New York, USA, Aug. 25, 2021 (GLOBE NEWSWIRE) -- According to the report published by Research Dive, the global electronic device coating market is expected to generate a revenue of $19,254.2 million by 2026, growing exponentially at a CAGR of 4.3% during the forecast period (2019-2026).
The comprehensive report provides a brief overview of the current scenario of the market, including other aspects such as dynamics of the market, growth and restraining factors, challenges, and opportunities during the forecast period. The report also offers the market figures, which makes it easier and more beneficial for the new participants to understand the real-time scenario of the market.
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Factors Impacting the CAGR Figures Pre and During COVID-19
The report reveals the real-time CAGR registered by the market during the pandemic. According to the report, the market has reported a CAGR of 4.3% in the past few months, while it was predicted to be 4.8% in the pre-pandemic era. This decline is mainly due to nation-wide lockdowns prevalent in various countries around the globe, which led to the subsequent decrease in the production of electronic devices. Temporary closure of factories and stringent travel restrictions imposed by the government consequently disrupted the supply chains and procurement of raw materials respectively.
Factors Impacting the Market Size in the Pre-COVID and Real-time Scenario
According to the report, the real-time market size of electronic protection device coating has been witnessing an unpropitious downfall compared to the pre-pandemic estimations. The real-time market size reached a revenue of $8,811.4 million, while it was anticipated to be $15,088.4 million in an evaluation before the emergence of the novel virus. The electronic protection device coating systems comprises of various elements, and hence the operational processes related to these elements are convoluted. In addition, extortionate cost of maintaining electronic protection devices is further expected to impede the growth of the market during the forecast period.
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Post Pandemic Insight
As per the report, the global electronic protection device coating market is expected to recover by 2nd/3rd quarter of 2023. Consecutively, extensive application of electronic protection device coating systems in the automotive sector is expected to drive the growth of the market during the forecast period. Moreover, persistent technological advancements by researchers and scientists in the electronic technologies so as to maximize the level of safety in case of power failures and short circuits, are expected to create ample opportunities for the growth of the market in the near future.
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Key Players of the Market
The major players of the market include
- Chase Corporation
- Kisco
- Henkel AG
- Dow Corning
- Dymax Corporation
- Electrolube
- MG Chemicals
- B Fuller
and many more. These players are emphasizing on the research and development, merger and acquisition, and other strategies to restore the market growth in the upcoming years.
For instance, in March 2021, Axalta Coating Systems, Ltd, a Philadelphia-based company known for providing coatings for numerous industrial applications, acquired Anhui Shengran Insulating Materials Co. Ltd., a dominant Chinese producer of wire enamels extensively used in consumer electronics, electric vehicle and industrial applications, so as to accelerate the production capacity of Axalta in the surging Asian market.
The report also summarizes many important aspects including financial performance of the key players, SWOT analysis, product portfolio, and latest strategic developments.
In Addition, the report having some numorus point about the leading Business Manufactures, Like, SWOT analysis, Product Portfolio, Finanical Status - Inquire to Get access for Detailed Top Companies Development Strategy Report
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