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 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.
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Further key findings from the report suggest:
- Urethane product segment accounted for 14% of the overall market in 2016, owing to its excellent dielectric properties and high abrasion resistance, which makes it suitable for application in printed circuit boards
- Electronics is expected to be the fastest growing application segment, ascending at an estimated CAGR of 6.7% over the forecast period on account of the extensive usage in consumer electronics manufacturing
- Europe conformal coatings market is expected to witness a slow growth rate as compared to other regions, owing to the saturation of the regional markets and slower growth of automotive production in the region
- The market in Latin America is expected to progress at a CAGR of 5.2% over the forecast period, on account of increasing foreign investments in the electronics and medical sector over the forecast period
- The major players in the market including Henkel AG & Company, KGaA, Chemtronics, Shin-Etsu Chemical Co., Ltd., and DOW Corning, are investing in R&D activities in order to come up with coatings with better corrosion resistance, and abrasion resistance
