EMI Shielding Market Synopsis

EMI Shielding Market Size Was Valued at USD 7.3 Billion in 2023, and is Projected to Reach USD 11.6 Billion by 2032, Growing at a CAGR of 5.3% From 2024-2032.

The EMI Shielding Market consists of manufacturing and employing materials as well as technologies meant to shield the devices that are electronic against the impacts of EMI. These shielding solutions counteract the impacts of external electromagnetic fields and support the correct functioning of the systems. Industry applications for EMI shielding materials can encompass metals, conductive coatings, and fabrics and can be used in telecommunications and automotive industries, aerospace tools, medical equipment, and more consumer electronics. The market is expanding due to the rising demand for electronics and counterparts, along with the development of complex system needs for high-performance and low-noise signal transmission.

  • Industry of EMI shielding has been growing steadily as there has been increase in demand for electronics products and systems globally. As the use of 5G technology, EVs, and communications backbone continues to grow, various sectors are spending billions of dollars to incorporate electromagnetic protection measures to extend the lifespan and performance of their consumer goods. For instance, the autos industry depend on EMI shielding to protect important systems like auto pilot systems, GPS and in-car communications, medical industry depending on shielding in equipment like MRI machines and pacemakers. Rising protection of data and increasing concern over the performance of equipment in the time of smart devices is other reasons promoting EMI shielding across industries.
  • The second factor working to the benefit of the market is the increasing compliance with electronic electromagnetic compatibility (EMC) standards. Governments around the world are now adopting more strict measures to ensure that the electronics do not ‘talk’ to one another particularly with the increase in the integration of smart gadgets on the market. These regulations have forced manufacturers to consider high performance EMI shielding materials in meeting international standards. New advancements in lightweight affordable and eco-friendly shielding materials are also creating further market demand by allowing companies to improve the designs of their products and reduce costs. Therefore, the EMI shielding market is expected to see strong growth in the next few years among different industries, including consumer electronics, defense, aerospace, and IT & telecom.

EMI Shielding Market Trend Analysis

Growing Demand in the 5G and Telecommunications Sector

  • Another mega trend influencing EMI shielding market is the requirements for shielding solutions in 5G and telecommunication sector. With the availability of 5G networks all over the world, high-frequency signals and bandwidth have increased greatly and this poses as a threat to the increase in the sensitivity of electronics to EMI that is brought about by the increase in signals frequencies especially with the introduction of 5G technology that uses higher frequencies as compared to the earlier used frequencies hence the requirement for electronic shielding solutions to enhance the signal strength. Also, the implementation of 5G infrastructure includes the use of high density of base stations, routers and other electronic devices making it almost mandatory to incorporate adequate EMI shielding. This trend is causing innovations in the industry where companies are more interested in creating materials that can handle better amount of frequencies than shielding them. Need for faster and reliable communication network is leading the requirement of high-performance EMI shieldings.

Growth in Electric Vehicles (EVs)

  • A promising market for EMI shielding industry is electric vehicle (EV). Since electric and hybrid cars are more common today the electronic architecture of the cars is highly susceptible to EMI as the sophistication of modern cars electronics increases. It is important for electric cars to have strong shielding concerns given the numerous interconnects present within electric cars such as battery control system, media control, and safety control mechanisms among others that require to operate with no significant influence from electromagnetic emissions to guarantee performance and safety. Due to the increasing demand from governments and automotive industries worldwide for eco-friendly solutions especially in the areas of transport such as NA, EU and APAC the efficiency of EMI shielding is expected to grow. The need for efficient, low-weight and low-cost shielding materials designed specific for electric vehicles presents a new opportunity for applicable companies.

EMI Shielding Market Segment Analysis:

EMI Shielding Market Segmented on the basis of Material and Industry.

By Material, conductive coatings & paints segment is expected to dominate the market during the forecast period

  • The conductive coatings and paints segment topped other segments in the EMI shielding market in 2023 when it held a 33.4% market share globally. It can therefore be argued that this segment has continued to receive outgoing support due to the multipurpose nature and effectiveness of conductive coatings especially in electronics industries automobiles, telecommunications among others as well as aerospace industries. Apartment and paints are one of the effective methods of shielding the delicate componentry of electronics from EMI, offering low weight and low cost. This is even easier applied on complex shape and surface making themrend more attracting for manufacturers who wants to improve the EMI shielding performance of enclosure, casing and housing of their products.
  • In particular, miniaturization of electronic devices like smartphones and wearable devices has expanded the requirements for compact and efficient EMI shielding materials that has intensified the demand for conductive coatings. With industries constantly progressing in their production of superior electronic products, it is believed that this segment, specifically the conductive coatings and paints segment, will remain the largest in EMI shielding market.

By Industry, Consumer Electronics segment expected to held the largest share

  • Consumer electronics is expected to dominate the EMI shielding market by industry due to the increasing usage of electronic equipment in the world. Continued growth in demand for smartphones, laptops, tablets, gaming consoles, and wearable devices requires efficient technological solutions to prevent electromagnetic interference thus the need for an efficient EMI shielding solution. Due to the introduction of the 5G technology, smart home devices, and other IoT related products into the market the design of electronics in consumer devices entail miniaturization; this means more susceptibility to EM interference. To avert the loss of signals or outright failure of the devices; the manufacturers are dedicating a lot of resources in sophisticated shielding systems. Combined with the eventual flow of new products into the market every now and then, the consumer electronics sector is evidently the leading sector in EMI shielding market for it is projected to remain so for a long time to come.

EMI Shielding Market Regional Insights:

Asia Pacific is Expected to Dominate the Market Over the Forecast period

  • The Asia Pacific led the EMI shielding market in 2023 due to increasing industrialization, technological development and increasing use of electronic products. Larger markets such as China, Japan and South Korea are prominent in the manufacturing of consumer electronics, automobiles and telecommunication industries that are the biggest Information EMI shielding consumers. Important electronics producing companies and the rapid establishment of 5G networks in these countries has helped the region in achieving the leading position in the market. EMI shielding market size in Asia-Pacific in 2023 was over 40% and China was the largest market due to established electronics industries and rapidly developing telecommunication industries. It is also added by the supportive regulatory policies by the governments of the region that support the domestic manufacturing of electronics, which in turn increase the need for EMI shielding products.

Active Key Players in the EMI Shielding Market

  • 3M (United States)
  • Chromerics (United States)
  • Green Rubber Group (Malaysia)
  • HEICO Corporation (United States)
  • Henkel AG & Co. KGaA (Germany)
  • Kitagawa Industries Co., Ltd. (Japan)
  • Laird Performance Materials (United Kingdom)
  • Marian Inc. (United States)
  • Parker-Hannifin Corporation (United States)
  • PPG Industries, Inc. (United States)
  • RTP Company (United States)
  • Schaffner Holding AG (Switzerland)
  • TDK Corporation (Japan)
  • Tech-Etch Inc. (United States)
  • Wurth Elektronik Group (Germany), Other Active Players

Global EMI Shielding Market

Base Year:

2023

Forecast Period:

2024-2032

Historical Data:

2017 to 2023

Market Size in 2023:

USD 7.3 Bn.

Forecast Period 2024-32 CAGR:

 5.3%

Market Size in 2032:

USD 11.6 Bn.

Segments Covered:

By Material

  • Conductive Coatings & Paints
  • Conductive Polymers
  • Metal Shielding Product
  • EMC/EMI Filters
  • Others

By Industry

  • Consumer Electronics
  • Automotive
  • Telecommunications & Information Technology
  • Healthcare
  • Aerospace
  • Others

By Region

  • North America (U.S., Canada, Mexico)
  • Eastern Europe (Bulgaria, The Czech Republic, Hungary, Poland, Romania, Rest of Eastern Europe)
  • Western Europe (Germany, UK, France, Netherlands, Italy, Russia, Spain, Rest of Western Europe)
  • Asia Pacific (China, India, Japan, South Korea, Malaysia, Thailand, Vietnam, The Philippines, Australia, New-Zealand, Rest of APAC)
  • Middle East & Africa (Turkey, Bahrain, Kuwait, Saudi Arabia, Qatar, UAE, Israel, South Africa)
  • South America (Brazil, Argentina, Rest of SA)

Key Market Drivers:

  • Surge in Consumer Electronics

Key Market Restraints:

  • High Cost of Advanced Shielding Solutions

Key Opportunities:

  • Expansion of Aerospace and Defense Sectors

Companies Covered in the report:

  • 3M (United States), Chromerics (United States), Green Rubber Group (Malaysia), HEICO Corporation (United States), Henkel AG & Co. KGaA (Germany) and Other Major Players.

Chapter 1: Introduction
 1.1 Scope and Coverage

Chapter 2:Executive Summary

Chapter 3: Market Landscape
 3.1 Market Dynamics
  3.1.1 Drivers
  3.1.2 Restraints
  3.1.3 Opportunities
  3.1.4 Challenges
 3.2 Market Trend Analysis
 3.3 PESTLE Analysis
 3.4 Porter's Five Forces Analysis
 3.5 Industry Value Chain Analysis
 3.6 Ecosystem
 3.7 Regulatory Landscape
 3.8 Price Trend Analysis
 3.9 Patent Analysis
 3.10 Technology Evolution
 3.11 Investment Pockets
 3.12 Import-Export Analysis

Chapter 4: EMI Shielding Market by Material
 4.1 EMI Shielding Market Snapshot and Growth Engine
 4.2 EMI Shielding Market Overview
 4.3 Conductive Coatings & Paints
  4.3.1 Introduction and Market Overview
  4.3.2 Historic and Forecasted Market Size in Value USD and Volume Units (2017-2032F)
  4.3.3 Key Market Trends, Growth Factors and Opportunities
  4.3.4 Conductive Coatings & Paints: Geographic Segmentation Analysis
 4.4 Conductive Polymers
  4.4.1 Introduction and Market Overview
  4.4.2 Historic and Forecasted Market Size in Value USD and Volume Units (2017-2032F)
  4.4.3 Key Market Trends, Growth Factors and Opportunities
  4.4.4 Conductive Polymers: Geographic Segmentation Analysis
 4.5 Metal Shielding Product
  4.5.1 Introduction and Market Overview
  4.5.2 Historic and Forecasted Market Size in Value USD and Volume Units (2017-2032F)
  4.5.3 Key Market Trends, Growth Factors and Opportunities
  4.5.4 Metal Shielding Product: Geographic Segmentation Analysis
 4.6 EMC/EMI Filters
  4.6.1 Introduction and Market Overview
  4.6.2 Historic and Forecasted Market Size in Value USD and Volume Units (2017-2032F)
  4.6.3 Key Market Trends, Growth Factors and Opportunities
  4.6.4 EMC/EMI Filters: Geographic Segmentation Analysis
 4.7 Others
  4.7.1 Introduction and Market Overview
  4.7.2 Historic and Forecasted Market Size in Value USD and Volume Units (2017-2032F)
  4.7.3 Key Market Trends, Growth Factors and Opportunities
  4.7.4 Others: Geographic Segmentation Analysis

Chapter 5: EMI Shielding Market by Industry
 5.1 EMI Shielding Market Snapshot and Growth Engine
 5.2 EMI Shielding Market Overview
 5.3 Consumer Electronics
  5.3.1 Introduction and Market Overview
  5.3.2 Historic and Forecasted Market Size in Value USD and Volume Units (2017-2032F)
  5.3.3 Key Market Trends, Growth Factors and Opportunities
  5.3.4 Consumer Electronics: Geographic Segmentation Analysis
 5.4 Automotive
  5.4.1 Introduction and Market Overview
  5.4.2 Historic and Forecasted Market Size in Value USD and Volume Units (2017-2032F)
  5.4.3 Key Market Trends, Growth Factors and Opportunities
  5.4.4 Automotive: Geographic Segmentation Analysis
 5.5 Telecommunications & Information Technology
  5.5.1 Introduction and Market Overview
  5.5.2 Historic and Forecasted Market Size in Value USD and Volume Units (2017-2032F)
  5.5.3 Key Market Trends, Growth Factors and Opportunities
  5.5.4 Telecommunications & Information Technology: Geographic Segmentation Analysis
 5.6 Healthcare
  5.6.1 Introduction and Market Overview
  5.6.2 Historic and Forecasted Market Size in Value USD and Volume Units (2017-2032F)
  5.6.3 Key Market Trends, Growth Factors and Opportunities
  5.6.4 Healthcare: Geographic Segmentation Analysis
 5.7 Aerospace
  5.7.1 Introduction and Market Overview
  5.7.2 Historic and Forecasted Market Size in Value USD and Volume Units (2017-2032F)
  5.7.3 Key Market Trends, Growth Factors and Opportunities
  5.7.4 Aerospace: Geographic Segmentation Analysis
 5.8 Others
  5.8.1 Introduction and Market Overview
  5.8.2 Historic and Forecasted Market Size in Value USD and Volume Units (2017-2032F)
  5.8.3 Key Market Trends, Growth Factors and Opportunities
  5.8.4 Others: Geographic Segmentation Analysis

Chapter 6: Company Profiles and Competitive Analysis
 6.1 Competitive Landscape
  6.1.1 Competitive Benchmarking
  6.1.2 EMI Shielding Market Share by Manufacturer (2023)
  6.1.3 Industry BCG Matrix
  6.1.4 Heat Map Analysis
  6.1.5 Mergers and Acquisitions
  
 6.2 3M (UNITED STATES)
  6.2.1 Company Overview
  6.2.2 Key Executives
  6.2.3 Company Snapshot
  6.2.4 Role of the Company in the Market
  6.2.5 Sustainability and Social Responsibility
  6.2.6 Operating Business Segments
  6.2.7 Product Portfolio
  6.2.8 Business Performance
  6.2.9 Key Strategic Moves and Recent Developments
  6.2.10 SWOT Analysis
 6.3 CHROMERICS (UNITED STATES)
 6.4 GREEN RUBBER GROUP (MALAYSIA)
 6.5 HEICO CORPORATION (UNITED STATES)
 6.6 HENKEL AG & CO KGAA (GERMANY)
 6.7 KITAGAWA INDUSTRIES CO LTD (JAPAN)
 6.8 LAIRD PERFORMANCE MATERIALS (UNITED KINGDOM)
 6.9 MARIAN INC (UNITED STATES)
 6.10 PARKER-HANNIFIN CORPORATION (UNITED STATES)
 6.11 PPG INDUSTRIES INC (UNITED STATES)
 6.12 RTP COMPANY (UNITED STATES)
 6.13 SCHAFFNER HOLDING AG (SWITZERLAND)
 6.14 TDK CORPORATION (JAPAN)
 6.15 TECH-ETCH INC (UNITED STATES)
 6.16 WURTH ELEKTRONIK GROUP (GERMANY)
 6.17 OTHER ACTIVE PLAYERS

Chapter 7: Global EMI Shielding Market By Region
 7.1 Overview
7.2. North America EMI Shielding Market
  7.2.1 Key Market Trends, Growth Factors and Opportunities
  7.2.2 Top Key Companies
  7.2.3 Historic and Forecasted Market Size by Segments
  7.2.4 Historic and Forecasted Market Size By Material
  7.2.4.1 Conductive Coatings & Paints
  7.2.4.2 Conductive Polymers
  7.2.4.3 Metal Shielding Product
  7.2.4.4 EMC/EMI Filters
  7.2.4.5 Others
  7.2.5 Historic and Forecasted Market Size By Industry
  7.2.5.1 Consumer Electronics
  7.2.5.2 Automotive
  7.2.5.3 Telecommunications & Information Technology
  7.2.5.4 Healthcare
  7.2.5.5 Aerospace
  7.2.5.6 Others
  7.2.6 Historic and Forecast Market Size by Country
  7.2.6.1 US
  7.2.6.2 Canada
  7.2.6.3 Mexico
7.3. Eastern Europe EMI Shielding Market
  7.3.1 Key Market Trends, Growth Factors and Opportunities
  7.3.2 Top Key Companies
  7.3.3 Historic and Forecasted Market Size by Segments
  7.3.4 Historic and Forecasted Market Size By Material
  7.3.4.1 Conductive Coatings & Paints
  7.3.4.2 Conductive Polymers
  7.3.4.3 Metal Shielding Product
  7.3.4.4 EMC/EMI Filters
  7.3.4.5 Others
  7.3.5 Historic and Forecasted Market Size By Industry
  7.3.5.1 Consumer Electronics
  7.3.5.2 Automotive
  7.3.5.3 Telecommunications & Information Technology
  7.3.5.4 Healthcare
  7.3.5.5 Aerospace
  7.3.5.6 Others
  7.3.6 Historic and Forecast Market Size by Country
  7.3.6.1 Bulgaria
  7.3.6.2 The Czech Republic
  7.3.6.3 Hungary
  7.3.6.4 Poland
  7.3.6.5 Romania
  7.3.6.6 Rest of Eastern Europe
7.4. Western Europe EMI Shielding Market
  7.4.1 Key Market Trends, Growth Factors and Opportunities
  7.4.2 Top Key Companies
  7.4.3 Historic and Forecasted Market Size by Segments
  7.4.4 Historic and Forecasted Market Size By Material
  7.4.4.1 Conductive Coatings & Paints
  7.4.4.2 Conductive Polymers
  7.4.4.3 Metal Shielding Product
  7.4.4.4 EMC/EMI Filters
  7.4.4.5 Others
  7.4.5 Historic and Forecasted Market Size By Industry
  7.4.5.1 Consumer Electronics
  7.4.5.2 Automotive
  7.4.5.3 Telecommunications & Information Technology
  7.4.5.4 Healthcare
  7.4.5.5 Aerospace
  7.4.5.6 Others
  7.4.6 Historic and Forecast Market Size by Country
  7.4.6.1 Germany
  7.4.6.2 UK
  7.4.6.3 France
  7.4.6.4 Netherlands
  7.4.6.5 Italy
  7.4.6.6 Russia
  7.4.6.7 Spain
  7.4.6.8 Rest of Western Europe
7.5. Asia Pacific EMI Shielding Market
  7.5.1 Key Market Trends, Growth Factors and Opportunities
  7.5.2 Top Key Companies
  7.5.3 Historic and Forecasted Market Size by Segments
  7.5.4 Historic and Forecasted Market Size By Material
  7.5.4.1 Conductive Coatings & Paints
  7.5.4.2 Conductive Polymers
  7.5.4.3 Metal Shielding Product
  7.5.4.4 EMC/EMI Filters
  7.5.4.5 Others
  7.5.5 Historic and Forecasted Market Size By Industry
  7.5.5.1 Consumer Electronics
  7.5.5.2 Automotive
  7.5.5.3 Telecommunications & Information Technology
  7.5.5.4 Healthcare
  7.5.5.5 Aerospace
  7.5.5.6 Others
  7.5.6 Historic and Forecast Market Size by Country
  7.5.6.1 China
  7.5.6.2 India
  7.5.6.3 Japan
  7.5.6.4 South Korea
  7.5.6.5 Malaysia
  7.5.6.6 Thailand
  7.5.6.7 Vietnam
  7.5.6.8 The Philippines
  7.5.6.9 Australia
  7.5.6.10 New Zealand
  7.5.6.11 Rest of APAC
7.6. Middle East & Africa EMI Shielding Market
  7.6.1 Key Market Trends, Growth Factors and Opportunities
  7.6.2 Top Key Companies
  7.6.3 Historic and Forecasted Market Size by Segments
  7.6.4 Historic and Forecasted Market Size By Material
  7.6.4.1 Conductive Coatings & Paints
  7.6.4.2 Conductive Polymers
  7.6.4.3 Metal Shielding Product
  7.6.4.4 EMC/EMI Filters
  7.6.4.5 Others
  7.6.5 Historic and Forecasted Market Size By Industry
  7.6.5.1 Consumer Electronics
  7.6.5.2 Automotive
  7.6.5.3 Telecommunications & Information Technology
  7.6.5.4 Healthcare
  7.6.5.5 Aerospace
  7.6.5.6 Others
  7.6.6 Historic and Forecast Market Size by Country
  7.6.6.1 Turkey
  7.6.6.2 Bahrain
  7.6.6.3 Kuwait
  7.6.6.4 Saudi Arabia
  7.6.6.5 Qatar
  7.6.6.6 UAE
  7.6.6.7 Israel
  7.6.6.8 South Africa
7.7. South America EMI Shielding Market
  7.7.1 Key Market Trends, Growth Factors and Opportunities
  7.7.2 Top Key Companies
  7.7.3 Historic and Forecasted Market Size by Segments
  7.7.4 Historic and Forecasted Market Size By Material
  7.7.4.1 Conductive Coatings & Paints
  7.7.4.2 Conductive Polymers
  7.7.4.3 Metal Shielding Product
  7.7.4.4 EMC/EMI Filters
  7.7.4.5 Others
  7.7.5 Historic and Forecasted Market Size By Industry
  7.7.5.1 Consumer Electronics
  7.7.5.2 Automotive
  7.7.5.3 Telecommunications & Information Technology
  7.7.5.4 Healthcare
  7.7.5.5 Aerospace
  7.7.5.6 Others
  7.7.6 Historic and Forecast Market Size by Country
  7.7.6.1 Brazil
  7.7.6.2 Argentina
  7.7.6.3 Rest of SA

Chapter 8 Analyst Viewpoint and Conclusion
8.1 Recommendations and Concluding Analysis
8.2 Potential Market Strategies

Chapter 9 Research Methodology
9.1 Research Process
9.2 Primary Research
9.3 Secondary Research
 

Global EMI Shielding Market

Base Year:

2023

Forecast Period:

2024-2032

Historical Data:

2017 to 2023

Market Size in 2023:

USD 7.3 Bn.

Forecast Period 2024-32 CAGR:

 5.3%

Market Size in 2032:

USD 11.6 Bn.

Segments Covered:

By Material

  • Conductive Coatings & Paints
  • Conductive Polymers
  • Metal Shielding Product
  • EMC/EMI Filters
  • Others

By Industry

  • Consumer Electronics
  • Automotive
  • Telecommunications & Information Technology
  • Healthcare
  • Aerospace
  • Others

By Region

  • North America (U.S., Canada, Mexico)
  • Eastern Europe (Bulgaria, The Czech Republic, Hungary, Poland, Romania, Rest of Eastern Europe)
  • Western Europe (Germany, UK, France, Netherlands, Italy, Russia, Spain, Rest of Western Europe)
  • Asia Pacific (China, India, Japan, South Korea, Malaysia, Thailand, Vietnam, The Philippines, Australia, New-Zealand, Rest of APAC)
  • Middle East & Africa (Turkey, Bahrain, Kuwait, Saudi Arabia, Qatar, UAE, Israel, South Africa)
  • South America (Brazil, Argentina, Rest of SA)

Key Market Drivers:

  • Surge in Consumer Electronics

Key Market Restraints:

  • High Cost of Advanced Shielding Solutions

Key Opportunities:

  • Expansion of Aerospace and Defense Sectors

Companies Covered in the report:

  • 3M (United States), Chromerics (United States), Green Rubber Group (Malaysia), HEICO Corporation (United States), Henkel AG & Co. KGaA (Germany) and Other Major Players.
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Frequently Asked Questions :

What would be the forecast period in the EMI Shielding Market research report?

The forecast period in the EMI Shielding Market research report is 2024-2032.

Who are the key players in the EMI Shielding Market?

3M (United States), Chromerics (United States), Green Rubber Group (Malaysia), HEICO Corporation (United States), Henkel AG & Co. KGaA (Germany) and Other Major Players.

What are the segments of the EMI Shielding Market?

The EMI Shielding Market is segmented into Material, Industry and region. By Material, the market is categorized into Conductive Coatings & Paints, Conductive Polymers, Metal Shielding Product, EMC/EMI Filters, Others. By Industry, the market is categorized into Consumer Electronics, Automotive, Telecommunications & Information Technology, Healthcare, Aerospace, Others. By End User, the market is categorized into xx. By region, it is analyzed across North America (U.S.; Canada; Mexico), Eastern Europe (Bulgaria; The Czech Republic; Hungary; Poland; Romania; Rest of Eastern Europe), Western Europe (Germany; UK; France; Netherlands; Italy; Russia; Spain; Rest of Western Europe), Asia-Pacific (China; India; Japan; Southeast Asia, etc.), South America (Brazil; Argentina, etc.), Middle East & Africa (Saudi Arabia; South Africa, etc.).

What is the EMI Shielding Market?

The EMI Shielding Market consists of manufacturing and employing materials as well as technologies meant to shield the devices that are electronic against the impacts of EMI. These shielding solutions counteract the impacts of external electromagnetic fields and support the correct functioning of the systems. Industry applications for EMI shielding materials can encompass metals, conductive coatings, and fabrics and can be used in telecommunications and automotive industries, aerospace tools, medical equipment, and more consumer electronics. The market is expanding due to the rising demand for electronics and counterparts, along with the development of complex system needs for high-performance and low-noise signal transmission.

How big is the EMI Shielding Market?

EMI Shielding Market Size Was Valued at USD 7.3 Billion in 2023, and is Projected to Reach USD 11.6 Billion by 2032, Growing at a CAGR of 5.3% From 2024-2032.