OCEAN VIEW, DE - According to a study by research firm Global Market Insights, global conformal coatings market size was worth over $3 billion in 2014 and is likely to be valued at $5.2 billion by 2023, growing at CAGR of above 6.2%.

According to the report, conformal coatings in the electronics industry was the largest market and accounted for over 35% of total demand in 2014. This application generated revenue exceeding $1.6 billion in 2014 and is likely to register above $2.5 billion by 2023. Other major applications include aerospace, medical devices and automotive.

Acrylic resin conformal coatings accounted for more than 65% of the total demand in 2014 and are likely to witness moderate growth over the forecast period. Silicone resins accounted for more than 25% of the total revenue share in 2014 and are likely to grow at a significant rate until 2023. Other major resin types include polyurethane, epoxy and parylene.

Market share in North America, in particular the United States, was 30% in 2014 and is likely to grow at a significant rate over the forecast period. Asia-Pacific is likely to witness the highest gains over the forecast period, owing to growth in the electronics industry in China, India and South Korea.

An increase in sales of electronic devices, such as home appliances, laptops and cell phones, coupled with demand for proper functioning of printed circuit boards (PCBs) in harsh environments, is likely to drive the conformal coatings market. The main function of these coatings is to act as a protective barrier against factors such as corrosive gases, humidity, fungi, dust and solvents.

Conformal coatings also act as stress relief agents for PCB insulation resistance and reduces dendritic growth and metal electromigration between conductors. Conformal coatings are usually applied in thin layers and have properties such as dielectric and abrasion and thermal resistance.

The increasing application scope in the automotive industry is likely to drive conformal coatings demand over the forecast period. The automotive industry uses these coatings to protect circuitry against gasoline vapor, brake fluid and salt spray. Applications in electronic systems in GPS and parking systems are growing rapidly, and protection against these factors is vital for ensuring long-term reliability. These coatings are also used in automotive applications such as under-the-hood systems and passenger compartments systems such as on-board computers.

The use of conformal coatings in the prevention of rapid compression and decompression for circuitry in harsh aerospace conditions is likely to drive industry growth as well. These coatings are used in both depressurized and pressurized areas.

In the medical industry, conformal coatings are used to protect tools in storage areas from corrosion, to ensure the continuous performance of pacemakers and in hospital food carts.

For additional information about the report, Conformal Coatings Market Size, Industry Analysis Report, Regional Outlook, Application Development Potential, Price Trends, Competitive Landscape & Forecast, 2016 – 2023, visit www.gminsights.com.