The global conformalcoatings market size was valued at USD 992.1 million in 2023 and is projectedto 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 increasingminiaturization trends are likely to foster the industry’s growth. Fortune Business Insights™ presents this informationin its report titled “Conformal Coatings Market,2022-2029.”
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COVID-19Impact:
Supply Chain Disruptions Hampered theMarket’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 StrongAdoption from 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.
ReportCoverage
The report provides a detailedanalysis 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.
Driversand Restraints
StrongDemand from Consumer Electronics Industry 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.
RegionalInsights
RobustDemand from the Electronics Manufacturing Industry to Fuel Market Growth in
Asia Pacific
Asia Pacific is expected to dominatethe 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.
