Rising demand of Consumer electronics is driving Conformal Coatings Market Growth

Conformal Coatings Market

Conformal Coatings Market By Product Type (Acrylic, Epoxy, Urethane, Silicone, and Other Types), End-user Industry (Automotive, Aerospace, and Defense, Medical, Consumer Electronics, and Others), and by Region (North America, Latin America, Europe, Asia Pacific, Middle East, and Africa)- Size, Share, Outlook, and Opportunity Analysis, 2022 – 2030

The global Conformal Coatings Market is estimated to be valued at US$ 940.8 million in 2022 and is expected to exhibit a CAGR of 5.8 % over the forecast period as highlighted in a new report published by Coherent Market Insights.

Market Overview:

A conformal coating is a slight polymeric film used on a printed circuit board so as to protect the board and its compounds from the surrounding and erosion. The film is usually used at 25-250µm and conforms to the dimension of the board and its compounds, covering and shielding solder joints, the leads of electronic compounds, exposed traces, and other metallized parts from erosion, eventually increasing the working life of the printed circuit board.

Competitive Landscape:

Key players involved in the growth of global Conformal Coatings Market are Henkel AG & Co. KGaA, Dow, ITW, H.B. Fuller Company, and Shin-Etsu Chemical Co. Ltd.

Market Key Drivers:

The rise in electronics and its components is expected to boost the growth of the global Conformal Coatings Market. For instance, as per JEITA, the total production by the electronics and IT industries were approximated 11% year on year in 2021 across the globe.

The rising usage of smartphones, OLED TVs and other consumer electronics is projected to propel the growth of global Conformal Coatings Market. For instance, as per facts and figures around 6.8 million units of OLED TVs were sold across the globe.

Covid-19 Impact Analysis:

The Covid-19 outbreak had adversely affected the growth of global Conformal Coatings Market due to the rise in pandemic which led to imposition of strict lockdown and shutdown. The closure of manufacturing and production units and disruption in supply chain and halt in supply of raw materials has impeded the market growth.

Key Takeaways:

The global Conformal Coatings Market is expected to exhibit a CAGR of 5.8 % during the forecast period owing to the rising launches and approvals. For instance, in October 2021, Dow launched DOWSIL CC-2588 Conformal Coating, a silicone coating advanced to guard printed circuit boards and electronic compounds. . 

Among regions, North America, Asia Pacific and Europe anticipated to witness robust growth in the global Conformal Coatings Market due to rising approvals and launches, increasing investment in electronics and rising consumer electronics. For instance, in India, the electronics market was expected to reach US$ 11.11 billion in 2020-21.