ALBANY, N.Y., Nov. 3, 2020
- The global conformal coatings market is projected to expand at ~5% CAGR during forecast period 2020–2030.Increased use of conformal coatings in various end-use industries will drive market growth in the years ahead
- Asia Pacific conformal coatings market is estimated to maintain its dominance during the assessment period
ALBANY, N.Y., Nov. 3, 2020 /PRNewswire/ -- Conformal coatings are gaining worldwide traction across numerous end-use industries. One of the key reasons attributed to this scenario is numerous advantages of conformal coatings.Silicone, acrylic, epoxy, polyurethane, fluoropolymer, and parylene are some of the popular products available in the global conformal coatings market.
Analysts at TMR highlight that the global conformal coatings market is foreseen to show steady growth during the forecast period of 2020 to 2030. This growth is attributed to introduction of advanced electronic assemblies andshifting consumer demands. This aside, the market for conformal coatings is projected to gain the advantage ofincreased demand from numerous end-use industries including automotive, consumer electronics, and aerospace.
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Conformal Coatings Market: Key Driving Factors and Promising Avenues
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Conformal Coatings Market: Competitive Assessment
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The conformal coatings market can be segmented as follows:
Middle East & Africa
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Industrial Floor Coatings Market - The industrial floor coatings market is expanding significantly owing to the increase in demand for these coatings in the food processing industry. Additionally, rapid growth in urbanization and increase in government initiatives to provide improved manufacturing facilities in emerging economies are boosting the industrial floor coating market. Rise in demand for chemical resistant and tensile strength flooring is propelling the global industrial floor coating market. However, high cost of raw materials and implementation of stringent government regulations on usage of these coatings in the food industry are hampering the global industrial floor coating market. Nevertheless, rise in infrastructure and commercial construction is creating opportunities for the global industrial floor coating market.
Glass Coatings Market - Expansion in end-use industries such as automotive, aviation, and building & construction across the globe is a major factor driving the global glass coatings market. Rise in urbanization, increase in industrialization, and growth in construction index in developing economies such as China, India, and Mexico are some of the others factors boosting the market. However, increase in prices of raw materials and implementation of stringent regulations on harsh chemicals used in glass coatings are estimated to hamper the global glass coatings market during the forecast period. Rise in research activities in the field of innovative bio-based raw materials for glass coatings is anticipated to provide lucrative opportunities to manufacturers of glass coatings.
Cristobalite Market - The global cristobalite market was valued at US$ 30.52 Mn in 2019. It is anticipated to expand at a CAGR of ~6% during the forecast period. The global cristobalite market is driven by increase in the demand for cristobalite in the artificial marble industry across the globe. Asia Pacific accounts for a major share of the global cristobalite market, led by high demand for cristobalite among manufacturers of paints and coatings in the region. Cristobalite is primarily utilized in construction-related activities. Other uses include manufacture of glass and ceramics. Cristobalite is employed in the manufacture of water glass (sodium silicate), which is used in the formulation of cement, passive fire protection, textile and lumber processing, manufacture of refractory ceramics, adhesive, and production of silica gel. In ceramics, cristobalite is employed in the manufacture of sanitary ware and as raw material for ceramic body for tiles.
Bonded Magnet Market - The availability of strong substitutes is estimated to restrain the global bonded magnet market during the forecast period. The magnetic property in bonded magnets is comparatively lower compared to their sintered counterparts, owing to the presence of binders. This affects the performance of bonded magnets. The bonded Nd-Fe-B magnet is formed by injection molding; therefore, it contains adhesives. The density of adhesives is generally 80% of the theoretical density. Sintered Nd-Fe-B magnets are heated at high temperatures through complex processes. Therefore, the magnetism of bonded Nd-Fe-B magnets decreases by about 30% compared to that of sintered Nd-Fe-B magnets.
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