Key Regional Drivers in the Global Conformal Coatings Market

The global conformal coatings market was valued at USD 930.89 million in 2021 and is projected to grow at a compound annual growth rate (CAGR) of 5.9% from 2022 to 2030. This market expansion is driven by the increasing application of conformal coatings in industries such as automotive, medical, consumer electronics, and aerospace defense. Conformal coatings have become integral to modern electronic applications, particularly as miniaturized circuitry and compact electronic devices become more popular, creating a surge in demand within printed circuit board (PCB) applications.

These coatings are applied as a thin polymeric film, typically between 25-250µm, which conforms to the shape of covered components, effectively protecting them from harsh conditions such as extreme temperatures, chemicals, salt spray, and moisture. To enhance competitiveness, major industry players are increasingly integrating their operations by moving into raw material manufacturing and distribution, reducing reliance on third-party intermediaries. Companies like Dow Corning Corporation and Shin Etsu Chemical Company have made strategic moves into distribution, allowing them to cut down costs and maintain control over supply chains.

In the U.S., the conformal coating market reached a value of USD 200.15 million in 2021. This high market share is largely due to a well-established base in automotive, aerospace defense, and electronics sectors. Demand for durable coatings with strong corrosion resistance is expected to drive further growth, particularly within the consumer electronics segment. The U.S. market has benefited from the rise in wireless connectivity, advancements in electronic equipment, and a growing interest in wearable electronics, which rely on durable coatings for long-term functionality. During the COVID-19 pandemic, the increase in demand for electronic devices was notable, particularly as gaming surged with the popularity of titles like Fortnite by Epic Games, further supporting the growth of conformal coatings in the electronics sector.

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Regional Insights

Asia Pacific:

The Asia Pacific region led the market in 2021, accounting for more than 51% of global revenue, thanks to robust demand from the aerospace, automotive, consumer electronics, and manufacturing sectors. According to Airbus, Asia Pacific is anticipated to need 17,620 new passenger and freighter aircraft by 2040, driven by rapid population growth and urbanization. Furthermore, air cargo traffic in the region is expected to grow at an annual rate of 3.6%, potentially doubling by 2040. This anticipated expansion in air freight, combined with the demand for reliable coatings that protect critical electronic components, is expected to positively impact the conformal coatings market in the region.

North America:

North America has seen an increasing demand for advanced electronics, such as GPS systems and other automotive products, spurred by the region's thriving e-commerce sector, which has led to increased sales of commercial vehicles. The aerospace industry has also seen growth, aided by the vaccine rollout in 2021 and the reopening of travel, which led to increased passenger traffic and a rebound in aircraft orders. According to the International Air Transport Association (IATA), North American carriers have shown strong recovery, encouraging further investments in new aircraft. Conformal coatings are essential in these settings to protect sensitive devices from vibrations, temperature extremes, and shocks. Consequently, the growth of North America's aerospace sector is expected to propel the conformal coatings market upwards as it supports expanding electronic protection needs in this high-performance industry.

Browse through Grand View Research's Paints, Coatings Printing Inks Industry Research Reports.

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Key Conformal Coatings Companies

The global conformal coatings market is shaped by several prominent players, including Henkel AG Co. KGaA, Chemtronics, Shin-Etsu Chemical Co., Ltd., Dow, and H.B. Fuller Company, as well as smaller regional companies. These key players maintain a competitive edge by continually expanding their technological capabilities and product offerings.

Some of the prominent players operating in the conformal coatings market are: