According to a report published by Grand View Research, Inc.; the global conformal coatings market is anticipated to attain a valuation of around USD 15.73 billion by 2024. Rising demand for durable electronic and automotive products is anticipated to propel market over the forecast period (2013 to 2024). These advanced coatings protect electronic circuits from various environmental impacts such as heat and dust. In addition, rising demand for durable coatings offering superior corrosion resistance can fuel product demand in near future.
Rising adoption in consumer electronics sector to protect circuit boards from moisture, heating, dust can positively influence growth of market for conformal coatings. Rising adoption in manufacturing of automotive components attributed to properties such as abrasion resistance can further fuel market development. Continual technological advancements to meet consumer demand for advanced automotive and electronic products can stimulate growth of market during the forecast period.
However, stringent government regulations regarding VOC emissions into environment can pose challenge for market players over the forecast period.
Full Research Report On Conformal Coatings Market Analysis:
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The worldwide conformal coatings market can be segregated on the basis of product, application, and region. Based on product, the market can be classified into epoxy, urethane, silicone, acrylic, and parylene. Acrylic segment is estimated to expand at 6% CAGR during the forecast period. Superior properties such as easy application and moisture resistance can surge its demand in end-use applications.
Epoxy conformal coatings possess dielectric properties and are highly resistant to solvents. In addition, rigidness and resistance to abrasion can fuel their demand in manufacturing of circuit boards and home appliances.
Urethane segment accounted for 14% of overall market share in 2016 attributed to its excellent dielectric properties. In addition, increasing use of urethane conformal coatings in printed circuit boards owing to high abrasion resistance can augment expansion over the forecast period.
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Based on application, the market can be categorized into medical, automotive, consumer electronics, aerospace and defense, and others. Automotive segment is likely to contribute to market over the forecast period. Rising applications in manufacturing of automotive electronics to alleviate vibrations and mechanical stress can spur growth. Continual advancements in automotive sector in Asia Pacific coupled with high demand for enhanced driving experience can augment growth in the forthcoming years.
Medical segment is predicted to expand at a CAGR of 5.7% over the forecast period. Rising demand for conformal coating-based devices such as respiratory care, therapeutics, and imaging systems can fuel growth of market.
Regional segmentation includes Asia Pacific, North America, Europe, Latin America, and Middle East and Africa. Asia Pacific is expected to witness significant CAGR of 7.2% during the forecast period. Increasing investments in electronics sector in countries such as Japan, China, Taiwan, and South Korea can fuel regional growth. In addition, continual growth of consumer electronics and automotive manufacturing sectors in India can further spur regional expansion.
North America accounted for around 26% of global market share in 2016 and is anticipated to witness a CAGR of 3.5% during the forecast period. High demand for advanced electronics including Global Positioning System (GPS) and other products related to automotive sector can impel regional market expansion over the forecast period.
Latin America is predicted to expand at CAGR of 5.2% through to 2024. Rising foreign investments in medical and electronics sectors can contribute to this rise in the regional market over next few years. Europe is likely to grow slowly in near future as compared to other regions attributed to saturation of regional markets coupled with slower growth of automotive production in the region.
Some of the leading companies in the global conformal coatings market are Chemtronics, DOW Corning, H.B. Fuller, Electrolube, and MG Chemicals. The market is highly fragmented owing to presence of numerous manufacturers globally. Most companies are likely to invest in R&D activities to develop innovative and environment-friendly products to gain competitive edge over others. In addition, companies can adopt business strategies such as mergers and acquisitions to expand their product portfolio and to gain traction among consumers.
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