Conformal Coating Market Analysis | 2022-2028

“The Conformal Coating Market was estimated at US$ 963.47 million in 2021 and is expected to grow at a CAGR of 5.94% during the forecast period to reach US$ 1451.39 million by 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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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.

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Regional Analysis

“Asia-Pacific accounted for more than 52% 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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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 conformal coating 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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Report Features

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

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Research Methodology

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 1,000 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 with industry experts to obtain both qualitative and quantitative insights.

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Company Profiling

• Detailed profiling of additional market players (up to three players)
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Competitive Benchmarking

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

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