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.

Source: https://www.fortunebusinessinsights.com/conformal-coatings-market-102867

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.

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.

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.

However, strict environmental regulations by governments may hinder the industry’s progress.

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.