Bright Future for Global Automotive Conformal Coatings Market
The Global Automotive Conformal Coatings Market is expected to reach USD USD 3.53 Billion billion by 2028 from USD USD 1.96 Billion billion by 2021, to the CAGR of 8.8%. The automotive conformal coatings industry has developed rapidly over the past decade. The mid-range car is full of technology; from safety features like track sensors and adaptive cruise control to car entertainment and navigation. This integration of various electronic devices helps automotive manufacturers to comply with various regulations regarding ventilation and safety.
The automotive conformal coatings have become increasingly evident over the years, given the conditions in which these vehicles operate. In modern cars, consistent adhesion is not only required to protect key components in difficult operating conditions but also to increase water resistance due to reduced space between tracks. To withstand extreme working conditions, new types of protective coatings are needed. Big car companies, such as Bosch, Continental, and Valeo, are concerned about consuming between 10 and 100,000 gallons of automotive conformal coatings a year.
The high price of Automotive conformal coatings has a negative impact. With the prices of these coats being high, compacting manufacturers are working hard to reduce production costs by using new technologies or the cost of immature materials. They are also looking to develop coatings that can further increase acquisitions to help generate revenue from new application areas. Therefore, the high price and the high price variation in relation to the materials used for the corresponding cover can be a challenge to the growth of the automotive clothing market. Though the demand and production of passenger cars, combined with the latest regulations related to the mandatory installation of airbags and strict ventilation practices in countries such as China and India is expected to fuel market growth. In addition, standard features, such as back-end parking assist and airbags, are expected to increase the installation of PCBs, ECUs, and sensors in passenger cars. The growing level of LED installation in compact SUVs is also expected to increase market growth.
While considering the types of automotive conformal coatings, acrylic conformal coatings are found easy to use. Polyurethane conformal coatings are less difficult to remove due to chemical resistance. They can be removed with chemicals specially designed for peeling. Silicone conformal coatings cannot be removed completely, as there are no silicone removal solutions. It can be removed by scratching; However, doing so will leave a silicone stain on the board surface. UV treatment is another type of conformal coating that is difficult to repair due to its strong chemical and mechanical properties. Removal is possible only with powder abrasion. Once repaired, the board can be reassembled and healed, but it is a very expensive procedure.
The presence of leading car manufacturers in major Asia Pacific countries, such as China, Japan, South Korea, and India, reinforces the demand for automotive parts and electronics. Electronic chip manufacturers around the world have established their presence in countries from the Asia Pacific regions, such as Taiwan and Japan, to meet the growing demand for automotive manufacturers. Apart from the Asia Pacific, the Automotive Conformal Coatings Market includes regions of North America, Europe, and the rest of the world.
The automotive goods market is led by internationally established players such as Dow (US), PPG Industries, Inc. (U.S.), Henkel (Germany), GC Chemicals America, Inc. (Japan), SABIC Innovative Plastics Holding BV (Netherlands), HUBER Group (Germany) Akzo Nobel N.V. (Netherlands), Chase Corporation (US), Badu Chemical Industry Co., Ltd. (China), Electrolube (UK), RPM International LLC (U.S.), H.B. Fuller (US), and Wacker Chemie AG (Germany). These companies have adopted a number of strategies to gain strength in the growing market for Automotive conformal coatings.
Browse the full Report - Automotive Conformal Coatings Market by Material (Acrylic, Silicone, Epoxy, Polyurethane), by Component (ECU, PCB, Sensor, Battery Casing), by Vehicle (Passenger Vehicle, Commercial Vehicles), by Region (North America, Europe, Asia Pacific, Middle East & Africa) - Global Industry Assessment (2016 - 2021) & Forecast (2022 - 2028)