The market for conformal coatings is valued at USD 1,141 million in 2020 and is expected to grow at a CAGR of more than 6% during the forecast period. COVID-19 pandemic has negatively affected the market in 2020, due to the disruptions in the supply chain and closure of manufacturing facilities.
New York, Oct. 27, 2021 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Conformal Coatings Market - Growth, Trends, COVID-19 Impact, and Forecasts (2021 - 2026)" - https://www.reportlinker.com/p06177342/?utm_source=GNW
The aerospace industry was hampered in the short term due to the COVID-19 pandemic since air travel was restricted around the world. Almost every airline had grounded a majority of its aircraft and was deferring orders for new ones as well. Aircraft manufacturing was also halted due to complete lockdowns in countries of North America and Europe, which are the hubs of aircraft manufacturing. The electronics industry also experienced a setback because of the pandemic. China is the leading PCB manufacturer in the world. However, the company, Semiconductor Manufacturing International Corporation (SMIC), which is the advanced manufacturer of chips and semiconductor devices in the country, was only able to produce 14-nanometer chips and lagged production of 5-nanometer chips, which had a global demand.?
In the short term, major factors driving the market studied is the increasing demand from high-end applications requiring conformal coating.
Rising medical applications in Asia-Pacific is expected to act like an opportunity to the market.
Asia-Pacific dominated the market across the globe with the largest consumption in a country such as China, India, etc.
Key Market Trends
Consumer Electronics Segment to Dominate the Market
Consumer Electronics is the largest consumer of conformal coatings. Consumer electronics include various electronic devices from entertainment, communication, to home appliances.
The electronic components such as semiconductors, PCBs, transistors, resistors, capacitors, inductors, diodes, connectors, and other critical components are used in order to produce a proper usable electronic device.?
Conformal coatings are used to coat all such components to protect against thermal shocks, moisture, dust, chemical, and corrosion. The conformal coatings of higher standards can self-extinguish a flame on a circuit board.
The coatings also act as a moisture barrier, and thereby reducing current leakage, and electrochemical migration across circuit boards or components. These coatings can be applied using different techniques which include brushing, spraying, dipping, and vapor deposition.
These conformal coatings are used on various electrical components used in entertainment devices like televisions, music players, video recorders, cameras, gaming consoles, remote cars, etc., and communication devices like smart phones, computers, laptops, printers, faxes, wearable devices, etc., and home appliances like refrigerators, washing machines, etc., The increasing smart home applications along with growing demand from smart phones and wearables are estimated to drive the market in the coming years.
In Europe, Germany electronics industry is the largest in the region. The electrical and electronics industry accounted for 10% of the total industrial production in Germany. According to the German Electrical and Electronic Manufacturers’ Association (ZVEI), the global electric industry is expected to rise to EUR 5 trillion in 2021.
Owing to all the aforementioned factors, the market for conformal coatings is projected to grow during the forecast period.
Asia-Pacific Region to Dominate the Market
Asia-Pacific is expected to dominate the market for conformal coatings during the forecast period. Due to the high demand for applications from countries like China, India, and Japan, the demand for the market studied has been increasing.
China is the world’s largest electronics production base and offers tough competition to existing upstream producers, such as South Korea, Singapore, and Taiwan. Electronic products, such as smartphones, OLED TVs, and tablets, among others, have the highest growth rates in the consumer electronics segment of the market in terms of demand.
In terms of value, over 50% of global printed circuits (PCBs) are manufactured in China (as given in the graph), owing to incentives offered by the government to PCB factories. Moreover, the country is well-known for producing circuit boards at low costs.
Among all the PCB types, flexible and multi-layer boards together account for slightly lesser than 60% of all the units produced in China in 2020.
The consumer electronics production in India grew at a rapid rate between 2015-2020, with the production value of consumer electronics exhibiting a growth of 16.6% between 2018-19 and 2019-20 (as shown in the figure). The consumer electronics industry witnessed a drop in production outputs in 2020-21 owing to the COVID-19 pandemic and its subsequent impact on domestic production facilities.
Furthermore, the consumer electronics market is expected to witness a CAGR of over 10% during the forecast period, in turn, increasing the need for production of consumer electronics at a higher rate in the country.
Thus, all the aforementioned factors, in turn, are projected to increase the demand for conformal coatings in the region during the forecast period.
The global conformal coatings market is partially consolidated in terms of revenue. Some of the major players include Dow, H.B. Fuller Company, Henkel AG & Co. KGaA, ITW, and Shin-Etsu Chemical Co. Ltd, among others.
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