The global conformal coatings market is
expected to reach USD 15.73 billion by 2024, according to a new report by Grand
View Research, Inc. Rising demand for conformal coatings for manufacturing of
automotive and electronic components is expected to propel growth.
The market is highly competitive and
fragmented owing to presence of numerous medium and large scale manufacturers
and suppliers. The high competition between existing players and high capital
investment are expected to pose as a threat to new entrants. However, rapid
growth of end-use industries in emerging economies, which demands high volumes
of conformal coatings is expected to propel demand.
Regional government bodies in Asia Pacific
have implemented schemes and initiatives to encourage domestic manufacturing in
order to develop the economies of these countries. For instance, ‘Make in
India’ scheme that is increasingly attracting major foreign players to invest
in domestic production facilities. As a result, the demand for the product is
expected to grow over the forecast period.
Conformal coating manufacturing
technologies are constantly being updated to match evolving consumer
requirements for efficient end-use electronic and automotive products. This has
led to intensive R&D efforts by major industry players in order to develop unique
and innovative products & processing technologies such as selective needle
dispensing, ultrasonic coatings and even selective film coatings among others.
Access Research Report of Conformal Coatings Market@ https://www.grandviewresearch.com/industry-analysis/conformal-coating-market
Further key findings from the report suggest:
· Urethane product segment accounted for 14%
of the overall market in 2016, owing to its excellent dielectric properties and
high abrasion resistance, which makes it suitable for application in printed
circuit boards
· Electronics is expected to be the fastest
growing application segment, ascending at an estimated CAGR of 6.7% over the
forecast period on account of the extensive usage in consumer electronics
manufacturing
· Europe conformal coatings market is
expected to witness a slow growth rate as compared to other regions, owing to
the saturation of the regional markets and slower growth of automotive
production in the region
· The market in Latin America is expected to
progress at a CAGR of 5.2% over the forecast period, on account of increasing
foreign investments in the electronics and medical sector over the forecast
period
· The major players in the market including
Henkel AG & Company, KGaA, Chemtronics, Shin-Etsu Chemical Co., Ltd., and
DOW Corning, are investing in R&D activities in order to come up with
coatings with better corrosion resistance, and abrasion resistance
Grand View Research has segmented the
global conformal coatings market on the basis of product, application, and
region:
Conformal Coatings Product Outlook
(Revenue, USD Million; 2013 - 2024)
·
Acrylic
·
Epoxy
·
Urethane
·
Silicone
·
Paralyene
Conformal Coatings Application Outlook
(Revenue, USD Million; 2013 - 2024)
·
Consumer Electronics
·
Automotive
·
Medical
·
Aerospace & Defense
·
Others
Conformal Coatings Regional Outlook
(Revenue, USD Million; 2013 - 2024)
·
North America
·
Europe
·
Asia Pacific
·
Latin America
·
The Middle East & Africa
About Grand View Research
Grand View Research, Inc. is a
U.S. based market research and consulting company, registered in the State of
California and headquartered in San Francisco. The company provides
syndicated research reports, customized research reports, and consulting
services. To help clients make informed business decisions, we offer market
intelligence studies ensuring relevant and fact-based research across a range
of industries, from technology to chemicals, materials and healthcare.
