Rockville, May 31, 2023 (GLOBE NEWSWIRE) -- On the basis of analysis by Fact.MR, the global conformal coatings market is estimated to be valued at US$ 12.4 billion in 2023 and is expected to grow at a CAGR of 4.0% during the forecast period of 2023-2033.
The conformal coatings market has experienced growth due to the increasing demand for electronic devices, advancements in coating technologies, and the need for electronics protection and reliability. The industry has witnessed the development of coatings with improved properties to meet the specific requirements of electronic components and assemblies.
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Environmental regulations and sustainability concerns are driving the formulation of eco-friendly coatings with reduced VOCs. The adoption of automated coating systems has also increased to ensure precision and consistency in coating applications.
As the electronics industry continues to evolve and demand higher-performance devices, the conformal coatings market is expected to grow further by providing essential protection and enhancing the reliability of electronic components.
Key Takeaways from Market Study
- The global conformal coatings market is likely to represent an absolute $ opportunity of US$ 6.4 billion in the coming years
- Consumer electronics market is likely to grow at a CAGR of 5.3% during the forecast period
- East Asia and South Asia are prominent regions projecting immense growth opportunities for the market players
- Epoxy conformal coatings market is estimated to grow at a CAGR of 4.5% in the coming years
- Acrylics conformal coatings are estimated to reach a valuation of US$ 7.2 billion by 2033
Advancements in Coating Technologies Drive Conformal Coatings Industry during the Forecast Period, says a Fact.MR analyst.
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Market Growth Stratagems
Conformal coatings manufacturers focus on continuous research and development to enhance their product offerings. They invest in developing new formulations and technologies that provide improved performance, durability, and protection for electronic components. Innovation helps them stay ahead of competitors and meet evolving customer demands.
Manufacturers also seek to expand their presence in new geographic regions or industries. They identify untapped markets or emerging economies with growing electronics manufacturing sectors and establish distribution networks or partnerships to reach customers in these areas. By expanding into new markets, manufacturers can increase their customer base and revenue streams.
Competitive Landscape
Increasing technological advancements are shaping the Canada acrylics conformal coatings market for PCBs and Germany silicone conformal coatings market for PCBs, besides other markets. Companies operating in the conformal coating sector are focused on developing technological solutions for conformal coating.
• In February 2020, The Dow Chemical Company, a chemical manufacturing company launched the DOWSIL CC-8030 UV and Moisture Dual Cure Conformal Coating at IPC APEX EXPO, the company's first solvent less silicone conformal coating with an ultraviolet (UV) and moisture dual-cure device for maximum efficiency. Through automated spraying and quick energy-efficient UV curing, the new environmentally friendly silicone technology enables sustainability, health, and safety while lowering processing costs.
Key Players:
- Dow Corning
- Henkel AG & KGaA
- Chase Corporation
- Shin Etsu Chemical Company Limited
- Electrolube
- H.B. Fuller Company
- Europlasma N.V.
- AI Technology, Inc.
- KISCO Limited
- Aalpha Conformal Coating
- Chemtronics
- MG Chemicals
- HemiSeal
- Global Manufacturing Services Inc.
- Specialty Coating Systems Inc.
- Cytec Industries Inc.
- Dymax Corporation
Key Segments in Conformal Coatings for PCBs Industry Research
- Product
- Polyurethane Conformal Coatings for PCBs
- Acrylics Conformal Coatings for PCBs
- Silicone Conformal Coatings for PCBs
- Parylene Conformal Coatings for PCBs
- Epoxy Conformal Coatings for PCBs
- Fluoropolymer Conformal Coatings for PCBs
- Operation Method
- Spray Coating
- Dip Coating
- Brush Coating
- CVD
- Technology
- Solvent-based Conformal Coatings for PCBs
- Water-based Conformal Coatings for PCBs
- UV-cured Conformal Coatings for PCBs
- LED-curable Conformal Coatings for PCB
- End Use
- Consumer Electronics
- Medical
- Marine
- Defense
- Automotive
- Industrial Machinery & Equipment
- Aerospace
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More Valuable Insights on Offer
Fact.MR, in its new offering, presents an unbiased analysis of the conformal coatings market, presenting historical market data (2018-2022) and forecast statistics for the period of 2023-2033.
The study reveals essential insights on the basis of product (polyurethane, acrylics, silicone, parylene, epoxy, and fluoropolymer), operation method (spray coating, dip coating, brush coating, and CVD), technology (solvent-based, water-based, UV-cured, and LED-curable), end use (consumer electronics, medical, marine, defense, automotive, industrial machinery & equipment, and aerospace), and across major regions of the world (North America, Latin America, Europe, East Asia, South Asia, and Oceania, Middle East & Africa).
Key Questions Covered in the Conformal Coatings Market Report
- What will be the estimated size of the Market in 2023?
- At what rate will the global Conformal Coatings sales grow until 2031?
- Which are the factors hampering the Conformal Coatings demand?
- Which region will spearhead the growth in the global industry by 2031?
- Which are the factors driving sales in the Conformal Coatings Market during the forecast period?
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