New York, USA, March 08, 2022 (GLOBE NEWSWIRE) -- According to the report published by Research Dive, the global electronic chemicals market is anticipated to generate a revenue of $35,056.9 million by 2026, growing rapidly at a CAGR of 6.0% 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.
Key Players of the Market
The major players of the market include
- Sumitomo Chemical Co. Ltd
- Honeywell International, Inc.
- Merck KGaA
- Wacker Chemie AG
- BASF SE
- MacDermid, Inc
- Hitachi Chemical Co. Ltd.
- Air Liquide SA
- Solvay S.A, and many others.
These players are emphasizing research and development, merger and acquisition, and other strategies to restore market growth in the upcoming years.
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For instance, in November 2021, Entegris, Inc., an American provider of products and systems that purify, protect, and transport critical materials used in the semiconductor device fabrication process, signed an agreement to acquire Chemetall Precision Microchemicals unit of BASF SE, a German multinational chemical company and the largest chemical producer in the world, in order to strengthen its presence in the global electronic chemicals market.
The report also summarizes many important aspects including the financial performance of the key players, SWOT analysis, product portfolio, and latest strategic developments.
Factors Impacting the Market Size Pre and Post the COVID-19 Outbreak
According to the report, real-time market size has considerably decreased compared to the pre-pandemic apprehensions. The real-time market size reached a revenue of $18,551.9 million in 2020, while its estimations were $24,735.9 million in the pre-pandemic scenario. Growing preference of epoxy and acrylic among people rather than electronic chemicals for the conformal coating due to their affordability is expected to impede the growth of the market. In addition, several electronic chemical manufacturers have considerably reduced their operation capacity due to the stringent restrictions imposed by the government on limiting the workforce. These factors are expected to hinder the growth of the electronic chemicals market during the pandemic and have an adverse effect on the market growth during the forecast period.
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Factors Impacting the CAGR Figure Pre and Post the COVID-19 Outbreak
According to the report, the market is expected to grow at a CAGR of 6.0% during the forecast period, while it was anticipated to be 6.3% in the pre-pandemic scenario from 2019-2026. Availability of reliable alternate chemicals such as acrylic, epoxy, urethane, and others decreased the demand for electronic chemicals. In addition, excessive shortage of raw materials supply and continuous delays in shipment from numerous countries during the pandemic further aggravated the growth of the electronic chemicals market.
Post-Pandemic Insight
As per the report, the global electronic chemicals market is expected to recover by 2nd/3rd quarter of 2022. Growing prevalence of innovative technologies such as augmented reality, artificial intelligence, memory chips, and others are expected to increase the demand for electronic chemicals. In addition, significant advancements in the application of electronic chemicals in the electronic industry for manufacturing and packaging of electronic products is further expected to create tremendous opportunities for the growth of the electronic chemicals market during the forecast period.
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