Automotive conformal coatings market to reach $2.7 billion by 2025
According to a new market research report the global automotive conformal coatings market post-COVID-19 is projected to reach USD $2.7 billion by 2025 from $1.8 billion in 2020.
The growth of this market is primarily driven by the increasing automotive electronics in vehicles and various technological advancements in the application method of conformal coating.
The report by MarketsandMarkets, Automotive Conformal Coatings Market by Material (Acrylic, Silicone, Epoxy, Polyurethane, Parylene), Component (ECU, PCB, Sensor, Battery Casing, LED and Infotainment System), Application Method, Vehicle Type, EV, Region – Global Forecast 2025, predicts this growth to be at a Compound annual growth rate of 8.7 per cent.
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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,” states the report.
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.”
The authors of the report state that acrylic will be “the largest segment, by material type;” and that sensors will be the “fastest-growing segment for automotive conformal coatings market, by component.”
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.