New York, Jan. 25, 2024 (GLOBE NEWSWIRE) -- Market Size & Overview:
In 2022, the global electronics conformal coating market is valued at $1.0 billion, with a 5.9% CAGR in sales between 2017 and 2021. Predicted to reach $1.7 billion by 2032, the market is anticipated to grow at a 5.1% CAGR from 2022 to 2032.
Fueled by escalating demand across industries like automotive, aerospace, healthcare, industrial, and telecommunications, the electronics conformal coating market, particularly the acrylic segment, is expected to grow moderately at a 5.0% CAGR from 2022 to 2032.
The industrial and telecommunication sector is identified as the top industry vertical for conformal coatings, projected to grow at a 4.9% CAGR from 2022 to 2032. Notably, the United States market, valued at $273.5 million in 2022, is expected to grow at a 3.9% CAGR from 2022 to 2032.
Persistence Market Research advises industry leaders to monitor the increasing demand for electronic products, particularly in the industrial and telecommunication sectors. The recommendation includes a focus on developing advanced conformal coating technologies and expanding product portfolios to meet diverse customer requirements. Moreover, emerging markets such as China and South Korea offer positive prospects for operational expansion. Manufacturers are encouraged to invest in R&D activities to enhance coating properties and performance.
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Market Scope:
| Report Coverage | Details | |
| Market Revenue 2023 | US$ 1 Billion | |
| Estimated Revenue 2032 | US$ 1.7 Billion | |
| Growth Rate - CAGR | 5.9% | |
| Forecast Period | 2023-2032 | |
| No. of Pages | 250 Pages | |
| Market Segmentation |
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| Regions Covered |
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| Key Companies Profiled |
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Sales Analysis:
Persistence Market Research (PMR) reports a 5.9% CAGR in demand for electronics conformal coating from 2017 to 2021. With a substantial $660 million absolute opportunity, the market is poised to reach $1.7 billion by 2032. The surge is fueled by heightened demand in the industrial and telecommunication sectors, with additional interest from aerospace, automotive, and consumer electronics.
The escalating trend of digitalization across industries has accelerated the adoption of electronics and telecommunications, resulting in increased utilization of conformal coatings. The growing necessity for enhanced reliability and durability of electronics in challenging environments further propels the demand for conformal coatings.
In a nutshell, the Persistence Market Research report is a must-read for start-ups, industry players, investors, researchers, consultants, business strategists, and all those who are looking to understand this industry. Get a glance at the report at: https://www.persistencemarketresearch.com/market-research/electronics-conformal-coating-market.asp
Top 8 Trends in Electronics Conformal Coating Market:
- Increased Demand in Automotive Electronics: With the rising complexity of electronic components in automobiles, there is a growing demand for conformal coatings to protect these sensitive devices from harsh environmental conditions.
- Advancements in Nanotechnology: The integration of nanotechnology in conformal coatings is a key trend, offering enhanced performance and precision in protecting electronic components at the microscopic level.
- Growing Emphasis on Green and Sustainable Coatings: Environmental considerations are driving the development of conformal coatings that are eco-friendly and comply with regulatory standards, reflecting a broader industry focus on sustainability.
- Rise in IoT Devices: The proliferation of Internet of Things (IoT) devices necessitates specialized conformal coatings to safeguard the sensitive electronics in these interconnected devices, ensuring reliable performance over time.
- Thermal Management Solutions: Conformal coatings designed for effective thermal management are gaining traction, addressing the challenge of heat dissipation in densely packed electronic assemblies.
- Flexible and Stretchable Coatings: With the increasing use of flexible and stretchable electronics in wearables and other applications, conformal coatings are evolving to accommodate these unique requirements, providing protection without compromising flexibility.
- Application-specific Coatings: Tailoring conformal coatings for specific applications, such as medical devices or aerospace electronics, ensures optimal performance and durability in diverse and specialized environments.
- R&D Focus on Self-healing Coatings: Ongoing research and development efforts are exploring self-healing conformal coatings, capable of repairing minor damages over time, thereby extending the lifespan and reliability of electronic components.
Potential mergers and acquisitions in the electronics conformal coating:
Market Consolidation: The electronics conformal coating industry might witness mergers and acquisitions as companies seek to consolidate their market position and achieve economies of scale.
Technological Advancements: Companies with advanced coating technologies may look to acquire or merge with others to enhance their product offerings and stay ahead in terms of innovation.
Global Expansion: Mergers and acquisitions can be driven by a desire to expand geographically. Companies may look to acquire businesses in new regions to gain access to local markets.
Diversification of Product Portfolio: Companies might pursue mergers or acquisitions to diversify their product portfolio, offering a broader range of conformal coating solutions to meet different customer needs.
Vertical Integration: Vertical integration, where a company acquires or merges with a supplier or distributor, can be a strategy to secure the supply chain and reduce costs.
Financial Synergies: Financial synergies, such as cost savings and operational efficiencies, can be a significant driver for mergers and acquisitions in any industry, including electronics conformal coating.
Compliance and Regulatory Changes: Changes in environmental regulations or industry standards may prompt companies to acquire or merge with others that have expertise in compliance or offer environmentally friendly coating solutions.
Strategic Partnerships: Instead of outright acquisitions, companies may form strategic partnerships or joint ventures to combine resources and expertise in the development and distribution of conformal coating solutions.
Country-wise Insights:
Why is the Demand for Electronics Conformal Coating Expanding in the United States?
The U.S. electronics conformal coating industry is set to grow to US$273.5 million by 2032, with an absolute growth opportunity of US$87.3 million. The market share in the U.S. has steadily increased at a CAGR of 2.9% from 2017 to 2021 and is expected to further accelerate at a CAGR of 3.9% from 2022 to 2032. The automotive sector, marked by a rise in car production from 8.8 million in 2020 to 9.1 million in 2021, is a significant contributor to this growth. Additionally, the demand for conformal coatings is heightened by the increasing requirements in the consumer electronics industry, where the U.S. is a hotspot for next-gen electronic technologies.
Would the United Kingdom Exhibit High Sales for Electronics Conformal Coatings?
The UK's electronic conformal coating market is set to reach US$46.5 million by 2032, showing significant growth of US$13.6 million. The market has maintained a steady demand, growing at a 1.6% CAGR from 2017 to 2021, and is projected to accelerate with a 3.5% CAGR through 2032. The widespread use of conformal coatings in mobile phones to prevent corrosion and enhance component lifespan is a primary driver. With increasing demand for smartphones in the UK, the market for electronic conformal coatings is expected to expand, meeting the corrosion protection needs of electronic components.
Category-wise Insights
Which Type of Electronics Conformal Coating will Gain Traction?
Acrylic conformal coating in electronic applications is expected to show substantial growth, maintaining a strong Compound Annual Growth Rate (CAGR) of 5.8% from 2017 to 2021, and is projected to continue growing at a rate of 5.0% from 2022 to 2032.
Widely employed in the electronics industry, acrylic conformal coatings provide essential protection for printed circuit boards and electronic components against environmental factors like moisture, dust, and chemicals.
Acrylic coatings are favored for their excellent adhesion, ease of application through brushing, dipping, or spraying, quick drying, and high dielectric properties, making them suitable for high-voltage applications.
Notably cost-effective, acrylic conformal coatings offer easy repair options, making them advantageous for addressing manufacturing defects or design changes. With applications spanning industries such as automotive and consumer electronics, the acrylic conformal coating segment is poised for significant expansion in the foreseeable future.
Which is the Leading Industry for Electronics Conformal Coating?
The industrial and telecommunication sectors utilizing electronics conformal coating are set for significant growth, with a strong historical CAGR of 5.6% from 2017 to 2021 and a projected growth of 4.9% from 2022 to 2032. The global telecommunication industry, evolving to meet connectivity demands, has witnessed increased manufacturing of associated products, creating a heightened need for conformal coatings. These coatings provide essential protection against moisture, dust, and external elements in equipment like routers, switches, and antennas, ensuring prolonged functionality and durability.
Key Recent Developments:
Growing Demand for Electronic Devices: The increasing use of electronic devices in various industries, including automotive, aerospace, healthcare, and consumer electronics, has been driving the demand for conformal coatings. These coatings protect electronic components from environmental factors such as moisture, chemicals, and temperature fluctuations.
Advancements in Coating Technologies: Ongoing research and development have led to advancements in conformal coating technologies. Innovations in material formulations, application methods, and curing processes contribute to improved performance and durability.
Rising Applications in Automotive Electronics: The automotive industry has seen a surge in electronic components, including sensors, control units, and infotainment systems. This trend has fueled the demand for conformal coatings to ensure the reliability and longevity of these electronics in challenging automotive environments.
Focus on Environmental Sustainability: There is an increasing emphasis on environmentally friendly coating solutions. Manufacturers are exploring formulations that are free from hazardous substances and comply with environmental regulations.
Asia-Pacific Market Dominance: The Asia-Pacific region has been a significant player in the electronics conformal coating market, driven by the rapid growth of electronics manufacturing in countries like China, Japan, and South Korea.
Some of the market players:
- Dow: Dow is a multinational chemical corporation that provides a wide range of products and solutions. In the conformal coating industry, Dow is known for offering materials and coatings that protect electronic components from environmental factors, ensuring their reliability and performance.
- Henkel: Henkel is a global leader in adhesive technologies, sealants, and surface treatments. In the electronics conformal coating market, Henkel provides a variety of coatings designed to protect electronic assemblies from moisture, chemicals, and other environmental challenges.
- Chase Corporation: Chase Corporation specializes in protective materials, including conformal coatings. The company offers solutions to protect electronic components from harsh environments, and its products find applications in various industries, including electronics and telecommunications.
- H.B. Fuller: H.B. Fuller is a global adhesives manufacturer with a presence in various industries, including electronics. In the conformal coating market, H.B. Fuller provides solutions that protect electronic devices from environmental stressors while ensuring reliable performance.
- Electrolube Limited: Electrolube Limited is a leading manufacturer of electro-chemicals, including conformal coatings, for the electronics industry. The company's coatings are designed to safeguard electronic components from factors such as moisture, dust, and chemicals.
- Nordson Corp: Nordson Corporation is a diversified industrial corporation with business segments, including precision dispensing solutions. In the conformal coating sector, Nordson provides equipment and systems for precise and efficient application of coatings on electronic assemblies.
- Precision Valve & Automation: Precision Valve & Automation (PVA) is known for providing automated dispensing and coating solutions for various industries, including electronics. PVA's systems are designed to enhance precision and efficiency in the application of conformal coatings.
Electronics Conformal Coating Market Segmentation
By Type:
Acrylic
Polyurethane
Hybrid
Silicone
Epoxy
By Operating Method:
Manual & Automated Spraying
Brushing
Dipping
By Technology:
Solvent Based
Water Based
UV Cured
By Application:
Appearance
Moisture And Insulation Resistance
UV Fluorescence
Flammability
Thermal shock
Adhesive
By Industry Vertical:
Consumer Electronics
Automotive
Aerospace & Defense
Industrial and Telecommunication
Marine
Medical
By Region:
North America
Latin America
Europe
Asia Pacific
Middle East and Africa
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