CHICAGO, Jan. 19, 2021 /PRNewswire/ -- According to the new market research report "Conformal Coating Market by Type (Acrylic, Silicone, Epoxy, Urethane, and Parylene), End-Use (Consumer Electronics, Automotive, Aerospace & Defense, Industrial and Telecommunication), and Region - Global Forecast to 2025", published by MarketsandMarkets, the Conformal Coatings Market is estimated to be USD 807 million in 2020 and is expected to reach USD 1,081 million by 2025 at CAGR of 6.0%. The growth of the conformal coatings market is attributed to the increasing number PCB manufacturers and demand from high end applications that require conformal coatings.
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Automotive is the largest end-use segment in the overall conformal coatings market.
The automotive industry has grown at a fast pace in the last decade, which led to the rapid evolution and increased consumption of electronics used in the vehicles. Currently, an average mid-range vehicle is loaded with technological features such as lane sensors, adaptive cruise control, in-car entertainment, and navigation. Also, the emergence of electric vehicle (EV), connected cars, and autonomous vehicles have resulted in a rapid surge in the advancement of electronics installed in these vehicles. From the industry point of view, the challenge is to protect these huge volumes PCBs and ICs used in the electronics system over a long period while meeting the specifications required by the automotive industry. This creates an attractive opportunity for conformal coatings manufacturers in the automotive and transportation industry. It is also the go-to-market for PCB manufacturers.
Parylene conformal coating is the fastest-growing type for conformal coating.
Parylene conformal coating is a unique type of coating as it is created at room temperature and is applied by vapour phase deposition. Parylene is widely used in the aerospace & defense industry, and to some extent, in the medical industry as well. Parylene is biocompatible, non-toxic, extremely thin, and pinhole-free. It offers protection against solvents and organic and inorganic fluids. One of the major factors, which reinforces its use in the medical industry, is that it can withstand various sterilization processes such as E-beam, gamma, and autoclave. Owing to these reasons, parylene is used in the high-performance application despite being the costliest.
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APAC is expected to be the largest market for conformal coating during the forecast period.
APAC is the largest market of conformal coatings, and this dominance is expected to continue till 2025. China is the key market in the region, consuming more than half of the demand for conformal coatings, followed by Taiwan, South Korea, and Japan. These countries are expected to witness a steady increase in consumption from 2020 to 2025. The region contributes close to 90% of PCB production in the world, and market is mainly driven by the presence of a large number of leading global electronics companies. PCB industry is quite fragmented as there are more than 100 companies that constitute close to 90% of overall PCB revenues and most of them belong to APAC, more so in China & Taiwan. Recent years have seen a lot of PCB manufacturing shifts to APAC due to cost-effectiveness and closer access to customers in the region, hence the increase in consumption of conformal coatings.
The key companies in the conformal coatings are Henkel (Germany), Illinois Tool Work (US), Shin-Etsu Chemical (Japan), Dow (US), H.B. Fuller (US), Chase Corporation (US), Electrolube (UK), Dymax Corporation (US), MG Chemical (Canada) and Specialty Coating System (US).
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