(MENAFN- Ameliorate Digital Consultancy)
Global demand for electronic conformal coatings is predicted to increase at a CAGR of 5.8% from 2022 to 2032. As of 2022, the electronic conformal coatings market stands at a valuation of US$ 2.45 billion and is estimated to increase to US$ 4.3 billion by the end of 2032. Fact.MR, a market research and competitive intelligence provider, has provided detailed insights into the electronic conformal coatings industry in its latest study.
Rising use of electronics and increasing printed circuit board (PCB) manufacturing across the world are major factors that are anticipated to propel the demand for electronic conformal coatings over the coming years. Increasing use of electronics in the automotive, aerospace, and defense industries is also expected to boost the consumption of electronic conformal coatings. Increasing digitization, rising sales of consumer electronics, and increasing scope of electronic conformal coating applications in the medical industry are other factors that are set to drive market growth going forward.
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Electronic conformal coating manufacturers are focusing on mergers and acquisitions to strengthen their foothold in the global market and gain a competitive edge.
In September 2020, Covestro, a German material manufacturer, announced the acquisition of the sustainable coating resins business of DSM. This acquisition helped Covestro strengthen its stance in the sustainable coatings business.
Key Segments Covered in Electronic Conformal Coatings Industry Research Electronic Conformal Coatings Market by Method : Dipping Selective Coatings Vapor Deposition Other Methods
Electronic Conformal Coatings Market by Material : Acrylic Electronic Conformal Coatings Silicone Electronic Conformal Coatings Polyurethane PCB Coatings/Urethane Other Materials
Electronic Conformal Coatings Market by Equipment : Coating & Dispensing Systems Curing Systems Inspection Systems
Electronic Conformal Coatings Market by Application : Automotive Electronics Aerospace & Defense Consumer Electronics Other Applications
Electronic Conformal Coatings Market by Region : North America Latin America Europe APAC MEA
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Key Takeaways from Market Study
The electronic conformal coatings market is valued at US$ 2.45 billion. Consumption of electronic conformal coatings is expected to rise at a CAGR of 5.8% from 2022 to 2032. By 2032, the market for electronic conformal coatings is anticipated to reach a valuation of US$ 4.3 billion. Increasing demand for miniaturization of electronics, rising use in the automotive industry, growing disposable income, increasing PCB manufacturing, and growing digitization trends are expected to majorly drive electronic conformal coatings market potential through 2032. The acrylic segment holds a market value of US$ 936.5 million in 2022 and is projected to reach US$ 1.73 billion by the end of the forecast period. The Japan electronic conformal coatings market is predicted to reach US$ 284.4 million by the end of 2032 while expanding at a CAGR of 8.3%. Demand for electronic conformal coatings in automotive electronics applications is expected to account for a dominant market share of 41.8% by 2032. The Asia Pacific electronic conformal coatings market is projected to account for a high market share of 32.5% by 2032.
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Competitive Landscape :
Key electronic conformal coating manufacturers are focusing on maximizing their revenue generation by increasing their investments in different ventures. Electronic conformal coating suppliers are also investing in the development of tailored conformal coatings for different applications to boost their sales potential.
In October 2020, Henkel AG & Co. KGaA, a German chemical manufacturer, announced an investment in an advanced material start-up company called Actnano, which is based in the United States. Actnano is known for providing tailored conformal coatings for the protection of PCBs in several applications. In February 2020, Dow, a leading chemical manufacturing company, announced the launch of new conformal coatings. DOWSIL CC-820 UV and Moisture Dual Dual-Core Conformal Coatings were launched to promote sustainability and safety.
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