New York, US, June 10, 2022 (GLOBE NEWSWIRE) -- Conformal Coatings Market Overview
According to a Comprehensive Research Report by Market Research Future (MRFR), “Conformal Coatings Market Information by End-Use Industry, Type, and Region - Forecast till 2030”, the market is estimated to grow at a CAGR of 5.0% to reach USD 17.2 Billion by 2030.
Market Scope
Conformal coatings refer to specialty film framing items widely used to protect the circuit sheets and other electronic parts from violent natural circumstances. These coatings have distinctive properties such as functional honesty, scraped spot obstruction, and dielectric opposition. These coatings are ordered as perylene, epoxy, polyurethane, silicone, and acrylic. Among all, acrylic covering is used widely by prudence of simple pertinence and expulsion, parasite opposition, and high dampness obstruction.
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Report Scope:
| Report Attribute | Details |
| 2030 Market Size | 2030: USD 17.2 Billion |
| CAGR | 5.0% (2021–2030) |
| Base Year | 2020 |
| Forecast Period | 2021–2030 |
| Historical Data | 2019 |
| Forecast Units | Value (USD Billion) |
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | By End-Use Industry, Type, and Region |
| Geographies Covered | North America, Europe, Asia-Pacific, and Rest of the World (RoW) |
| Key Market Drivers | Expanding automotive industry in the developing economies |
| Rising demand for consumer electronics |
Competitive Analysis
The global conformal coatings market has prominent leaders such as:
- Shin-Etsu Chemical Co., Ltd (Japan)
- The Dow Chemical Industry (U.S.)
- Europlasma NV (Belgium)
- Specialty Coatings System Inc. (U.S.)
- Electrolube (U.K.)
- Henkel AG and Co. kgaA (Germany)
- Chemtronics (India)
- Worldwide Manufacturing Services, Inc (U.S.)
- H.B.Fuller Company (U.S.)
- Hemi-Seal (U.S.)
Market USP Covered
Market Drivers
The global market for conformal coatings has registered massive growth in the last few years. The development of the market is primarily credited to the growing requests from excellent quality applications needing conformal covering. These coatings are widely used in the PCB, which are used in top-of-the-line applications across aviation and safeguard and car ventures. The industry includes conformal coatings in space transport controls and frameworks, easing up insurance skeleton, satellite frameworks, airplane correspondences and rules, automated link gatherings, and other comparable advancements.
Furthermore, the growing adoption across various market sectors such as consumer electronics, medical, and automotive is another crucial parameter causing an upsurge in the market's growth. In addition, the growing craze for miniaturized circuitry and electronic devices is causing a surge in demand for these coatings across the modern printed circuit board (PCB)-related applications.
Market Restraints
On the other hand, certain aspects are likely to impede the market's growth. The scaling down of PCBs is the primary aspect likely to restrict the market's growth. In addition, the cost tension on conformal covering makers is another significant aspect likely to impede the market's growth over the assessment timeframe.
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COVID-19 Impact
The global COVID-19 pandemic has had a severe impact on the majority of the market sectors across the globe. Around 70% of the global flying armada during the pandemic is grounded. Over 27,000 airplanes were in assisting at the beginning of 2020. At present, less than 7,500 zones are yet flying. It will probably take the end of 2022 for the number of armadas to get back to the pre-pandemic level. Several governments across the globe imposed partial or complete lockdowns to stop the spread of the disease. The travel restrictions and lockdowns brought over lowered traveler traffic and a severe fall in carriers' income.
According to the International Air Transport Association (IATA), global aircraft traveler income is likely to drop by USD 314 billion out of 2020, a drop of over 55% compared to 2019. The pandemic profoundly affects airplane production as well. For instance, Airbus- one of the largest business airplane fabricating organizations globally, has lowered its airplane creation rates by over 33% because of the COVID-19 pandemic. Similarly, Boeing has described a first-quarter loss of USD 641 million. This has fundamentally affected the use of conformal coatings used in new airplane creation and MRO tasks.
Segment Analysis
Among all the types, the parylene conformal coating segment is a distinctive type of coating as it is developed at room temperature and is applied through the vapor phase deposition method. These coatings provide highly high dielectric strength and superior resistance to extreme temperature, solvent, and moisture. As parylene is applied with the help of the vapor phase method, a very thin film, this coating offers brilliant circuit board protection. It can diffuse quickly and be used on several substrates such as elastomer, plastic, metal, and glass.
Out of all the end-use sectors, the telecommunication segment is projected to secure the highest revenue share over the coming years. with the launch of 5G, the dynamics of communication sectors have changed in recent times. The deployment is anticipated to get infinite opportunities for all the stakeholders in the value chain. The industry is likely to witness growth in demand for PCB as it is a vital part of 5G infrastructure. Every 5G base station needs massive volumes of PCBs that require protection from a severe environment for optimum performance.
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Regional Analysis
The global conformal coating market is studied across five major regions: Middle East & Africa, Latin America, Asia-Pacific, Europe, and North America.
As per the research reports by MRFR, the North American region is likely to secure the top position in the global conformal coating market over the forecasted era. The U.S. is the top revenue pocket across the region.
The conformal coating market for the Asia-Pacific region is likely to grow at the highest rate over the forecasted timeframe. India, Taiwan, Japan, China, and South Korea are the leading markets across the region, driving the regional market's growth. Significant financial developments across the district are clearing the way for transportation, modern, clinical, and electricals and gadgets areas, encouraging more popularity for conformal covering across the region. Furthermore, the increasing demand for conformal coated products in the aerospace & defense industry and growing adoption in the automotive & consumer electronics sector are also projected to boost the regional market's growth over the forecasted era.
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