The global conformalcoatings market size was valued at USD 899.1 million in 2021 andtouched USD 940.8 million in 2022. The market is expected to touch USD 1,392.8
million by 2029, exhibiting a CAGR of 5.8% during 2022-2029. Robust adoption of
the electric automotive sector and increasing miniaturization trends are likely
to foster the industry’s growth. Fortune Business Insights™ presentsthis information in its report titled “Conformal Coatings Market, 2022-2029.”
COVID-19 Impact:
Supply Chain Disruptions Hampered theMarket’s Progress
The industry was negatively affectedduring the COVID-19 pandemic due to supply chain disruptions. Moreover, the
increasing spike in COVID-19 infections led to supply chain restrictions. The
halt of transport and travel led to the lack of raw materials for the coatings’
production. However, the adoption of industrial automation reduced capacities,
and part-time shifts empowered companies to recover costs and boost their
market position. This factor favored industry growth.
Segments
Acrylic Segment to Lead Owing to StrongAdoption from the Electronic Manufacturing Industry
By product, the market is segmentedinto acrylic, epoxy, urethane, silicone, parylene, and others. The acrylic
segment is expected to dominate, owing to robust demand from the electronic
manufacturing industry.
Consumer Electronics Segment to LeadOwing to Strong Demand for Miniaturized Electronic Applications
As per end-use industry, the market isclassified into automotive, medical, aerospace & defense, consumer
electronics, and others. The consumer electronics segment may dominate due to
increasing demand for miniaturized electronic applications.
Regionally, the market is grouped intoNorth America, Europe, Asia Pacific, Latin America, and the Middle East &
Africa
Report Coverage
The report provides a detailed analysisof the top segments and the latest trends in the market. It comprehensively
discusses the driving and restraining factors and the impact of COVID-19 on the
market. Additionally, it examines the regional developments and the strategies
undertaken by the market's key players.
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