The conformal coatings market was valued at $1.4 billion in 2023, and is projected to reach $2.3 billion by 2033, growing at a CAGR of 5.2% from 2024 to 2033.
Conformal coatings are protective chemical coatings applied to electronic circuit boards and components to safeguard them from environmental factors such as moisture, dust, chemicals, and extreme temperature. These coatings provide a thin, transparent layer that enhances the reliability and longevity of electronic devices. Common materials used for conformal coatings include acrylics, silicones, polyurethanes, and epoxy resins.
The growth of the global conformal coatings market is majorly driven by trend of miniaturization. This is attributed to the fact that electronic devices are becoming smaller and more compact, which has boosted the need for effective protective coatings that can fit into tight spaces and protect delicate components. Thus, rise in penetration of electronics acts as the key driving force of the global market. A report from the International Data Corporation - a leading provider of market intelligence, advisory services, and events for the information technology, telecommunications, and consumer technology markets - estimates that global shipments of smartphones and other consumer electronics are expected to reach 2.8 billion units by 2023.
In addition, expansion of sectors such as consumer electronics, automotive, aerospace, and telecommunications significantly contributes toward the market growth, as these industries require reliable protection for their products. Moreover, surge in adoption of electric and hybrid vehicles significantly boosts the growth of the global market. According to the International Energy Agency, a Paris-based autonomous intergovernmental organization, over 3 million electric vehicles were sold in the first quarter of 2024, around 25% higher as compared to 2023. This number is estimated to reach 17 million by the end of 2024, exhibiting a 20% year-on-year increase.
Furthermore, increase in integration of smart technologies in various applications, such as IoT devices and smart appliances, necessitates protective coatings for sensitive electronic components, thereby augmenting the market growth. However, high application cost of conformal coatings acts as the key deterrent factor of the global market. In addition, once applied, conformal coatings can be difficult to remove or repair.
This limitation can pose challenges for manufacturers when maintenance or modifications are required. On the contrary, innovations in coating materials and application methods improve the performance and effectiveness of conformal coatings, making them more appealing to manufacturers. Such developments are expected to offer lucrative opportunities for the market growth during the forecast period.
The global conformal coatings market is segmented on the basis by material type, end-user industry, and region. By material type, the market is classified into acrylic, silicone, urethane, parylene, epoxy, and others. Depending on end-user industry, it is fragmented into automotive, consumer electronics, telecommunication, aerospace, and others. Region wise, the market is studied across areas such as North America, Europe, Asia-Pacific, and LAMEA.
Depending on end-user industry, the automotive segment is anticipated to dominate the market during the forecast period.
Region wise, Asia-Pacific is likely to emerge as the most lucrative market for conformal coatings throughout the forecast period.
Conformal coatings are protective chemical coatings applied to electronic circuit boards and components to safeguard them from environmental factors such as moisture, dust, chemicals, and extreme temperature. These coatings provide a thin, transparent layer that enhances the reliability and longevity of electronic devices. Common materials used for conformal coatings include acrylics, silicones, polyurethanes, and epoxy resins.
The growth of the global conformal coatings market is majorly driven by trend of miniaturization. This is attributed to the fact that electronic devices are becoming smaller and more compact, which has boosted the need for effective protective coatings that can fit into tight spaces and protect delicate components. Thus, rise in penetration of electronics acts as the key driving force of the global market. A report from the International Data Corporation - a leading provider of market intelligence, advisory services, and events for the information technology, telecommunications, and consumer technology markets - estimates that global shipments of smartphones and other consumer electronics are expected to reach 2.8 billion units by 2023.
In addition, expansion of sectors such as consumer electronics, automotive, aerospace, and telecommunications significantly contributes toward the market growth, as these industries require reliable protection for their products. Moreover, surge in adoption of electric and hybrid vehicles significantly boosts the growth of the global market. According to the International Energy Agency, a Paris-based autonomous intergovernmental organization, over 3 million electric vehicles were sold in the first quarter of 2024, around 25% higher as compared to 2023. This number is estimated to reach 17 million by the end of 2024, exhibiting a 20% year-on-year increase.
Furthermore, increase in integration of smart technologies in various applications, such as IoT devices and smart appliances, necessitates protective coatings for sensitive electronic components, thereby augmenting the market growth. However, high application cost of conformal coatings acts as the key deterrent factor of the global market. In addition, once applied, conformal coatings can be difficult to remove or repair.
This limitation can pose challenges for manufacturers when maintenance or modifications are required. On the contrary, innovations in coating materials and application methods improve the performance and effectiveness of conformal coatings, making them more appealing to manufacturers. Such developments are expected to offer lucrative opportunities for the market growth during the forecast period.
The global conformal coatings market is segmented on the basis by material type, end-user industry, and region. By material type, the market is classified into acrylic, silicone, urethane, parylene, epoxy, and others. Depending on end-user industry, it is fragmented into automotive, consumer electronics, telecommunication, aerospace, and others. Region wise, the market is studied across areas such as North America, Europe, Asia-Pacific, and LAMEA.
Key Findings
By material type, the urethane segment ex expected to maintain its lead position from 2024 to 2033.Depending on end-user industry, the automotive segment is anticipated to dominate the market during the forecast period.
Region wise, Asia-Pacific is likely to emerge as the most lucrative market for conformal coatings throughout the forecast period.
Competition Analysis
Competitive analysis and profiles of the major players in the global conformal coatings market include Chase Corporation, Electrolube, Europlasma NV, MG Chemicals, KISCO LTD, Dymax, Guangdong Ritop Fine Chemical Company Co., Ltd., CHT Germany GmbH, Dow Inc., and Henkel AG & Co. KGaA. These major players have adopted various key development strategies such as business expansion, new product launches, and partnerships to sustain the intense competition and gain a strong foothold in the global market.Additional benefits you will get with this purchase are:
- Quarterly Update* (with the purchase of an enterprise license)
- 5 additional Company Profiles, pre- or post-purchase, as a free update.
- Free Updated Version (once released) with the purchase of an enterprise user license.
- 16 analyst hours of support* (post-purchase, if you find additional data requirements upon review of the report, you may receive support amounting to 16 analyst hours to solve questions, and post-sale queries)
- 15% Free Customization* (in case the scope or segment of the report does not match your requirements, 15% is equivalent to 3 working days of free work, applicable once)
- Free data Pack on the Enterprise User License. (Excel version of the report)
- Free Updated report if the report is 6-12 months old or older.
- 24-hour priority response*
- Free Industry updates and white papers.
Possible Customization with this report (with additional cost and timeline, please talk to the sales executive to know more)
- Manufacturing Capacity
- Capital Investment breakdown
- Investment Opportunities
- Product Benchmarking / Product specification and applications
- Market share analysis of players by products/segments
- New Product Development/ Product Matrix of Key Players
- Regulatory Guidelines
- Additional company profiles with specific to client's interest
- Additional country or region analysis- market size and forecast
- Average Selling Price Analysis / Price Point Analysis
- Expanded list for Company Profiles
- Historic market data
- Import Export Analysis/Data
- Key player details (including location, contact details, supplier/vendor network etc. in excel format)
- List of customers/consumers/raw material suppliers- value chain analysis
- Market share analysis of players at global/region/country level
- SWOT Analysis
- Volume Market Size and Forecast
Key Market Segments
By Material Type
- Acrylic
- Silicone
- Urethane
- Parylene
- Epoxy
- Others
By End-User Industry
- Automotive
- Consumer Electronics
- Telecommunication
- Aerospace
- Others
By Region
- North America
- U.S.
- Canada
- Mexico
- Europe
- France
- Germany
- Italy
- Spain
- UK
- Rest of Europe
- Asia-Pacific
- China
- Japan
- India
- South Korea
- Australia
- Rest of Asia-Pacific
- LAMEA
- Brazil
- South Africa
- Saudi Arabia
- Rest of LAMEA
Key Market Players
- Chase Corporation
- Electrolube
- Europlasma NV
- MG Chemicals
- KISCO LTD
- Dymax
- Guangdong Ritop Fine Chemical Company Co.,Ltd.
- CHT Germany GmbH
- Dow Inc.
- Henkel AG & Co. KGaA
Please note:
- Online Access price format is valid for 60 days access. Printing is not enabled.
- PDF Single and Enterprise price formats enable printing.
Table of Contents
CHAPTER 1: INTRODUCTION
CHAPTER 2: EXECUTIVE SUMMARY
CHAPTER 3: MARKET LANDSCAPE
CHAPTER 4: CONFORMAL COATINGS MARKET, BY MATERIAL TYPE
CHAPTER 5: CONFORMAL COATINGS MARKET, BY END-USER INDUSTRY
CHAPTER 6: CONFORMAL COATINGS MARKET, BY REGION
CHAPTER 7: COMPETITIVE LANDSCAPE
CHAPTER 8: COMPANY PROFILES
LIST OF TABLES
LIST OF FIGURES
Companies Mentioned
- Chase Corporation
- Electrolube
- Europlasma NV
- MG Chemicals
- KISCO LTD
- Dymax
- Guangdong Ritop Fine Chemical Company Co.,Ltd.
- CHT Germany GmbH
- Dow Inc.
- Henkel AG & Co. KGaA
Methodology
The analyst offers exhaustive research and analysis based on a wide variety of factual inputs, which largely include interviews with industry participants, reliable statistics, and regional intelligence. The in-house industry experts play an instrumental role in designing analytic tools and models, tailored to the requirements of a particular industry segment. The primary research efforts include reaching out participants through mail, tele-conversations, referrals, professional networks, and face-to-face interactions.
They are also in professional corporate relations with various companies that allow them greater flexibility for reaching out to industry participants and commentators for interviews and discussions.
They also refer to a broad array of industry sources for their secondary research, which typically include; however, not limited to:
- Company SEC filings, annual reports, company websites, broker & financial reports, and investor presentations for competitive scenario and shape of the industry
- Scientific and technical writings for product information and related preemptions
- Regional government and statistical databases for macro analysis
- Authentic news articles and other related releases for market evaluation
- Internal and external proprietary databases, key market indicators, and relevant press releases for market estimates and forecast
Furthermore, the accuracy of the data will be analyzed and validated by conducting additional primaries with various industry experts and KOLs. They also provide robust post-sales support to clients.
LOADING...
Table Information
| Report Attribute | Details |
|---|---|
| No. of Pages | 410 |
| Published | September 2024 |
| Forecast Period | 2023 - 2033 |
| Estimated Market Value ( USD | $ 1.4 billion |
| Forecasted Market Value ( USD | $ 2.3 billion |
| Compound Annual Growth Rate | 5.2% |
| Regions Covered | Global |
| No. of Companies Mentioned | 10 |
