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.
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.
Drivers and Restraints
Strong Demand from Consumer ElectronicsIndustry to Foster Market Growth
Conformal coatings are polymer-basedmaterials applied on PCB. It is a thin layer that protects several products at
hand. The increasing demand for conformal coatings from the consumer
electronics industry may bolster the product adoption. Further, the extensive
adoption of coatings from automotive, consumer electronics, and other
industries may bolster the product adoption. Also, the rising implementation of
novel technologies such as Artificial Intelligence (AI) and Machine Learning
(ML) is anticipated to drive the conformal coatings market growth.
However, strict environmentalregulations by governments may hinder the industry’s progress.
