Global conformal coatings market size was worth over USD 3 billion in 2014 and is likely to be valued at USD 5.2 billion by 2023, growing at CAGR of above 6.2%.
Electronics based conformal coatings market size was the largest and accounted for over 35% of the total demand in 2014. This application generated revenue exceeding USD 1.6 billion in 2014 and is likely to register above USD 2.5 billion by 2023. Other major applications include aerospace, medical devices and automotive.
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North America, in particular U.S. conformal coatings market share and accounted for 30% in 2014 and is likely to grow at significant rate over the forecast period. Asia Pacific is likely to witness highest gains over the forecast period owing to electronics industry growth in China, India and South Korea.
Acrylic coatings are widely used in different applications such as electronics, automotive and aerospace. They are traditionally solvent based formulations which provide tough and transparent coatings exhibiting low moisture absorption, short drying cycles and good pot life. Acrylic conformal coatings have excellent physical & electrical properties helpful in resisting fungal growth.
Acrylic coatings being solventborne are sometimes associated with VOC content and face stringent government regulations over health, safety & environmental concerns. Some formulations available contain no VOC & also urethane acrylic hybrids and waterborne acrylics are available in market.
Increasing cost of low VOC bearing solvents coupled with declining prices are expected to squeeze supplier profitability. Increase in drying cycle associated with low solvent content is also a major concern anticipated to challenge industry growth.
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Conformal coatings are applied through dipping, flow coating or spraying. Robotic dispensing systems are most commonly used for myriad applications. Brushing systems are done for small operations or at times of repair work in which uniform coating is difficult. Handheld spray gun is used with low viscosity coatings which are appropriate a bit larger volumes and require masking to protect PCB where coating is not required which includes LED lenses, heat sinks, connectors and speakers. Overspray and consistency is a concern with handheld spray gun.
The global conformal coatings market share is concentrated with few large industry participants such as Cytec Industries, Chase Corp, Dymax Corp, Dow Corning and Glenro Inc. Other prominent players include Epoxies Etc, Electrolube, Henron Manufcaturing, ITW Chemtronics, and Master Bond Inc.
This latest Conformal Coatings market research report offers in-depth analysis, key industry insights, market sizing & forecast on a granular level for key products, applications across a number of regional markets. The report also analyzes the Conformal Coatings industry from business strategy perspective, describing in detail growth drivers, pitfalls &challenges for participants, accompanied by a detailed competitive benchmarking including company market share analysis and detailed business profiles.
Browse key industry insights spread across market data tables, figures & charts from the report “Conformal Coatings Market Size, Industry Analysis Report, Regional Outlook, Application Development Potential, Price Trends, Competitive Landscape & Forecast, 2016 – 2023.”
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Key Insights in this Report
- Conformal Coatings market size & forecast by product & application
- Growth drivers, pitfalls & industry challenges
- Key Conformal Coatings market growth opportunities & emerging business models
- Competitive benchmarking with market share analysis and company profiles
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