The Conformal coatings market is estimated to be USD 807 million in 2020 and is expected to reach USD 1,081 million by 2025 at CAGR of 6.0%. Conformal coatings are a type of protective coatings of 25-75µm thickness which are applied to printed circuit boards (PCBs) and other electronic components to protect them from harsh environments such as dust, solvents, moisture, humidity, and high temperature. Conformal coatings increase the operational performance of PCBs assemblies by maintaining long-term surface insulation.
The COVID-19 pandemic has resulted in lockdowns in several countries, compelling the shutting down of several manufacturing facilities. While end-use industries such as automotive & transportation and consumer electronics have declined, the pandemic has resulted in a surge in demand for medical and food packaging. Owing to this increasing demand, medical device and their component manufacturers are operating at maximum capacities. Conformally coated PCBs are used in medical applications since they are effective in protecting electronic devices from erosion and external chemical attack. With healthcare facilities battling the COVID-19 crisis, demand for medical devices and equipment is high, and as a result, machinery to manufacture this equipment is also in high demand, thus creating opportunities for conformal coating manufacturers.
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APAC is expected to be the largest market for conformal coating
APAC is the largest market of conformal coatings, and this dominance is expected to continue till 2025. China is the key market in the region, consuming more than half of the demand for conformal coatings, followed by Taiwan, South Korea, and Japan. These countries are expected to witness a steady increase in consumption from 2020 to 2025. The region contributes close to 90% of PCB production in the world, and market is mainly driven by the presence of a large number of leading global electronics companies. PCB industry is quite fragmented as there are more than 100 companies that constitute close to 90% of overall PCB revenues and most of them belong to APAC, more so in China & Taiwan. Recent years have seen a lot of PCB manufacturing shifts to APAC due to cost-effectiveness and closer access to customers in the region, hence the increase in consumption of conformal coatings.
The key companies in the conformal coatings are Henkel (Germany), Illinois Tool Work (US), Shin-Etsu Chemical (Japan), Dow (US), H.B. Fuller (US), Chase Corporation (US), Electrolube (UK), Dymax Corporation (US), MG Chemical (Canada) and Specialty Coating System (US).
Dow is one of the largest chemical manufacturing and distributing companies in the world. The DowDuPont company has been organized into three operating segments namely performance materials & coatings, industrial intermediates & infrastructure and packaging & specialty plastics. It offers conformal coatings under the performance materials & coatings segment. The company has an extensive global presence with 109 manufacturing plants in 31 countries across the Americas, APAC, Europe and Middle & Africa.
In February 2020, Dow introduced DOWSIL CC-820 UV and Moisture Dual-Core Conformal Coating at the IPC APEX EXPO 2020. This is the first solvent less silicone conformal coating which has a moisture dual-core system for high throughputs. The new product promotes sustainability, health and safety.
In September 2018, Shin-Etsu decided to invest USD 1 billion in the facility for silicone business. The expansion will increase the production capacity of various silicone fluids, resins, monomers, intermediates and rubber end products at the bases in Japan and globally.
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