Conformal Coatings Global Market Opportunities and Strategies to 2032

This report describes and explains the conformal coatings market and covers 2017 to 2022, termed the historic period, and 2022 to 2027 termed the forecast period, along with further forecasts for the period 2027-2032. The report evaluates the market across each region and for the major economies within each region.

The conformal coatings market reached a value of nearly $12.5 billion in 2022, having grown at a compound annual growth rate (CAGR) of 4.3% since 2017. The market is expected to grow from $12.5 billion in 2022 to $18.2 billion in 2027 at a rate of 7.8%. The market is then expected to grow at a CAGR of 8.2% from 2027 and reach $27.1 billion in 2032.

Growth in the historic period resulted from the growing demand for electric vehicles (EVs), increasing demand for conformal coatings in medical equipment and increasing demand in aerospace industry.

Going forward, government support, global population growth and urbanization and increasing investments in 5G technology and telecom infrastructure will drive the market. Factors that could hinder the growth of the conformal coatings market in the future include stringent regulations.

The conformal coatings market is segmented by type into acrylic, silicone, epoxy, urethane, parylene, and other types. The acrylic market was the largest segment of the conformal coatings market segmented by type accounting for 39.0% of the total in 2022. Going forward, the silicone market is expected to be the fastest growing segment in the conformal coatings market segmented by type, at a CAGR of 8.2% during 2022-2027.

The conformal coatings market is segmented by technology into technology into water-based, solvent-based, and UV-cured. The solvent-based market was the largest segment of the conformal coatings market segmented by technology accounting for 45.8% of the total in 2022. Going forward, the UV-cured market is expected to be the fastest growing segment in the conformal coatings market segmented by technology, at a CAGR of 8.1% during 2022-2027.

The conformal coatings market is segmented by operation method into dip coating, brush coating, spray coating, and chemical vapor deposition. The spray coating market was the largest segment of the conformal coatings market segmented by operation method accounting for 40.0% of the total in 2022. Going forward, the spray coating market is expected to be the fastest growing segment in the conformal coatings market segmented by operation method, at a CAGR of 8.1% during 2022-2027.

The conformal coatings market is segmented by end-use into automotive, consumer electronics, aerospace, and defense, industrial, and other end user. The consumer electronics market was the largest segment of the conformal coatings market segmented by end-use accounting for 33.4% of the total in 2022. Going forward, the consumer electronics market is expected to be the fastest growing segment in the conformal coatings market segmented by end-use, at a CAGR of 8.2% during 2022-2027.

Asia Pacific was the largest region in the conformal coatings market, accounting for 49.7% of the total in 2022. It was followed by North America, Western Europe then the other regions. Going forward, the fastest-growing regions in the conformal coatings market will be North America and Western Europe where growth will be at CAGRs of 7.9% and 7.0% respectively. These will be followed by Eastern Europe and South America where the markets are expected to grow at CAGRs of 6.1% and 4.9% respectively.

The global conformal coatings market is fairly fragmented, with a large number of players operating in the market. The top ten competitors in the market made up 14.52% of the total market in 2022. Dow Inc was the largest competitor with 4.30% of the market, followed by, Shin-Etsu Chemical Co. Ltd with 4.06%, Henkel AG & Co. KGaA with 2.38%, H.B. Fuller Company with 1.22%, ITW with 1.13%, Altana with 0.71%, Kisco Ltd with 0.24%, Chase Corp with 0.22%, Element Solutions Inc with 0.21% and Dymax with 0.04%.

The top opportunities in the conformal coatings market segmented by type will arise in the acrylic segment, which will gain $2.2 billion of global annual sales by 2027. The top opportunities in segment by technology will arise in up to the solvent-based segment, which will gain $2.7 billion of global annual sales by 2027. The top opportunities in segment by the operation method will arise in up to spray coating segment, which will gain $2.4 billion of global annual sales by 2027. The top opportunities in the segment by the end use will arise in up to consumer electronics segment, which will gain $2.0 billion of global annual sales by 2027. The conformal coatings market size will gain the most in the China at $2.3 billion.

Market-trend-based strategies for the conformal coatings market include a new range of UV curable conformal coatings, product innovations, technological advancements, focus on LED curable conformal coatings and strategic mergers and acquisitions.

Player-adopted strategies in the conformal coatings market include focuses on launch of new products, enhancing its ability to offer functional coatings for emerging markets through strategic investments.

To take advantage of the opportunities, the recommends the conformal coatings companies to focus on new range of UV curable conformal coatings, focus on product innovations, focus on technology advancements, focus on LED curable conformal coatings, focus on fast-growing product types, continue to focus on developed markets, expand in emerging markets, focus on strategic mergers and acquisitions, provide competitively priced offerings, focus on B2B promotions, participate in trade shows and events, and focus on fast-growing end-use industries.