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.

Information source: https://www.fortunebusinessinsights.com/conformal-coatings-market-102867

DRIVING FACTORS

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.