The global conformal coatings market size was valued at USD 899.1 million in 2021. The market is projected to grow from USD 940.8 million in 2022 to USD 1,392.8 million by 2029, exhibiting a CAGR of 5.8% during the forecast period.
The market report includes quantitative and qualitative analysis of several factors such as the key drivers and restraints that will impact growth.
Study Coverage: This study includes brief information about key products in the global conformal coatings market followed by an overview of important segments and manufacturers. It also highlights the conformal coatings industry growth rates, different types, and application. Furthermore, it includes information about study objectives and total years considered for the complete research study.
Information source: https://www.fortunebusinessinsights.com/conformal-coatings-market-102867
Russia-Ukraine War Implication
The Russia-Ukraine war could change the market dynamics of Europe forever. The standoff has revived the predicament situation of the Cold War and pushed Europe to the brink of a major military conflict. The Russian aggression in Ukraine has redefined the global landscape in terms of business. As the global market was recuperating from the havoc wreaked by the COVID-19 pandemic, the Russia-Ukraine war has made several industry stakeholders skeptical.
The long-term implications of the Ukraine-Russia crisis will, in our view, lead to very different chemicals business models as supply chains de-globalise and as manufacturing is brought back home
Increasing Focus on Vehicle Safety Standards to Promote Growth
According to the U.S. Fire Administration, about 171,500 vehicle fires on highways are reported in the U.S. annually. The surging incidence of automotive fires is propelling the demand for conformal coatings to ensure the safety of the passengers and vehicle. In addition to this, the increasing focus on vehicle safety standards such as the Society of Automotive Engineering (SAE) is ensuring that automotive manufacturers adhere to stringent regulations to maintain optimum vehicle quality in terms of safety and performance aspects. This is expected to boost the global conformal coatings market in the forthcoming years.
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