The unexpected shifts in the global markets because of the sudden outbreak of the COVID-19 virus have brought many major and minor tremors to industries of all sizes including the Conformal Coating Market.
It was estimated prior to this unanticipated outbreak that the Conformal Coating Market was expected to grow at a CAGR of 5.5% during the forecast period. However, the gradual slowing down of industries will undoubtedly impose limits on the previously estimated growth rate.
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Conformal coating is type of protective coating which is applied to PCBs and other electronic components to protect them from harsh operating environments such as dust, solvents, moisture, humidity, and high temperature. It usually has a thickness of 25-75µm. Conformal coatings can be categorized on the basis of type into acrylic, silicone, epoxy, urethane, parylene, and others. They are widely used in industries such as consumer electronics, automotive, aerospace & defense, industrial, telecommunications, and others.
This report studies the market covering a period of 12 years of trend and forecast. The report provides detailed insights into the market dynamics to enable informed business decision making and growth strategy formulation based on the opportunities present in the market.
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Based on the type, the market is segmented as acrylic, silicone, epoxy, urethane, parylene, and others. Acrylic coating dominated the market in 2019, and is expected to maintain its position during the forecast period. Acrylic coatings are widely used in consumer electronics, aerospace & defense, and automotive industries, leading to its dominance in the global conformal coatings market.
Based on the end-use industry type, the conformal coating market is segmented as consumer electronics, automotive, aerospace & defense, industrial, telecommunication, and others. The consumer electronics segment held the largest share of the market in 2019, and is also expected to witness a healthy growth during the forecast period. Significant economic development in the emerging economies along with the growing disposable income of consumer is the major factor behind the dominance of the consumer electronics segment.
In terms of regions, North America is expected to remain the largest market during the forecast period, mainly driven by the USA. Asia-Pacific is estimated to be the fastest-growing market for conformal coatings during the forecast period. China, Japan, South Korea, Taiwan, and India are the key countries driving the growth of the region’s market. Significant economic development in the region is paving the path of transportation, electricals & electronics, medical, and industrial sectors, leading to a higher demand for conformal coating in the region.
Some of the major suppliers of conformal coatings are-