Conformal Coatings Market (By Product: Acrylic, Epoxy, Urethane, Silicone, and Parylene; By Application) - Global Industry Analysis, Size, Share, Growth, Trends, Revenue, Regional Outlook and Forecast 2022-2030.

Published Date : Jul 2022 | No. of Pages : 150+ Pages | Category : Chemical and Material

The global conformal coatings market was estimated at USD 930.99 million in 2021 and it is expected to surpass around USD 1,493.6 million by 2030, poised to grow at a CAGR of 8.2% from 2022 to 2030.

Conformal Coatings Market Size 2021 to 2030

Report Highlights

  •  Acrylic dominated the global conformal coatings market in the product segment and accounted for more than 47.1% of overall revenue share in 2021. 
  • The consumer electronics sub-segment dominated the application segment for the global conformal coatings market and accounted for the largest revenue share of more than 44.07% in 2021. 
  • The Asia Pacific dominated the regional segment and accounted for an overall revenue share of more than 51.12% in 2021. 
  • By product, the U.S. Conformal Coatings market was valued at USD 200.3 million in 2021 and expected to witness growth at a CAGR of 5.3% from 2022 to 2030.

The global conformal coatings market is anticipated to grow with the development in aerospace, automotive, consumer electronics, and medical applications across the globe. Rising expectations regarding automation in the abovementioned applications have driven the demand for electronic devices & equipment.

The conformal coatings provide improved product characteristics, including high heat, dust, moisture resistance, corrosion resistance, and improved overall durability. The use of conformal coating has driven the demand for high-quality dispensing mechanisms to dispense conformal coatings effectively, since poor dispersion results in cracks in the coating layer and affects PCB functions. In January 2021, Delta Electronics, Inc. provided a PCB conformal coating dispensing and inspection solution to an electronic automotive component manufacturer in Tianjin, China. The mechanism dispenses coatings through a nozzle and triggers an alarm in case of insufficient or improper dispensing.

Players in the conformal coatings market are adopting merger & acquisition initiatives to expand their reach. For instance, in May 2021, Element Solutions, Inc. acquired H.K. Wentworth Limited, a U.K.-based company involved in manufacturing conformal coatings, thermal management materials, electronic cleaning solutions, and encapsulation resins. The company has a presence in over 55 countries and caters to end-user markets, including aerospace & defense, medical, telecommunications, and consumer electronics. This acquisition can help Element Solutions, Inc. to expand its conformal coatings manufacturing capacity in various end-use markets.

Due to the presence of several players in the conformal coatings market, the competitive rivalry is high. Conformal coating manufacturers collaborate with other market players to increase their market share. For instance, in May 2021, Dymax and HZO, Inc. entered into a strategic alliance to facilitate joint product development, formulate existing coating solutions, and accelerate market reach. Dymax is involved in producing conformal coatings, and such initiatives can strengthen its position in the conformal coatings market.

Scope of The Report

Report Coverage Details
Market Size in 2021 USD 930.99 million 
Revenue Forecast by 2030 USD 1,493.6 million
Growth rate from 2022 to 2030 CAGR of 8.2%
Base Year 2021
Forecast Period 2022 to 2030
Segmentation Product, application, region
Companies Covered Henkel AG & Co. KGaA; Chemtronics; Shin-Etsu Chemical Co., Ltd; Dow; H.B. Fuller Company; Chase Corp; Electrolube; Europlasma NV; MG Chemicals; KISCO LTD; Dymax Corporation; ALTANA

 

Product Insights

Acrylic dominated the global conformal coatings market in the product segment and accounted for more than 47.1% of overall revenue share in 2021. Adjusting the viscosity of acrylic coatings is easy, making it an ideal compound for the preparation of various application grade-based coatings. Also, its drying process is significantly quicker compared to its counterparts. This property enables its use in a wide range of applications in the 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 its conformal coatings market growth. Epoxy conformal coatings are highly resistant to solvents and possess dielectric properties, which are suitable for electronic device applications 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.

Urethane conformal coating is known for its good abrasion resistance, chemical resistance, and excellent moisture resistance. It is difficult to remove, which makes it suitable to be used in aerospace applications, thus helping in eliminating the problems associated with exposure of aerospace components to fuel vapors.

Application Insights

The consumer electronics sub-segment dominated the application segment for the global conformal coatings market and accounted for the largest revenue share of more than 44.07% in 2021. Consumer electronics have witnessed a growing popularity post the COVID-19 pandemic owing to the rising trend of miniaturized electronic circuit boards. These circuit boards are prone to dust, high temperatures, humidity, and other air-borne contaminants, driving the demand for conformal coatings.

The growing demand for consumer electronics has encouraged conformal coating manufacturers to launch new products to cater to the advancing market. For instance, in October 2021, Dow introduced DOWSIL CC-2588 Conformal Coating, a silicone-based coating developed to protect printed circuit boards (PCB) and electronic components. DOWSIL CC-2588 conformal coating cures at room temperature for reduced energy consumption and facilitates inspection using ultraviolet light, which can drive its demand in the consumer electronics segment.

The global focus on decarbonization is increasing due to rising environmental issues arising from gasoline-powered vehicles. This has driven international governments and automobile manufacturers to develop fuel-efficient hybrid and electric cars. The emergence of intelligent vehicles is expected to drive the demand for electronic components such as sensors, electronic devices for entertainment, and GPS in automobiles which can further contribute to the growth of conformal coatings to protect automobile electronic products.

Regional Insights

The Asia Pacific dominated the regional segment and accounted for an overall revenue share of more than 51.12% in 2021. The demand for conformal coatings in the Asia Pacific is driven by the high demand from key industries, including aerospace, automotive, consumer electronics, and manufacturing industries. According to a press release by Airbus in February 2022, the Asia-Pacific region is anticipated to require 17,620 new passenger and freighter aircraft. This is expected to be driven by the growing population in the area.

Furthermore, as per Airbus, the cargo traffic in Asia-Pacific is expected to increase at 3.63% per annum, leading to a doubling in air freight in the region by 2040, thus positively impacting the market for conformal coatings in the area. North America has witnessed a growing demand for advanced electronics, including GPS systems and other related products in the automotive industry. The e-commerce industry has seen an upward trend in the region, resulting in increased sales of commercial vehicles in the area to cater to this industry.

According to the International Air Transport Association (IATA), North American carriers showed a fast recovery due to vaccine rollout and allowed vaccinated travelers in the region in November 2021. The rebound in passenger traffic has encouraged aircraft carriers to order new aircraft, resulting in increased aircraft sales in the region. Conformal coatings are used to protect the operating devices from vibrations, extreme temperatures, and shocks. The growing market for the aerospace sector in the U.S. is expected to push the conformal coatings market to grow upwards.

Key Players

  • Chase Corp
  • Electrolube
  • Europlasma NV
  • MG Chemicals
  • KISCO LTD
  • Dymax Corporation
  • ALTANA
  • ACC Silicones Limited
  • CSL Silicones Inc.
  • Aalpha Conformal Coatings

Market Segmentation

  • By Product Outlook
    • Acrylic
    • Epoxy
    • Urethane
    • Silicone
    • Parylene
  • By Application Outlook
    • Consumer Electronics
    • Automotive
    • Medical
    • Aerospace & Defense
    • Others
  • By Region Outlook
    • North America
      • U.S.
    • Europe
      • Germany
      • U.K.
    • Asia Pacific
      • China
      • India
      • Japan
    • Central & South America
      • Brazil
    • Middle East & Africa

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