New York, July 05, 2023 (GLOBE NEWSWIRE) -- The global electronic chemicals and materials market is estimated to grow at a CAGR of ~6% from 2023 to 2033. The market is estimated to garner a revenue of nearly USD 99 billion by the end of 2033, up from a revenue of about USD 54 billion in the year 2022. The market is growing mainly backed by the increasing demand for semiconductors, with global semiconductor industry revenue increasing 7% to USD 48.6 billion in July 2022 from USD 44.9 billion in July of the year 2021.
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The electronics industry uses a wide range of advanced specialty chemicals to manufacture a wide variety of electronic components and products. Electronic chemicals include chemicals in solid, liquid, and gaseous forms. A variety of chemicals are used in the manufacture of electronic chemicals such as silicon, bisphenols, and fluorine. Chemicals used include agricultural, adhesives, detergents, industrial gases, lubricants, polymers, paints, and surfactants. Industries such as automotive, aerospace, food, cosmetics, agriculture, manufacturing, and textiles rely heavily on such products. The electronics industry uses these specialty chemicals to manufacture semiconductors, printed circuit boards, and ICs. Hence, with the growing usage and adoption across various industries, the global market is anticipated to grow notably over the forecast period.
Global Electronic Chemicals and Materials Market: Key Takeaways
- Market in North America to propel highest growth
- The semiconductors segment to garner the highest growth
- Market in Asia Pacific to grow at a highest rate
Global Expansion and Adoption of 5G to Boost Market Growth
5G is fast becoming the network of choice as a result of its performance and reliability. Going forward, enterprise use cases will be a key driver of 5G growth. 5G is estimated to drive long-term growth well beyond the 2022 timeframe, which will be guided by enterprise use cases. This differs from previous technological transitions. Given the future growth of 5G adoption, monetizable consumer demand is key. For instance, South Korea, where consumer demand is currently strong, is rolling out 5G, which delivers speeds three to five times faster than 4G. Consumers are now using 2x to 3x more data and are willing to pay more, with an average premium of 20% over 5G. Looking ahead, 5G subscriber numbers are projected to reach 1 billion subscribers in less than 2 years, compared to 4G's 1.5 years, with significantly higher adoption expected. Over a third of all semiconductors produced are used in the communications industry. By 2025, one-third of the world's population is expected to be covered by 5G networks. Clearly, the growth of 5G technology will further drive the global market.
Global Electronic Chemicals and Materials Market: Regional Overview
The global industry is segmented into five major regions including North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa region.
Well-Established Semiconductors Industry to Benefit Market Growth in Asia Pacific Region
The electronic chemicals and materials market in the Asia Pacific region is estimated to garner the largest revenue by the end of 2033. The regional growth can be attributed in large part to the well-established semiconductor industries in China and Japan, significant revenue generation in Taiwan, and rapid economic growth in countries in the region, which are some of the key factors expected to drive Asia Pacific market growth over the forecast period. Apart from that, Japan is increasingly investing in attracting foreign companies to secure its own shipping supply. For example, about USD 2.8 billion worth of semiconductors were sold in Japan in April 2020, increasing to about USD 3.3 billion by the end of this year. In addition, over the past few years, the electronics industry has grown rapidly around the world, creating enormous demand for printed circuit boards. Asia Pacific is the largest producer of her PCBs. Developments in various industries such as telecoms & IT, smart cards, electronic games, and consumer goods have contributed to the growth of the PCB market, which is estimated to drive the market in the region.
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Increasing Internet Penetration among Individual Population to Fuel Market Growth in the North America Region
The electronic chemicals and materials market in the North American region is estimated to garner the highest CAGR by the end of 2033. The growth of the market in this region can primarily be attributed to the fact that industries such as medical, consumer electronics, games, and automobiles are booming in the region. Additionally, increasing internet penetration among individuals in the region is positively influencing the growth of the market in the region. According to World Bank data, 91% of the North American population used the internet in 2020. These factors are therefore projected to drive the demand for electronic products and thus electronic chemicals and materials in the forecast year and are regarded as key factors to drive market growth in the North American region.
Global Electronic Chemicals and Materials Market, Segmentation by Application
- Semiconductors
- ICs
- Display Panels
- Metallurgy
Among these four segments, semiconductors are expected to have the largest share over the forecast period. The growth of the segment can be attributed to the rapid digitization of various industries around the world. For instance, about 65% of the world's Gross Domestic Product (GDP) is projected to be digitized by the year 2022, and digitized organizations are projected to add more than half of global GDP by the year 2023, contributing nearly USD 54 trillion. Semiconductors are substances with specific electrical properties that serve as the basis for computers and other electronic devices. It is usually a solid chemical element or compound that conducts electricity under certain conditions but not under others. This makes it an ideal medium for controlling power and everyday electronics. Hence, the growing adoption of electronic devices, coupled with the increasing digitalization across the globe, is highly anticipated to contribute to the growth of this segment.
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Global Electronic Chemicals and Materials Market, Segmentation by Type
- Specialty Gases
- CMP Slurries
- Photoresist Chemicals
- Conductive Polymers
- Low K Dielectrics
- Wet Chemicals
- Silicon Wafers
- PCB Laminates
Among these segments, the PCB laminates segment is expected to account for a sizable share over the forecast period. The segmental growth can be largely attributed to the fact that PCB laminates offer more stability, which increases the overall performance of the board. The circuit board laminate holds the layers together. Lamination describes the process of building up successive layers of material and bonding those layers together to strengthen, protect, and waterproof various substances. The lamination process is a critical step in building a printed circuit board (PCB). PCB manufacturers use lamination to keep copper from inadvertently conducting electricity or signals. Lamination requirements vary depending on the intended use of the PCB, but the PCB lamination process is an integral part of PCB manufacturing. Increasing production of PCBs is also estimated to be an important factor in fueling segmental growth. For example, China's domestic printed circuit board production is now outstripping export orders in many factories, raising raw material prices by more than 35% in some cases.
Few of the well-known market leaders in the global market of electronic chemicals and materials that are profiled by Research Nester are Baxter International, Inc., Nikkiso Co., Ltd., MEDIVATORS, Inc., NIPRO Corporation, Diaverum AB, B. Braun Melsungen AG, DaVita, Inc., Asahi Kasei Corporation, NxStage Medical, Inc., Fresenius Medical Care AG & Co. KGaA., and other key market players.
Recent Development in the Global Electronic Chemicals and Materials Market
- Air Liquide Electronics - Invested over €200 million to expand manufacturing capacity in Tainan and Hsinchu, Taiwan. The group will be able to supply three high-volume semiconductor plants currently under construction at Tainan Science Park.
- An agreement has been signed between BASF SE-BASF and Entegris for Entegris to acquire his US$90 million Precision Microchemicals business. The technology, intellectual property and brand deals are expected to close by the end of 2021.
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