Market Overview:
Conformal coating is a chemical or polymer coating type that helps
protect the circuit board from any adverse or abrasive environment. The coating
also aids in keeping the circuit away from any chemical contaminants. The
global conformal coatings market, according to the recently published report by
the team of Market Research Future (MRFR), is expected to grow with an
impressive growth rate during the forecast period between 2016 and 2023.
Furthermore, the valuation is forecasted to go beyond the previously reported
market valuation by the end of the forecast period.
The conformal coatings market is driven by the demand from the
electronics industry. The market is expected to grow due to the increasing
demand for gadgets from an expanding population. Increasing adoption of AI and
IoT and proliferation of adoption are also key factors pushing the market growth
further. The market is also gaining considerable traction from the aviation
industry, which is, in turn, supporting the growth of the market.
Market Segmentation:
The market segmentation of conformal coatings is classified on the basis
of type and end-user industry.
By type, the market comprises of epoxy, acrylics, parylene, urethane,
silicone, and others. The epoxy segment is expected to grow at a significant
rate in the coming years of the forecast period.
By end-user industry, the market includes aerospace, electronics,
marine, automobile, and others. The electronics segment is expected to grow
with the maximum share. While the automobile and the healthcare industry for
conformal coatings is anticipated to grow substantially in the forthcoming
years as well.
Competitive Landscape:
·
Specialty
Coatings System Inc.
·
The Dow
Chemical Industry
·
Electrolube
·
Henkel AG
& Co. kgaA
·
HemiSeal
·
Global
Manufacturing Services, Inc
·
Europlasma
NV
·
Chemtronics
·
H.B.Fuller
Company
·
Shin-Etsu
Chemical Co., Ltd
Industry News:
April 11th, 2019, ACL Staticide® announced the introduction
of 8696 Urethane Conformal Coating to its existing portfolio of rework and
repair aerosols. The urethane-based resin of the product helps protect against
alkaline and acidic substances. This makes it the perfect choice for mundane
applications like generators, relays, HVAC, transformers, fire alarms, motors,
and battery-operated devices.
March 19th, 2019, Nordson ASYMTEK, a worldwide leader in
jetting, dispensing, and coating technology, was chosen by Gentherm, a
Canada-based electronics manufacturing service provider, as the company’s
supplier of conformal coating equipment.
Regional Analysis:
The regional segmentation of the global conformal coatings market covers
the following key regions: North America, Europe, Asia Pacific, and the Middle
East and Africa.
North America held the dominant portion of the market share in the
global standings as per the last study undertaken in 2016. The region is
further expected to grow in the forecast period between 2016 and 2023. The
dominance of the region can be attributed to the growing advancements in
technology, increasing adoption of automation, and rising purchasing power
among the consumers. Furthermore, the booming expansion and integration of
artificial intelligence enabled services by various pioneering companies like
Google, Apple, and Samsung Electronics is broadening the applications of
conformal coatings in electronics, thus driving the market growth. North
America is home to some of the leading aircraft manufacturing organizations
like GenCorp and Boeing. The surging budget in the aerospace & defense
sector in recent years, especially in the US, is expected to influence the
demand for the conformal coatings market in a positive manner. Additionally,
the booming demand for semiconductors and electronics manufacturing services is
stimulating a notable growth in the region as well.
Europe is another key market in the global standings and is expected to
maintain its secondary positioning in the forthcoming years. The growth of the
market in this region can be attributed to the growing use of electronic
devices in vehicles. This is to comply with the emission targets fixed by the
European Union. Also, the emergence of Internet of Things (IoT) is also pushing
the demand for electronic devices. This is due to the massive desire among
consumers for purchasing technically advanced products that provides them with
convenience and offers effective functionality.
The Asia Pacific region is reported to witness significant growth during
the forecast period due to the increasing demand for electronic devices like
smartphones and smartwatches and the rising purchasing power and improved
standard of living among the consumers. The growing automobile industry across
developing nations like China, South Korea, and Thailand is also expected to
push the growth of the market.
Get Browse Research
Report@ https://www.marketresearchfuture.com/reports/conformal-coatings-market-5786
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