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The conformal coatings market for materials, equipment, and spares is expected to grow from $7.9 billion in 2011 to $8.5 billion in 2012, and $9 billion in 2017, at a compound annual growth rate (CAGR) of 1% through to 2017.
The market for just conformal coating equipment and spares should grow from nearly $6.3 billion in 2011 to $6.7 billion in 2012. This market is expected to decrease back down to $6.4 billion by 2017, at a CAGR of 1.2% between 2012 and 2017.
The conformal coating market for materials was worth nearly $1.7 billion in 2011. This figure should grow to $1.8 billion in 2012 and $2.6 billion in 2017, at a CAGR of 7.8% over the next five years.
Key segments in the conformal coatings market include semiconductor/electronics, medical devices, aerospace and automotive.
Growth within the conformal coatings market is being driven by the increased demand from customers for conformal coatings and relevant coating equipment, with huge expectations in diverse areas such as performance, ease of application, sustainability, quality, functionality, and environmental properties.
Innovation is critical for revenue growth in the conformal coatings industry. The markets with the highest margins and fastest growth for coatings are new applications, where coatings offer a new advantage, and areas where the coating designer and processor may have an advantage.
For more information on the conformal coatings market, see the latest research: Conformal Coatings Market Report
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