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.”

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.

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. 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.

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.

In North America, the robust demand for electric vehicles is likely to foster the product adoption. Furthermore, the rising adoption of electronics in hybrid and electric vehicles is likely to foster the market’s progress in the upcoming years.

In Europe, the increasing product adoption from the automotive sector is expected to foster the industry’s growth.

Competitive Landscape:

Major Players Devise Novel Product Launches to Enhance their Brand Image

The prominent companies operating in the market announce novel products to boost their brand image. For example, Electrolube introduced its novel UV Cure Coating Xtra (UVCLX) in October 2021. The product is developed by utilizing organic content sourced from renewable means. This strategy may enable the company to boost its brand image globally. Furthermore, key players deploy research and development, mergers, expansions, acquisitions, and expansions to elevate their market position.

Information source:

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