Conformal Coatings Industry Overview
The global conformal coatings market size was valued at USD 930.89 million in 2021 and is expected to expand at a compound annual growth rate (CAGR) of 5.9% from 2022 to 2030. The growth of conformal coatings depends on their use in various automotive, medical, consumer electronics, and aerospace defense applications. With the increasing popularity of miniaturized circuitry and electronic devices, conformal coatings demand has witnessed a surge in the modern printed circuit board (PCB)-related applications.
It spreads as a thin polymeric film over the substrate at 25-250µm and conforms to the shape of the covered components, protecting them from extreme temperatures, chemicals, salt spray, and moisture. Major industry players are focusing on integrating their operations by venturing into raw material manufacturing and distribution sectors to gain a competitive edge in the market. Companies such as Dow Corning Corporation and Shin Etsu Chemical Company have entered into the distribution sector to cut down costs spent on third-party intermediaries.
Gather more insights about the market drivers, restrains and growth of the Conformal Coatings Market
The conformal coating demand in the U.S. was valued at USD 200.15 million in 2021. The high market share of the country is attributed to the presence of the well-established automotive, aerospace defense, and electronics industry. The growing demand for durable coatings with superior corrosion resistance is expected to drive industry growth. Consumer electronics has been a significant driver contributing to the conformal coatings market growth in the U.S.
The growing adoption of wireless connectivity, technological advancements in consumer electronic equipment, and the growing popularity of wearable electronic devices are driving the consumer electronics application segment in the U.S., contributing to the conformal coatings market growth in the country. Moreover, during the COVID-19 pandemic in 2020, physical gaming events were halted, which extensively drove the demand for games such as Fortnite, a video game developed by U.S.-based Epic Games, Inc, which helped to further drive the demand for electronic devices and propel the conformal coatings market growth.
The U.S. aerospace industry is one of the largest aerospace industries in the world. The Federal Aviation Administration (FAA) has established Bilateral Aviation Safety Agreements (BASAs) in 47 countries to facilitate the trade of U.S.-made aerospace products. Such trade agreements of U.S. aerospace sector governing bodies to grow the aerospace products trade drive the demand for conformal coatings in the U.S.
Browse through Grand View Research's Paints, Coatings Printing Inks Industry Research Reports.
- The global consumer electronics market size was valued at USD 1,068.22 billion in 2022 and is expected to grow at a compound annual growth rate (CAGR) of 6.6% from 2023 to 2030.
- The global vaccine market size was estimated at USD 76.08 billion in 2023 and is expected to grow at a CAGR of 5.74% from 2024 to 2030.
Conformal Coatings Market Segmentation
Grand View Research has segmented the global conformal coatings market based on product, application, and region:
Conformal Coatings Product Outlook (Revenue, USD Million, 2019 - 2030)
- Acrylic
- Epoxy
- Urethane
- Silicone
- Parylene
Conformal Coatings Application Outlook (Revenue, USD Million, 2019 - 2030)
- Consumer Electronics
- Automotive
- Medical
- Aerospace Defense
- Others
Conformal Coatings Regional Outlook (Revenue, USD Million, 2019 - 2030)
- North America
- U.S.
- Europe
- Germany
- U.K.
- Asia Pacific
- China
- India
- Japan
- Central South America
- Brazil
- Middle East Africa
Key Companies profiled:
- Henkel AG Co. KGaA
- Chemtronics
- Shin-Etsu Chemical Co., Ltd.
- Dow
- B. Fuller Company
- Chase Corp
- Electrolube
- Europlasma NV
- MG Chemicals
- KISCO LTD
- Dymax Corporation
- ALTANA AG
- ACC Silicones Limited
- CSL Silicones Inc.
- Aalpha Conformal Coatings
Key Conformal Coatings Company Insights
The key players operating in the global conformal coatings market are Henkel AG Co. KGaA, Chemtronics, Shin-Etsu Chemical Co., Ltd., Dow, and H.B. Fuller Company, along with a few media and small regional players. Established players such as Henkel AG Co. KGaA are investing in startups related to conformal coatings, which can further strengthen their position in the market.
For instance, in October 2020, Henkel AG Co. KGaA announced an investment in Actnano, an advanced materials start-up company headquartered in Massachusetts, U.S. Actnano provides tailored conformal coatings technology for the protection of printed circuit boards in a variety of applications in growing electronics segments.
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