The global automotive conformal coatings market is projected to reach USD 2.7 billion by 2025 from USD 1.8 billion in 2020, at a CAGR of 8.7%. The growth of this market is primarily driven by the increasing automotive electronics in vehicles and various technology advancement in application method of conformal coating. With progression in time, the COVID-19 impact has severely disrupted the supply chain for entire automotive ecosystem.This has halted production facilities across the globe resulting in disruption in the exports of the automotive components.
This scenario is expected to affect automotive conformal coatings market, as the growth of the market is directly related to the production of the vehicles.The global production of vehicle pre-COVID-19 was expected to reach from ~90-95 million units in 2020 to ~110-115 million units by 2025.
According to OICA, though global vehicle production declined by 5.2% between 2018-2019, the production outlook was supposed to showcase significant growth from 2021-2022 owing to multiple steps taken by OEMs, as well as some government, to attract customers.
Battery Electric Vehicle (BEV) is the fastest growing market, by EV type Stringent emission norms across the globe have led to an increased focus by governments on promoting and investing in BEVs.This is expected to create a favorable environment for BEV sales and drive its demand.
Electric vehicles have higher installation of electronics than traditional vehicles, and the increasing sales of BEVs is expected to fuel the demand for conformal coatings to protect these vital components. These factors are expected to drive the market growth for BEV segment in near future.
Asia Pacific is estimated to be the fastest growing market for automotive conformal coatings market The regional growth can be attributed to higher production of vehicles in countries such as China, Japan, and South Korea.Governments across the Asia Pacific region have formulated stringent safety and emission norms that are expected to increase the installation of automotive electronics.
Moreover, modern features, such as power windows, automatic rain wiper, rear parking sensors, and LED DRL, are penetrating in entry to mid-level cars due to consumer demand. These features will require more electronic installations, which, in turn, is expected to drive the automotive conformal coatings market.
Breakup of primary respondents The study contains insights provided by various industry experts, ranging from equipment manufacturers, OEMs, and Tier-1 suppliers to regional associations members. The break-up of the primaries is as follows: • By Stakeholder: Demand Side - 20%, Supply Side – 80% • By Designation: C level - 10%, D level - 30%, Others – 60% • By Region: North America - 20%, Europe - 20%, Asia Oceania - 60%
The automotive conformal coatings market is led by globally established players such as Dow (US), Henkel (Germany), Chase Corporation (US), H.B. Fuller (US), and Electrolube (UK). The study includes an in-depth competitive analysis of these key players in the automotive filters market with their company profiles, SWOT analysis of the top 5 companies, recent developments, and key market strategies.
Research Coverage The study segments the automotive conformal coatings market based on material (parylene, silicone, acrylic, epoxy, and polyurethane), component (ECU, PCB, sensors, battery casing, LED, and infotainment system), vehicle type (passenger car, light commercial vehicle, heavy commercial vehicle), EV type (Battery Electric Vehicle (BEV) and Hybrid/ Plug-in Hybrid Electric Vehicle (HEV/PHEV), application method (brush coating, dipping, spray coating, selective coating, vapor deposition) and region (Asia Pacific, Europe, North America, and Rest of the World)
Key Benefits of Buying the Report:
This report provides insights with reference to the following points: Country-level market for automotive conformal coating by component: The report offers in-depth market sizing and forecast up to 2025, by component (ECU, PCB, sensors, battery casing, LED, and infotainment system). The market sizing for the material market is covered at regional levels.
Market coverage by electric & hybrid vehicle type for BEV and PHEV/HEV at the regional level The report provides “Market Share” of the leading players in the automotive conformal coatings market.
Market Development: The report provides comprehensive information about lucrative emerging markets for automotive conformal coating market across different regions.
Product Development/Innovation: The report gives detailed insights into R&D activities, upcoming technologies, and new product launches in the automotive conformal coatings market. Market Diversification: The report offers detailed information about untapped markets, investments, new products, and recent developments in the automotive conformal coatings market.
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