Pune India, Jan. 30, 2023 (GLOBE NEWSWIRE) -- The market has been studied for the below mentioned-segmentation and regional analysis for North America, Europe, Asia, South America, and the Middle East and Africa. These are the key regions where the conformal coatings market is operating and is predicted to expand soon. The manufacturers and suppliers involved in the conformal coatings market are present across various countries in the above-mentioned regions.
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The report provides a detailed understanding of the market segments which have been formed by combining different prospects such as product, end-user, and regions. Apart from this, the key driving factors, restraints, potential growth opportunities and market challenges are also discussed in the below paragraphs.
The significant players operating in the global conformal coatings market are ALTANA, Chase Corp, Dymax Corporation, ACC Silicones Inc., KISCO LTD, Electrolube, Aalpha Conformal Coatings, Chemotronics, Dow, H.B. Fuller, Specialty Coating Systems, Henkel AG & Company among others. To achieve a substantial market share in the worldwide conformal coatings market and strengthen their position, manufacturers are pursuing expansion methods such as current developments, mergers and acquisitions, product innovations, collaborations, and partnerships, joint ventures.
Conformal coatings protect circuit boards from contaminants by creating a barrier between them and contaminants. A growing number of manufacturers of conformal coatings are focusing on new innovations and technologies to serve various industries and increase their market share. This means that the production of conformal coatings is on the rise and there will be a lot of competition in the market over the forecast period. Accordingly, the conformal coating market is dominated by the automotive and electronic industries as well as the growing demand for lightweight vehicles. Automobile wiring and cables are commonly coated with conformal coating, making them lighter and more oil-efficient, and the market for conformal coatings is expected to grow due to the digitalization and increasing electrical dependence of automobiles. A growing concern among electrical manufacturers is the protection of boards and components from moisture, chemicals, and other elements in order to increase market share and serve a variety of industries, so conformal coatings manufacturers are focusing on new innovations and technologies. As a result of the increasing production of conformal coatings in the upcoming period, the level of competition in the market will likely be high. In addition to expensive replacement costs for damages, technological limitations restrict the growth of the conformal coatings Market. The capillary forces caused by low standoff components deteriorate coating performance, and water condensation and corrosion failure of electronics are not protected by conformal coatings, thus limiting the growth of the global conformal coatings market.
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Scope of Conformal Coatings Market Report:
| Report Metric | Information |
| Study Period | 2022-2030 |
| Base Year | 2022 |
| Forecast Period | 2023-2030 |
| Market Share Unit | USD Million |
| Segments Covered | Product, End-User, and Regions. |
| Regions Covered | North America, Europe, Asia-Pacific, South America, and Middle-East and Africa |
| Major Players | ALTANA, Chase Corp, Dymax Corporation, ACC Silicones Inc., KISCO LTD, Electrolube, Aalpha Conformal Coatings, Chemotronics, Dow, H.B. Fuller, Specialty Coating Systems, Henkel AG & Company among others |
Segmentation Analysis
Parylene is expected to be the fastest-growing segment in 2022.
The product segment includes epoxy, silicone, parylene, urethane, acrylic and others. The parylene is expected to witness the highest growth rate during the forecast period. Parylene conformal coatings are unique as they are produced at room temperature and deposited using a vapour phase deposition process. They offer high dielectric strength, solvent resistance, and superior moisture and temperature resistance. In addition to providing excellent circuit board protection, parylene is applied by vapour phase spraying, which leaves a thin film. It penetrates easily and can be used on metals, glass and other substrates.
Electronics are expected to be the fastest-growing segment in 2022.
The end-user segment includes aerospace & defence, medical, automotive, industrial machinery & equipment, electronics and others. The electronics segment is expected to witness the highest growth rate during the forecast period. Consumer electronics are the largest growing segment in the global conformal coatings market. The increased prevalence of highly advanced electronic circuit boards has made consumer electronics more popular. Significant demand for conformal coatings is expected over the forecasted period because these circuit boards are susceptible to dust, high temperatures, humidity, and other air pollutants.
Regional Analysis
The regional analysis provides a detailed perception of the key regions and the countries. Some of the key countries analyzed for the conformal coatings market include the US, Canada, Mexico, Germany, France, the U.K., Italy, Spain, Russia, China, Japan, India, Brazil, Peru, UAE, South Africa, and Saudi Arabia.
The Asia Pacific region witnessed a major share. As predicted for the forecasted period, the Asia Pacific region will be the largest growing market. There will be a strong demand for conformal coatings in the Asia Pacific region due to positive demand from the aerospace, automotive, electronic goods, and manufacturing industries. Asia-Pacific electronics have grown rapidly recently due to the high demand from countries like India and China. Due to its low labour costs and flexible policies, China is a highly favourable market for electronics manufacturers.
Country Analysis
- Germany
Germany's conformal coatings market size was valued at USD 73.9 million in 2022 and is expected to reach USD 118.6 million by 2030, at a CAGR of 6.1% from 2023 to 2030.
As the market continues to grow, exciting features are being introduced, including emergency call systems, alcohol ignition interlocks, and accident data recorders. OEMs are focusing on research and development in order to develop innovative products that are cost-effective, thus investing in huge amounts of capital.
- China
China’s conformal coatings market size was valued at USD 97.47 million in 2022 and is expected to reach USD 158.9 million by 2030, at a CAGR of 6.3% from 2023 to 2030.
As the world's largest electronics producer, China is a tough competitor to existing upstream producers such as South Korea, Singapore, and Taiwan. In terms of demand, consumer electronics products, such as smartphones, OLED TVs, and tablets, are growing at the fastest rate.
- India
India's conformal coatings market size was valued at USD 74.9 million in 2022 and is expected to reach USD 121.6 million by 2030, at a CAGR of 6.2% from 2023 to 2030.
The India Conformal Coatings market has grown tremendously over the years. Some key factors that contributed to market growth include the growing manufacture of consumer electronics, including smartphones and other white goods. Moreover, the country's growing electronics industry is poised to provide major growth opportunities for industry players as the country's manufacturing & industrial environment is large and industrial.
Covid-19 Impact
Covid-19 had a major impact on almost all industries, such as electronics, semiconductors, manufacturing, automobile, etc. However, several companies operating in the technology sector have seen increased revenue due to significant changes in consumer preferences toward technological services. In addition, the pandemic has led to significant growth in technology across developing and developed countries.
Furthermore, the growth of this market is mainly driven owing to the increasing demand in the automotive sector.
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