The global conformalcoatings market size was valued at USD 992.1 million in 2023 and isprojected to grow from USD 1,047.1 million in 2024 to USD 1,647.9 million by
2032, exhibiting a CAGR of 5.8% during the forecast period.. Robustadoption 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 “ConformalCoatings Market, 2024-2032.”
COVID-19 Impact:
Supply Chain Disruptions Hampered the Market’s Progress
Theindustry was negatively affected during 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 Strong Adoption from theElectronic Manufacturing Industry
Byproduct, the market is segmented into 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
Thereport provides a detailed analysis of 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 Electronics Industry to Foster MarketGrowth
Conformalcoatings are polymer-based materials 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.
Regional Insights
Robust Demand from the Electronics Manufacturing Industry to FuelMarket Growth in Asia Pacific
AsiaPacific is expected to dominate the conformal coatings market share due to
robust demand from the electronics manufacturing industry. The market in Asia
Pacific is expected to touch USD 767.3 million in 2021 and is likely to gain a
huge portion of the global market share in the coming years.
