Conformal Coatings Market Scenario:
The global conformal coatings market, as per the business analysis of the market done by Market Research Future (MRFR), is all set to grow with impressive CAGR during the forecast period (2016-2023). The conformal coatings market is getting huge traction from the electronics segment. The rising number of gadget intake is getting boosted by huge population. At the same time, miniaturization of gadgets is also creating scope for enough market expansion. Growing cases of home automation and integration of AI and IoT are also reasons that can push the limits further. The aviation industry is witnessing multifold traction from both defense and commercial which can ensure growth for the conformal coatings market.
Conformal coatings are widely used in electronic devices to protect the devices from heat, moisture, corrosion and ultraviolet rays. These coatings are classified into acrylic, epoxy, silicone, parylene, urethane, and others. Acrylic is the most preferred type due to its strong dielectric resistance property and ease in removing the coating. Increasing demand for electronic devices in various applications such as telecommunication, medical and automobile are propelling the market growth. These coatings are mainly used by the automotive and aerospace industry in circuit boards to prevent the corrosion of conductors. The silicone coating is increasingly used in automotive industry due to humidity resistance, salt spray resistance and flexibility. Expanding automobile industry in the developing regions due to rising automotive production & sales coupled with improving the living standard of the consumers and is propelling the market growth. The product demand is increasing in the marine industry due to its superior properties such as high chemical resistance and humidity resistance.
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The global conformal coatings Market is a highly lucrative market driven by flourishing adoption of electronics in the automobile, aerospace and marine industry. Henkel AG & Co. KGAA (Germany), Illinois Tool Works incorporation (U.S.), Shin-Etsu Chemical Co., Ltd (Japan), DOW Corning corporation (U.S.) among others are some of the major players operating in this market. Most of these market participants are adopting the expansion, product launch, and merger and acquisition tactics to strengthen their production capacities and market position. Taking account of these trends the global Conformal coatings Market is projected to witness considerable competition over the forecast period of 2017-2023.
Asia pacific is expected to be largest and the fastest growing region during the forecast years. The growing industrial growth in the emerging countries is the major reason contributing to the growth of the market in these region. Moreover, increasing population in India and China has brought about more spending in the automobile industry which in turn is positively effecting the market growth. Furthermore, the growing electrical & electronics sector mainly in China, Japan and India is also positively reflecting to the market growth.
Conformal Coatings Market Segmentation:
MRFR segments the global conformal coatings market by type and end-user.
Based on the type, the conformal coatings market can be divided into epoxy, parylene, acrylics, silicone, urethane, and others. The epoxy segment is expecting much growth as it is highly resistant to solvents and showcase dielectric properties.
Based on the end-use industry, the conformal coatings market can be segmented into the automobile, electronics, aerospace, marine, and others. The burgeoning electronics industry is expected to ensure growth for the sector. The automobile sector is also witnessing substantial growth. In recent times, conformal coatings are gaining traction from the healthcare sector as various tools such as therapeutics, respiratory care, and imaging systems.
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Latest Industry News:
In 2018, Electrolube launched two new conformal coatings, 2K350 and 2K550. These two are polyurethane coatings. 2K350 is solvent-free and its opaque blue which simplifies inspection. Both the products are UL94V-0 compliant.
In October 2018, Aculon, Inc., a supplier of coatings and treatment for numerous applications, announced a partnership with Henkel Corporation, global electronic materials leader, to manufacture and market Aculon’s nanotech-enabled waterproof conformal coatings for mobile devices.
In February 2018, Para-Coat Technologies, a supplier of engineered coatings to the military, aerospace and medical industry, increased its capabilities by the installation of an automatic conformal coating line at its Johnstown facility.
North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa are the key markets for conformal coatings. North America is leading the global market for conformal coatings on account of increased demand from the aerospace and consumer electronics industry. In addition, rising sale of semiconductors and electronics manufacturing services is expected to influence the growth of the North America conformal coatings market.
Europe market for conformal coatings is strong and driven by increasing use of electronic devices in vehicles to comply with the European Union emission standards. Growing expenditure on R&D in electronics by Germany also drives the Europe market.
Asia Pacific region is expanding rapidly on account of growth in the consumer electronics industry. With the rise in disposable income in the region, the demand for consumer electronics such as smartphones, smartwatches, and other electronic devices has increased. In addition, expansion of the automobile industry in developing economies such as China, India, and South Korea has induced high demand for conformal coatings.
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