The analysts of the TMR research report on the conformal coatings market have observed an increased rate of production in automotive items. The rising demand for technologically advanced automotive is driving growth opportunities in the market. Conformation coatings play a crucial role in the protection of printed circuit boards or PCBs that are increasingly used for technologically advanced automobiles. This factor is estimated to fuel demand opportunities in the conformal coatings market.
The healthcare and medical industries are increasingly using electronics for several purposes. PCBs are applied in different medical devices as core components. The rising demand for PCBs is estimated to create demand opportunities in the conformal coatings market in the years to come.
PCBs need to comply with stringent medical regulations. The medical PCB suppliers need to achieve reliability and repeatability as mandatory qualities. The professionals need to operate PCBs without any technical error. Therefore, it is crucial to protect them from exposure to risky environments. Conformal coatings assist these PCBs to avoid external chemical exposure. Thus, increasing need for technological advancements in healthcare industry may create demand opportunities in the conformal coatings market.
As per the research report by TMR, the conformal coatings market is expected to reach a CAGR of 5% and gain a valuation of US$ 17 Bn during the forecast period from 2020 to 2030.
Modern Electronics Assemblies Bring Opportunities for Products Innovations
Different end-use industries such as marine, defense, aerospace, automotive, and electronics are extensively using conformal coatings. The growing progress in modern electronics is bringing a gradual revolution in the conformal coatings market. The increasing regulatory pressure and growing environmental concerns are bringing noticeable changes in the market. The manufacturers from the conformal coatings market are concentrating on production of environment-friendly conformal coatings. With the high eco-friendly quotient, conformal coatings materials are gaining considerable popularity.
Different electronic components and devices need to combat adverse operating conditions such as thermal shocks, humidity, and high temperature. These adverse weather conditions are expected to result into increased demand opportunities in the conformal coatings market. The rising consumer demand for lightweight electronics may affect the durability and robustness of the products. But the conformal coatings work efficiently to offer varied properties including protection in adverse weather.
Some of the key players engaged in the conformal coatings market include Chase Corporation, Dow Corning, Shin Etsu Chemical Company, DAIKIN INDUSTRIES, Henkel AG &KGaA, and H.B. Fuller Company.
Key Market Players Addressing Shortfallsin Modern-day Electronics
There is a gradual evolution in modern-day electronics on the back of changing consumer preferences and environmental legislation. Major key players from the conformal coatings market are taking initiatives to provide solvent-based conformal coatings to match the requirements of the electronics industry. In the constantly emerging consumer electronics vertical, technological advancements are taking place for the development of high-performance conformal coatings that provide optimum protection. These technological advancements lead to different innovations to accelerate demand for conformal coatings in the global market. For example, encapsulation resin has witnessed considerable traction on the back for ease of application.
Conformal coatings play a vital role in preventing the formation of the electrolytic solution. In the present era, key players operating in the conformal coatings market are concentrating on improvement of the functional properties of their products. The market players are working to achieve coverage in complex and three dimensional topographies of modern-day PCBs. Several key players are investing in innovations and new coating concepts in order to stay ahead in the market competition. For instance, the two-component approach has achieved extensive recognition during the past few years on the back of rising demand for efficient thickness and edge coverage while providing high performance.
The global conformal coatings market is segmented as follows:
Global Conformal Coatings Market, by Product Type
Global Conformal Coatings Market, by Operation Method
Global Conformal Coatings Market, by Technology
Global Conformal Coatings Market, by End-use Industries
Global Conformal Coatings Market, by Geography
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