Portland, OR, June 16, 2023 (GLOBE NEWSWIRE) -- Allied Market Research published a report, titled, “Etching Chemicals Market by Type (Si Etching Solution, Al Etching Solution, Au Etching Solution, Ag Etching Solution, Copper Etching Solution, ITO Etching Solution, Etching Gas, and Others), By Application (Chemical Etching, Photochemical Etching, and Electro-chemical Etching), and By End-Use Industry (Aerospace, Electronic, Medical, Automotive, Construction, and Others): Global Opportunity Analysis and Industry Forecast, 2023-2032.” According to the report, the global etching chemicals market was valued at $1.7 billion in 2022 and is projected to reach $3.0 billion by 2032, registering a CAGR of 5.9% from 2023 to 2032.
Prime Determinants of Growth:
The global etching chemicals market is driven by an increase in demand for etching chemicals from the electronic industry and the expansion of the automotive sector. However, numerous etching chemicals are harmful to the environment, which is expected to hamper market growth. The rapid emergence of new technologies, such as flexible electronics, organic electronics, and nanotechnology, opens new avenues for the application of etching chemicals. These technologies often require innovative etching processes to achieve precise patterns and structures on unconventional substrates.
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Report Coverage & Details:
| Report Coverage | Details |
| Forecast Period | 2023–2032 |
| Base Year | 2022 |
| Market Size in 2022 | $1.7 billion |
| Market Size in 2032 | $3.0 billion |
| CAGR | 5.9% |
| No. of Pages in Report | 652 |
| Segments Covered | Type, Application, End-use industry, Region |
| Drivers | Increase in demand for etching chemicals from the electronic industry |
| Expansion of the automotive industry | |
| Opportunities | Increased usage of etching chemicals in the 3D printing industry |
| Restraints | Health hazards associated with etching chemicals |
The Al etching solution segment to maintain its lead position during the forecast period-
Based on type, the Al etching solution segment accounted for the largest share in 2022, contributing to more than one-fifth of the global etching chemicals market revenue, and is projected to maintain its lead position during the forecast period. Aluminum and its alloys are increasingly prized in engineering for their lightweight durability, which enables energy savings. Etched aluminum components are lightweight and ideal for a range of precision engineering applications owing to the lightweight nature of aluminum. However, the etching gas segment would display the fastest CAGR of 6.4% during the forecast period. Etching gas offers several advantages over other material removal methods, such as chemical etching. For instance, plasma etching is used to remove materials with high selectivity. Only the desired material is removed, and the underlying substrate is not damaged.
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The chemical etching segment to maintain its leadership during the forecast period-
Based on application, the chemical etching segment accounted for the largest share in 2022, contributing to nearly half of the global etching chemicals market revenue, and is projected to maintain its leadership during the forecast period. Chemical etching allows for high precision and accuracy in creating intricate patterns, fine details, and complex geometries. It can achieve feature sizes down to a few micrometers or even smaller, making it suitable for producing microelectromechanical systems (MEMS), electronic components, and precision metal parts. On the other hand, the photo chemical etching segment would showcase the fastest CAGR of 6.3% during the forecast period. Companies use photochemical etching as an economical alternative to laser cutting, water jet cutting, punching, and stamping. During mass production, the technique enables easy modifications and adjustments.
The electronics segment to rule the roost by 2032-
Based on end-use industry, the electronics segment accounted for the largest share in 2022, holding nearly one-third of the global etching chemicals market revenue, and is projected to rule the roost by 2032. The same segment would also cite the fastest CAGR of 6.3% from 2023 to 2032. Owing to its increased demand for PCB manufacturing, it is driving the demand for etching chemicals.
Asia-Pacific to maintain its dominance by 2032-
Based on region, Asia-Pacific held the highest market share in terms of revenue in 2022, accounting for nearly half of the global etching chemicals market and is likely to dominate the market during the forecast period. Simultaneously, the same segment would also portray the fastest CAGR of 6.2% during the forecast period. This is attributed to numerous factors, such as the flourishing electronics industry, consistently developing economic status, and strengthening industrialization, which drives the growth of the Asia-Pacific market.
Leading Market Players:
- STELLA CHEMIFA CORPORATION
- DAIKIN INDUSTRIES Ltd.
- Solvay
- ZEON CORPORATION
- SACHEM, INC.
- KANTO KAGAKU
- Mitsubishi Chemical Corporation
- ADEKA CORPORATION
- Nagase Chemtex Corporation
- BASF SE
The report provides a detailed analysis of these key players in the global etching chemicals market. These players have adopted different strategies, such as new product launches, collaborations, expansion, joint ventures, agreements, and others, to increase their market share and maintain dominant shares in different regions. The report is valuable in highlighting business performance, operating segments, product portfolios, and strategic moves of market players to showcase the competitive scenario.
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