Conformal Coatings Industry - Regional Synopsis
APAC Market Forecast
The conformal coatings market in Asia Pacific is predicted to account for the largest share of 50% by 2037 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.
