Analysis of Conformal Coatings market covering 30 + countries including analysis of US, Canada, UK, Germany, France, Nordics, GCC countries, Japan, Korea and many more
Conformal coatings for printed circuit boards, the market was valued at US$ 11 Bn in 2020, and is expected to accelerate at a CAGR of 4% to top US$ 15 Bn by 2031. Demand for acrylic conformal coatings for PCBs to surge at a CAGR of 3.5% across the assessment period of 2021 to 2031.
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As per Fact.MR - a market research and competitive intelligence provider, the global market for conformal coatings for printed circuit boards (PCBs) was valued at US$ 11 Bn in 2020.
Conformal coatings used in consumer electronic devices significantly enhance the reliability and longevity of PCBs. Conformal coatings are used for PCB protection from environmental conditions that can interfere with circuit performance and cause premature failure.
Large players are highly integrated, which helps them reduce production costs and gain a competitive edge in the market. There are various types of conformal coatings for PCB protection. Conformal coatings for PCB manufacturers are focusing on new innovation and technologies in order to enhance their market share and serve diverse industries. Hence, production of conformal coatings is growing and the degree of competition in the market is likely to be high over the forecast period.
Conformal coatings market for printed circuit boards is projected to witness growth over coming years, registering a CAGR of 4% to reach above US$ 15 Bn by 2031.
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Exponential growth in electronics production is a vital factor driving demand for conformal coatings for PCBs. Technological breakthroughs in addition to burgeoning demand for consumer electronics are some of the vital factors bolstering the growth of conformal coatings market for PCBs.
Introduction of the novel and innovative electronic products in automotive, industrial, and consumer categories is another key reason behind the burgeoning demand for high-performance conformal coatings for PCBs.
Owing to growing demand for electronics, numerous companies are venturing into the market creating intense competition. Intensifying competition among different companies in the electronics market is promoting manufacturers seek for processes that are affordable and maintain performance efficiency in circuit board protection conformal coatings.
Printed circuit boards form an integral part of electronic products, and their performance is vital to the durability and functioning of different products. Hence, demand for high-performance printed circuit boards (PCBs) is growing in the market.
Use of conformal coatings is to protect PCBs from dust, moisture, humidity, and extreme temperatures, thus ensuring the durability of electronic products. With competition on the rise, electronics manufacturers are increasingly seeking PCB conformal coatings to enhance the quality of their products and consolidate their footing in the market.
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PCBs often experience delamination, which is the separation of the coating from the surface of the circuit board. The process occurs when poor adhesion and compatibility between coatings and printed circuit boards results in the contamination of the board, which can significantly hamper its durability.
Subjecting printed circuit boards to high temperatures can cause cracking or delayering of conformal coatings. These factors pose a challenge to the growth of the market.
Additionally, growing concerns about the concentration of volatile organic compounds in conformal coatings and their adverse impact on human health are creating a negative image of the use of coatings in electronics among consumers. This factor, coupled with fluctuating prices of raw materials, is likely to stifle the growth opportunities for conformal coating for PCB manufacturers.
In terms of revenue, Asia Pacific dominated the global market with a 40% share. This high market share of the region is ascribed to rise in disposable income, increase in population, and expansion of consumer electronics and automotive industries.
Expansion of automotive is estimated to provide lucrative opportunities to the Automotive Electronics Conformal Coatings Market during the forecast period.
Manufacturers based in developing economies of Asia Pacific produce conformal coatings for the protection of PCBs of consumer electronic devices. Lucrative opportunities in the electronics industry in countries such as South Korea, Taiwan, and Japan offer growth opportunities for the conformal coatings market in the region. Consumer electronics is the major segment that drives demand for conformal coatings in Asia Pacific.
Other countries / regions that are expected to perform well include the U.K parylene conformal coatings market for PCBs and Italy fluoropolymer-based conformal coatings market for PCBs.
The market in the U.S. was valued at over US$ 2.5 Bn in 2020. Recovery of the economy, increase in government spending, growing demand for high-performance PCBs in aerospace, consumer inclination toward personal conveyance, and constant research in automobile and medical technologies in the field of fuel-efficient automobiles and pacemakers are expected to boost the conformal coatings market in the U.S.
Growth will be supported by high PCB demand from several major electric vehicle manufacturers in the region. PCB manufacturers are also seeking ways to capture the defense and aerospace sector. This is offering alluring prospects for PCB coatings used in these sectors must be offer protection to work in full capability throughout operations.
By 2031, China is expected to have a market worth roughly US$ 3 Bn. The robust automotive industry in China is contributing significantly to the expansion of the conformal coatings market for printed circuit boards.
Advancements in the defense sector, increasing demand for conformal coatings for modern day PCBs, and expansion of the electronics industry are anticipated to offer better market expansion opportunities during the forecast period.
Asia Pacific is estimated as the firmest budding regional market on account of huge spending in the electronics industry in China that generates enormous product demand. Besides, growing use of PCB conformal coatings for industrial machinery and rapid progress of the consumer electronics and automotive manufacturing industry in China are expected to fuel product demand for conformal coatings for PCBs.
China, which strives towards self-sufficiency, has witnessed higher growth in the market. Major R&D investments, rise in PCB conformal coatings services, growing demand for conformal coating spray for PCB, and expansion of production facilities in the country has further boosted the sales of circuit board protection conformal coatings.
Increasing technological advancements are shaping the Canada acrylics conformal coatings market for PCBs and Germany silicone conformal coatings market for PCBs, besides other markets. Companies operating in the conformal coating sector are focused on developing technological solutions for conformal coating.
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The global conformal coatings market for PCBs is currently worth more than US$ 11 Bn.
According to Fact.MR, conformal coatings for printed circuit board sales expanded at a CAGR of around 2% from 2016 to 2020.
Growing popularity among end users, especially automotive, aerospace, and consumer electronics, will encourage growth of the market.
Asia Pacific is the most lucrative growth region, generating 40% of global revenue.
Key market players are Dow Corning, Henkel AG & KGaA, Chase Corporation, Shin Etsu Chemical Company Limited, and Electrolube.
The market in the U.S is anticipated to top a valuation of US$ 5 Bn by 2031.
According to Fact.MR, sales of conformal coatings for PCBs in China are set to register a CAGR of 4% through 2031.
The automotive industry holds 40% share overall conformal coatings for printed circuit boards.
The U.S., China, U.K., Germany, and India are expected to drive most of the demand for conformal coatings for PCBs.
The global market is anticipated to attain a CAGR of 4% over the forecast period of 2021 to 2031.
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