COVD-19 impact on the Conformal Coating Market

 

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%. The growth of the conformal coatings market is attributed to the increasing number PCB manufacturers and demand from high end applications that require conformal coatings.

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The conformal coating market is impacted by the COVID 19, due to the disruption caused by it in the end-use industries globally:

• The automobile industry is heading toward a year of significant decline as a result of extended lockdowns, impact in production, and fall in consumer demand. Sales volumes of passenger and commercial vehicles are projected to drop to levels not seen in over a decade. The automotive industry is struggling with an abrupt and widespread stoppage of economic activity, as workers are advised to stay home, supply chains grind to a halt, and factories are closed. Lockdowns prohibiting the movement of people and the sudden stoppage of economic activity has caused a severe contraction in sectoral output and gross domestic product (GDP). It is estimated that factory closures in Europe and North America have caused some millions of passenger vehicles to be removed from production schedules. These production declines have a cascading effect on OEMs and material suppliers, which will also affect the demand for conformal coatings.
• Amid the COVID-19 pandemic, more than 70% of the global aviation fleet is grounded. About 27,000 aircraft were in service at the beginning of 2020. Currently, less than 7,500 are still flying. The number of fleets is unlikely to recover to the previous levels until the end of 2022 at the earliest. Lockdowns have resulted in reduced passenger traffic and a significant decline in the revenue of airlines. According to the International Air Transport Association (IATA), global airline passenger revenues will drop by USD 314 billion in 2020, a 55% decline compared to 2019. The pandemic has had a significant impact on aircraft manufacturing as well. For instance, Airbus – one of the largest commercial aircraft manufacturing companies globally, has reduced its aircraft production rates by roughly one-third due to the COVID-19 pandemic. Boeing has also reported a first-quarter loss of USD 641 million. This has significantly affected the use of conformal coatings used in new aircraft production, as well as MRO operations

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).

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Increasing demand from high-end applications requiring conformal coating

Conformal coating is highly preferred in PCBs, which are used in high-end applications in aerospace & defense and automotive industries. The aerospace & defense industry uses conformal coatings in space shuttle controls & systems, aircraft communications & controls, satellite systems, robotic cable assemblies, lightening protection chassis, and other similar technologies.

For the aerospace & defense industry, reliability on conformal coatings performance is the overriding issue. Conformal coatings in aerospace electronics must perform in extreme environments and hazardous situations. There is a difference in the electronics used in the aerospace & defense industry and the ones used in other industries. Electronics used in this industry are smaller in size that reduces the weight of the components and increases their functionality as well as performance. New technologies need to be thoroughly tested to check their reliability before they can be used in critical applications.

PCBs used in the aerospace & defense sector have the tolerance levels of ±0.0005 on etched features. Conformal coatings should also meet specific aerospace standards such as RTCA-DO-160 and MIL-STD-810 in order to get reliability tag from end users. These factors prove the increased operational parameters for electronic components in the aerospace & defense industry. The growth in this industry is likely to slow down due to the COVID-19 pandemic since air travel has been restricted around the world. Almost every airline has grounded a majority of its aircraft and is deferring orders for new ones as well. Aircraft manufacturing, too was halted due to complete lockdowns in countries of North America and Europe, which are the hubs of aircraft manufacturing.

To know about the assumptions considered for the study download the pdf brochure

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).

Don’t miss out on business opportunities in Conformal Coating Market Speak to our analyst and gain crucial industry insights that will help your business grow.

Epoxy and polyurethane floorings are widely used in the commercial and industrial sectors

The floor adhesive market is projected to grow from USD 8.54 Billion in 2017 to USD 11.01 Billion by 2022, at a CAGR of 5.2% from 2017 to 2022. The growth of the floor adhesive market is driven by advancements in flooring materials used in the residential, commercial, and industrial sectors. Epoxy and polyurethane floorings are widely used due to their high resistance to chemicals, temperature, and abrasion. These floorings are widely used in the healthcare, food, and automotive industries.

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Epoxy adhesives consist of an epoxy resin and hardener. These adhesives are available in one-part, two-part, and film form. Epoxy adhesives form an extremely strong and durable bond with most materials. Toughened epoxy adhesives contain a dispersed physically separated but chemically attached rubber phase to improve fracture and impact resistance. The major reason for the increasing adoption of epoxy adhesives in the flooring industry is their capacity to provide a good balance of handling characteristics and superior physical properties. They adhere well to a wide variety of substrates.

Based on application, the floor adhesive market has been segmented into tile & stone, carpet, wood, vinyl, and sports & rubber, among others. The growth of the tile & stone application segment is driven by the increasing infrastructural development in emerging countries across the globe.

The floor adhesive market in Asia-Pacific expected to witness the highest growth during the forecast period. Emerging economies, such as China, India, South Korea, and various Southeast Asian countries are attracting several global players to establish their manufacturing base in Asia-Pacific. These manufacturers are competing to reach an extensive customer base in countries, such as China and India to cater to the increasing demand for adhesives from the residential and industrial sectors in these countries. Increased investments in infrastructural development in the region are expected to fuel the growth of the floor adhesive market in Asia-Pacific.

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Conformal Coating Market worth $1,265 million by 2025, at CAGR of 5.3%

The Conformal coatings market is estimated to be USD 977 million in 2020 and is expected to reach USD 1,265 million by 2025 at CAGR of 5.3%. 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.

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“Automotive is the largest end-use segment in the overall conformal coatings market.”

The automotive industry has grown at a fast pace in the last decade, which led to the rapid evolution and increased consumption of electronics used in the vehicles. Currently, an average mid-range vehicle is loaded with technological features such as lane sensors, adaptive cruise control, in-car entertainment, and navigation. Also, the emergence of electric vehicle (EV), connected cars, and autonomous vehicles have resulted in a rapid surge in the advancement of electronics installed in these vehicles. From the industry point of view, the challenge is to protect these huge volumes PCBs and ICs used in the electronics system over a long period while meeting the specifications required by the automotive industry. This creates an attractive opportunity for conformal coatings manufacturers in the automotive and transportation industry. It is also the go-to-market for PCB manufacturers.

“Silicone conformal coating is the fastest-growing type for conformal coating.”

Various industries require coatings for high-temperature applications. Silicone conformal coatings are widely used for such applications, as they have the ability to withstand severe temperature conditions for an extended period. These coatings are widely used in under-the-hood automotive components. They can also be used in PCBs to protect them from damage and provide electrical insulation in hot and cold environments. Silicone coatings also protect electronic equipment from the extremely high as well as low temperatures. Silicone-based conformal coatings are manufactured as single-component compounds and also provides excellent humidity, corrosion and chemical resistance. However, these coatings are not abrasion resistant because of its rubbery nature, but this makes it resilient against vibrational stresses.

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).

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Automotive is the largest end-use industry in the overall conformal coatings market

The Conformal coatings market is estimated to be USD 977 million in 2020 and is expected to reach USD 1,265 million by 2025 at CAGR of 5.3%. 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.

Download PDF Brochure: https://www.marketsandmarkets.com/pdfdownloadNew.asp?id=216347388

The automotive industry has grown at a fast pace in the last decade, which led to the rapid evolution and increased consumption of electronics used in the vehicles. Currently, an average mid-range vehicle is loaded with technological features such as lane sensors, adaptive cruise control, in-car entertainment, and navigation. Also, the emergence of electric vehicle (EV), connected cars, and autonomous vehicles have resulted in a rapid surge in the advancement of electronics installed in these vehicles. From the industry point of view, the challenge is to protect these huge volumes PCBs and ICs used in the electronics system over a long period while meeting the specifications required by the automotive industry. This creates an attractive opportunity for conformal coatings manufacturers in the automotive and transportation industry. It is also the go-to-market for PCB manufacturers.

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.

North America is projected to be the second-largest market in the overall market. The conformal coating market in the region will be driven by the PCB demand from the electric vehicle (EV) manufacturers. But in recent years, PCB manufacturers are looking to capture the aerospace and defense industry which will create opportunities for conformal coatings as this PCB should be protected for them to work in full capacity during operations.

The leading players in the global conformal coatings market include Henkel (Germany), Chase Corporation (US), Illinois Tool Work (US), Electrolube (UK), Shin-Etsu Chemicals (Japan), Dow (US), HB Fuller (US). These players account for significant market shares. The companies adopted expansion and new product developments as key strategies to enhance growth in the market.

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Shin-Etsu Chemicals (Japan) and Dow (US) are Leading Players in the Conformal Coating Market

The Conformal coatings market is estimated to be USD 977 million in 2020 and is expected to reach USD 1,265 million by 2025 at CAGR of 5.3%. 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 leading players in the global conformal coatings market include Henkel (Germany), Chase Corporation (US), Illinois Tool Work (US), Electrolube (UK), Shin-Etsu Chemicals (Japan), Dow (US), HB Fuller (US). These players account for significant market shares. The companies adopted expansion and new product developments as key strategies to enhance growth in the market.

To know about the assumptions considered for the study download the pdf brochure

Shin-Etsu Chemical is one of the leading manufacturers and distributors of synthetic resin and other chemicals. The company operates through six business segments, namely PVC/Chlor-Alkali business, semiconductor silicon business, silicone business, electronics and functional materials business, specialty chemicals, and processing, trading & specialized services business. It offers conformal coatings under the silicone business segment. The company has a strong presence in over 20 countries and regions. 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.
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 solventless silicone conformal coating which has a moisture dual-core system for high throughputs. The new product promotes sustainability, health and safety.

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Acrylics and epoxy, the largest types of conformal coatings

Conformal coatings are available in various types such as, acrylics, epoxy, urethane, silicone, parylene, and others. The acrylics segment accounted for the largest market share, in terms of volume as well as value, followed by epoxy. Acrylic conformal coatings accounted for the largest share due to their inexpensive nature and easy-to-apply properties. The rising demand of environmental friendly or volatile organic compounds (VOCs)-free conformal coatings in countries such as Germany and France is expected to drive this market. New products such as Certonal FC-742 and Never Wet are gaining attention, which are likely to enhance the utilization and application areas of conformal coatings.

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.

Conformal coatings find applications in the following industries: automotive & transportation, manufacturing Industries, aerospace & defense, electronics, and marine industry. The electronics industry is estimated to be the largest end-use industry of conformal coatings. The growing electronic industry and the need for conformal coatings on PCBs for better performance in vulnerable environments have been the key drivers for the dominance of the electronic industry in the conformal coating market.

The global conformal coatings market is estimated to reach USD 12.28 Billion by 2021, registering a CAGR of 4.7%. 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. Conformal coatings have unique properties, such as high resistance to dust, moisture, salts, corrosion, high temperature, and humidity and they increase the reliability of electronic equipment by 3 to 5 years.

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“.

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Mergers & Acquisition was the Key Strategy Adopted by the Leading Market Players to Achieve Growth in the Floor Adhesive Market

Floor adhesive is materials that are used to hold two surfaces together. These adhesives can be of diverse types, including urethane, acrylic, epoxy, silane modified polymer, and others. These adhesives are used in different flooring applications, such as tile & stone, carpet, wood, vinyl, and others.

Key players operating in the floor adhesive market have adopted various strategies to strengthen their position in the market. Mergers & acquisition was the key strategy adopted by the leading market players to achieve growth in the floor adhesive market between 2014 and 2017. Key players in the market also adopted strategies, such as investments and expansions, new product launches, partnerships & collaborations, and agreements to increase their shares in the floor adhesive market and strengthen their distribution networks.

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Mapei S.p.A. (Italy), Sika AG (Switzerland), Henkel AG (Germany), Bostik SA (France), H.B. Fuller (U.S.), The Dow Chemical Company (U.S.), Wacker Chemie AG (Germany), Forbo Holdings AG (Switzerland), Pidilite Industries Limited (India), Ardex Group (Germany), and Franklin International (U.S.) are some of the leading players in the floor adhesive market.

Mapei S.p.A. is one of the leading companies in the floor adhesive market. The company offers several types of floor adhesive for varied applications, such as ceramic and stone adhesives, timber flooring, resin floor covering, and decorative flooring, among others. Mapei Group acquired the Colombian company Productos Bronco S.A., which specializes in the production of waterproofing products, adhesives, sealants, and finishes. Mapei has strengthened its presence in South America with this acquisition. Mapei Construction Products India Ltd. expanded its presence in the Asia-Pacific by establishing a new production site in Vadodara in Gujarat (India).

In 2016, Bostik SA expanded its cementitious products manufacturing capacities at its Seremban plant in Malaysia. The plant specializes in cement-based construction products, such as adhesives and sealants for tiles and expansion joint sealants for flooring. In May 2017, Bostik acquired floor preparation systems of CGM, Inc. The acquisition is a part of Bostiks strategy to expand in the growing US construction market and offer its customers a complete range of innovative solutions in the flooring market.

In 2016, Sika AG acquired L.M. Scofield (U.S.) and Ronacrete Ltd. L.M (Hong Kong). Scofield is a leading producer of color additives for ready-mix concrete. The acquisition will help Sika AG in the production of different concrete flooring products. Ronacrete Ltd. is one of the leading suppliers of repair mortars, tile adhesives, and other mortar products in Hong Kong. The acquisition of the company will strengthen the position of the company in the floor adhesive market.

Related Reports:

Floor Adhesive Market by Type (Epoxy, Urethane, Acrylic, and Vinyl), Application (Tile & Stone, Carpet, Wood, and Laminate), Technology (Water-based, Solvent-based and Hot-melt based), and Region – Global Forecast to 2022