Conductive Coatings Market Size, Share, and Trends 2024 to 2034

Conductive Coatings Market Size to Worth USD 50.52 Bn by 2034

The global conductive coatings market size was USD 24.40 billion in 2023, calculated at USD 26.07 billion in 2024 and is expected to reach around USD 50.52 billion by 2034, expanding at a CAGR of 6.84% from 2024 to 2034. The rising demand for high-performance coatings from several end-user industries across the world is driving the growth of the conductive coatings market.

Conductive Coatings Market Key Takeaways

• Asia Pacific led the market with the largest revenue share in 2023.
• By region, North America is expected to attain the fastest rate of growth during the forecast period.
• By application, the electronics segment led the conductive coatings market in 2023.
• By application, the automotive segment is expected to be the fastest-growing segment during the forecast period.
• By type, the silver-based segment held a dominant share in 2023.
• By type, the copper-based segment is expected to grow with the highest CAGR during the forecast period.

Market Overview

The conductive coatings market is one of the important industries in the chemical sector. This industry mainly deals in the manufacturing and distribution of conductive coatings around the globe. This industry consists of several types of conductive coatings that mainly include acrylics, epoxy, polyesters, polyurethane, and some others. There are several materials that are used in the manufacturing of conductive coatings, such as silver-based, carbon-based, copper-based, and some others. Conductive coatings mainly find applications in several end-user industries, such as automotive, electronics, aerospace, energy, and others. This industry is expected to grow exponentially with the growth in the automotive and electronics industry.

• According to the annual report of Sherwin Williams, the performance coatings group is a major segment of the company with a net-sales of US$ 6,843.1 in the end of 2022 that is an increase of 0.7% from the previous year (2021).

Conductive Coatings Market Growth Factors

• The market for conductive coatings is anticipated to rise as a result of the expanding innovations in the chemical sector.
• The market expansion has been fueled by the growing government initiatives aimed at bolstering the energy sector.
• The global aircraft industry need for conductive coatings is rising, which is driving market expansion.
• The conductive coatings market is growing at a faster rate thanks to increasing expenditures from both governmental and private sector entities.
• The global electronics industry's ongoing advancements contribute to the market's growth to some degree.
• Global coating company expansion is anticipated to accelerate market expansion.
• The global production of high-grade conductive coatings is being aided by increasing technological breakthroughs, which is driving the expansion of the market.
• Positive effects on market growth have come from continuous R&D efforts pertaining to printed circuit boards (PCBs), connections, touchscreens, and other electronic component manufacturing.
• The global market for photovoltaic cells is expanding due to the growing demand for these cells.
• The conductive coatings market is expanding as a result of the increasing use of conductive coatings in supercapacitors and fuel cells.
• The market is expanding as a result of the growing demand for carbon nanomaterials because of their superior performance, affordability, and ease of adaption to various substrates.

Conductive Coatings Market Scope

Market Dynamics

Driver

Rising demand for autonomous vehicles around the world

The trend of autonomous vehicles (AVs) has grown significantly across the world in recent times with growing advancements in the automotive industry. The transition towards AVs is mainly due to various factors such as improved safety, assistance from drivers, reduced traffic congestion, high fuel efficiency, and others. Thus, with the increasing demand for autonomous vehicles around the world, the demand for conductive coatings from automotive companies has increased rapidly in recent times.

Conductive coatings have several applications in the automotive industry for manufacturing autonomous vehicles, including electromagnetic interference (EMI) shielding, corrosion resistance, enhancing aesthetics, and prevention of electrostatic discharge. This, in turn, drives the growth of the conductive coatings market during the forecast period.

• In June 2024, Rimac launched a new autonomous car named ‘Verne’. This car supports level 4 autonomy and is built with the Mobileye Drive autonomous platform to enhance comfort and safety.
• In February 2024, AkzoNobel launched ESP-950 primer. This dark grey conductive primer is used for coating automotive OEM exterior plastic parts.

Restraint

Safety concerns and high maintenance cost

The use of conductive coatings is very prominent for several applications across the world. Although the application of silicone material in the electronics and automotive industry is worth mentioning, there are several problems associated with it. Firstly, the conductive coatings may not provide high insulation properties, which can cause safety concerns and act as a hindrance in this industry. Secondly, the cost of maintaining conductive paints for a longer duration comes with a high price tag that, in turn, forbids industrial growth. Thus, safety-related issues, along with increased maintenance costs, are expected to restrain the growth of the conductive coatings market during the forecast period.

Opportunity

Integration of modern technologies in coating industries for aerospace applications

The conductive coatings industry is growing rapidly with the development of modern science and technology. There are several advancements in technologies, such as AI and ML technologies, for developing new conductive coatings for aerospace applications. The aerospace applications of conductive coatings include lightning strike protection (LSP), wiring systems, aircraft doors, avionics, printed circuit boards (PCB), propulsion systems, landing gear, and some others. Thus, growing advancements in AI and ML technologies for developing high-grade conductive coatings for aerospace applications are expected to create ample growth opportunities for the conductive coatings market players in the future.

• In November 2023, Sherwin-Williams launched CM0485115. CM0485115 is an aerospace conductive coating that provides high-grade adhesion and offers superior fluid resistance.

Application Insights

The electronics segment held the largest market share in 2023. The growing demand for conductive coatings in electronics and electricals for anti-static applications is driving the market growth. Also, the rising demand for acrylics, epoxy, polyester, and some others from the electronics industry due to their properties, such as high chemical resistance, abrasion, and impact resistance, along with superior durability, has driven the market growth. Moreover, the increasing trend of smartphones, tablets, televisions, laptops, and other gadgets has increased the demand for conductive coatings as they provide shielding of electronic components from electromagnetic interference (EMI), which in turn is driving the growth of the conductive coatings market.

• In May 2022, HumiSeal launched 1B73/730EU, an acrylic conformal coating used in printed circuit assemblies.
• In March 2024, Oneplus launched the Oneplus 12R Genshin impact edition in India. This gaming phone comes with a Qualcomm Snapdragon 8 Gen 2 chipset, 16 GB DDR4 RAM, AMOLED 120Hz ProXDR with LTPO 4 display, and other features that enhance the overall gaming experience.
• In April 2024, HP launched two AI-based gaming laptops, Omen Transcend 14 and HP Envy x360 14. These laptops are built using Microsoft Co-pilot, an NVIDIA RTX GE4060 Graphics card, and an Intel NPU (neural processing unit) to enhance the gaming experience.

The automotive segment is expected to grow with the highest compound annual growth rate during the forecast period. The growing demand for EVs among people has increased the demand for conductive coatings, thereby driving the market growth. For instance, in November 2023, Mitsubishi Motors Corporation launched a new Minicab EV. This vehicle comes with enhanced safety features and a powerful driving experience with a driving range of around 180 km. Also, the growing application of conductive coatings in the automotive industry to protect car components such as electronics, battery systems, sensors, GPS, infotainment systems, and others has boosted the market growth. For instance, in January 2023, AkzoNobel launched Resicoat EV powder coatings. These coatings protect the battery system and electronic components of electric vehicles (EVs).

Type Insights

The silver-based segment held the dominant share of the conductive coatings market in 2023. The growing application of silver-based conductive coatings due to several properties such as anti-galling, good lubricity, high corrosion resistance, temperature-withstanding capacity, superior conductivity, and some others has driven the market growth. Moreover, the rising use of silver coatings in several end-user industries, such as electronics, medicine, telecommunications, automotive, and others, is driving the growth of the conductive coatings market.

• In May 2022, the researchers from the Vancouver Coastal Health Research Institute partnered with the researchers from the University of British Columbia (UBC). This partnership is done to develop a silver-based coating for medical applications such as coating stents or catheters.

The copper-based segment is expected to grow with the highest CAGR during the forecast period. The growing number of construction programs across the world has increased the demand for copper-based conductive coatings, thereby driving market growth. According to the Associated General Contractors of America, the estimated number of construction establishments was 919,000 in the U.S. during the first quarter of 2023. Moreover, the conductive coating companies are developing high-grade copper-based coatings with superior features such as great conductivity, malleability and adhesiveness, corrosion protection, antibacterial properties, cost-effectiveness, and some others for use in aerospace, telecommunication, automotive, and electronics is driving the growth of the conductive coatings market.

• In April 2022, PPG launched Copper Armor. Copper Armor is a copper-based coating virus- and bacteria-fighting capability that finds application in medical industries.

Regional Insights

Asia-Pacific held the largest conductive coatings market share in 2023. The growth of the market in the Asia-Pacific region is mainly driven by the rising demand for luxurious vehicles among people in countries such as Japan, India, China, and others, which increases the demand for conductive coatings, thereby driving the market growth. The growing developments in the electronics industry, along with the rising government initiatives in countries such as China, South Korea, Japan, India, and others to strengthen the energy industry, have boosted market growth. According to the India Brand Equity Foundation (IBEF), the government of India announced an investment of Rs. 74,000 crores (US$ 8.90 billion) to increase renewable energy capacity across the country.

Moreover, presence of several local market players in conductive coatings, such as Asian Paints, Nippon Paint, Kansai Paint, and some others, are constantly engaged in developing high-grade conductive coating products for end-user industries and adopting several strategies such as product launches, collaborations, and business expansions, which in turn drives the growth of the conductive coatings market in this region.

•  In May 2024, Mercedes Benz launched the Maybach GLS 600 facelift and the Mercedes AMG S63 E in India. This vehicle comes with high-grade features such as Automatic Climate Control, ADAS, a Multi-function Steering Wheel, Ventilated Seats, and a 9-speed automatic gear transmission.
• In March 2024, Nippon Paint collaborated with TUV Rheinland. This collaboration is being done to develop high-grade coatings for several industries.

North America is expected to be the fastest-growing region during the forecast period. The rising demand for electric vehicles among the people of this region increases the demand for conductive coatings, thereby driving market growth. Also, the rising government initiatives for strengthening the healthcare industry increase the demand for conductive coatings in medical products, thereby driving market growth. Moreover, there are several aerospace companies such as Boeing, Lockheed Martin, Northrop Grumman, L3Harris, SpaceX, and some others that have increased the demand for conductive coatings for several aerospace applications, which in turn is driving the market growth.

Additionally, the presence of various local companies of conductive coatings, such as PPG Industries, Axalta Coating Systems Ltd, Sherwin-Williams Company, and some others, are developing superior quality conductive coatings to fulfill the demand from end-users such as aerospace and automotive industries across the North American region, that in turn is expected to drive the growth of the conductive coatings market.

• In January 2024, Tesla announced the launch of the all-new Tesla Model 3 in North America. This vehicle is equipped with level 2 autonomy and comes with an advanced electric drivetrain that provides a driving range of up to 341 miles on a single charge.
• In May 2024, PPG announced the launch of a new range of advanced conductive coatings, adhesives, sealants, and others designed for its application in the electric mobility sector.

Conductive Coatings Market Companies

• Henkel AG & Co. KGaA
• PPG Industries Inc.
• Axalta Coating Systems Ltd.
• Sherwin-Williams Company
• Akzo Nobel N.V.
• DowDuPont Inc.
• H.B. Fuller Company
• Creative Materials Inc.
• Specialty Coating Systems Inc.
• MG Chemicals Ltd.

Recent Developments

• In March 2024, Hardide Coatings launched JP-5000 4. JP-5000 4 is a tungsten carbide-based coating that finds application in high-velocity oxy-fuel (HVOF) thermal spray coating.
• In December 2023, DuPont launched printed Tedlar PVF coatings. These coatings provide long-lasting aesthetic protection for architectural applications in harsh weather conditions.
• In October 2023, Orion S.A. launched PRINTEX kappa 10. PRINTEX kappa 10 is a high-grade conductive additive that finds applications in energy storage systems, electric vehicles, and consumer applications.
• In May 2023, Chemours launched Ti-Pure TS-6700. Ti-Pure TS-6700 is a TiO2-based coating that finds application in architectural applications.
• In March 2023, Axalta launched Alesta SD powder coatings. Alesta SD powder coatings is a high-grade polyester resin system having superior durability and scratch resistance.
• In July 2023, MKS Instruments launched the Atotech CMA Closed-Loop System. This system is used for manufacturing zinc nickel plating that decreases waste generation and reduces carbon footprint.
• In May 2022, Behr Paint Company launched Behr Copper Force Interior Paint. This paint provides an extra protection against bacteria and virus along with its use in beautifying walls of houses and other interior structures.

Segments Covered in the Report

By Application

• Automotive
• Electronics
• Aerospace
• Energy
• Others

By Type

• Silver-based
• Carbon-based
• Copper-based
• Others

By Geography

• North America
• Asia Pacific
• Europe
• Latin America
• Middle East & Africa