Conformal
Coatings Market: Introduction
In
terms of value, the global conformal coatings market is anticipated to expand at a
CAGR of ~5% from 2020 to 2030 and
cross US$ 17
Bn by 2030. Asia
Pacific dominated the global conformal coatings market in terms of value in 2019. It is
estimated to be the leading region of the global conformal coatings market during
the forecast period. The aerospace industry is projected to offer lucrative
opportunities for the conformal coatings market in the near future.
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Conformal
Coatings Market: Major Drivers and Restraints
The
exponential growth in the electric vehicles industry is expected to drive the
global conformal coatings market during the forecast period. Plastics offer
several structural and weight advantages over traditional metal automotive
parts. The number of printed circuit board assemblies (PCBAs) in electric
vehicles and the intricacy of the modules are higher than that in traditional
combustion engine vehicles. This is anticipated to drive the demand for
conformal coatings. According to the International Energy Agency (IEA),
electric car deployment has been rising rapidly since the last 10 years, with
the global stock of electric passenger cars passing 5 million in 2018, an increase
of 63% from
that in the previous year. China accounted for around 45% share of electric
cars in the world in 2018,
representing a total of 2.31
million compared to 39% in 2017. Therefore, increase
in the production of electric vehicle is estimated to propel the demand for
PCBs. This, in turn, is projected to drive the global conformal coatings market
during the forecast period.
Consumer
electronics is a rapidly changing, highly competitive industry that covers a
wide array of products such as smartphones, computers, televisions, and
videogame consoles. Printed circuit board is a core part of every consumer
electronic appliance. It needs to be protected from exposure to harsh
environments. Thus, advancements in the consumer electronic industry are
boosting demand for conformal coatings that can be used over printed circuit
boards.
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Several
players have taken strategic initiatives, such as acquisitions, in order to
expand their conformal coatings business, owing to high demand for conformal
coatings in various industrial applications. This is also likely to propel the
global conformal coatings market during the forecast period. In January 2016, KISCO
Ltd., a leading global supplier of high-quality materials, products, and services
acquired Specialty Coating Systems, Inc., a global leader in parylene coating
services and technologies. KISCO has been operating in the parylene market for
several years with a strong background in material science development.
Specialty Coating Systems has been a leading contributor to the global parylene
market. The acquisition enabled KISCO Ltd. to expand its business in the global
market.
Delamination
and cracking in conformal coatings is expected to restrain the conformal
coatings market during the forecast period. Delamination in conformal coatings
is the removal of conformal coatings from the surface of printed circuit
boards. This process leaves the circuit board area exposed. Cracking is another
major restraint for conformal coatings on printed circuit boards. Factors that
influence cracking include high curing temperature and extreme environments.
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Conformal
Coatings Market: Prominent Segments
Based
on product, the acrylic segment held a major share of the global conformal
coatings market in 2019.
This trend is anticipated to continue during the forecast period, owing to
properties such as high abrasion resistance, ease of application, protection
from humidity and salt mist. In terms of operation method, the spray coating
segment accounted for significant share of the global conformal coatings market
in 2019.
Spray coating is a cost-effective operation method used for application of
conformal coatings. Based on technology, solvent-based segment constituted
significant share of the global conformal coatings market in 2019. In terms of
end-use Industry, the consumer electronics segment constituted large share of
more than 25% of the global conformal coatings market in 2019. This trend is
estimated to continue throughout the forecast period. On the other hand, the
aerospace segment is projected to expand at a rapid pace during the forecast
period.
Competition
Landscape
Key
manufacturers operating in the global conformal coatings market include Henkel AG & KGaA, Shin Etsu
Chemical Company, Dow Corning, H.B. Fuller Company, DAIKIN INDUSTRIES, and
Chase Corporation.
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