Conformal Coatings Market for PCBS Status & Revenue Forecast Recorded during Forecast Period
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.
[ClickPress, Wed May 15 2019] PCBs often experience delamination which is the separation of the coatings from the surface of the circuit boards. The process occurs when poor adhesion and compatibility between coatings and printed circuit boards results in the contamination of the board which can significantly hamper its durability.
Subjecting printed circuit boards to high temperatures can cause cracking or delayering for conformal coatings. These factors pose a challenge to the growth of conformal coatings market for PCBs. Additionally, growing concerns about the concentration of volatile organic compounds in conformal coatings and their adverse impact on human health are creating a negative image of the use of coatings in electronics among consumers. The factor coupled with the fluctuating prices of raw materials is likely to stifle the growth of conformal coatings market for PCBs.
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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.
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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.
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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