by Conformal coatings are thin protective coatings applied to printed circuit boards and other electronic components to protect them from harsh environments and extend their lifespan. Conformal coatings help protect electronic components from dust, humidity, chemical contamination and physical damage. They provide critical electrical insulation for basic circuit boards used in industrial automation and consumer goods to extremely sophisticated microelectronics found in devices like smartphones, wearables and medical equipment. The global conformal coatings market is estimated to be valued at US$ 1332.71 Mn in 2023 and is expected to exhibit a CAGR of 3.3% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
Miniaturized electronic systems are witnessing increasing demand across multiple end-use industries including consumer electronics, automotive, healthcare and defense. However, fitting more components into compact spaces also increases the risks of corrosion, moisture absorption and other reliability issues. Adopting miniaturized components without proper protection can significantly reduce product lifespan. Conformal coatings play a pivotal role in protecting intricate circuitry in miniature devices from harsh operating conditions. The ongoing trend of device miniaturization is hence expected to drive increasing adoption of specialized conformal coatings that can be easily applied to tightly packed circuit boards and components. Developing conformal coatings specifically designed for miniaturized electronic systems will remain a key focus area for leading coatings manufacturers over the coming years.
Segment Analysis
The global conformal coatings market is dominated by acrylic sub segment. Acrylic conformal coatings are widely used due to their excellent moisture protection, flexibility and adhesion properties. They provide protection against moisture, dust, chemicals and mechanical damages. Acrylic conformal coatings find wide application in automotive electronics, telecommunication, consumer electronics and other industries.
Key Takeaways
The Global Conformal Coatings Market Share is expected to witness high growth over the forecast period of 2023-2030. The market is projected to reach a size of US$ 1332.71 Mn by 2024, growing at a CAGR of 3.3% during the forecast period.
Regional analysis: The Asia Pacific region currently dominates the global conformal coatings market and is expected to remain the fastest growing region during the forecast period. The growing electronics and automotive industries in countries like China, India, Japan, South Korea are driving the demand for conformal coatings in the region. Additionally, increasing investments by key players to expand their production capacities in the region will further support the market growth.
Key players operating in the conformal coatings market are ChampionX, Seepex Inc., Halliburton Company, PCM Group, Xylem Inc., Schlumberger Limited, Weatherford International PLC, NETZSCH Group, and National-Oilwell Varco Inc., among others. ChampionX and Seepex Inc. are the prominent players owing to their wide product portfolio and global presence.
Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
