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Conformal Coatings Market, Application Development Potential, Industry Analysis & Forecast by 2017 - 2024.

Conformal Coatings Market, Application Development

Global conformal coatings market size was worth over USD 3 billion in 2014 and is likely to be valued at USD 5.2 billion by 2023, growing at CAGR of above 6.2%.

Electronics based conformal coatings market size was the largest and accounted for over 35% of the total demand in 2014. This application generated revenue exceeding USD 1.6 billion in 2014 and is likely to register above USD 2.5 billion by 2023. Other major applications include aerospace, medical devices and automotive.

Acrylic resin conformal coatings accounted for more than 65% of the total demand in 2014 and are likely to witness moderate growth rate over the forecast period. Silone resins accounted for more than 25% of the total revenue share in 2014 and are likely to grow at significant rate till 2023. Other major resin types include silicone, polyurethane (PU), epoxy and paralyne.

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North America, in particular U.S. conformal coatings market share and accounted for 30% in 2014 and is likely to grow at significant rate over the forecast period. Asia Pacific is likely to witness highest gains over the forecast period owing to electronics industry growth in China, India and South Korea.

Increase in electronic devises sales such as home appliances, laptops and cell phones coupled with demand for proper functioning of PCBs (printed circuit boards) even in harsh environments is likely to drive conformal coatings market. Its main function is to act as protective barrier for PCBs against factors such as corrosive gases, humidity, fungi, dust and solvents.

They also act as stress relief agents for PCB insulation resistance and reduce dendritic growth and metal electro migration between conductors. Conformal coatings are usually applied in the form of thin layers and posses properties such as dielectric and abrasion & thermal resistance.

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Increasing application scope in automobile industry is likely to drive conformal coatings demand over the forecast period. Automotive industry specifies its use in protecting circuitry against gasoline vapor, brake fluid and salt spray. Electronic system application in the form of GPS & parking systems is growing rapidly and protection against aforementioned factors is vital for ensuring long term reliability. They are used in automotive applications such as under the hood systems and passenger compartments systems such as onboard computers.

Prevention against rapid compressions & decompressions for circuitry performance under harsh conditions in aerospace applications is likely to drive conformal coatings industry growth. They are used in both depressurized and pressurized areas.

They are also used in medical industry. Its application involves tool protection in storage areas for corrosion prevention, pacemakers for continuous performance and hospital food carts.

Different resin used serve as base materials and every type has used has different properties, performance characteristics and application issues associated with them. Their choice in depends upon operation and environmental conditions present at time of different applications.

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Acrylic coatings are widely used in different applications such as electronics, automotive and aerospace. They are traditionally solvent based formulations which provide tough and transparent coatings exhibiting low moisture absorption, short drying cycles and good pot life. Acrylic conformal coatings have excellent physical & electrical properties helpful in resisting fungal growth.

Acrylic coatings being solventborne are sometimes associated with VOC content and face stringent government regulations over health, safety & environmental concerns. Some formulations available contain no VOC & also urethane acrylic hybrids and waterborne acrylics are available in market.
The global conformal coatings market share is concentrated with few large industry participants such as Cytec Industries, Chase Corp, Dymax Corp, Dow Corning and Glenro Inc. Other prominent players include Epoxies Etc, Electrolube, Henron Manufcaturing, ITW Chemtronics, and Master Bond Inc.

About Global Market Insights, Inc.
Global Market Insights, Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider; offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy and biotechnology.

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Corporate Sales, USA
Global Market Insights, Inc.
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