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 ow 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.
In depth research report on Conformal Coating Market
Further key findings from the report 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.
Grand View Research has
segmented the conformal coating market on the basis of product, application and
region:
Conformal coating market Product Outlook (Revenue, USD
Million, 2013 - 2024)
•
Acrylic
•
Urethane
•
Epoxy
•
Silicone
•
Parylene
Conformal coating market Application Outlook (Revenue, USD
Million, 2013 - 2024)
•
Consumer electronics
•
Automotive
•
Medical
•
Aerospace & Defense
•
Others
Conformal coating market
Regional Outlook (Revenue, USD Million, 2013 - 2024)
•
North America
o
U.S.
•
Europe
o
Germany
o
UK
•
Asia Pacific
o
China
o
Japan
o
India
•
Latin America
o
Brazil
•
Middle East & Africa
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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, the company offers market
intelligence studies ensuring relevant and fact-based research across a range
of industries including technology, chemicals, materials, healthcare and
energy.
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