Conformal Coatings for Electronic Assemblies is the largest segment driving the growth of Conformal Coatings Market
The global Conformal Coatings Market is estimated to be valued at US$ 1332.71 Mn or Million in 2023 and is expected to exhibit a CAGR of 6.0% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Conformal coatings are thin polymeric coatings applied to the surface of printed circuit boards and other electronic assemblies to protect them from moisture, chemicals, and other environmental contaminants. They ensure the reliability of critical components and long lifespan of the electronic products.
Market key trends:
The adoption of conformal coatings is increasing in various industries such as automotive, medical devices, defense, and aviation. Conformal coatings enhance the reliability of medical devices like CT scanners, MRIs, respirators, and ventilators by protecting against liquids and particulate contamination which increases their lifespan. The demand for medical devices is rising with increase in aging population globally. Thus, growing medical device industry is creating high demand for conformal coatings. Integration of advanced technologies like AI and IoT is also fueling the demand as they require highly protected electronic circuitry. Stringent regulations regarding reliability and lifespan of critical electronic products further supports the market growth of conformal coatings.
SWOT Analysis
Strength: Conformal coatings provide protection from moisture, dust, chemicals and other environmental factors leading to increased life span of electronic circuits and components. Some conformal coatings also provide electrical insulation properties.
Weakness: Certain conformal coatings such as acrylic and silicone based coatings have limitations in applications involving high operating temperatures above 150°C. Use of solvent-based coatings releases volatile organic compounds impacting the environment.
Opportunity: Growth of consumer electronics and miniaturization of components in automotive, healthcare and industrial equipment is expected to drive the demand for conformal coatings offering protection to circuits in compact assemblies. There is an opportunity to develop bio-based or plant- derived conformal coatings to reduce environmental impact.
Threats: Stringent environmental regulations around the globe pertaining to use of hazardous chemicals in electronic coatings Industry could restrict the use of some solvent-based and non-bio-based conformal coatings. Supply chain disruptions due to geo-political issues pose a challenge for procurement of raw materials in the conformal coatings industry.
Key Takeaways
The global conformal coatings market is expected to witness high growth, exhibiting CAGR of 6.0% over the forecast period, due to increasing demand from consumer electronics and automotive industries requiring protection of circuits in compact devices from moisture, chemicals and other environmental factors.
Regional analysis: Asia Pacific dominates the global conformal coatings market and is expected to continue its dominance, growing at the fastest CAGR during the forecast period. This is attributed to large electronics production bases and automotive manufacturing hubs in China, Taiwan, South Korea and Japan. North America and Europe are other major regions for conformal coatings consumption driven by well-established electronics and automotive industries.
Key players operating in the conformal coatings market are Altana, Chase Corp., CHT Ltd, Dow, Dymax, HK Wentworth Ltd, H.B. Fuller Company, Henkel AG & Co. KGaA, ITW, Kisco Ltd, MG Chemicals, Panacol-Elosol GmbH, Shin-Etsu Chemical Co. Ltd, and Momentive. Key players are focusing on developing non-halogenated, eco-friendly conformal coating materials with low VOC content to comply with stringent environmental regulations
*Note:
- Source: Coherent Market Insights, Public sources, Desk research
- We have leveraged AI tools to mine information and compile it
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