New York, USA, Oct. 11, 2022 (GLOBE NEWSWIRE) -- A latest report on the global electronic chemicals market published by Research Dive sheds light on the impact of the COVID-19 pandemic on the present and future lookout of the market. This report is a valuable study for stakeholders, investors, market participants, and new players looking for comprehensive insights into the impact of COVID-19 on the market’s growth.
Key Highlights of the Report
The COVID-19 pandemic has had a negative impact on the growth of the global market for electronic chemicals in 2020. As per the report, the global electronic chemicals market garnered $22,000 million in 2018 and is expected to hit $35,056.9 million by 2026, rising at a CAGR of 6.0%.
Factors Impacting the Market Growth during the COVID-19 Crisis:
Before the pandemic, the global electronic chemicals market was estimated to grow with 6.3%; however, after the outbreak of the pandemic, the market is anticipated to experience deterioration in growth and rise with 6.0% CAGR in the forecast period. This is mainly due to the implementation of lockdown restrictions owing to which electronics manufacturers are experiencing challenges in production processes, cash-flow shortages, and disruptions in supply chains during the pandemic period. Moreover, the dearth of raw material supply and delay in delivery of shipments from several nations during the pandemic are hindering the market’s growth to a great extent.
Current Face of the Electronic Chemicals Due to COVID-19
Before the outbreak of the pandemic, the market was estimated to garner $24,735.9 million in 2020. In the present situation, the market size has declined and reached up to $18,551.9 million in 2020.
Numerous electronic chemicals companies are experiencing challenges owing to the temporary cessation of operations due to the drop in demand from numerous end-users. The key players in the electronic chemicals market are making strategic investments in novel technologies for recovering the industry from the incurred losses. Such initiatives are likely to help the market recuperate from the pandemic losses. The market is expected to recover from the incurred losses by the second or third quarter of 2022.
Future Lookout of the Electronic Chemicals Market
According to the report, the global electronic chemicals market is expected to observe significant growth after the end of the COVID-19 pandemic, owing to the rising investments in R&D activities, partnerships, and new developments in the electronics sector. Some of the leading players, such as
- Solvay S. A.
- Merck KGaA
- Air Liquide SA
- Wacker Chemie AG
- Hitachi Chemical Co. Ltd.
- BASF SE
- Sumitomo Chemical Co. Ltd
- Honeywell International, Inc.
- MacDermid, Inc
are expected to come up with cutting-edge developments and pave way for rewarding opportunities for the market growth in the forthcoming years. For instance, in January 2022, Sabic, a Saudi chemical manufacturing company, launched biobased thermoplastic copolymer resins for the electronics sector.
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More about Electronic Chemicals Market:
- Electronic Chemicals: Different Types and the Current Market Scenario Due to COVID-19 Outbreak
- Rising Demand for Applications That Make Use of Electronic Chemicals to Surge the Market Growth
