LONDON--(BUSINESS WIRE)--The global conformal coating market is expected to post a CAGR of around 6% during the period 2019-2023, according to the latest market research report by Technavio. Request a free sample report
Factors such as advances in technology and a decline in the prices of electronic components have increased the sale of mobile phones over the past two decades. With the advent of technologies such as 4G, WiMax, NFC, the adoption of smart wearables and IoT devices, such as smartwatches, fitness trackers, VR headsets, wireless sensors, and monitoring devices, has significantly increased over recent years. In addition, the growing need for additional features such as shockproof, scratch-resistant, and dust and water-resistant properties have increased the demand for conformal coatings in such consumer electronics. Thus, the increasing demand for smart wearables and IoT devices will positively influence the growth of the global conformal coating market during the forecast period.
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As per Technavio, the increasing need for miniaturization and microelectronics will have a positive impact on the market and contribute to its growth significantly over the forecast period. This research report also analyzes other important trends and market drivers that will affect market growth over 2019-2023.
Global Conformal Coating Market: Increasing Need for Miniaturization and Microelectronics
Over the past few years, miniaturized electronic devices have gained significant popularity among end-users due to their low power consumption and increased functionalities. Players in the electronics industry are focusing on the development of electronic products in terms of aesthetics, size, and features. Such consistent innovations are expected to considerably reduce the size of electronic devices. The growing emphasis on product miniaturization is increasing the demand for conformal coatings to protect electronic devices from smoke, snow, rain, and other harsh conditions. The rising need for miniaturization and microelectronics is expected to boost the growth of the global conformal coating market.
“Apart from increasing need for miniaturization and microelectronics, the demand for nano and microsatellites and rising penetration of AI are some other major factors that will boost market growth during the forecast period”, says a senior analyst at Technavio.
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Global Conformal Coating Market: Segmentation Analysis
This market report segments the global conformal coating market by type (acrylic, silicone, epoxy, urethane, paraxylene, and other types), application (consumer electronics, automotive electronics, aerospace and defense electronics, medical electronics, and other applications), application method (spray coating, brush coating, selective coating, dip coating, and vapor deposition) and geography (APAC, Europe, MEA, North America, and South America).
The APAC region led the market in 2018, followed by Europe, North America, South America, and MEA respectively. During the forecast period, the APAC region is expected to maintain its dominance over the global market. This is due to the increasing sales of automobiles in countries such as India, China, Japan, Indonesia, and South Korea.
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Some of the key topics covered in the report include:
- Market ecosystem
- Market characteristics
- Market segmentation analysis
- Market definition
- Market size and forecast
Five Forces Analysis
- Regional comparison
- Key leading countries
- Vendors covered
- Vendor classification
- Market positioning of vendors
- Competitive scenario
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