Electronic Chemicals Market | Insights, Industry Development, and Forecast 2030

[Ram Vasekar]

Market Scope

The Electronic Chemicals Market, after touching USD 20 billion in 2030, has been expanding relentlessly despite a few challenges, believes Market Research Future (MRFR). MRFR also expects the global market to procure a growth rate of 6.1% between 2023 and 2030.

Top Boosters and Restraints

The German Electrical and Electronic Manufacturers' Association says that the electronic and electrical industry worldwide reached USD 4,499.22 billion in 2017. The burgeoning electronic and electrical sector has been quite favorable for electronic chemicals, which are primarily used for cleaning and drying electronic devices. These chemicals help get rid of the tiny impurities from the semiconductor wafers. Simply put, high-purity and quality electronic chemicals help optimize electronic devices’ performance. Therefore, the consistent surge in the demand and use of electronic products worldwide should benefit the electronic chemicals industry in the years to follow.

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Growing acceptance of the nanotechnology has contributed to the growth of MEMS & NEMS devices market. The lighter weight, smaller size, cheaper fabrication costs and lower power consumption properties of nano-devices have led to their acceptance all over the world. Their rising commercialization has also fostered the growth potential of photoresist & photoresist ancillaries in line with frequent technological innovations. To illustrate, Intel has been working on adopting the technology on the basis of 20nm from 28nm, which has elevated the sales of nanomaterials and ultimately bolstering the growth of the electronic chemicals market.

The global market is consolidated among the few leading companies. With continuous vigorous research and the development activities with respect to electronic chemicals to explore newer and emerging applications, players are able to gain a competitive edge. The emergence of new technologies such as AI (Artificial Intelligence) and IoT (Internet of Things) has created a niche market for smart home devices. AI has opened up a myriad of growth avenues for electronic chemicals manufacturers. Another opportunity can be the booming sales of electric vehicles, which expands the applications of electronics chemicals. The digital display sector is also increasingly coming up with high-end LCD and LED television sets that require advanced electronic chemicals during production. As a result, new emerging revenue streams being explored by the top brands should add to the electronic chemicals market’s value.

Market Segmentation

The segmentation of the electronic chemicals industry covers product type, and application.

The product types discussed in the report are solvents, photoresist chemicals, wet chemicals, atmospheric and specialty gases, and others. The fastest growth will be witnessed by the atmospheric and specialty gases segment as they are increasingly being used in semiconductor (ICS), and integrated circuits.

Major applications covered in the report are flat panel displays & light-emitting diodes, integrated circuits and semiconductors, printed circuit boards, photovoltaics, and others. The photovoltaic segment should note unprecedented growth over the ensuing period, given PVs’ ability to produce electric power via solar cells.

Regional Insight

The regional segmentation of the market comprises Latin America, APAC/Asia Pacific, North America, MEA/Middle East & Africa and Europe.

Asia Pacific commands the biggest share in the global market, due to the large-scale production of electronic goods across China, South Korea, Malaysia, and Japan. The advancements in the economy and increase in people’s disposable income has favored the electronics industry, which in turn, has benefitted the electronic chemicals market in the region. Also, the regional market is led by numerous small and medium manufacturers that boast of robust supplier and distribution networks, which has given rise to a vast customer base.

The North American market is projected to register healthy growth owing to the high demand for smart electronic devices as well as technological advances. The region is influenced by a shift in consumer preference towards fitness & wellness devices and smartwatches. Also, thanks to manufacturers focusing on R&D activities in collaboration with various research institutes and universities for the development of electronic chemicals with multiple applications, the regional market will continue to soar at a stunning pace.

Europe is in the third place, considering the rapidly expanding electronics sector in Italy, France and Germany. Surging investments in research and development activities and the continuous collaborations and agreements between manufacturers, distributers, and marketing firms are a few growth rendering factors.

Reputed Firms

Reputed firms active in the market for electronic chemicals include Praxair Technology, Inc (UK), Honeywell International Inc (US), Transene Company, Inc (US), Air Products and Chemicals, Inc (US), BASF SE (Germany), Air Liquide (France), Linde AG (Ireland), Solvay (Belgium), NAGASE & CO., LTD (Japan), Eastman Chemical Company (US), Huntsman Corporation (US), Heraeus Group (Germany), and many more.

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