Pune, India, Sept. 12, 2022 (GLOBE NEWSWIRE) -- According to Fortune Business Insights the global conformal coatings market size was valued at USD 899.1 million in 2021. The market is expected to grow from USD 940.8 million in 2022 to USD 1,392.8 million by 2029, exhibiting a CAGR of 5.8% during the forecast period. Increasing miniaturization trends and robust demand from the electric automotive segment are expected to propel market progress. Fortune Business Insights™ provides this information in its report titled “Conformal Coatings Market, 2022-2029.”
Get a Sample PDF Brochure:
https://www.fortunebusinessinsights.com/enquiry/request-sample-pdf/conformal-coatings-market-102867
List of Key Players Profiled in the Report
- Chemtronics (South Korea)
- Henkel AG & Company (Germany)
- Shin-Etsu Chemical Co., Ltd (Japan)
- Dow (U.S.)
- Chase Corporation (U.S.)
- Dymax Corporation (U.S.)
- Specialty Coating Systems (U.S.)
- Electrolube (U.K.)
- H.B. Fuller (U.S.)
- M.G. Chemicals (Canada)
Report Scope & Segmentation:
| Report Coverage | Details |
| Forecast Period | 2022-2029 |
| Forecast CAGR | 5.8% |
| 2029 Value Projection | USD 1,392.8 Million |
| Base Year | 2021 |
| Conformal Coatings Market Size in 2021 | USD 899.1 Million |
| Historical Data | 2018-2020 |
| No. of Pages | 195 |
| Segments Covered | By End-Use, By Product and Regional |
| Conformal Coatings Market Growth Drivers | Strong Demand from Consumer Electronics Industry to Foster Market Growth |
| Major Players Announce Novel Products to Elevate their Brand Image |
COVID-19 Impact:
Supply Chain Disruptions Hindered the Industry’s Growth
This market was negatively affected during the COVID-19 pandemic due to supply chain disruptions. Furthermore, the sudden spike in COVID-19 infections led to restrictions on the supply chain. Lack of transport and travel led to the lack of raw materials required to produce conformal coatings. However, the adoption of reduced capacities, industrial automation, and part-time shifts allowed manufacturers to recover their costs and bolster their market position. This factor bolstered industry growth.
Segments
Acrylic Segment to Dominate Owing to Robust Demand from the Electronic Manufacturing Sector
By product analysis
- Acrylic
- Epoxy
- Urethane
- Silicone
- Parylene
The acrylic segment is expected to dominate due to robust demand from the electronic manufacturing sector.
Inquire Before Buying This Research Report:
https://www.fortunebusinessinsights.com/enquiry/queries/conformal-coatings-market-102867
Consumer Electronics Segment to Lead Owing to Robust Adoption for Miniaturized Electronic Applications
As per end-use industry, the market is classified into automotive, medical, aerospace & defense, consumer electronics, and others. The consumer electronics segment is expected to dominate due to the rising adoption of miniaturized electronic applications.
Regionally, the market is clubbed into North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa.
Report Coverage
The report provides a detailed analysis of the top segments and the latest trends in the market. It comprehensively discusses the driving and restraining factors and the impact of COVID-19 on the market. Additionally, it examines the regional developments and the strategies undertaken by the market's key players.
Drivers and Restraints
Strong Demand from Consumer Electronics Industry to Foster Market Growth
Conformal coatings are polymer-based materials that are applied on PCB. It is a thin layer that offers excellent protection to the product at hand. Rising demand from the consumer electronics industry is expected to bolster the product demand. Furthermore, the extensive adoption of the coatings from consumer electronics, automotive, and other industries is likely to bolster the product adoption. Also, the increasing implementation of novel technologies such as machine learning and artificial intelligence is expected to drive the conformal coatings market growth.
However, stringent environmental regulations are likely to hamper the industry’s growth.
Regional Insights
Strong Demand from the Electronics Manufacturing Sector to Foster Market Growth in Asia Pacific
Asia Pacific is expected to dominate the conformal coatings market share due to strong demand from the electronics manufacturing sector. The market in Asia Pacific is expected to touch USD 767.3 million in 2021 and is expected to gain a huge portion of the global market share in the coming years.
In North America, the strong demand for electric vehicles is expected to the product demand. Further, the increasing adoption of electronics in electric and hybrid vehicles is expected to foster the industry’s growth in the coming years.
In Europe, the rising product adoption from the automotive industry is expected to foster the industry’s growth.
Competitive Landscape
Major Players Announce Novel Products to Elevate their Brand Image
The prominent companies operating in the market announce novel products to enhance their brand image. For example, Electrolube announced its novel UV Cure Coating Xtra (UVCLX) in October 2021. The product is made by utilizing organic content sourced from renewable means. This strategy may allow the company to bolster its brand image globally. Furthermore, major players devise research and development, expansions, mergers, acquisitions, and expansions to elevate their market position.
Browse Detailed Summary of Research Report with TOC:
https://www.fortunebusinessinsights.com/conformal-coatings-market-102867
Detailed Table of Content:
- Introduction
- Research Scope
- Market Segmentation
- Research Methodology
- Definitions and Assumptions
- Executive Summary
- Market Dynamics
- Market Drivers
- Market Restraints
- Market Opportunities
- Key Insights
- Key Trends
- Key Developments
- Insights on Regulatory Scenario
- Latest Technological Advancements
- Porters Five Forces Analysis
- Qualitative Insights – Impact of COVID-19 on Global Conformal Coatings Market
- Supply Chain Challenges
- Steps taken by Government/Companies to overcome this impact
- Potential opportunities due to COVID-19 outbreak
- Global Conformal Coatings Market Analysis, Insights and Forecast, 2018-2029
- Key Findings / Summary
- Market Size Estimates and Forecast
- By Product (Value)
- Epoxy
- Acrylic
- Urethane
- Parylene
- Silicone
- Others
- By End-use Industry (Value)
- Automotive
- Medical
- Aerospace & Defense
- Consumer Electronics
- Others
- By Region (Value)
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East & Africa
- By Product (Value)
TOC Continued…!
Speak to Our Expert:
https://www.fortunebusinessinsights.com/enquiry/speak-to-analyst/conformal-coatings-market-102867
Key Industry Development
- March 2022: HumiSeal announced its UV500-2 conformal coating with PCB protection. It was developed to offer additional performance under mechanical and thermal cycling testing for white goods and the automotive sector.
Read Related Insights:
Paints and Coatings Market to Reach USD 235.06 Billion by 2029 | Paints and Coatings Industry CAGR of 5%
With 18.0% CAGR, Flat Glass Coatings Market Size to Worth USD 7.05 Billion by 2029
Epoxy Coatings Market Growth to Reach USD 52.13 billion by 2028 | Global Epoxy Coatings Industry Register a CAGR of 5.2%
About Us:
Fortune Business Insights™ delivers accurate data and innovative corporate analysis, helping organizations of all sizes make appropriate decisions. We tailor novel solutions for our clients, assisting them to address various challenges distinct to their businesses. Our aim is to empower them with holistic market intelligence, providing a granular overview of the market they are operating in.
Address:
Fortune Business Insights Pvt. Ltd.9th Floor, Icon Tower, Baner –
Mahalunge Road, Baner, Pune-411045,
Maharashtra, India.
Phone:
US: +1 424 253 0390
UK: +44 2071 939123
APAC: +91 744 740 1245
Email: sales@fortunebusinessinsights.com
