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Conformal Coatings Market – Global Industry Analysis by Key Players, Consumption, Growth, Trends, Share and Forecast By 2030

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Conformal Coatings Market – Global Industry Analysis by Key Players, Consumption, Growth, Trends, Share and Forecast By 2030

November 19
21:20 2021
Conformal Coatings Market - Global Industry Analysis by Key Players, Consumption, Growth, Trends, Share and Forecast By 2030

Conformal coatings are extensively used across a host of end-use industries, including electronics, automotive, aerospace, defense, and marine. As the modern electronics sphere continues to progress at a rapid pace, with it, the conformal coatings market has also witnessed a gradual evolution. In the midst of the growing environmental concerns and increasing regulatory pressure, at present, conformal coating manufacturers are increasingly focusing on the production of environment-friendly conformal coatings. A range of materials has gained considerable popularity within the conformal coatings market landscape due to promising research outcomes and high eco-friendly quotient.

As modern electronic devices and components are required to withstand hostile operating conditions, including high temperatures, humidity, and thermal shocks, the demand for conformal coatings has witnessed a considerable boost over the past couple of decades– a trend that is set to continue during the forecast period. In addition, as consumers continue to demand lightweight electronics, the robustness and durability of these products are likely to be compromised due to which, conformal coatings are used to boost the protective properties – another factor that is expected to aid the growth of the global conformal coatings market during the assessment period.

The global conformal coatings market is expected to cross market value of US$ 17 Bn by the end of 2030.

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Market Players to Focus on Addressing Challenges in Modern-day Electronics

As modern-day electronics assemblies gradually evolve due to environmental legislation and transforming consumer preferences, players involved in the current conformal coatings market landscape are increasingly rolling out versatile solvent-based conformal coatings to cater to these requirements. In the wake of the evolving consumer electronics sector, a range of new generation high-performance conformal coatings is being developed to ensure optimum protection. As a result, innovations across the global conformal coatings market have accelerated at an impressive pace. For instance, over the past few years, encapsulation resin has gained considerable traction across several end-use industries due to its ease of application.

In addition, as conformal coatings play an imperative role in preventing the formation of electrolytic solutions, its adoption has consistently witnessed impressive growth. At present, market players operating in the global conformal coatings market are focusing on improving the functional properties of their products including attaining the required level of coverage in three dimensional and complex topographies of the modern-day printed circuit boards (PCBs). Market players are increasingly investing in new coating concepts and innovations to gain a competitive edge. For instance, the two-component approach has garnered considerable popularity over the past few years, owing to the growing demand for efficient edge-coverage and thickness while simultaneously offering high performance.

Companies Depend on Innovations and New Technologies to Gain Advantage

Due to the evolving regulatory landscape and consumer demean, market players have turned their attention toward product development by deploying new technologies and innovative concepts. As a result, a host of new products have entered the global conformal coatings market over the past few years – a trend that is expected to propel the growth of the global conformal coatings market during the assessment period.

For instance, Electrolube developed a new line of 2K conformal coatings ranges using surface modifier coating to address the existing challenges pertaining to performance during harsh operating conditions. Market players are increasingly leaning toward expanding their product portfolio to gain competitive edge and improve their position in the market. For instance, HumiSeal launched the UV50LV – a low-viscosity, one-part, dual-cure acrylated polyurethane conformal coating with improved functional properties in comparison with the existing product range.

Demand Likely to Dip amid COVID-19 Pandemic, Market Expected to Gain Momentum in 2021

The onset of the ongoing novel COVID-19 pandemic has played a key role in disrupting operations across the prominent end-use industries of conformal coatings, including automotive, aerospace, and electronics. As a result, the demand for conformal coatings has witnessed a slight drop in comparison with the demand in 2019. In addition, heightening restrictions on transportation, cross-border trade, and disruption in the production cycle of conformal coatings in several regions of the world are some of the primary factors that are likely to dent the growth of the global conformal coatings market during the pandemic. However, as industries in China are up and running after the lockdown period in the first quarter of 2020, the market is expected to gradually pick up the pace toward the end of 2020 and the first quarter of 2021.

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Analysts’ Viewpoint

The global conformal coatings market is expected to expand at a moderate CAGR of ~5% during the forecast period. The market growth can be primarily attributed to a host of factors, including evolving consumer demands, advent of modern electronic assemblies, high demand from a range of end-use industries such as aerospace, automotive, consumer electronics, etc., and consistent investment in research & development activities. Market players should focus on expanding their product range as well as keep an eye on potential mergers and acquisition opportunities to gain an edge in the market for conformal coatings.  

Conformal Coatings Market: Overview

  • In terms of value, the conformal coatings market is expected to cross US$ 17 Bn by 2030
  • Rise in demand for conformal coatings, owing to their wide usage in consumer electronics and automotive applications is anticipated to boost the global conformal coatings market during the forecast period
  • Aerospace is projected to be a highly lucrative end-use industry segment of the global conformal coatings market in the near future

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