The global conformal coatings market size was valued at USD 992.1 million in 2023 and is projected 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 Business Insights™ presents this information in its report titled “Conformal Coatings Market, 2022-2029.”
Source:
https://www.fortunebusinessinsights.com/conformal-coatings-market-102867
COVID-19 Impact:
Supply Chain Disruptions Hampered the Market’s Progress
The industry 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 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 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 Market Growth
Conformal coatings 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.
Regional Insights
Robust Demand from the Electronics Manufacturing Industry to Fuel Market Growth in Asia Pacific
Asia Pacific 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.