Conformal Coatings Market Overview
The market for conformal coatings is expected to grow at a CAGR of more than 6% during the forecast period. The major factors driving the market are the increasing demand for high-end applications, that require conformal coating. Also, the rising medical applications in Asia-Pacific are expected to act like an opportunity to the market. Consumer Electronics is the largest consumer of conformal coatings. Consumer electronics include various electronic devices from entertainment, communication, to home appliances. Conformal coatings are used to coat on all electronic components such as semiconductors, PCBs, transistors, resistors, capacitors, inductors, diodes, connectors, and other critical components are used in order to protect against thermal shocks, moisture, dust, chemical, and corrosion. The conformal coatings of higher standards can self-extinguish a flame on a circuit board.
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Conformal Coatings Market – Geographical Overview
The Asia-Pacific region is expected to dominate the market for conformal coatings during the forecast period
China is the world’s largest electronics production base and offers tough competition to existing upstream producers, such as South Korea, Singapore, and Taiwan. Electronic products, such as smartphones, OLED TVs, and tablets, among others, have the highest growth rates in the consumer electronics segment of the market in terms of demand. The consumer electronics production in India grew at a rapid rate between 2015-2020, with the production value of consumer electronics exhibiting a growth of 16.6% between 2018-19 and 2019-20. The consumer electronics industry witnessed a drop in production outputs in 2020-21 owing to the COVID-19 pandemic and its subsequent impact on domestic production facilities. Furthermore, the consumer electronics market is expected to witness a CAGR of over 10% during the forecast period, in turn, increasing the need for the production of consumer electronics at a higher rate in the country. This is projected to increase the demand for conformal coatings in the region during the forecast period.
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Key Highlights of the Conformal Coatings Market
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List of Key Players in the Conformal Coatings Market
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Mordor Intelligence has segmented the global conformal coatings market on the basis of material type, end-user industry, and geography:
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