Conformal Coatings Market size is poised to reach USD 3 Billion by the end of 2036, growing at a CAGR of 6% during the forecast period, i.e., 2024-2036. In the year 2023, the industry size of conformal coatings was USD 1 Billion. The reason behind the growth is impelled by the growing consumer electronics market across the globe being aided by a growing middle class, increased disposable incomes, declining costs of gadgets, as well as the ongoing expansion of e-commerce.
It is anticipated that the global consumer electronics market will expand by around 2% between 2024 and 2028, reaching a market size of over USD 1175 billion by that year.
The growing advancements in PCB manufacturing are believed to fuel the market growth. PCB technology is developing quickly, which will open up new doors for entrepreneurs, and make it possible to design printed circuit boards (PCBs) with high-density interconnects. For instance, the Internet of Things (IoT) with PCB technology enables users to frequently utilize this technology to remotely manage and monitor equipment at home and work. Besides this, AI can be used by PCB producers to gather data from various sensors, which also can boost PBC industrial automation.
Growth Drivers
Challenges
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Base Year |
2023 |
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Forecast Year |
2024-2036 |
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CAGR |
~6% |
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Base Year Market Size (2023) |
~ USD 1 Billion |
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Forecast Year Market Size (2036) |
~ USD 3 Billion |
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Regional Scope |
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Application (Consumer Electronics, Automotive, Medical, Aerospace & Defense)
The consumer electronics segment in the conformal coatings market is estimated to gain a robust revenue share of 45% in the coming years. A printed circuit board or PCBs are frequently utilized in the computer and electronics industry such as in end-user devices LED laptops, smartphones, and other devices, which have included PCB coating material to provide increased dependability. The majority of electronics employ printed circuit boards (PCBs) as the base since they enable power and signal routing between actual devices, and are at the core of nearly all modern electronic devices.
Conformal coatings are thin-layer polymer coatings that are permeable and protective against environmental stressors on circuits and board components. It also serves as an electrical insulator and is utilized in practically all professional-grade PCBs. The most popular conformal coatings in the electronics industry, come in a variety of options, are reasonably priced, are simple to use, are more sustainable and friendlier to the environment, as well as a more cautious approach towards the resources.
In addition, printed circuit boards can be found in automobile audio and visual systems, and are frequently utilized for GPS, engines, LED lights, and other purposes in the automotive industry. The automotive PCB board offers anti-vibration features and is primarily designed for demanding operating conditions since the PCBs used in the automotive sector need to be extremely dependable and resilient to high humidity and harsh temperatures. For automobile applications, conformal coating is essential since the proper defense boosts efficiency provides long-lasting, highly reliable products, and improves long-term dependability.
Product (Acrylic, Epoxy, Urethane, Silicone, Parylene)
The silicone segment in the conformal coatings market is set to garner a notable share shortly. Silicone Conformal Coating materials use a unique composition to help shield critical PCB surfaces and components from corrosion and can shield PCBs over a larger temperature range since they are composed of silicone resin. Silicone conformal coating offers resistance to moisture, fungi, and temperature, and prevents surface insulation resistance degradation. Since silicone conformal coatings stick well to most components and substrates, they are frequently utilized in PCB electronic applications and are specifically designed to safeguard electronic circuits.
In addition, both acrylic and polypropylene resins are conformal coatings that can coat any surface, even deeply into cracks and multi-layer structures. Parylene is a versatile, effective coating that has been created to work well in and offer numerous advantages to in aerospace, medical, and military industries. The coating is so adaptable and works well on rubber and plastic materials and is also considered safe to use on implants used in medical procedures.
Our in-depth analysis of the global conformal coatings market includes the following segments:
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Application |
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Product |
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Coating Method |
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Technology |
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APAC Market Forecast
The conformal coatings market in Asia Pacific is predicted to account for the largest share of 50% by 2036 impelled by the growing production of PCB. With a market share of around 15% and projected revenue of USD 11 billion in 2022, Taiwan has emerged as a global leader in the printed circuit board (PCB) sector owing to the presence of a large number of PCB manufacturers who are capable of producing high-quality multi-layer PCBs. PCB trade enterprises are becoming more and more prevalent in Taiwan and mainland China owing to lower labor and land costs. For instance, more than 620 million square feet of printed circuit boards were produced in Taiwan in 2022.
In addition, India's manufacturing industry plays a major role in the economic expansion of the nation, which contributes over 14% of GDP and is associated with modern agriculture, scientific and technological advancement, entrepreneurship, and self-sufficiency in defense production. All these factors are expected to fuel market growth in the region.
North American Market Statistics
The North America conformal coatings market is estimated to be the second largest, during the forecast timeframe led by the growing exports of aerospace. Over the past few years, there has been a consistent rise in U.S. aerospace exports owing to the high demand for commercial aircraft from overseas clients. For instance, the US now leads the world in aerospace exports, which contributed around USD 102 billion in 2022.
Author Credits: Smruti Ranjan, Rajrani Baghel
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