The global conformal coatings market size was valued at USD 930.89 million in 2021 and is expected to expand at a compound annual growth rate (CAGR) of 5.9% from 2022 to 2030. The growth of conformal coatings depends on their use in various automotive, medical, consumer electronics, and aerospace & defense applications. With the increasing popularity of miniaturized circuitry and electronic devices, conformal coatings demand has witnessed a surge in the modern printed circuit board (PCB)-related applications.

It spreads as a thin polymeric film over the substrate at 25-250µm and conforms to the shape of the covered components, protecting them from extreme temperatures, chemicals, salt spray, and moisture. 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 to cut down costs spent on third-party intermediaries.

The conformal coating demand in the U.S. was valued at USD 200.15 million in 2021. The high market share of the country is attributed to the presence of the well-established automotive, aerospace & defense, and electronics industry. The growing demand for durable coatings with superior corrosion resistance is expected to drive industry growth. Consumer electronics has been a significant driver contributing to the conformal coatings market growth in the U.S.

Gather more insights about the market drivers, restrains and growth of the Global Conformal Coatings Market

Detailed Segmentation:

Product Insights

Acrylic dominated the global conformal coatings market in the product segment and accounted for more than 47.0% of overall revenue share in 2021. Adjusting the viscosity of acrylic coatings is easy, making it an ideal compound for the preparation of various application grade-based coatings. Also, its drying process is significantly quicker compared to its counterparts. This property enables its use in a wide range of applications in the 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 its conformal coatings market growth. Epoxy conformal coatings are highly resistant to solvents and possess dielectric properties, which are suitable for electronic device applications on printed circuit boards. These coatings are rigid and resistant to abrasion, owing to which they are utilized in the manufacturing of home appliances and circuit boards.

Application Insights

The consumer electronics sub-segment dominated the application segment for the global conformal coatings market and accounted for the largest revenue share of more than 44.0% in 2021. Consumer electronics have witnessed a growing popularity post the COVID-19 pandemic owing to the rising trend of miniaturized electronic circuit boards. These circuit boards are prone to dust, high temperatures, humidity, and other air-borne contaminants, driving the demand for conformal coatings.

The growing demand for consumer electronics has encouraged conformal coating manufacturers to launch new products to cater to the advancing market. For instance, in October 2021, Dow introduced DOWSIL CC-2588 Conformal Coating, a silicone-based coating developed to protect printed circuit boards (PCB) and electronic components. DOWSIL CC-2588 conformal coating cures at room temperature for reduced energy consumption and facilitates inspection using ultraviolet light, which can drive its demand in the consumer electronics segment.

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Regional Insights

The Asia Pacific dominated the regional segment and accounted for an overall revenue share of more than 51.0% in 2021. The demand for conformal coatings in the Asia Pacific is driven by the high demand from key industries, including aerospace, automotive, consumer electronics, and manufacturing industries. According to a press release by Airbus in February 2022, the Asia-Pacific region is anticipated to require 17,620 new passenger and freighter aircraft. This is expected to be driven by the growing population in the area.

Key Companies & Market Share Insights

The key players operating in the global conformal coatings market are Henkel AG & Co. KGaA, Chemtronics, Shin-Etsu Chemical Co., Ltd., Dow, and H.B. Fuller Company, along with a few media and small regional players. Established players such as Henkel AG & Co. KGaA are investing in startups related to conformal coatings, which can further strengthen their position in the market.

For instance, in October 2020, Henkel AG & Co. KGaA announced an investment in Actnano, an advanced materials start-up company headquartered in Massachusetts, U.S. Actnano provides tailored conformal coatings technology for the protection of printed circuit boards in a variety of applications in growing electronics segments. Some of the prominent players operating in the conformal coatings market are:

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