June 16, 2024
Conformal Coating Market

The Conformal Coatings Market Is Driven By Increasing Need For Protection Of Electronic Circuitry From Environmental Stresses

The conformal coatings market refers to a wide range of insulating compounds and polymers that form a protective layer on printed circuit boards and assembled electronic components. Conformal coatings provide critical environmental protection for electronic assemblies by sealing out moisture, dust, chemicals and other contaminants. They help prevent damage from factors like humidity, corrosion, temperature variations and mechanical wear. Conformal coatings offer reliability advantages over unprotected assemblies and help extend product life in harsh operating conditions. Common uses for conformal coatings include aerospace/aviation, consumer electronics, industrial equipment, medical devices and automotive electronics.

The global Conformal Coating Market is estimated to be valued at US$ 1.3 billion  in 2023 and is expected to exhibit a CAGR of 3.3%  over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

Market key trends

One of the key trends in the conformal coatings market is the rising demand for conformal coatings with low temperature curing properties. Low temperature curing conformal coatings enables components to be coated at room temperature or with a modest temperature boost well below normal curing temperatures. This is advantageous as it prevents any potential heat damage to delicate electronic components during the coating process. It also allows for in-line coating of assembled printed circuit boards. Leading coating manufacturers are focusing on developing newer generation acrylic, silicone and urethane based coatings with advanced low temperature curing capabilities. Another trend gaining traction is increased usage of green conformal coatings. Strict environmental regulations worldwide have boosted research into eco-friendly coating alternatives using renewable and bioderived materials. Green coatings help electronic manufacturers comply with stringent ROHS and WEEE directives.

Porter’s Analysis

Threat of new entrants: The threat of new entrants in the conformal coatings market is low due to the presence of major players and the requirement of high investment for R&D.
Bargaining power of buyers: The bargaining power of buyers is moderate due to the availability of various product types and brands.
Bargaining power of suppliers: The bargaining power of suppliers is low due to the presence of many raw material suppliers.
Threat of new substitutes: The threat of substitutes is low as there are limited alternative products for conformal coatings.
Competitive rivalry: The competitive rivalry is high among the key players to gain major market share.

Key Takeaways

The global Conformal Coatings Market Demand is expected to witness high growth during the forecast period of 2023-2030. The global conformal coating market is estimated to be valued at US$ 1.3 billion  in 2023 and is expected to exhibit a CAGR of 3.3%  over the forecast period 2023 to 2030.

Regional analysis: The Asia Pacific region is expected to dominate the global conformal coatings market during the forecast period. This is attributed to the presence of major electronics industries and increased demand for protection of PCBs from various end-use industries in countries such as China, Japan, India.

Key players: Key players operating in the conformal coatings market are Henkel AG & Co. KGaA , Chase Corporation, H.B. Fuller Company, Illinois Tool Works, Dymax Corporation, Shin-Etsu Chemical Co., Ltd., Electrolube, Dow, MG Chemicals, Specialty Coating Systems Inc. Henkel AG & Co. KGaA is one of the leading players in the conformal coatings market. The company offers various acrylic, urethane, and silicone-based conformal coating products.

*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it