According to the latest report by Fact.MR, the conformal coatings market for PCBs reached the valuation of US$ 8,871 million in 2017, and is expected to register 5.6% CAGR during 2018-2026. With extensive application of PCBs in consumer electronics, including smartphones, computers, home appliances, and entertainment systems, along with the advancement in these devices and appliances, the demand for conformal coatings market for PCBs is significantly growing.
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Bolstering Electronics Production to Uphold Demand for Conformal Coatings
Exponential growth in electronics production is a vital factor driving the growth of conformal coatings market for PCBs. Technological breakthroughs in addition to the burgeoning demand for consumer electronics are some of the vital factors bolstering the growth of conformal coatings market for PCBs. Introduction of the novel and innovative electronic products in automotive, industrial, and consumer categories is another key reason behind the burgeoning demand for electronic components.
Owing to the growing demand for electronics, numerous companies are venturing into the market creating intense competition. Intensifying competition among different companies in the electronics market is promoting manufacturers seek for processes which are affordable and maintains performance efficiency in products. Printed circuit boards form an integral part of electronic products and their performance is vital to the durability and functioning of different products. Conformal coatings protect PCBs from dust, moisture, humidity, and extreme temperatures, thus ensuring the durability of electronic products. With competition on the rise, electronics manufacturers are increasingly seeking conformal coatings to enhance the quality of their products and consolidate their footing in the market.
Conformal coating manufacturers are increasingly marketing their products as ways to enhance the performance of PCBs. For instance, Dymax, a leading company operating in the conformal coatings market for PCBs launched a line of UV-cured conformable coatings claiming the product can enhance the performance of PCBs while aiding in the reduction of costs and maximization of profits.
Electrification of the Automotive Industry to Open Pathways to Lucrative Opportunities
Growing consumer concerns about the environment and stringent government regulations are some of the vital factors driving the demand for electrification of the automotive industry. With evolving technology providing the platform for the process, the automotive industry is gradually transitioning towards the manufacturing of electric bikes and cars. Consequently, the transition is likely to bolster demand for PCBs in the automotive industry which, in turn, is expected to contribute significantly to the growth of conformal coatings market for PCBs.
Additionally, digitalization is gradually changing the face of automotive entertainment, control, and passenger comfort causing the integration of an increasing number of electronic components in automobiles to meet the growing consumer expectations. The factors are fuelling the demand for PCBs with higher-performance efficiency and durability in the automotive industry and are hence driving the proliferation of conformal coatings market for PCBs.
Demand for High-performance PCBs in Aerospace and Defense Industries
Printed circuit boards used in aerospace, military, and other defense operations are subjected to extreme temperatures, harsh conditions, higher currents and voltages while offering superior operations. Thus, the demand for conformal coatings for PCBs is estimated to burgeon in aerospace and defense applications with numerous countries focusing on developing sophisticated defense systems.
Additionally, the development of the Industrial Internet of Things (IIoT) coupled with data analytics is aiding manufacturers in streamlining the production of conformal coatings to meet the high standards of aerospace and defense industries.
Cracking and Delamination in Conformal Coatings to Hamper the Growth of Conformal Coatings Market for PCBs
Cracking and delamination are the two major restraints observed in the conformal coatings market for PCBs. Delamination in conformal coatings usually occur due to the poor adhesion of coatings, it involves the removal of conformal coatings from PCBs leaving the area exposed, thereby, resulting in the damage. Meanwhile, extreme environments and high curing coatings resulting in the cracking is another major challenge facing the conformal coatings market for PCBs.
Conformal Coatings Market for PCBs – Competitive Landscape
The conformal coatings market for PCBs is expected to remain consolidated with leading players controlling the bulk of the market shares. The consolidated nature of the market can be attributed to the requirement of intensive capital investment and technical knowledge for the production of conformal coatings. Leading players operating in the conformal coatings market for PCBs are largely focusing on developing innovative and novel technologies to gain a competitive edge in the market.
Some of the leading players operating in the conformal coatings market for PCBs are Dow Corning, Henkel AG & KGaA, Chase Corporation, Shin Etsu Chemical Company Limited, Electrolube, H.B. Fuller Company, Europlasma N.V., AI Technology, Inc, KISCO Limited, Aalpha Conformal Coating, Chemtronics, MG Chemicals, HemiSeal, Global Manufacturing Services Inc., Specialty Coating Systems Inc., Dymax Corporation, and Cytec Industries Inc.
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