Worldwide conformal coatings market is anticipated to hit close to USD 16.9 billion by 2026, according to the latest research available at Market Study Report LLC, report provides extensively data on market share, growth, trends and forecasts for the period 2018-2026.
As per the research report, the automotive industry demands these products on a large scale and is the fastest-growing end-use domain for this market. The demand is attributed to the massive proliferation of EVs in the automotive space.
Essentially a protectant, conformal coating is a chemical film or a polymer that is applied on electronic circuits in order to keep them protected from harsh environmental conditions such as moisture in the air and chemical contaminants. These products help ensure the circuit board’s operational integrity and also maintain surface insulation resistance in the long-term.
The major advancements in medical equipment manufacturing, evolving smart vehicle technologies, and the escalating demand for consumer electronic products are some of the significant factors fueling the growth of the global conformal coatings market. The robustly increasing consumer disposable income and the subsequently rising demand for electronic devices such as laptops, mobile phones, etc., have given rise to the requirement of certain products that are deployed in electronics components.
The global conformal coatings market is lately characterized by a number of major advancements. Some of these technological advancements that have had an impact on the industry include the proliferation of parylene-like hydrophobic conformal coatings, silicone-based conformal coatings for corrosion, single component conformal coating materials for protecting sensitive information on PCBs, and low viscosity solvent-free conformal coatings.
Initially these products were meant to be specifically used for medical and military product application, since the process and cost were higher per unit. Now, with the introduction of highly innovative processes as well as the development of material technology, the prices of these products have substantially decreased since the last few years. Conformal coatings have now turned out to be commonplace in the electronic component and circuitry domain.
Request sample copy of this Report@ https://www.marketstudyreport.com/request-a-sample/1695168/
Speaking of the end-use landscape, the automotive sector has been projected to be one of fastest growing segments for the global conformal coatings market. This can be credited to the massive emergence of smart electric hybrid vehicles that are consistently being incorporated with the latest technologies and have witnessed mass prominence as a vital energy-efficient alternative to traditional fuel vehicles.
In order to make EVs and hybrid vehicles safer, more fuel-efficient, and comfortable, the deployment of electronic gadgets has been considerably high in these vehicles and has been consistently increasing as EVs are becoming more and more sophisticated. This has led to a major surge in the application of conformal coatings as well as electronic assemblies and has propelled the global conformal coatings market size from automotive applications.
These products are manufactured from a variety of different material and are used based upon their efficiency and characteristics. As far as the material landscape is concerned, the report segments the conformal coatings market into material such as epoxy, parylene, acrylic, silicon, urethane, and others.
Of these, the acrylic conformal coating is known to be the largest product segment. Speaking of the growth prospects, epoxy, polyurethane, and parylene are known to be the fast-growing product segments.
The competitive landscape of the conformal coatings market is inclusive of a number of multinational companies as well as numerous domestic players. Some of the major contenders of the overall conformal coatings market include Kisco Conformal Coatings, Chase Corporation, Henkel AG & KGaA, Electrolube, H.B. Fuller, Dow Corning, Cytec Industries Inc., and Illinois Tool Works.
The impact of the strict environment-related regulations are being felt across this industry. Of late, a majority of the device fabricators, PCB assemblers, and product manufacturers prefer solvent-free conformal coatings so as to ensure minimal harm to the environment. Pertaining to the demand for green chemicals, the market for specific resins is growing at a faster rate as opposed to the conventional ones like acrylics.