The globalconformal coatings marketsize 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 industrys growth.Fortune Business Insightspresents 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 Markets 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.