Conformal Coatings Market– Statistics And Analysis & Forecast To 2024Posted by Mrudula Anil Karmarkar on April 1st, 2021 The global conformal coatings market is expected to reach USD 15.73 billion by 2024, according to a new report by Grand View Research, Inc. Rising demand for conformal coatings for manufacturing of automotive and electronic components is expected to propel growth. The prevailing pandemic situation has led to weakened demand for paints and coatings in automotive, construction, electronics, and white goods. The path to recovery of growth for the industry is highly dependent on the duration of restrictions imposed and their influence on economic activity across the globe. Contrary to the trend prevalent in the industry in general, certain segments of the market such as antimicrobial coatings are witnessing a surge in demand in healthcare and food industries. The report will account for Covid19 as a key market contributor. The market is highly competitive and fragmented owing to presence of numerous medium and large scale manufacturers and suppliers. The high competition between existing players and high capital investment are expected to pose as a threat to new entrants. However, rapid growth of end-use industries in emerging economies, which demands high volumes of conformal coatings is expected to propel demand. Regional government bodies in Asia Pacific have implemented schemes and initiatives to encourage domestic manufacturing in order to develop the economies of these countries. For instance, ‘Make in India’ scheme that is increasingly attracting major foreign players to invest in domestic production facilities. As a result, the demand for the product is expected to grow over the forecast period. Conformal coating manufacturing technologies are constantly being updated to match evolving consumer requirements for efficient end-use electronic and automotive products. This has led to intensive R&D efforts by major industry players in order to develop unique and innovative products & processing technologies such as selective needle dispensing, ultrasonic coatings and even selective film coatings among others. Further key findings from the report suggest:
Major industry players are focusing on integrating their operations by venturing into raw material manufacturing and distribution sectors to gain a competitive edge in the market. Companies such as Dow Corning Corporation and Shin Etsu Chemical Company, have entered into the distribution sector in order to cut down costs spent on third-party intermediaries. The product demand in the U.S. is valued at USD 2.15 billion in 2016. The high market share of the country is attributed to the presence of well-established automotive, aerospace & defense, and electronics industry. Growing demand for durable coatings with superior corrosion resistance is expected to drive industry growth. H.B. Fuller, Chase Corporation, MG Chemicals, Dow Corning are some of the leading companies involved in the manufacturing and supply of conformal coatings. Most of these key players procure the raw materials from established players in the chemicals market including BASF SE, and Aditya Birla Chemicals through short term partnerships. The market is highly competitive owing to the presence of a large number of established manufacturers and suppliers and new entrants in the market. The rapid growth of the industry has led many key players such as Henkel AG & Company, KGaA, Chemtronics, and others to adopt the merger & acquisition strategy to strengthen their presence and expand industry share. The demand for conformal coating is driven by the growing demand for reliable electronic devices and equipment coupled with the increasing automation platforms across end-use industries. The advent of advanced manufacturing technologies for the product has led to a decrease in the product cost. As a result, the product penetration has increased across various industries including automotive and medical, thus, promoting the market growth. The acrylic conformal coating is expected to register substantial growth owing to its rapid drying property as compared to its counterpart. This property enables its use in a wide range of applications in automotive and electronics industries. In addition, the heat emitted by acrylics during the curing process eliminates the potential risk of damaging heat-sensitive components, thus, promoting the market growth. The global conformal coating market has been segmented on the basis of product, application, and region. The product segment comprises acrylic, urethane, epoxy, silicone, and parylene. Based on application, the market has been segmented into consumer electronics, automotive, medical, aerospace & defense, and others. The market has been categorized on the basis of region into North America (U.S.), Europe (Germany, UK), Asia Pacific (China, Japan, India), Latin America (Brazil), and the Middle East & Africa. Have a Query? Ask Our Expert: https://www.grandviewresearch.com/inquiry/3143/ibb The global conformal coating market is highly fragmented with the presence of numerous manufacturers. Major participants in the industry including, Henkel AG & Company, KGaA, Chemtronics, and Shin-Etsu Chemical Co., Ltd., are investing in R&D activities to come up with innovative environment-friendly coatings. Several government and federal agencies including, U.S. Environmental Protection Agency, U.S. Occupational and Health Administration (OSHA), and The National Institute for Occupational Safety and Health (NIOSH) have implemented legislations and regulations regarding VOC emissions into the environment. These stringent regulations are expected to pose a challenge for industry participants. Grand View Research has segmented the global conformal coatings market on the basis of product, application: Conformal Coatings Product Outlook (Revenue, USD Million; 2013 - 2024)
Conformal Coatings Application Outlook (Revenue, USD Million; 2013 - 2024)
About Grand View Research Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. To help clients make informed business decisions, we offer market intelligence studies ensuring relevant and fact-based research across a range of industries, from technology to chemicals, materials and healthcare. For More Information:www.grandviewresearch.com
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