Electronic Conformal Coatings Market Analysis By Method (Dipping, Selective Coatings, Vapor Deposition) By Material (Polyurethane PCB Coatings/Urethane, Acrylic & Silicone Electronic Conformal Coatings) By Equipment, By Application & Region – Global Insights 2022 to 2032

Electronic Conformal Coatings Market Outlook (2022-2032)

As of 2022, the electronic conformal coatings market stands at a net value of US$ 2.45 billion and is projected to rake in sales revenue of a total of US$ 4.3 billion by the end of 2032. From 2022 to 2032, the electronic conformal coatings market is anticipated to exhibit progression at a CAGR of 5.8%.

Europe electronic conformal coatings market is anticipated to evolve at a CAGR of 5.1% throughout the forecast period and currently holds a market share of 25.5% in the global electronic conformal coatings industry landscape.

Conformal coatings are thin films applied to printed circuit boards (PCBs) to protect the board and its components from unfavourable environmental conditions. These circuit board protective coatings protect boards in environments of high temperature, chemical exposure, etc. to avoid corrosion and other defects.

Epoxy electronic conformal coatings are anticipated to be highly popular in the global electronic conformal coatings marketplace owing to their characteristic properties of high resistance to solvents and dielectric nature. These properties are highly suitable for electronics and hence the demand for these types of PCB coatings is projected to rise over the coming years.

Digitization has become a prominent trend across the world and is expected to be a prominent driver for electronic conformal coatings market growth through 2032.

Electronic Conformal Coating Consumption Analysis (2017-2021) in Comparison to Market Growth Forecasts (2022-2032)

Conformal coatings are crucial in the manufacturing of PCBs as they protect the circuit from all adverse environmental elements that could damage the device or circuit. Sales of electronic conformal coatings rose at a CAGR of 4.5% from 2017 to 2021 and accounted for a net value of US$ 2.35 billion in 2021.

Electronics waterproofing conformal coatings are expected to witness an increase in demand as the popularity and sales of waterproof electronics increase. Increasing digitization, rising technological proliferation, growing disposable income, and rising demand for miniaturization of electronic components are expected to be prominent factors driving electronic conformal coatings market potential over the coming years.

Increasing demand for electronic components from various industry verticals such as aerospace, defense, automotive, etc. is also projected to favor electronic conformal coatings market potential. The aforementioned factors are anticipated to propel the demand for solvent-based electronic conformal coatings, water-based electronic conformal coatings, UV-cured electronic conformal coatings, and other coatings.

Demand for medical conformal coating solutions is also expected to rise over the years to come as technological proliferation in the medical industry increases.

From 2022 to 2032, the electronic conformal coatings market is slated to rise at a CAGR of 5.8%.

What Prospects Await Electronic Conformal Coating Suppliers?

“Growing Need for Electronic Conformal Coatings Due to Increasing Focus on Miniaturization of Electronics”

Technological advancements have transformed the electronics industry over the past decade and this trend is expected to be rife over the coming years as well. Electronics and electronic components are now being miniaturized as the complexity of devices is increasing, and to deliver advanced technology in a compact format, there is the need for miniaturized PCBs.

Electronic conformal coatings are crucial to ensure the proper functioning of these miniaturized circuit boards and hence this is expected to prominently drive market growth.

“Rising Use of Electronic Components in Automotive Industry”

The automotive industry has undergone some major changes over the past few years and this has led to increased use of electrical and electronic components in vehicles.

Increasing popularity of electric vehicles and rising focus on sustainability have also increased the use of automotive electronics and hence the demand for electronic conformal coatings is also projected to increase over the coming years.

What is the Regional Scenario for the Sales of Electronic Conformal Coatings?

“APAC Region to Witness Highest Demand for Electronic Conformal Coatings”

The market for electronic conformal coatings in the Asia Pacific region is predicted to expand at a CAGR of 7.1% from 2022 to 2032. The presence of key electronics and semiconductor manufacturers in this region is projected to be the prime driver for the electronic conformal coatings market across the forecast period.

Moreover, the presence of a flourishing automotive manufacturing industry in the region is also anticipated to bolster demand for electronic conformal coatings.

The presence of robust manufacturing facilities and supportive government initiatives to boost the production of electronics in this region are also expected to aid electronic conformal coatings market growth through 2032.

China and Japan are expected to be the most notable markets in this region and are anticipated to account for major market shares in the APAC region throughout the forecast period.

The APAC electronic conformal coatings market is expected to attain an estimated net revenue total of US$ 1.39 billion by 2032 while accounting for a dominant market share of 32.5% in the same year and overtaking North America’s market share.

Electronic conformal coating shipments in Latin America currently account for a net value of US$ 210.3 million in 2022 and are anticipated to account for a market share of 7.8% in the global electronic conformal coatings industry landscape by the end of 2032.

Brazil is anticipated to be the most lucrative market in this region and is anticipated to account for a major market share of 40.6% in the Latin America electronic conformal coatings industry landscape by 2032.

North America electronic conformal coatings market in 2022 accounts for a net value of US$ 786.6 million and a dominant market share of 32.1% in the global electronic conformal coatings marketplace. Increasing investments in aerospace and defense applications in this region are expected to prominently drive electronic conformal coatings market growth across the forecast period.

The United States is expected to lead revenue generation potential in this region through 2032 owing to increasing investments in aerospace and defense sectors. The U.S. accounts for 88% of the North America electronic conformal coatings market in 2022 and is anticipated to witness a rise in demand at a CAGR of 5.7% through 2032.

The MEA electronic conformal coatings market stands at a net value of US$ 122.6 million in 2022 and is slated to attain an approximate revenue total of US$ 186.6 million by the end of the forecast period. Demand for silicone electronic conformal coatings in this region is anticipated to increase at a CAGR of 4.5% throughout the forecast period.

Fact.MR, a market research and competitive intelligence provider has facilitated a detailed assessment of the electronic conformal coatings market on a regional as well as global level.

Country-wise Insights

Why Should Electronic Conformal Coating Manufacturers Invest in China?

“Robust Electronic Manufacturing Industry to Provide Rewarding Business Opportunities”

China is known across the world for its exceptional electronics and semiconductor manufacturing industry. These industries are major end-use industry verticals for electronic conformal coatings, and hence, China is a highly opportunistic market for electronic conformal coating suppliers. Increasing investments in electronic manufacturing and supportive government initiatives are projected to further bolster electronic conformal coating sales in the country over the forecast period.

Shipments of electronic conformal coatings in China currently account for a net value of US$ 285.6 million and account for a dominant market share of 40.4% in the APAC electronic conformal coatings industry landscape in 2022.

Why is Japan a Lucrative Electronic Conformal Coatings Market?

“Rapid Adoption of Novel Technologies in Japan”

Japan is regarded as one of the most technologically advanced countries in the world and this is what makes it a highly rewarding market for electronic conformal coating manufacturers. Japan is known across the world for the rapid adoption of technologies and is also known for pioneering innovations in the technology industry.

The presence of key consumer electronics manufacturers and automotive manufacturers is also anticipated to boost electronic conformal coating demand in the country. The market for electronic conformal coatings in Japan is slated to progress at a high CAGR of 8.3% through 2032 and currently accounts for a net revenue total of US$ 113.8 million in 2022.

Category-wise Insights

Which Material is Preferred in the Global Electronic Conformal Coatings Industry?

“Acrylic Electronic Conformal Coatings Highly Popular across Geographies”

Based on material the global electronic conformal coatings market is segmented into acrylic, silicone, polyurethane/urethane, and other materials. Demand for acrylic electronic conformal coatings is expected to rise at a CAGR of 6.5% across the forecast period and accounts for a dominant market share of 38.2% in 2022.

Acrylic coatings allow easy adjustment of viscosity and have a faster curing time than other coatings which makes them a popular choice in various applications. Acrylic coatings are highly popular in the automotive and electronic industries.

Sales of silicone electronic conformal coatings currently account for a net value of US$ 649.2 million in 2022 and are projected to attain an approximate revenue total of US$ 1.15 billion by the end of 2032.

Which Equipment Substantially Influences Electronic Conformal Coatings Market Revenue?

“Coating & Dispensing Systems Projected to Drive Electronic Conformal Coatings Industry Revenue Potential”

In terms of equipment, the electronic conformal coatings market is segmented into coating & dispensing systems, curing systems, and inspection systems. Among these, the coating & dispensing systems segment is anticipated to drive electronic conformal coatings market revenues at a CAGR of 6.3% through 2032.

Rising demand for electronics is anticipated to further bolster demand for coating dispensing systems as they are crucial in the application of conformal coatings. Curing systems in 2022, account for a significant market share of 33% in the global electronic conformal coatings marketplace and are anticipated to rake in sales revenue value of US$ 1.4 billion by the end of the forecast period.

What Impact Does Rising Demand for Automotive Electronics Has on Electronic Conformal Coatings?

“Rising Demand for Automotive Electronics to Drive Electronic Conformal Coating Shipments in Parallel”

Based on application, the market is segmented into automotive electronics, aerospace & defense, consumer electronics, and other applications.

The use of electronic components has witnessed a massive increase in almost all industry verticals, and this is especially true for the automotive industry. Vehicles are now using more electronic components than ever before, and this is expected to drive demand for circuit board conformal coatings in the automotive industry over the coming years.

Demand for automotive conformal coatings is predicted to increase at a CAGR of 5.9% through 2032.

Investments in the development of the defense sector have significantly increased across the world and technological proliferation has also followed a similar trend.

Consumption of electronic conformal coatings in aerospace and defense applications is slated to rise at a CAGR of 6.4% over the forecast period and account for a net value of US$ 1.43 billion by the end of 2032.

Competitive Landscape :

Key electronic conformal coating manufacturers are focusing on maximizing their revenue generation by increasing their investments in different ventures. Electronic conformal coating suppliers are also investing in the development of tailored conformal coatings for different applications to boost their sales potential.

• In October 2020, Henkel AG & Co. KGaA, a German chemical manufacturer, announced an investment in an advanced material start-up company called Actnano, which is based in the United States. Actnano is known for providing tailored conformal coatings for the protection of PCBs in several applications.
• In February 2020, Dow, a leading chemical manufacturing company, announced the launch of new conformal coatings. DOWSIL CC-820 UV and Moisture Dual Dual-Core Conformal Coatings were launched to promote sustainability and safety.

Key Segments Covered in Electronic Conformal Coatings Industry Research

• Electronic Conformal Coatings Market by Method :

  • Dipping
  • Selective Coatings
  • Vapor Deposition
  • Other Methods

• Electronic Conformal Coatings Market by Material :

  • Acrylic Electronic Conformal Coatings
  • Silicone Electronic Conformal Coatings
  • Polyurethane PCB Coatings/Urethane
  • Other Materials

• Electronic Conformal Coatings Market by Equipment :

  • Coating & Dispensing Systems
  • Curing Systems
  • Inspection Systems

• Electronic Conformal Coatings Market by Application :

  • Automotive Electronics
  • Aerospace & Defense
  • Consumer Electronics
  • Other Applications

• Electronic Conformal Coatings Market by Region :

  • North America
  • Latin America
  • Europe
  • APAC
  • MEA