ALBANY, N.Y., Nov. 3, 2020 /PRNewswire/ -- Conformal coatings are gaining worldwide traction across numerous end-use industries. One of the key reasons attributed to this scenario is numerous advantages of conformal coatings.Silicone, acrylic, epoxy, polyurethane, fluoropolymer, and parylene are some of the popular products available in the global conformal coatings market.
Analysts at TMR highlight that the global conformal coatings market is foreseen to show steady growth during the forecast period of 2020 to 2030. This growth is attributed to introduction of advanced electronic assemblies andshifting consumer demands. This aside, the market for conformal coatings is projected to gain the advantage ofincreased demand from numerous end-use industries including automotive, consumer electronics, and aerospace.
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Key Findings of Conformal Coatings Market Report
- The conformal coatings market is projected to grow at a ~5% CAGR during the assessment period of 2020 to 2030.
- The market is foreseen to gain the valuation of over US$ 17 Bn by 2030 end.
- Of various end-use industries, aerospace segment is estimated to generate lucrative avenues in the global conformal coatings market in the forthcoming years.
- Consumer electronics is another end-use industry segment that is predicted to show stupendous expansion opportunities in this market.
- Based on product, acrylic segment accounted for lion's share in the market for conformal coatings during 2019.
- On the basis of value, spray coating was a key segment that offered promising growth opportunities for the global conformal coatings market in 2019.
- Asia Pacific was dominant region in the market for conformal coatings in 2019.
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Conformal Coatings Market: Key Driving Factors and Promising Avenues
- Conformal coatings find application in a wide range of end-use industries, such as automotive, electronics, defense, marine, and aerospace. The global conformal coatings market is projected to gather promising expansion opportunities on the back of rapid advancements in electronics field.
- In recent period, major companies operating in the conformal coatings market are experiencing increased environmental-related concerns and growing regulatory pressure.As a result, they are aiming at development of environment-friendly products. To achieve this aim, companies are increasing investment in research and development activities. This factor is foreseen to boost the expansion of the global conformal coatings market in the years ahead.
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- Electronic devices and components available today are needed to sustain in various critical operating conditions such as humidity, thermal shocks, and high temperatures. As a result, manufacturers in these sectors are increasing use of conformal coatings.
- Increased demand for lightweight and durable electronics productsfrom all across the globeis estimated to drive demand opportunities in the conformal coatings market in the years ahead.
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Conformal Coatings Market: Competitive Assessment
- The global conformal coatings market experiences presence of many active players. Major players operating in the market for conformal coatings are focused on the product development activities.
- Several enterprises are growing concentration on strengthening their product portfolio. In addition to this, they are entering into various strategic agreements including mergers and acquisitions. All these activities are projected to help in the rapid expansion of the global conformal coatings market in the forthcoming years.
- The list of important companies working in the conformal coatings market includes Shin Etsu Chemical Company, Henkel AG & KGaA, H.B. Fuller Company, Dow Corning, Chase Corporation, and Daikin Industries.
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The conformal coatings market can be segmented as follows:
- Dip Coating
- Spray Coating
- Brush Coating
- Chemical Vapor Deposition (CVD)
- UV Cured
- Industrial Machinery & Equipment
- Others (Including Nanotechnology)
- The U.S.
- The U.K.
- Russia & CIS
- Rest of Europe
- Rest of Asia Pacific
- Rest of Latin America
Middle East & Africa
- GCC Countries
- Rest of Middle East & Africa
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