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The Growing Popularity of Conformal Coatings over Conventional Processes Such as Potting in Various Applications Plays a Significant Role in Driving the Market
The global conformal coatings market is estimated to reach USD 12.28 Billion by 2021, registering a CAGR of 4.7% between 2016 and 2021.The rising demand of printed circuit boards (PCBs) has forced electronics, automotive & transportation, and marine industries of various countries to initiate the use of conformal coatings. Increased operational parameters for electronic components in the aerospace & defense industry also act as a driver for growth of the conformal coatings market. High-quality physical, chemical, and thermal properties as well as resistance to dust, moisture, corrosion, high temerature, and humidity are likely to drive the global conformal coatings market.
The growing popularity of conformal coatings over conventional processes such as potting in various applications plays a significant role in driving the market. Rising growth in the automobile industry, increasing consumption of printed circuit boards in electronics and aerospace industries are driving the market growth worldwide. These drivers have encouraged the market players to adopt various growth strategies.
New product development and expansions were the key strategies adopted by the key players to achieve growth in the global conformal coatings market between 2013 and 2016. These two strategies together accounted for the largest share of all the strategies adopted by market players. Some of the leading conformal coatings manufacturers, such as Chase Corporation (U.S.), Henkel AG & KGaA (Germany), Illinois Tool Works (U.S.), Shin-Etsu Chemical Company Limited (Japan), Dow Corning (U.S.), H.B. Fuller (U.S.), Electrolube (U.K.), Europlasma NV (Belgium), MG Chemicals (Canada), and Kisco Conformal Coatings (Japan), adopted new product launch as their key growth strategy.
Beside new product development and expansion, companies adopted partnerships, agreements, and collaboration to expand their market share and distribution network. These strategies accounted for maximum share of the total number of growth strategies adopted by the market players of conformal coatings between 2013 and 2016.
Techspray launched a new conformal coating which has fast thermal cure with lesser tack-free time. This will cater the need of several end use applications and also improve the share of the company in the global conformal coatings market. Tech Spray generally uses the product differentiation strategy to enter in new markets. Electrolube launched a brand new conformal coating product—Aromatic free acrylic coating (AFA) at Electronica 2014, held at Germany, Munich. The new product will enhance the product portfolio of the company and also enhance its presence.
HumiSeal, a division of Chase Corporation, launched a range of silicone-based conformal coatings C63, 1C49LVF, and 1C49HVF and UV-40 for chemical resistance and high temperature applications. Through this, the company extends its product portfolio in the global conformal coatings market. Chase Corporation sells conformal coatings through its HumiSeal brand, which has significant end-use applications in the electronics, and automotive & transportation industries. It focuses on better positioning of its products globally to capitalize on expected high market growth through development of innovative products and technologies.
Conformal Coatings Market by Type (Acrylics, Epoxy, Urethane, Silicone, Parylene, and Others), by End-Use Industry (Automotive & Transportation, Electronics, Aerospace & Defense, Industrial, Marine, and Others), by Region (North America, Europe, Asia-Pacific, Middle East & Africa, and South America) - Global Trends & Forecasts to 2021
Markets and Markets
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