The global conformal coatings market is estimated to reach USD 12.28 Billion by 2021, registering a CAGR of 4.7% between 2016 and 2021. The market is driven by increasing demand for conformal coatings in emerging markets and high demand from printed circuit boards in electronics and automotive & transportation industries.
Seattle, WA -- (SBWIRE) -- 11/30/2016 -- The report "Conformal Coatings Market by Type (Acrylics, Epoxy, Urethane, Silicone, Parylene, and Others), by End-Use Industry (Automotive & Transportation, Electronics, Aerospace & Defense, Industrial, Marine, and Others), by Region (North America, Europe, Asia-Pacific, Middle East & Africa, and South America) - Global Trends & Forecasts to 2021", The global conformal coatings market size is estimated to grow from USD 9.75 Billion in 2016 to USD 12.28 Billion by 2021, at a CAGR of 4.7%.
Browse 162 market data tables with 61 figures spread through 196 pages and in-depth TOC on "Conformal Coatings Market - Global Trends & Forecasts to 2021"
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The market is driven by increasing demand for conformal coatings in emerging markets and high demand from the electronics, aerospace & defense, automotive & transportation, industrial, and marine industries. Asia-Pacific is projected to witness s strong growth in the future. Growth in this region can be attributed to high demand from emerging markets such as China and India.
Acrylics and epoxy, the largest types of conformal coatings
The growing popularity of various types of conformal coatings such as acrylics, epoxy, urethane, and silicone in various end-use applications plays a significant role in driving the market. Acrylics conformal coatings accounted for the maximum share in terms of value due to their cost-effectiveness, and easy to apply and remove properties. The rising demand of environmentally friendly conformal coatings such as Volatile Organic Compounds (VOCs)-free coatings in countries such as Germany, and France is expected to drive this market.
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Marine industry, the fastest-growing market among the end-use industries for conformal coatings
In 2015, Asia-Pacific dominated the conformal coatings market and also registered the highest growth rate between 2016 and 2021. The Asia-Pacific region is projected to register the highest growth rate, both in terms of value and volume, owing to high demand from China and India. China is the largest market for conformal coatings globally with major demand from the electronics industry. The Indian government has started investment promotion programs to assist companies that are developing and manufacturing PCBs and thus pushing the growth of this market upward.
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The key companies profiled in the conformal coatings market research report are Chase Corporation (U.S.), Henkel AG & KGaA (Germany), Illinois Tool Works (U.S.), Shin-Etsu Chemical Company Limited (Japan), Dow Corning (U.S.), H.B. Fuller (U.S.), Electrolube (U.K.), Europlasma NV (Belgium), MG Chemicals (Canada), and Kisco Conformal Coatings (Japan).
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