The global conformal coatings market, valued at USD 1,357.0 million in 2023, is anticipated to reach USD 1,953.8 million by 2030, exhibiting a compound annual growth rate (CAGR) of 5.6% from 2024 to 2030.
Key Growth Drivers:
Expansion Across Multiple Industries: The increasing application of conformal coatings in sectors such as power & energy, consumer electronics, medical devices, aerospace & defense, and automotive is a primary factor propelling market growth.
Miniaturization of Electronic Components: The trend toward smaller circuits and electronic devices has heightened the demand for conformal coatings, which offer essential protection to intricate and densely packed printed circuit boards (PCBs) against environmental factors like dirt, chemicals, temperature fluctuations, and moisture.
Advancements in PCB Applications: The proliferation of modern PCBs, driven by the adoption of Internet of Things (IoT) devices, advancements in automotive technologies, and increased industrial automation, is fueling the need for conformal coatings.
Industry Trends:
Vertical Integration: Leading companies, including Shin Etsu Chemical Company and Dow Corning Corporation, are expanding their roles within the supply chain by entering distribution and raw material manufacturing. This strategic move aims to reduce costs associated with intermediaries and third parties.
Technological Innovations: The global shift toward electrification, the rising demand for wireless connectivity, and technological advancements across various industries are contributing to market expansion. The growing popularity of wearable electronic devices further underscores the increasing reliance on conformal coatings.
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