Conformal Coatings Market Share, Size, Expected Growth Opportunities and Forecast by 2029 | Is Conformal Coatings Industry Hit Worst due to Russia-Ukraine War Impact?
The global conformal coatings market size is expected to gain momentum owing to the growing focus on stringent automotive standards and the increasing incidence of automobile fires that favors the demand for advanced conformal coatings across the globe. This information is published by Fortune Business Insights, in its upcoming report, titled, “Conformal Coatings Market Size, Share & Industry Analysis, By Product (Epoxy, Acrylic, Urethane, Parlene, Silicone, Others), By Application (Automotive, Medical, Aerospace, Consumer Electronics, Others) and Regional Forecast, 2022-2029.”
The widespread effect of the global pandemic, COVID-19, has been felt across several economies that are facing unprecedented loss. Owing to the lockdown announced by the government agencies to curb the spread of the novel coronavirus, several industries have been on a standstill with zero operational activities. However, a collective effort from the government as well as the industries is anticipated to bring the economy back on track and aid in resuming industrial activities.
Conformal coatings are thin polymeric film materials applied to the printed circuit boards to protect them from external forces such as chemicals, moisture, and extreme temperature. Additionally, they aid in protecting the boards from mould growth, corrosion, and other electrical failures. Owing to their super properties, they are in huge demand across several industrial applications that include automotive, aerospace & defense, and electronics.
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Russia-Ukraine War Implication
The Russia-Ukraine war could change the Conformal Coatings Market dynamics of Europe forever. The standoff has revived the predicament situation of the Cold War and pushed Europe to the brink of a major military conflict. The Russian aggression in Ukraine has redefined the global landscape in terms of business. As the global Conformal Coatings Market was recuperating from the havoc wreaked by the COVID-19 pandemic, the Russia-Ukraine war has made several industry stakeholders skeptical.
The European Union is pushing for more sanctions against Russia, including halting imports of nuclear fuel from Russia and excluding Russia’s top lenders from the SWIFT banking system. Moreover, Russia has also imposed similar sanctions on most EU countries. The war crisis and sanctions have put a strain on global investment, trade, and economic activity. Therefore, skepticism and uncertainty remain prevalent regarding the conflict, its potential reach, and its longevity. Accordingly, the restoration of normal relations among partners could prove be a sign of improvement.
What does the Report Include?
The market report includes quantitative and qualitative analysis of several factors such as the key drivers and restraints that will impact growth. Additionally, the report provides insights into the regional analysis that covers different regions, which are contributing to the growth of the market. It includes the competitive landscape that involves the leading companies and the adoption of strategies by them to introduce new products, announce partnerships, and collaboration that will further contribute to the growth of the market between 2019 and 2026. Moreover, the research analyst has adopted several research methodologies such as PESTEL and SWOT analysis to extract information about the current trends and industry developments that will drive the market growth in the forthcoming years.
Increasing Focus on Vehicle Safety Standards to Promote Growth
According to the U.S. Fire Administration, about 171,500 vehicle fires on highways are reported in the U.S. annually. The surging incidence of automotive fires is propelling the demand for conformal coatings to ensure the safety of the passengers and vehicle. In addition to this, the increasing focus on vehicle safety standards such as the Society of Automotive Engineering (SAE) is ensuring that automotive manufacturers adhere to stringent regulations to maintain optimum vehicle quality in terms of safety and performance aspects. This is expected to boost the global conformal coatings market in the forthcoming years.
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Asia-Pacific to Remain at the Forefront; Growing Automotive Sector to Spur Demand
Among all the regions, North America is expected to hold the highest position in the global conformal coatings market during the forecast period. This is attributable to the growing automotive sector that drives demand for conformal coatings to ensure the safety and efficiency of electrical components within the automobile in countries such as India and China.
The market in North America is expected to showcase a substantial growth backed by the increasing adoption of electronic devices and the rising aerospace and electronic industries in countries such as the U.S. between 2019 and 2026.
Product Launches by DOW & Chemtronics to Boost Their Sales Revenue
The global conformal coatings market size is consolidated by the presence of key players such as Chemtronics and Dow. These companies are focusing on initiatives such as the introduction of new products to leverage the opportunities provided by the market and further boost their sales revenue. The other key players are adopting strategies such as collaboration, partnership, and merger and acquisition to maintain their stronghold that will contribute to the growth of the global conformal coatings market during the forecast period.
- February 2020 – Dow announced the launch of new DOWSIL CC-8030 UV and Moisture Dual Cure Conformal Coating. According to the company, the coating is the first-ever solventless silicone technology that promotes safety, sustainability, and health of the environment through its low viscosity level.
List of the Companies Operating in the Global Market for Conformal Coatings:
- Henkel AG & Company
- Shin-Etsu Chemical Co., Ltd.
- Illinois Tool Works
- Chase Corporation
- Dymax Corporation
- Specialty Coating Systems
- B. Fuller
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