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.
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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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