The global conformal coatings market size was valued at USD 899.1 million in 2021 and touched 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™ presents this information in its report titled “Conformal Coatings Market, 2022-2029.”
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.
Consumer Electronics Segment to Lead Owing to Strong Demand for Miniaturized Electronic Applications
As per end-use industry, the market is classified into automotive, medical, aerospace & defense, consumer electronics, and others. The consumer electronics segment may dominate due to increasing demand for miniaturized electronic applications.
Regionally, the market is grouped into North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa
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.
Source:
https://www.fortunebusinessinsights.com/conformal-coatings-market-102867
