The global conformal coating market is expected to reach USD 15.92 billion by 2024, according to a new report by Grand View Research, Inc. rising demand for conformal coatings in the consumer electronics and automotive industry is expected to drive the market growth over the next eight years.
The market is subject to volatile raw material prices. Increasing concerns regarding high VOC content in these coatings is likely to negate growth. Stringent regulations implemented by various government and federal agencies regarding VOC emissions coupled with rising penetration of water based coatings is likely to have a positive impact on demand over the forecast period.
Growing R&D investments by major industry players to develop unique and innovative products & processing technologies such as selective needle dispensing, ultrasonic coatings and even selective film coatings is expected to simplify application procedure which in turn is expected to increase demand over the forecast period.
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Further key findings from the study suggest:
- Acrylic conformal coating was the largest product segment, accounting for over 40% of the overall revenue share in 2015. Superior characteristics including moisture and dust resistance provided by the product is expected to augment growth. In addition, rising demand for the product in automotive electronics is expected to propel demand over the next eight years.
- Medical application accounted for a little over 16% of the overall revenue share in 2015. The growing demand for imaging and therapeutic devices is expected to drive market growth for the product in the industry. Growing use of the product in medical electronics in order to reduce risk of corrosion and heating is expected to drive growth.
- Automotive industry accounted for over 20% of the total share in 2015. Technological advancement and utilization of electronic devices for entertainment, GPS and safety system is expected to aid automotive devices market demand which in turn is anticipated to augment conformal coatings growth in the industry.
- Asia Pacific to account for over 55% of the overall revenue share in 2015 on account of the presence of OEMs of European and American market players. China plays a vital role with respect to manufacturing of electronics owing to inexpensive labor cost and low raw material cost on account of which China is expected to contribute to over 50% of the total Asia Pacific market share.
- Key players in the industry include Henkel AG & Company, KGaA, Shin-Etsu Chemical Co., Ltd., DOW Corning, H. B. Fuller, Chase Corporation, Electrolube, MG Chemicals and Chemtronics.
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