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Conformal Coatings Market is projected to expand at a CAGR of 5.5% from 2019 to 2027

Conformal Coatings Market is projected to expand at a CAGR of 5.5%

Global Conformal Coatings Market: Key Highlights

In terms of revenue, the global conformal coatings market is projected to expand at a CAGR of 5.5% from 2019 to 2027.
Conformal coatings protect printed circuit boards (PCBs) from chemical, moisture, and other harsh surroundings. Developments in the consumer electronics, automotive, medical, and defense sectors are expected to offer opportunities for the conformal coatings market.

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The automotive segment accounted for a major share of the conformal coatings market in 2018, owing to the rising trend of production of electric vehicles, autonomous driving, advanced driver assistance systems (ADAS), and networking of vehicles. Active intervention in vehicle actuators is projected to propel the demand for PCBs, thus propelling the demand for conformal coatings during the forecast period.
Acrylic coatings held the largest share of the global conformal coatings market in 2018. These are liquid coatings that can be easily applied, removed, and reworked on. They exhibit high dielectric strength as compared to other coatings. They do not shrink during curing, and are ideal for applications where resistance against moisture is required. However, their resistance to surface abrasion, chemicals, and solvents is lower than other types of conformal coatings.
The spray coating operation method dominated the global conformal coatings market in 2018.
Significant expansion potential of the water-based segment can be ascribed to the environmental friendliness of water-based technology. Water limits the emission of VOCs. Manufacturers are striving to produce conformal coatings for the protection of PCBs by employing the water-based technology.
The conformal coatings market in Asia Pacific is estimated to expand at a CAGR close to 6.0% during the forecast period, owing to the vast prospects exhibited by end-use industries such as consumer electronics, industrial machinery & equipment, automotive, and medicine. The sales of conformal coatings in Asia Pacific were high in 2018 as compared to other regions, owing to the promising electronics manufacturing industry in China, South Korea, Japan, and other Southeast Asia nations.
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Key Drivers of the Conformal Coatings Market

The demand for printed circuit board assemblies coated with conformal coatings has been high in the global electronics industry, in order to achieve optimum long-term performance and reliability.
According to the International Energy Agency (IEA), the number of electric cars on the roads is projected to reach 220 million by 2030.
The number of PCBs in electric vehicles and the intricacy of the modules are higher than that in traditional combustion engine vehicles. This is expected to drive the demand for conformal coatings in the automotive industry by 2027.
The medical segment in the conformal coating market is also projected to be highly attractive, owing to the rise in the demand for conformal coatings for the protection of PCBs used in cardiac pacemakers, blood glucose monitors, blood pressure monitors, CT scanners, electronic microscopes, photometers, control systems, and other medical equipment.
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Delayering and Cracking of Conformal Coatings likely to Pose Significant Challenges

Cracking of PCBs coated with conformal coatings is likely to be a major challenge for the conformal coatings market during forecast period. Factors that influence cracking include high curing temperature and extreme environments.
Delayering and cracking issues depend upon the type of coating technology and the operational method adopted. For example, brush coatings usually do not provide uniform thickness. The chances of delamination and cracking are high in this case.
Asia Pacific Expected to be Highly Lucrative in the Conformal Coatings Market

In terms of value, Asia Pacific held a major share of more than 30% of the global conformal coatings market in 2018.
Expansion in the electronics industry in South Korea, Taiwan, and Japan offers growth opportunities for the conformal coatings market in the region.
China’s leading position in various end-user industries such as consumer electronics, aerospace, and automotive is likely to propel the demand for conformal coatings in the near future. After China, India is also expected to exhibit major growth in the conformal coatings market. The demand for electronic devices such as tablets, smartphones, wearable devices, and other connected consumer electronics has been rising in India.
Asia Pacific is likely to be a major region for automotive trends: e-mobility and autonomous driving.
Electro-mobility is a leading priority in China. The country continues to play an increasingly dynamic role as a global provider of e-mobility. According to the Government of China, five million electric cars are set to hit China’s roads by 2020. Manufacturers need to sell at least 12% of their new cars with electric motors in 2020 in order to avoid high penalties.
These trends are anticipated to present significant potential for the conformal coatings market in Asia Pacific.
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Global Conformal Coatings Market: Key Developments

In February 2018, Europlasma announced that it would open a new R&D center in the Longhua New District of Shenzhen, China. The R&D center would develop Nanofics, a next-generation conformal coating technology.
In January 2017, Shin Etsu Chemical Company Limited announced its plans to increase the production capacity of silicone at its plant in Akron, Ohio. This capacity expansion would cost around US$ 22.5 Mn to the company. The expansion is expected to be accomplished by 2019.
The Electric Vehicles Initiative (EVI), a multi-government policy forum, launched the EV 30@30 campaign in 2017. The campaign involves a collective goal of an average 30% market share for electric vehicles by 2030. This includes cars, trucks, and buses. Such initiatives are anticipated to help meet the Paris Agreement objectives regarding climate change.
Conformal Coatings Market: Competition Landscape

A large numbers of organized and unorganized players operate in the global conformal coatings market. Shin Etsu Chemical Company Limited, Henkel AG & KGaA, Dow Corning, and H.B. Fuller Company cumulatively accounted for more than 30% share of the global conformal coatings market in 2018.
Other players in the conformal coatings market include MG Chemicals, Al Technology, Inc., Chemtronics, Aalpha Conformal Coating, KISCO Limited, Diamond-MT, Simtal Coating Ltd, and Dymax Corporation.
Henkel AG & KGaA was a major player in the global conformal coatings market in 2018. The company is engaged in significant research & development activities. For instance, in September 2017, it introduced two conformal coating metal inks: LOCTITE ABLESTIK EMI 8660S and LOCTITE ABLESTIK EMI 8880S.

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