OCEAN VIEW, DE - According to a study by research firm Global Market Insights, global conformal coatings market size was worth over $3 billion in 2014 and is likely to be valued at $5.2 billion by 2023, growing at CAGR of above 6.2%.
According to the report, conformal coatings in the electronics industry was the largest market and accounted for over 35% of total demand in 2014. This application generated revenue exceeding $1.6 billion in 2014 and is likely to register above $2.5 billion by 2023. Other major applications include aerospace, medical devices and automotive.