LONDON--(BUSINESS WIRE)--The conformal coating in electronics market is expected to grow by USD 978.13 million during 2020-2024. The report also provides the market impact and new opportunities created due to the COVID-19 pandemic. We expect the impact to be significant in the first quarter but gradually lessen in subsequent quarters – with a limited impact on the full-year economic growth.
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Technological advances and a decline in the price of electronic components has significantly increased the adoption of smartphones, smart wearables, and IoT devices. Manufacturers of these devices are increasingly introducing additional features such as shockproof, scratch-resistance, and dust and water resistance in their products to attract consumer interest. Conformal coatings are widely used in smart wearables and IoT devices, such as smartwatches, fitness trackers, virtual reality (VR) headsets, wireless sensors, and monitoring devices to protect them from harsh environments. Therefore, the rising adoption of smart wearables and IoT devices is expected to drive the demand for conformal coating in electronics market during the forecast period.
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As per Technavio, the increasing use of electrical and electronic components across industries will have a positive impact on the market and contribute to its growth significantly over the forecast period. This research report also analyzes other significant trends and market drivers that will influence market growth over 2020-2024.
Conformal Coating in Electronics Market: Increasing Use of Electrical and Electronic Components across Industries
Rapid changes in end-user demands such as technology, product lifestyles, and government regulations have increased the procurement, production, packaging, and fulfillment of electrical and electronic components among many industries. Besides, growing environmental concerns are increasing the demand for energy-efficient electrical and electronic products across industries such as agriculture, transportation, safety, construction, and defense. In addition, globalization, technological advances, and product proliferation are contributing to the overall growth of the electrical and electronics industry. These factors are expected to increase the demand for conformal coating in electronics market during the forecast period.
“Growing investments in research and developmental activities and increasing automation in industries will further boost market growth during the forecast period”, says a senior analyst at Technavio.
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Conformal Coating in Electronics Market: Segmentation Analysis
This market research report segments the conformal coating in electronics market by Type (Acrylic, Silicone, Urethane, Epoxy, and Others), Geography (APAC, Europe, North America, South America, and MEA), and Application (Automotive electronics, Aerospace and defense electronics, Consumer electronics, Medical electronics, and Others).
The APAC region led the conformal coating in electronics market in 2019, followed by Europe, North America, South America, and MEA respectively. During the forecast period, APAC is expected to register the highest incremental growth due to factors the growth of various industries such as automotive, aerospace and defense, and consumer electronics in the region.
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Some of the key topics covered in the report include:
- Vendors covered
- Vendor classification
- Market positioning of vendors
- Competitive scenario
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