New York, USA, Sept. 20, 2022 (GLOBE NEWSWIRE) -- According to the report published by Research Dive, the global electronic protection device coating market is predicted to garner a revenue of $19,254.2 million throughout the estimated timeframe from 2019 to 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.
Factors Influencing Market Size Pre and Post COVID-19 Outbreak
According to the report, the electronic protection device coating market size has significantly decreased compared to the pre-COVID-19 estimations. The electronic protection device coating market reached a revenue of $8,811.4 million in 2020, while its estimations were $ 15,088.0 million during the pre-COVID scenario. The shortage in the workforce, raw materials, and logistics during the pandemic has badly affected the growth of the global market. In addition, due to the complete shutdown of the leading manufacturing units, the market has witnessed a drift in product availability which has further declined the growth of the market over the analysis period.
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Factors Affecting the CAGR Figures Pre and Post COVID-19 Outbreak
According to the report, the electronic protection device coating market is projected to grow at a CAGR of 4.3% during the analysis timeframe, while it was expected to rise at a CAGR of 4.8% in the pre-COVID-19 scenario from 2019 to 2026. The disruption in the supply chain of the electronic industry has badly impacted the production of electronic components. This has caused a delay in the shipments and affected the production of electronic components in several other countries. Moreover, the complexity in the installation of electronic components used in electronic protection devices and their high maintenance costs are expected to impede the growth of the market during the forecast period.
Post-Pandemic Insight
As per the report, the global electronic protection device coating market is expected to recover by the 2nd/3rd quarter of 2023. However, the increasing implementation of electronic protection device coating systems in the automotive sector all across the globe is expected to bolster the growth of the market post-pandemic period. In addition, the continuous technological advancements carried by the scientists to develop enhanced safety and provide reliable features to eliminate the risk associated with circuit boards are predicted to fortify the growth of the market in the post-pandemic era.
Key Players of the Market
The major players of the electronic protection device coating market include
- Henkel AG
- Kisco
- Chase Corporation
- Dow Corning
- HB Fuller
- Dymax Corporation
- MG Chemicals
- Electrolube
These market players are concentrating on developing strategies such as new product launches, research, and development, following trending market ideas, building product portfolios, mergers & acquisitions, collaborations, and business expansions.
For instance, in January 2022, Electrolube Limited, a leading manufacturer of electronic, industrial, and domestic devices, launched a pioneering new bio conformal coating for the electronics community. The product is named UVCLX, which is a first-to-market bio coating with 75% bio-organic content from renewable sources. This is the most versatile, and high-performance eco-friendly coating innovation for protecting electronic circuitry against adverse environmental conditions.
Further, the report also summarizes many important aspects including the financial performance of the key players, SWOT analysis, product portfolio, and latest strategic developments.
More about Electronic Protection Device Coating Market:
- How Does Electronic Protection Device Coating Support Electronic Devices?
- How Electronic Protection Device Coating Sector Safeguards the Gadgets
