CONFORMAL COATINGS MARKET ANALYSIS

Conformal Coatings MarketSize and Trends

The global conformal coatings market size was valued at US$ 1256.8 million in 2022 and is anticipated to witness a compound annual growth rate (CAGR) of 6.04% from 2023 to 2030. The global conformal coatings industry is expected to register a strong growth rate during the forecast period owing to the increasing demand for electronic devices. Moreover, rise in end user industries such as automotive, aerospace, and electronic is again expected to drive market growth. Furthermore, advent of IoT and 5G technology is further projected to propel market growth.

Global Conformal Coatings Market Trends:

Growing trend of wearable electronic devices to foster market growth

According to the Vicert, 722 was the number of connected wearable medical devices in 2019. This number more than doubled from 325 million in 2016 and is projected to grow to more than 1 billion post-2022. 533.6 million devices were shipped in 2021.

Increasing adoption across telecom industry

As the world continues to move towards miniaturization, conformal coatings are becoming an essential part of electronic circuit boards that will be used in a variety of consumer devices and IoT applications. They provide protective properties that reduce the failure rate of these electronics by reducing deterioration in performance due to exposure to harsh environments, such as salt spray, chemicals, and temperature extremes.