The market for conformal coatings is expected to grow at a CAGR of more than 5.5% during the forecast period. Major factors driving the market studied are the growing aerospace & defense industry.
- Rising medical applications in Asia-Pacific is expected to act like an opportunity to the market.
- Asia-Pacific dominated the market across the globe with the largest consumption in a country such as China, India, etc.
Key Market Trends
Aerospace and Defense Segment to Dominate the Market
- The aerospace and defense segment contributes a significant share in the conformal coatings market. Conformal coatings are widely used in applications, such as radar/detection equipment, satellite electronics, power supplies, circuit card assemblies, etc.
- The major aerospace application includes Microelectromechanical (MEMS) applications. These applications include the protection of engine management, cockpit, flight control, and sensor systems.
- Furthermore, conformal coatings are also used to protect the exterior body from UV radiation, LED lighting, and surface discoloration. They are used in the advanced sensor systems, including fighter jets, missiles, and rocketry, radio and radar devices, etc.
- The United States’ defense budget is continuously increasing as a result of the rising global tensions and the country’s desire to equip the armed forces with modern platforms.
- The above-mentioned scenario is likely to boost the aircraft production, which, in turn, is expected to propel the demand for conformal coatings in the aerospace sector
- The growth in the total demand for commercial aircraft is expected to increase over the next few years, with stable GDP growth and strong passenger travel demand in the Middle East and Asia-Pacific regions.
- Such factors are, in turn, boosting the demand for the conformal coatings market in the aerospace sector.
India to Dominate the Asia-Pacific Region
- India is a growing economy and holds great potential for future market opportunities. The medical sector in India is benefiting from increasing population, which is growing at a rate of 1.6 % per year.
- An aging population of over 100 million, coupled with incidences of lifestyle diseases, such as sugar, diabetics, etc., are raising the number of health insurances, and are, in turn, fueling the growth of the healthcare sector.
- The Indian government has started initiatives to decrease the import and increase the local production of medical devices, particularly higher-end products, which include cancer diagnostics, medical imaging, ultrasonic scans, and PCR technologies.
- India has the world’s third-largest TV market and is one of the largest growing markets for electronic products. According to IBEF, by 2020, the LED market and television industry are expected to expand to USD 35 billion and USD 16.8 billion, respectively.
- Increasing penetration of high-end electronic products, such as HDTVs, tablets, LCD, and LEDs is increasing the usage of conformal coatings.
- With the various end-user industries growing in the country the demand for conformal coatings is also increasing.
The Conformal market is consolidated. Some of the major players include Dow, H.B. Fuller Company, Henkel AG & Co. KGaA, ITW, Shin-Etsu Chemical Co. Ltd, among others.
Reasons to Purchase this report:
- The market estimate (ME) sheet in Excel format
- Report customization as per the client's requirements
- 3 months of analyst support