United States, Rockville MD, June 16, 2022 (GLOBE NEWSWIRE) -- Global demand for electronic conformal coatings is predicted to increase at a CAGR of 5.8% from 2022 to 2032. As of 2022, the electronic conformal coatings market stands at a valuation of US$ 2.45 billion and is estimated to increase to US$ 4.3 billion by the end of 2032. Fact.MR, a market research and competitive intelligence provider, has provided detailed insights into the electronic conformal coatings industry in its latest study.
Rising use of electronics and increasing printed circuit board (PCB) manufacturing across the world are major factors that are anticipated to propel the demand for electronic conformal coatings over the coming years. Increasing use of electronics in the automotive, aerospace, and defense industries is also expected to boost the consumption of electronic conformal coatings.
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Increasing digitization, rising sales of consumer electronics, and increasing scope of electronic conformal coating applications in the medical industry are other factors that are set to drive market growth going forward. Electronic conformal coating manufacturers are focusing on mergers and acquisitions to strengthen their foothold in the global market and gain a competitive edge.
In September 2020, Covestro, a German material manufacturer, announced the acquisition of the sustainable coating resins business of DSM. This acquisition helped Covestro strengthen its stance in the sustainable coatings business.
What Prospects Await Electronic Conformal Coating Suppliers?
“Growing Need for Electronic Conformal Coatings Due to Increasing Focus on Miniaturization of Electronics”
Technological advancements have transformed the electronics industry over the past decade and this trend is expected to be rife over the coming years as well. Electronics and electronic components are now being miniaturized as the complexity of devices is increasing, and to deliver advanced technology in a compact format, there is the need for miniaturized PCBs.
Electronic conformal coatings are crucial to ensure the proper functioning of these miniaturized circuit boards and hence this is expected to prominently drive market growth.
“Rising Use of Electronic Components in Automotive Industry”
The automotive industry has undergone some major changes over the past few years and this has led to increased use of electrical and electronic components in vehicles.
Increasing popularity of electric vehicles and rising focus on sustainability have also increased the use of automotive electronics and hence the demand for electronic conformal coatings is also projected to increase over the coming years.
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Key Segments Covered in the Electronic Conformal Coatings Industry Survey
- Electronic Conformal Coatings Market by Method :
- Dipping
- Selective Coatings
- Vapor Deposition
- Other Methods
- Dipping
- Electronic Conformal Coatings Market by Material :
- Acrylic Electronic Conformal Coatings
- Silicone Electronic Conformal Coatings
- Polyurethane PCB Coatings/Urethane
- Other Materials
- Acrylic Electronic Conformal Coatings
- Electronic Conformal Coatings Market by Equipment :
- Coating & Dispensing Systems
- Curing Systems
- Inspection Systems
- Coating & Dispensing Systems
- Electronic Conformal Coatings Market by Application :
- Automotive Electronics
- Aerospace & Defense
- Consumer Electronics
- Other Applications
- Automotive Electronics
Competitive Landscape
Key electronic conformal coating manufacturers are focusing on maximizing their revenue generation by increasing their investments in different ventures. Electronic conformal coating suppliers are also investing in the development of tailored conformal coatings for different applications to boost their sales potential.
- In October 2020, Henkel AG & Co. KGaA, a German chemical manufacturer, announced an investment in an advanced material start-up company called Actnano, which is based in the United States. Actnano is known for providing tailored conformal coatings for the protection of PCBs in several applications.
- In February 2020, Dow, a leading chemical manufacturing company, announced the launch of new conformal coatings. DOWSIL CC-820 UV and Moisture Dual Dual-Core Conformal Coatings were launched to promote sustainability and safety.
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Key players in the Electronic Conformal Coatings Market
- Henkel AG & Co. KGaA
- Chemtronics
- Shin-Etsu Chemical Co. Ltd
- Dow
- H.B. Fuller Company
- Chase Corp
- Quantum Silicones
- Electrolube
- Europlasma NV
Key Takeaways from Electronic Conformal Coatings Market Study
- The electronic conformal coatings market is valued at US$ 2.45 billion.
- Consumption of electronic conformal coatings is expected to rise at a CAGR of 5.8% from 2022 to 2032.
- By 2032, the market for electronic conformal coatings is anticipated to reach a valuation of US$ 4.3 billion.
- Increasing demand for miniaturization of electronics, rising use in the automotive industry, growing disposable income, increasing PCB manufacturing, and growing digitization trends are expected to majorly drive electronic conformal coatings market potential through 2032.
- The acrylic segment holds a market value of US$ 936.5 million in 2022 and is projected to reach US$ 1.73 billion by the end of the forecast period.
- The Japan electronic conformal coatings market is predicted to reach US$ 284.4 million by the end of 2032 while expanding at a CAGR of 8.3%.
- Demand for electronic conformal coatings in automotive electronics applications is expected to account for a dominant market share of 41.8% by 2032.
- The Asia Pacific electronic conformal coatings market is projected to account for a high market share of 32.5% by 2032.
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