Conformal coatings are available in various types such as acrylics, epoxy, urethane, silicone, parylene, and others. The acrylics segment accounted for the largest market share, in terms of volume as well as value, followed by epoxy. Acrylic conformal coatings accounted for the largest share due to their inexpensive nature and easy-to-apply properties. The rising demand for environmental friendly or volatile organic compounds (VOCs)-free conformal coatings in countries such as Germany and France is expected to drive this market. New products such as Certonal FC-742 and NeverWet are gaining attention, which is likely to enhance the utilization and application areas of conformal coatings.
The global conformal coatings market is estimated to reach USD 12.28 Billion by 2021, registering a CAGR of 4.7%. The market is driven by increasing demand for conformal coatings in emerging markets and high demand from printed circuit boards in the electronics and automotive & transportation industries. Conformal coatings have unique properties, such as high resistance to dust, moisture, salts, corrosion, high temperature, and humidity and they increase the reliability of electronic equipment by 3 to 5 years.
The electronics industry is estimated to be the largest end-use industry of conformal coatings. The growing electronics industry and the need for conformal coatings on PCBs for better performance in vulnerable environments have been the key drivers for the dominance of the electronic industry in the conformal coating market.
The Asia-Pacific region is projected to register the highest growth rate, both in terms of value and volume, owing to high demand from China and India. China is the largest market for conformal coatings globally with major demand from the electronics industry. The Indian government has started investment promotion programs to assist companies that are developing and manufacturing PCBs and thus pushing the growth of this market upward.
The key companies profiled in the conformal coatings market research report are Chase Corporation (U.S.), Henkel AG & KGaA (Germany), Illinois Tool Works (U.S.), Shin-Etsu Chemical Company Limited (Japan), Dow Corning (U.S.), H.B. Fuller (U.S.), Electrolube (U.K.), Europlasma NV (Belgium), MG Chemicals (Canada), and Kisco Conformal Coatings (Japan).