Conformal Coating Market Growth Analysis | 2022-2028

Market Insights

The conformal coating market was estimated at USD 963.47 million in 2021 and is likely to grow at a CAGR of 5.94% during 2022-2028 to reach USD 1451.39 million in 2028.

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Market Dynamics

Introduction

Conformal coating is a protective coating applied to PCBs and other electronic components to protect them from harsh operating environments such as dust, solvents, moisture, humidity, and high temperatures. It usually has a thickness of 25-75µm. Conformal coatings can be categorized based on type into acrylic, silicone, epoxy, urethane, perylene, etc. They are widely used in consumer electronics, automotive, aerospace & defense, industrial, telecommunications, and others.

Market Drivers

The prime factor driving the conformal coating market is the growing demand from the global PCB industry. Significant economic development in emerging economies and the ever-increasing disposable income of consumers are the major factors behind the dominance of the consumer electronics segment.

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Key Players

The market is highly populated with the presence of several local, regional, and global players. Most of the major players compete in some of the governing factors including price, product offerings, regional presence, etc.

The following are the key players in the market (arranged alphabetically).

• Chase Corporation
• Dymax Corporation
• Electrolube Limited
• H.B. Fuller Company
• Henkel AG & Company
• Illinois Tool Work
• KGaA
• MG Chemical
• Shin-Etsu Chemical Co., Ltd.
• Specialty Coating System
• The Dow Chemical Company

Note: The above list does not necessarily include all the top players in the market.

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Segments Analysis

By Type

“Acrylic coating dominates the market during the forecast period.”

The market is segmented into acrylic, silicone, epoxy, urethane, perylene, and others. Acrylic coatings dominated the market in 2021, accounting for more than 45% of the market share, and are expected to maintain their position during the forecast period. Acrylic coatings are widely used in consumer electronics, aerospace and defense, and automotive industries, leading to their dominance in the global conformal coatings market.

By End-Use Industry Type

“Consumer electronics segment accounts for the largest market share of the market during the forecast period.”

The conformal coating market is segmented into consumer electronics, automotive, aerospace & defense, industrial, telecommunication, and others. The consumer electronics segment held the largest share of more than 45% of the market in 2021 and is also expected to witness healthy growth during the forecast period. Significant economic development in emerging economies along with the growing disposable income of consumers is the major factor behind the dominance of the consumer electronics segment.

Regional Insights

“Asia-Pacific accounted for more than 50% share in 2021 and is expected to remain the largest market during the forecast period.”

Asia-Pacific is estimated to be the fastest-growing market for conformal coatings during the forecast period. China, Japan, South Korea, Taiwan, and India are the key countries driving the growth of the region’s market. Significant economic development in the region is paving the path for transportation, electricals & electronics, medical, and industrial sectors, leading to a higher demand for conformal coating in the region.

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Research Methodology

This strategic assessment report, from Stratview Research, provides a comprehensive analysis that reflects today’s conformal coating market realities and future market possibilities for the forecast period of 2022 to 2028. After a continuous interest in our conformal coating market report from the industry stakeholders, we have tried to further accentuate our research scope to the conformal coating market to provide the most crystal-clear picture of the market. The report segments and analyses the market in the most detailed manner to provide a panoramic view of the market. The vital data/information provided in the report can play a crucial role for the market participants as well as investors in the identification of the low-hanging fruits available in the market as well as to formulate the growth strategies to expedite their growth process.

This report offers high-quality insights and is the outcome of a detailed research methodology comprising extensive secondary research, rigorous primary interviews with industry stakeholders, and validation and triangulation with Stratview Research’s internal database and statistical tools. More than 1000 authenticated secondary sources, such as company annual reports, fact books, press releases, journals, investor presentations, white papers, patents, and articles, have been leveraged to gather the data. We conducted more than 15 detailed primary interviews with the market players across the value chain in all four regions and industry experts to obtain both qualitative and quantitative insights.

Report Features

This report provides market intelligence in the most comprehensive way. The report structure has been kept such that it offers maximum business value. It provides critical insights into market dynamics and will enable strategic decision-making for existing market players as well as those willing to enter the market. The following are the key features of the report:

• Market structure: Overview, industry life cycle analysis, supply chain analysis.
• Market environment analysis: Growth drivers and constraints, Porter’s five forces analysis, SWOT analysis.
• Market trend and forecast analysis.
• Market segment trend and forecast.
• Competitive landscape and dynamics: Market share, Service portfolio, New Product Launches, etc.
• COVID-19 impact and its recovery curve
• Attractive market segments and associated growth opportunities.
• Emerging trends.
• Strategic growth opportunities for the existing and new players.
• Key success factors.

Market Segmentation

This report studies the market, covering a period of 12 years of trend and forecast. The report provides detailed insights into the market dynamics to enable informed business decision-making and growth strategy formulation based on the opportunities present in the market.

The conformal coating market is segmented into the following categories:

By Type

• Acrylic
• Silicone
• Epoxy
• Urethane
• Parylene
• Others

By End-Use Industry Type

• Consumer Electronics
• Automotive
• Aerospace & Defense
• Industrial
• Telecommunication
• Others

By Region

• North America (Country Analysis: the USA, Canada, and Mexico)
• Europe (Country Analysis: Germany, France, the UK, Russia, Spain, and Rest of Europe)
• Asia-Pacific (Country Analysis: China, Japan, India, South Korea, and Rest of Asia-Pacific)
• Rest of the World (Sub-Region Analysis: Latin America, the Middle East, and Others)

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Report Customization Options

With this detailed report, Stratview Research offers one of the following free customization options to our respectable clients:

Company Profiling

• Detailed profiling of additional market players (up to three players)
• SWOT analysis of key players (up to three players)

Competitive Benchmarking

• Benchmarking of key players on the following parameters: Product portfolio, geographical reach, regional presence, and strategic alliances.

Custom Research: Stratview Research offers custom research services across sectors. In case of any custom research requirement related to market assessment, competitive benchmarking, sourcing and procurement, target screening, and others, please send your inquiry to sales@stratviewresearch.com.