The Business Research Company's global market reports are now updated with the latest market sizing information for the year 2023 and forecasted to 2032
LONDON, Sept. 21, 2023 /PRNewswire/ -- As per The Business Research Company's Conformal Coatings Global Market Report 2023, the global conformal coatings market has experienced substantial growth, with the conformal coatings market size increasing from $12.63 billion in 2022 to $13.72 billion in 2023, reflecting a robust compound annual growth rate (CAGR) of 8.6%. This growth trajectory is poised to continue, with market projections estimating a size of $17.84 billion by 2027, driven by a CAGR of 6.8%.
Driving Forces for Market Growth
Several key factors are propelling the growth of the conformal coatings market. Government support, global population growth, urbanization trends, and substantial investments in 5G technology and telecom infrastructure are among the primary drivers. The strategic importance of conformal coatings in safeguarding sensitive electronic components and devices has become increasingly evident, spurring heightened demand.
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Market Landscape
The global conformal coatings market presents a diverse and fragmented landscape, characterized by numerous players vying for market share. In 2022, the top ten competitors collectively accounted for 14.52% of the total conformal coatings market. Leading the pack was Dow Inc, with a 4.30% market share, followed by prominent players like Shin-Etsu Chemical Co. Ltd, Henkel AG & Co. KGaA, H.B. Fuller Company, ITW, Altana, Kisco Ltd., Chase Corp, Element Solutions Inc., and Dymax.
Innovations Driving Market Players
Companies operating in the conformal coatings market are strategically focusing on LED (light-emitting diode) curable conformal coatings to bolster their positions.
For example, in 2020, Dymax Corporation introduced the Multi-Cure 9451, a range of LED-curable conformal coatings. This innovative conformal coating is designed to cure upon exposure to UV or visible light and is formulated with a secondary heat cure. It is well-suited for conformal coating of printed circuit boards and tamper-proofing applications, offering versatility with the ability to be applied and cured at up to 5 mils thick in one pass.
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Regional Insights
Asia Pacific emerged as the dominant region in the conformal coatings market in 2022, commanding 49.7% of the total market share. It was followed by North America, Western Europe, and other regions. Looking ahead, North America and Western Europe are expected to be the fastest-growing regions in the market, driven by increasing demand and investments in technology.
Market Segmentation and Growth Opportunities
The global conformal coatings market is segmented -
1) By Type: Acrylic, Silicone, Epoxy, Urethane, Parylene
2) By Technology: Water-Based, Solvent-Based, UV-Cured
3) By Operation Method: Dip Coating, Brush Coating, Spray Coating, Chemical Vapor Deposition
4) By End-Use: Automotive, Consumer Electronics, Aerospace and Defense, Industrial, Telecommunication
Notably, the acrylic segment is poised to present significant growth opportunities, with projected global annual sales of $2,244.5 million by 2027.
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