for top-level markets and sub-segments is normalized, and the effect of inflation, economic downturns, and regulatory & policy changes or others factors are accounted for in the market forecast. This data is combined and added with detailed inputs and analysis from Vision Research Reports and presented in this report.
Market Breakdown and Data Triangulation
After complete market engineering with calculations for market statistics; market size estimations; market forecasting; market breakdown; and data triangulation. Extensive primary research was conducted to gather information and verify and validate the critical numbers arrived at. In the complete market engineering process, both top-down and bottom-up approaches were extensively used, along with several data triangulation methods, to perform market estimation and market forecasting for the overall market segments and sub-segments listed in this report.
Secondary Sources occupies approximately 25% of data sources, such as press releases, annual reports, Non-Profit organizations, industry associations, governmental agencies and customs data, and so on. This research study includes secondary sources; directories; databases such as Bloomberg Business, Wind Info, Hoovers, Factiva (Dow Jones & Company), TRADING ECONOMICS, and avention; Investing News Network; statista; Federal Reserve Economic Data; annual reports; investor presentations; and SEC filings of companies.
In the primary research process, various sources from both the supply and demand sides were interviewed to obtain qualitative and quantitative information for this report. The primary sources from the supply side include product manufacturers (and their competitors), opinion leaders, industry experts, research institutions, distributors, dealer and traders, as well as the raw materials suppliers and producers, etc.
The primary sources from the demand side include industry experts such as business leaders, marketing and sales directors, technology and innovation directors, supply chain executive, end users (product buyers), and related key executives from various key companies and organizations operating in the global market.
The study objectives of this report are:
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