Global Conformal Coating Market: About this market
Technavio’s conformal coating market analysis considers sales from consumer electronics, automotive electronics, aerospace and defense electronics, medical electronics, and other applications in Europe, North America, South America, and MEA. In 2018, the consumer electronics segment had a significant market share, and this trend is expected to continue over the forecast period. Factors such as growing demand for consumer electronic products and the rising need for protecting these products from harsh environmental conditions will play a significant role in the consumer electronics segment to maintain its market position. Also, our global conformal coating market report looks at factors such as increasing demand for smart wearables and IoT services, growth in demand for automation electronics, and increasing use of automation in industries. However, fluctuations in raw material prices, disadvantages of perylene conformal coating, and regulations on VOC emissions may hamper the growth of the conformal coating industry over the forecast period.
Global Conformal Coating Market: Overview
Increasing demand for smart wearables and IoT devices
The sales of mobile phones have increased with technological innovations and a decline in the price of electronics. The demand for smartphones, wearables, and IoT devices, such as smartwatches, fitness trackers, VR headsets, wireless sensors, and monitoring devices is increasing. Conformal coatings are widely used in consumer electronics and communication devices. The sale of smartphones, wearables, and IoT has a direct impact on the demand for conformal coating. This will lead to the expansion of the global conformal coating market at a CAGR of over 6% during the forecast period.
The increasing need for miniaturization and microelectronics
Miniaturized electronic devices have reduced power consumption and increased functionalities. The size of embedded components has reduced, which has led to the placement of more components. These components need to be effectively coated to protect them from dust, smoke, snow, rain, and other harsh weather conditions. However, traditional coating technologies reduce the uptime of battery-powered devices by causing signal propagation issues and power loss. This has resulted in the increasing demand for conformal coatings that are extremely thin and efficiently protect all the connected components, ensure an uninterrupted flow of signals and power, and minimize the overall power consumption. Hence, the growing emphasis on product miniaturization and customized offerings is expected to have a positive impact on the overall market growth.
For the detailed list of factors that will drive the global conformal coating market during the forecast period 2019-2023, click here.
With the presence of several major players, the global conformal coating market is fragmented. Technavio’s robust vendor analysis is designed to help clients improve their market position, and in line with this, this report provides a detailed analysis of several leading conformal coating manufacturers, that include Chase Corp., Daikin Industries Ltd., Dymax Corp., H K Wentworth Ltd., H.B. Fuller Co., Henkel AG & Co. KGaA, KISCO Ltd., MG Chemicals, Shin-Etsu Chemical Co. Ltd., The Dow Chemical Co.
Also, the conformal coating market analysis report includes information on upcoming trends and challenges that will influence market growth. This is to help companies strategize and leverage on all forthcoming growth opportunities.
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