Conformal Coatings Market Size
Study Period | 2019 - 2029 |
Base Year For Estimation | 2023 |
CAGR | > 6.00 % |
Fastest Growing Market | Asia Pacific |
Largest Market | Asia Pacific |
Market Concentration | High |
Major Players*Disclaimer: Major Players sorted in no particular order |
Need a report that reflects how COVID-19 has impacted this market and its growth?
Conformal Coatings Market Analysis
The market for conformal coatings is expected to witness a CAGR of more than 6% during the forecast period (2022-2027).
COVID-19 pandemic has negatively affected the market in 2021 due to the disruptions in the supply chain and the closure of manufacturing facilities. The aerospace industry was hampered in the short term due to the COVID-19 pandemic since air travel was restricted around the world. However, the market excepted to retain its growth rate in 2022.
- In the short term, the major factor driving the market studied is the increasing demand for high-end applications requiring conformal coating.
- On the flip side, expensive replacement and repair of conformal coatings in case of damage are hindering the growth of the market.
- Rising medical applications in Asia-Pacific are expected to act like an opportunity for the market.
- Asia-Pacific dominated the market across the globe with the largest consumption in a country such as China, India, etc.
Conformal Coatings Market Trends
This section covers the major market trends shaping the Conformal Coatings Market according to our research experts:
Consumer Electronics Segment to Dominate the Market
- Consumer Electronics is the largest consumer of conformal coatings. Consumer electronics include various electronic devices from entertainment, and communication, to home appliances.
- The electronic components such as semiconductors, PCBs, transistors, resistors, capacitors, inductors, diodes, connectors, and other critical components are used in order to produce a proper usable electronic device.
- According to JEITA ( Japan Electronics and Information Technology Industries Association), the total global production by the electronics and IT industries registered a rise of 11% year on year in 2021 to reach USD 3,360.2 billion. The spread of telework and stay-at-home demand drove up electronic equipment. Solution services grew as more investment in digitalization promoted more sophisticated data use. It is excepted to increase the demand for polycarbonates used in the electronics segment.
- The Asia-Pacific electronic industry grew rapidly in the recent past owing to the high demand from countries like India and China. China is a strong, favorable market for electronics producers, owing to the country's low labor cost and flexible policies.
- Owing to all the aforementioned factors, the market for conformal coatings is projected to grow during the forecast period.
Asia-Pacific Region to Dominate the Market
- Asia-Pacific is expected to dominate the market for conformal coatings during the forecast period. Due to the high demand for applications from countries like China, India, and Japan, the demand for the market studied has been increasing.
- China is the world's largest electronics production base and offers tough competition to existing upstream producers, such as South Korea, Singapore, and Taiwan. Electronic products, such as smartphones, OLED TVs, and tablets, among others, have the highest growth rates in the consumer electronics segment of the market in terms of demand.
- In terms of value, over 50% of global printed circuits (PCBs) are manufactured in China (as given in the graph), owing to incentives offered by the government to PCB factories. Moreover, the country is well-known for producing circuit boards at low costs.
- Moreover, Chinese airline companies are planning to purchase about 7,690 new aircraft, over the next 20 years, which were valued at approximately USD 1.2 trillion, which is further expected to boost the market demand for conformal coatings in electronic components in aerospace applications.
- In India, the electronics market witnessed a growth in demand, with market size increasing at a rapid growth rate. India's electronic goods exports fetched USD 11.11 billion in 2020-21. The growing electronics and appliances market in India and China may push the market growth further in Asia-Pacific.
- Thus, all the aforementioned factors, in turn, are projected to increase the demand for conformal coatings in the region during the forecast period.
Conformal Coatings Industry Overview
The global conformal coatings market is partially consolidated in terms of revenue. Some of the major players include Dow, H.B. Fuller Company, Henkel AG & Co. KGaA, ITW, and Shin-Etsu Chemical Co. Ltd, among others.
Conformal Coatings Market Leaders
Dow
H.B. Fuller Company
Henkel AG & Co. KGaA
Shin-Etsu Chemical Co. Ltd
ITW
*Disclaimer: Major Players sorted in no particular order
Conformal Coatings Market News
- The recent developments pertaining to the major players in the market are being covered in the complete study.
Conformal Coatings Market Report - Table of Contents
1. INTRODUCTION
1.1 Study Assumptions
1.2 Scope of the Study
2. RESEARCH METHODOLOGY
3. EXECUTIVE SUMMARY
4. MARKET DYNAMICS
4.1 Drivers
4.1.1 Increasing Demand from High-end Applications requiring Conformal Coating
4.1.2 Large-scale demand for conformal coating from the automotive industry
4.2 Restraints
4.3 Industry Value-Chain Analysis
4.4 Porter's Five Forces Analysis
4.4.1 Bargaining Power of Suppliers
4.4.2 Bargaining Power of Consumers
4.4.3 Threat of New Entrants
4.4.4 Threat of Substitute Products and Services
4.4.5 Degree of Competition
5. MARKET SEGMENTATION
5.1 Material Type
5.1.1 Acrylic
5.1.2 Epoxy
5.1.3 Urethane
5.1.4 Silicone
5.1.5 Other Types (Parylene coatings, Nanocoatings)
5.2 End-user Industry
5.2.1 Automotive
5.2.2 Aerospace and Defense
5.2.3 Medical
5.2.4 Consumer Electronics
5.2.5 Other End-user Industries (Industrial, Power and Energy)
5.3 Geography
5.3.1 Asia-Pacific
5.3.1.1 China
5.3.1.2 India
5.3.1.3 Japan
5.3.1.4 South Korea
5.3.1.5 Rest of Asia-Pacific
5.3.2 North America
5.3.2.1 United States
5.3.2.2 Canada
5.3.2.3 Mexico
5.3.3 Europe
5.3.3.1 Germany
5.3.3.2 United Kingdom
5.3.3.3 Italy
5.3.3.4 France
5.3.3.5 Rest of Europe
5.3.4 South America
5.3.4.1 Brazil
5.3.4.2 Argentina
5.3.4.3 Rest of South America
5.3.5 Middle-East and Africa
5.3.5.1 Saudi Arabia
5.3.5.2 South Africa
5.3.5.3 Rest of Middle-East and Africa
6. COMPETITIVE LANDSCAPE
6.1 Mergers & Acquisitions, Joint Ventures, Collaborations, and Agreements
6.2 Market Share Analysis**/Ranking Analysis
6.3 Strategies Adopted by Leading Players
6.4 Company Profiles
6.4.1 Altana
6.4.2 Chase Corp.
6.4.3 CHT Ltd
6.4.4 Dow
6.4.5 Dymax
6.4.6 HK Wentworth Ltd
6.4.7 H.B. Fuller Company
6.4.8 Henkel AG & Co. KGaA
6.4.9 ITW
6.4.10 Kisco Ltd
6.4.11 MG Chemicals
6.4.12 Panacol-Elosol GmbH
6.4.13 Shin-Etsu Chemical Co. Ltd
6.4.14 Momentive
- *List Not Exhaustive
7. MARKET OPPORTUNITIES AND FUTURE TRENDS
7.1 Increasing Demand from Sensors and Displays
Conformal Coatings Industry Segmentation
The conformal coatings market is segmented based on material type, end-user industry, and geography. By material type, the market is segmented into Acrylic, Epoxy, Urethane, Silicone, and Other Types (Parylene coatings, Nanocoatings). By end-user industry, the market is segmented into Automotive, Aerospace, and Defense, Medical, Consumer Electronics, and Other End-user Industries (Industrial, Power, and Energy). The report also covers the market size and forecasts for the conformal coatings market in 15 countries across major regions. For each segment, the market sizing and forecasts have been done on the basis of revenue (USD million).
Material Type | |
Acrylic | |
Epoxy | |
Urethane | |
Silicone | |
Other Types (Parylene coatings, Nanocoatings) |
End-user Industry | |
Automotive | |
Aerospace and Defense | |
Medical | |
Consumer Electronics | |
Other End-user Industries (Industrial, Power and Energy) |
Geography | |||||||
| |||||||
| |||||||
| |||||||
| |||||||
|
Conformal Coatings Market Research FAQs
What is the current Conformal Coatings Market size?
The Conformal Coatings Market is projected to register a CAGR of greater than 6% during the forecast period (2024-2029)
Who are the key players in Conformal Coatings Market?
Dow, H.B. Fuller Company, Henkel AG & Co. KGaA, Shin-Etsu Chemical Co. Ltd and ITW are the major companies operating in the Conformal Coatings Market.
Which is the fastest growing region in Conformal Coatings Market?
Asia Pacific is estimated to grow at the highest CAGR over the forecast period (2024-2029).
Which region has the biggest share in Conformal Coatings Market?
In 2024, the Asia Pacific accounts for the largest market share in Conformal Coatings Market.
What years does this Conformal Coatings Market cover?
The report covers the Conformal Coatings Market historical market size for years: 2019, 2020, 2021, 2022 and 2023. The report also forecasts the Conformal Coatings Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029.
Conformal Coating Industry Report
Statistics for the 2024 Conformal Coating market share, size and revenue growth rate, created by Mordor Intelligenceā¢ Industry Reports. Conformal Coating analysis includes a market forecast outlook to 2029 and historical overview. Get a sample of this industry analysis as a free report PDF download.