The global conformal coatings market is expected to reach USD 15.73 billion by 2024, according to a new report by Grand View Research, Inc. Rising demand for conformal coatings for manufacturing of automotive and electronic components is expected to propel growth.
The market is highly competitive and fragmented owing to presence of numerous medium and large scale manufacturers and suppliers. The high competition between existing players and high capital investment are expected to pose as a threat to new entrants. However, rapid growth of end-use industries in emerging economies, which demands high volumes of conformal coatings is expected to propel demand.
Regional government bodies in Asia Pacific have implemented schemes and initiatives to encourage domestic manufacturing in order to develop the economies of these countries. For instance, ‘Make in India’ scheme that is increasingly attracting major foreign players to invest in domestic production facilities. As a result, the demand for the product is expected to grow over the forecast period.
Conformal coating manufacturing technologies are constantly being updated to match evolving consumer requirements for efficient end-use electronic and automotive products. This has led to intensive R&D efforts by major industry players in order to develop unique and innovative products & processing technologies such as selective needle dispensing, ultrasonic coatings and even selective film coatings among others.
Browse Full Report (Tables & Figures) @ https://www.grandviewresearch.com/industry-analysis/conformal-coating-market
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