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. .Robust adoption of the electric automotive sector and increasing miniaturization
trends are likely to foster the industry’s growth. Fortune BusinessInsights™ presents this information in its report titled “ConformalCoatings Market, 2024-2032.”
COVID-19 Impact:
Supply Chain Disruptions Hampered the Market’sProgress
The industry was negatively affected during theCOVID-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 Adoptionfrom the Electronic Manufacturing Industry
By product, 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
The report provides a detailed analysis of the topsegments 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 toFoster Market Growth
Conformal coatings are polymer-based materialsapplied 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 fromautomotive, 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.
