Conformal Coating Market Size, Growth, share 2021 Trends, Forecast by Manufacturers, Regions, Type and Application to 2030

In a recent published report, Kenneth Research has updated the market report for Conformal Coating Market for 2021 till 2030. Report further now discusses; the various strategies to be adopted or being adopted by the business players across the globe at various levels in the value chain. In the view of the global economic slowdown, we further estimated that China, India, Japan and South Korea to recover fastest amongst all the countries in the Asian market. Germany, France, Italy, Spain to take the worst hit and this hit is expected to be regain 25% by the end of 2021- Positive Growth in the economic demand and supply.

U.S. Market recovers fast; In a release on May 4th 2021, the U.S. Bureau and Economic Analsysis and U.S. Census Bureau mentions the recovery in the U.S. International trade in March 2021. Exports in the country reached $200 billion, up by $12.4  billion in Feb 2021. Following the continuous incremental trend, imports tallied at $274.5 billion, picked up by $16.4 billion in Feb 2021. However, as COVID19 still haunts the economies across the globe, year-over-year (y-o-y) avergae exports in the U.S. declined by $7.0 billion from March 2020 till March 2021 whilest imports increased by $20.7 billion during the same time. This definitely shows how the market is trying to recover back and this will have a direct impact on the Healthcare/ICT/Chemical industries, creating a huge demand for Conformal Coating Market products.

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According to the statistics by the Food and Agricultural Organization (FAO) of the United Nations, the total amount of pesticides used around the world grew from 3,089,827 tonnes in 2000 to 4,122,334 tonnes in 2018. Moreover, amongst all the continents that used pesticides, Asia registered as the largest user of pesticides by attaining a share of 52.4% in the year 2018. It was followed by the Americas, Europe, Africa and Oceania with 32.3%, 11.6%, 2% and 1.7% respectively. The statistics also stated that China was the largest user of pesticides amongst all the nations worldwide, utilizing 1,763,000 tonnes of pesticides for agricultural use.

Global conformal coating market is estimated to grow to USD 16.9 billion by 2026 according to a new report published by Polaris Market Research. Conformal coating is a protectant that is a polymer or chemical film applied on electronic circuits to keep them free from harsh environmental conditions such as chemical contaminants and moisture in the air. These products maintain long-term surface insulation resistance and ensure the operational integrity of the circuit board.

Rising demand for consumer electronics, advancements in medical equipment, and emerging smart vehicle technologies are some of the prominent factors that broadly make use of these products and are these are driving its market. Increase in consumer disposable income and rising demand for modern electronic devices such as mobile phones, laptops, and other gadgets have tremendously driven the growth of specific products that are used in electronics components.

Automotive is one of the fastest growing end-use segments for these products. The emergence of smart electric hybrid vehicles is continuously brimming with technology and has witnessed rapid growth rate as it’s an energy-efficient alternative. To make these vehicles more comfortable, fuel-efficient, and safer, use of electronic gadgets is high in these vehicles and its use is increasing along with rising sophistication of EV. This has led to increased application of electronic assemblies and conformal coatings.

Initially these products were specifically applied to medical and military products as the process and cost were substantially higher per unit. However, with innovative processes and development of material technology, prices of these products have decreased over the last few years. In the current scenario conformal coatings have become increasingly common for electronic components and circuitry.

Some of the recent technological advancements for the market include low viscosity solvent-free conformal coating, parylene-like hydrophobic conformal coating, silicone-based conformal coating for corrosion, and single component conformal coating material to protect sensitive information on PCBs.

These products are of different types based on their material of formulation. These coatings are used depending on their characteristics and required efficiency. Acrylic conformal coating is the largest product segment by material. Polyurethane, epoxy, and parylene are among the fast-growing segments.

Most of the product manufacturers, device fabricators, and PCB assemblers prefer solvent-free conformal coatings for environmental and economic reasons, though, solvent based ones enhance performance. On account of more demand for “green chemicals”, certain resins are growing at a faster pace as compared to the traditional ones such as acrylics.

The global industry constitutes of a large number of multinationals and regional players and some of the key market players include Electrolube, Kisco Conformal Coatings, H.B. Fuller, Cytec Industries Inc., Chase Corporation, Henkel AG & KGaA, Illinois Tool Works, and Dow Corning.

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