Conformal Coatings Market Insights | Key Players: Chase Corporation (U.S.), Henkel AG & KGaA (Germany), Illinois Tool Works (U.S.), Shin-Etsu Chemical Company Limited (Japan), Dow Corning (U.S.), H.B. Fuller (U.S.), Electrolube (U.K.), Europlasma NV (Belg

The global conformal coatings market is estimated to reach USD 12.28 billion by 2021, registering a CAGR of 4.7% between 2016 and 2021.The rising demand of printed circuit boards (PCBs) has forced electronics, automotive & transportation, and marine industries of various countries to initiate the use of conformal coatings. Increased operational parameters for electronic components in the aerospace & defense industry also act as a driver for growth of the conformal coatings market. High-quality physical, chemical, and thermal properties as well as resistance to dust, moisture, corrosion, high temerature, and humidity are likely to drive the global conformal coatings market. The growing popularity of conformal coatings over conventional processes such as potting in various applications plays a significant role in driving the market. Rising growth in the automobile industry, increasing consumption of printed circuit boards in electronics and aerospace industries are driving the market growth worldwide. These drivers have encouraged the market players to adopt various growth strategies.

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New product development and expansions were the key strategies adopted by the key players to achieve growth in the global conformal coatings market between 2013 and 2016. These two strategies together accounted for the largest share of all the strategies adopted by market players. Some of the leading conformal coatings manufacturers, such as Chase Corporation (U.S.), Henkel AG & KGaA (Germany), Illinois Tool Works (U.S.), Shin-Etsu Chemical Company Limited (Japan), Dow Corning (U.S.), H.B. Fuller (U.S.), Electrolube (U.K.), Europlasma NV (Belgium), MG Chemicals (Canada), and Kisco Conformal Coatings (Japan), adopted new product launch as their key growth strategy.

Beside new product development and expansion, companies adopted partnerships, agreements, and collaboration to expand their market share and distribution network. These strategies accounted for maximum share of the total number of growth strategies adopted by the market players of conformal coatings between 2013 and 2016.

Techspray launched a new conformal coating which has fast thermal cure with lesser tack-free time. This will cater the need of several end use applications and also improve the share of the company in the global conformal coatings market. Tech Spray generally uses the product differentiation strategy to enter in new markets. Electrolube launched a brand new conformal coating product—Aromatic free acrylic coating (AFA) at Electronica 2014, held at Germany, Munich. The new product will enhance the product portfolio of the company and also enhance its presence.

HumiSeal, a division of Chase Corporation, launched a range of silicone-based conformal coatings C63, 1C49LVF, and 1C49HVF and UV-40 for chemical resistance and high temperature applications. Through this, the company extends its product portfolio in the global conformal coatings market. Chase Corporation sells conformal coatings through its HumiSeal brand, which has significant end-use applications in the electronics, and automotive & transportation industries. It focuses on better positioning of its products globally to capitalize on expected high market growth through development of innovative products and technologies.

The global conformal coatings market is estimated to reach USD 12.28 billion by 2021, registering a CAGR of 4.7% between 2016 and 2021. Increasing demand for the protection of printed circuit boards (PCBs) in the electronics, automotive & transportation, and marine industries has increased the use of conformal coatings. Increased operational parameters for electronic components in the aerospace & defense industry also act as a driver for the growth of conformal coatings market. High-quality physical, chemical and thermal properties as well as resistance to harsh environments which are essential in marine industry are likely to drive the global conformal coatings market. The growing popularity of conformal coatings over conventional processes such as potting in various applications plays a significant role in driving the market. These drivers have encouraged the players to adopt various growth strategies.

The rising demand for volatile organic compounds (VOCs)-free conformal coatings in countries, such as Germany, and France, is expected to increase their demand in the electronics industry in the coming years. New materials and technologies, such as Certonal FC-742 and 3M Novec series, introduce new formulations and chemistries to enhance the utilization and application areas of conformal coatings.

The marine industry is the fastest-growing market in terms of value for conformal coatings. Growing marine industry and considerable increase in the use of conformal coatings due to increased need for protection of PCBs which function in harsh chemical environments are the key drivers, driving the market.

Asia-Pacific was the largest market for conformal coatings, followed by North America in 2015. Middle East & Africa registered the second-highest growth rate between 2016 and 2021. The high demand in Asia-Pacific is because of growth in the electronics industry in last few years.
The market players are expected to employ organic growth strategies such as regional expansion and new product development to expand their overall business worldwide. The key companies operating in these markets are striving to provide innovative products and enhance their presence in the emerging markets. They are also focusing on strengthening research and development facilities to provide cost-effective product grades. All these developments are expected to lead to sustainable growth of the conformal coatings market in the future.
Chase Corporation (U.S.), Henkel AG & KGaA (Germany), Illinois Tool Works (U.S.), Shin-Etsu Chemical Company Limited (Japan), Dow Corning (U.S.), H.B. Fuller (U.S.), Electrolube (U.K.), Europlasma NV (Belgium), MG Chemicals (Canada), and Kisco Conformal Coatings (Japan) are the key companies manufacturing conformal coatings and having strong foothold in the global market.

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