TAGS: Automotive Coatings
The global automotive conformal coatings market post-COVID-19 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 and various technological advancements in the application method of conformal coating.
Acrylic to be the Largest Segment, by Material Type
Acrylic is estimated to be the largest market by the material during the forecast period. The key driver for acrylic dominating the market can be attributed to its cheaper cost than other available coatings and no special requirement of any additional equipment for its application.
Moreover, it provides protection to sensitive components against a broad level of contaminations. These factors are expected to drive the market growth of the acrylic segment near future.
Sensor to be the Fastest-growing Segment, by Component
Automotive require data to transport passengers safely and efficiently. Sensors help provide the data for control, adaptation, and the response of vehicle functions that increase safety, comfort, and efficiency. Sensors have applications in airflow, speed, coolant, camshaft position, and throttle position. The coating of the sensor is necessary as they operate in a challenging working environment.
Asia Pacific Estimated to be Largest Market
The Asia Pacific is the largest vehicle producer across the globe, with increasing government focus on mandating safety and increasing demand for comfort features. This leads to the growing number of ECUs, PCBs, sensors, and LEDs in vehicles.
The high growth rate of these components is expected to attract new investments and expansions from regional and global conformal coating suppliers to cater to this increase in demand.
Source: TMR