Conformal Coating Industry size is expected to register 6.5% CAGR between 2024 and 2032 propelled by the growing electronics industry.
Selbyville, Delaware , Feb. 06, 2024 (GLOBE NEWSWIRE) — Conformal Coating Market is poised to be worth over USD 1.6 billion by the end of 2032, , as per a recent study by Global Market Insights Inc.
The expansion of the renewable energy sector across the globe is the major factor driving the demand for conformal coating solutions. With the rising preference for clean energy solutions, electronic components in renewable energy systems, such as solar inverters and wind turbines, are requiring robust protection against environmental stresses. Conformal coatings are essential to safeguard components from moisture, temperature fluctuations, and corrosive elements for ensuring prolonged operational life and reliability. To that end, the continuous growth of the renewable energy sector worldwide is expected to amplify the market development.
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Epoxy-based conformal coatings to gain significant traction
Epoxy-based conformal coating market generated substantial revenue in 2023 and is estimated to witness high demand through 2032 propelled by increasing use in the production of electronic components due to unique combination of protective and insulating properties. The growing complexity and miniaturization of electronic devices is necessitating robust protection against environmental factors, such as moisture, chemicals, and temperature variations. Epoxy coatings also provide a reliable solution for ensuring the longevity and performance of sensitive electronic circuits. Furthermore, the surging advancements in epoxy formulations for addressing the evolving industry requirements will foster segment growth.
Growing demand from the automotive sector
Conformal coating market from the automotive end-use segment is projected to depict notable growth between 2024 and 2032 attributed to the growing need for reliable electronic components to withstand harsh automotive environments. Conformal coatings protect sensitive electronic circuits from moisture, vibrations, and temperature variations whilst ensuring optimal performance and durability. With the rising adoption of EVs and smart automotive technologies, the demand for conformal coatings in the automotive sector is expected to rise.
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Asia Pacific to provide potential growth opportunities
Asia Pacific conformal coating market accounted for a sizable revenue share in 2023 and is set to exhibit robust growth through 2032 attributed to the rising demand for electronic devices and components. The burgeoning manufacturing sector, particularly in China, India, and South Korea is fueling the need for effective protection against environmental stressors in electronic assemblies. Additionally, the rapid rate of industrialization, the booming automotive manufacturing sector, and technological advancements are likely to amplify the demand for conformal coatings in safeguarding electronic components, adding to the regional market growth.
Conformal Coating Market Participants
Some of the major firms operating in the conformal coating industry are Chase Corporation, Henkel AG & Co. KGaA, Electrolube, Dymax Corporation, Shin-Etsu Chemical Co., Ltd., H.B. Fuller Company, and Dow Inc. These product manufacturers and suppliers are introducing advanced formulations and application methods to meet the evolving industry needs. To cite an instance, in November 2023, Nordson Electronics Solutions introduced its new ASYMTEK Select Coat SL-1040 conformal coating solution for high-volume printed circuit assembly manufacturing.
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About Global Market Insights
Global Market Insights Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider, offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy, and biotechnology.
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