New York, USA, July 04, 2023 (GLOBE NEWSWIRE) -- According to a report published by Research Dive, the global electronic protection device coatings market is anticipated to generate a revenue of $1,935.3 million and grow at a healthy CAGR of 5.6% over the estimated timeframe 2023-2032.
As per our analysts, the increasing demand for electronic protection device coatings in various industries such as medical, consumer electronics, automotive, and aerospace & defense owing to the rising adoption of electronic devices and miniaturized circuitry in the contemporary (PCB)-related applications is expected to fortify the growth of the electronic protection device coatings market over the forecast period. Moreover, the growing demand for electronic protection device coatings across the automotive industry to safeguard sensitive electronic components from moisture, dust, and other environmental factors is predicted to create immense growth opportunities for the market during the analysis period. However, the harmful environmental impact of electronic protection device coatings may impede the growth of the market sub-segment over the estimated timeframe.
Segments of the Electronic Protection Device Coatings Market
The report has divided the market into segments based on chemistry, application, and region.
Chemistry: Acrylic Sub-Segment to be Most Productive
The acrylic sub-segment held the dominant market share in 2022. This is mainly because acrylic coatings are widely used in a wide range of electronic applications owing to their superior qualities and performance characteristics. Moreover, acrylic coatings offer several advantages such as good adhesion, enhanced flexibility, and resistance to chemicals, moisture, and UV radiation which is expected to foster the growth of the market sub-segment forward.
Application: Automotive Sub-Segment to be Most Profitable
The automotive sub-segment held the largest market share in 2022. This is mainly due to the increasing use of electronic protection device coatings in safeguarding electronic components and sensors of cars from moisture, dust, vibrations, and various other external factors. In addition, the growing trend of vehicle electrification including hybrid and electric vehicles is expected to propel the growth of the market sub-segment over the analysis timeframe.
Region: Asia-Pacific Market Held the Highest Revenue in 2022
The Asia-Pacific region of the electronic protection device coatings market generated the maximum revenue in 2022. The increasing demand for electronic devices such as smartphones, housing appliances, and tablets across the region owing to the increasing disposable incomes among individuals, technological advancements, and the rising middle-class population is predicted to drive the regional growth of the market over the forecast period.
Covid-19 Impact on the Electronic Protection Device Coatings Market
The rise of the Covid-19 pandemic has devastated several industries, including the electronic protection device coatings market. This is mainly due to the delay in the supply of raw materials and components, due to the closure of manufacturing facilities, restrictions on international trade, and stringent lockdown measures during the pandemic. However, the increasing demand for electronic devices such as laptops, smartphones, and tablets due to remote work, online learning, and increased digital connectivity has increased the electronic protection device coatings over the period of crisis.
Key Players of the Electronic Protection Device Coatings Market
The major players of the global market include
- Electronic Coating Technologies
- Specialty Coating Systems Inc.
- MATERIAL SCIENCES CORPORATION
- ENDURA
- Aculon
- P2i Ltd.
- ABB
- Henkel Corporation
- Electrolube
- 3M
These players are widely working on the development of new business strategies such as mergers and acquisitions, partnerships and collaborations, and product development to obtain a leading position in the global industry.
For instance, in January 2023, AkzoNobel, the world's largest coatings company announced the launch of a new range of Resicoat EV powder coatings that could protect the battery system and electrical components of electric vehicles (EVs) to promote the safety and performance of EV batteries and components.
Further, the report also presents other vital aspects including SWOT analysis, the financial performance of the key players, the SWOT analysis, and the latest strategic developments.
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