The global Automotive Conformal Coatings Market Size Was Worth USD 1.8 billion in 2020 and Is Projected to Grow to USD 3.68 Billion by 2030, at a CAGR of 8.7% Over The Forecast Period 2022to 2030.
Automotive Conformal Coatings: Introduction
The conformal coating can be described as a coating designed to safeguard electronic circuits from extreme humidity, fluctuating temperatures as well as a harsh environment that could contain airborne contaminants. This coating is made of polymer and has a 25-75 micron meter. Conformal coatings are crucial in the automotive industry and provide the needed combination of performance and dependability. There are a variety of coatings available, including epoxy resin, silicon resin, acrylic resin, urethane resin, and parylene.
The Global Automotive Conformal Coatings Market Forecast:
The global automotive conformal coatings market size stood at USD 1.8 billion in 2020 and is projected to reach USD 3.68billion by the end of 2030, exhibiting a CAGR of 8.7% during the forecast year 2022to 2030.
The Global Automotive Conformal Coatings Market Overview:
The COVID-19 virus impacted the market in 2020 because of disruptions to the supply chain and the the closure of factories. In the aerospace sector, production was affected in the short run , as air travel was restricted all over the world. Every airline shut down a large portion of their aircraft and were delaying orders for new aircrafts.. Manufacturing of aircraft was also stopped due to complete lockdowns across regions like in North America and Europe, which are the major hubs for aircraft production.
The electronics sector also suffered an economic setback due to the pandemic. China is the top PCB manufacturer worldwide. However, the company Semiconductor Manufacturing International Corporation (SMIC), which is the leading producer of semiconductors and chips devices in China, could only make 14-nanometer chips and was lagging in the production of 5-nanometer chips that had a global demand.
In the short term, one of the main drivers for the market is the rising demand from high-end applications that require conformal coating.
The growing demand for medical devices across Asia-Pacific will further serve as an opportunity for the market.
Asia-Pacific has dominated the market around the globe, with the highest consumption in a country such as India and China, etc.
Market Dynamics: Global Automotive Conformal Coatings Market:
Market Drivers:
Growth in GDP per capita, as well as the disposable earnings of the global population, has resulted in an increase in the number and types of vehicles that are in use. International Organization of Motor Vehicle Manufacturers (IOCA) declared as of 2015 that the number of vehicles in use was 471 for every 1000 people.
The rise in disposable income has led to major lifestyle improvements and as a result has increased consumer inclination towards car safety as well as comfort, entertainment, luxury, and convenience. Thus, the varying expectations of customers are causing automakers to continually improve their models of vehicles and, consequently, increasing the number of electronic components included in each vehicle. This is why a sharp rise in the number of electronic components that can meet the ever-changing demands of customers is driving the automobile conformal coatings market around the world.
The industry of automotive electronics has grown rapidly over the past decade. The mid-range car of today is packed with modern technology that includes safety features, like lane sensors, adaptive cruise controls, in-car entertainment as well as navigation. The integration of a variety of electronic gadgets aids automakers in their efforts to meet the various regulations regarding safety and emissions.
Market Challenges:
Many restrictions have been set regarding the use of certain chemical substances in vehicles. The list of banned substances that are used in automotive uses is increasing, which creates a dilemma for manufacturers of conformal coatings to create and implement eco-friendly solvents.
Market Opportunities:
Smart and electric vehicles are penetrating the marketplace at a fast pace. These vehicles have greater numbers of electronic devices that monitor, communicate and control the most important aspects of driving a vehicle. The emergence of new-generation vehicles is expected to provide an enormous opportunity to the market for conformal coatings during the forecast timeframe.
Request a sample copy of the report –https://wemarketresearch.com/sample-request/automotive-conformal-coatings-market/12/
The Key Market Segmentation of the Global Automotive Conformal Coatings Market:
This Research Report Categorized The Global Automotive Conformal Coatings Market Based on Product, Component, Vehicle Type, Application, and Geographical Landscape.
By Material:
- Acrylic
- Silicone
- Urethane
- Parylene
- Epoxy
- Polyurethane
By Component:
- ECU
- PCB
- Sensors
- Battery Casing
- LED
- Infotainment System
By Vehicle Type:
- Passenger Car
- Light Commercial Vehicle
- Heavy Commercial Vehicle
By Application:
- Automotive
- Aerospace and Defense
- Medical
- Consumer Electronics
- Other End-user Industries
By Geographical Landscape:
- North America
- Europe
- Asia Pacific
- South America
- Middle East and Africa
Major Key Players in the Global Automotive Conformal Coatings Market Are:
- Altana Ag
- Chase Corporation
- Conins Pune
- CSL Silicones Inc
- Dymax Corporation
- CHT Group
- Dawn Tech
- The Dow Chemical Company
- Comelec SA
- Electrolube
For More Details, Visit Our Report Page: https://wemarketresearch.com/reports/automotive-conformal-coatings-market/12/
The Covid-19 Impact Analysis:
The epidemic of COVID-19 has affected the supply chain for the entire automotive industry, leading to a stoppage in manufacturing facilities around the world. This could impact the market for automotive conformal coatings since the expansion in the industry is linked to the production of automobiles. The decrease in the production of vehicles adversely impacting the market for automotive conformal coatings.
About We Market Research
We Market Research is an established market analytics and research firm with a domain experience sprawling across different industries. We have been working on multi-county market studies right from our inception. Over the time, from our existence, we have gained laurels for our deep rooted market studies and insightful analysis of different markets.
Our strategic market analysis and capability to comprehend deep cultural, conceptual and social aspects of various tangled markets has helped us make a mark for ourselves in the industry. We Market Research is a frontrunner in helping numerous companies; both regional and international to successfully achieve their business goals based on our in-depth market analysis. Moreover, we are also capable of devising market strategies that ensure guaranteed customer bases for our clients.
Contact Us:
We Market Research
Phone: +1(929)-450-2887
Email: [email protected]
