Burlingame, Jan. 17, 2024 (GLOBE NEWSWIRE) -- The Electronic Chemicals Market is projected to grow from US$ 67.92 billion in 2023 and is estimated to reach US$ 104.86 billion by 2031; it is expected to grow at a Compound Annual Growth Rate (CAGR) of 6.4% from 2024 to 2031 according to a new report by Coherent Market Insights. The electronic chemicals market is expected to witness significant growth over the forecast period driven by rapidly growing semiconductor industry and increasing demand for consumer electronics.
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Market Dynamics:
The Electronic Chemicals Market is expected to witness high growth owing to the increasing consumer demand for electronic devices. The rapid advancement in technology and the growing adoption of smartphones, laptops, tablets, and other electronic devices have significantly increased the demand for electronic chemicals. These chemicals play a vital role in the manufacturing process of electronic devices, as they are used for cleaning, etching, and coating purposes. Furthermore, the miniaturization of electronic components has led to the need for smaller, more efficient, and reliable electronic chemicals, thereby driving market growth. Additionally, the shift towards eco-friendly and sustainable electronic chemicals is also expected to fuel market growth.
Electronic Chemicals Market Report Scope:
| Report Coverage | Details |
| Market Revenue in 2023 | $67.92 billion |
| Estimated Value by 2031 | $104.86 billion |
| Growth Rate | Poised to grow at a CAGR of 6.4% |
| Historical Data | 2017–2021 |
| Forecast Period | 2024–2031 |
| Forecast Units | Value (USD Million/Billion) |
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | By Product Type, By Application |
| Geographies Covered | North America, Europe, Asia Pacific, and Rest of World |
| Restraints & Challenges | • Environmental concerns • Regulatory constraints |
| Growth Drivers | • Miniaturization of electronic devices • Advancements in semiconductor technology |
Market Trends:
Two key market trends are expected to shape the Electronic Chemicals Market in the coming years. Firstly, there is a growing trend towards the use of green and sustainable electronic chemicals. With the increasing focus on environmental conservation and the implementation of stringent regulations, manufacturers are striving to develop eco-friendly alternatives to traditional electronic chemicals. This trend is driven by the need to reduce environmental impact and promote sustainability in the electronics industry.
Secondly, there is a rising demand for high-performance electronic chemicals. As technological advancements continue to push the boundaries of electronic devices, there is an increasing need for chemicals that can meet the demands of high-performance applications. This includes chemicals with enhanced thermal stability, improved electrical conductivity, and superior reliability. Manufacturers are investing in research and development to develop innovative solutions that can enhance the performance of electronic devices.
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Recent Developments:
On December 5, 2023, Merck, a prominent science and technology company, introduced AIDDISON, a groundbreaking drug discovery software. This marks the first-ever software-as-a-service platform that addresses the divide between virtual molecule design and practical manufacturability. AIDDISON™ achieves this integration through the incorporation of the SynthiaTM retrosynthesis software application programming interface (API).
On September 21, 2023, Dow unveiled a fresh lineup of propylene glycol (PG) solutions in Europe, incorporating alternative feedstocks with lower carbon impact, bio-based sources, and circular production methods. This development enables customers across various industries, including pharmaceuticals, agriculture, and food, to offer end-products with verified sustainability benefits. The use of a mass balance approach, certified by ISCC PLUS, meticulously traces the flow of sustainable raw materials in the (propylene glycol)PG manufacturing process through a complex value chain, providing verifiable and third-party validated sustainability credentials.
Key Market Takeaways:
The Electronic Chemicals Market is anticipated to witness a CAGR of 6.4% during the forecast period 2023-2030, owing to the rising demand for specialty gases and the growing semiconductor industry.
On the basis of product type, the specialty gases segment is expected to hold a dominant position, owing to its wide range of applications in electronic manufacturing processes.
On the basis of application, the semiconductor segment is expected to dominate the market, driven by the increasing demand for advanced electronic devices and emerging technologies such as IoT and AI.
In terms of region, North America is expected to hold a dominant position over the forecast period, due to the presence of key players and technological advancements in the region.
Key players operating in the Electronic Chemicals Market include BASF SE, Air Products and Chemicals Inc., The Dow Chemical Company, Merck KGaA, SUMCO Corporation, JSR Corporation, Shin-Etsu Chemical Co., Ltd., Cabot Microelectronics Corporation, Tokyo Ohka Kogyo Co., Ltd., and Honeywell International Inc. These players are focusing on strategic partnerships and product innovation to gain a competitive edge in the market.
Read complete market research report, "Electronic Chemicals Market, By Product Type, By Application, By Geography, Market Size And Share Analysis - Growth Trends And Forecasts 2024-2031", Published by Coherent Market Insights.
Market Opportunities:
Rising Demand for Specialty Gases
The specialty gases segment is anticipated to hold a dominant position in the Electronic Chemicals Market. Specialty gases are widely used in various electronic applications, such as semiconductor manufacturing and flat panel displays. These gases play a crucial role in the fabrication processes of electronic devices, ensuring the high performance and reliability of the final product.
With the increasing demand for advanced electronic devices and the growing semiconductor industry, the demand for specialty gases is expected to witness significant growth. Specialty gases offer benefits such as superior purity, stability, and precision, which are essential for electronic manufacturing processes. Additionally, the rising adoption of advanced technologies, such as Internet of Things (IoT) and artificial intelligence (AI), is further fueling the demand for specialty gases in the electronic industry.
Growing Semiconductor Industry
The semiconductor industry is expected to dominate the Electronic Chemicals Market. Semiconductors are an integral part of various electronic devices, including smartphones, laptops, and televisions. The increasing consumer demand for these devices, coupled with technological advancements, is driving the semiconductor industry.
The demand for semiconductors is also fueled by emerging technologies such as 5G, IoT, and AI. These technologies require advanced semiconductors with higher processing power, storage capacity, and speed. As a result, the demand for electronic chemicals, including conductive polymers, photoresist chemicals, and CMP slurries, is increasing in the semiconductor industry.
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Detailed Segmentation:
By Product Type:
- Speciality Gases
- CMP Slurries
- Conductive Polymers
- Photoresist Chemic
- Others
By Application
- Semiconductor
- Integrated Circuit
- Printed Circuit Board
- Others
By Region:
- North America
- U.S.
- Canada
- Latin America
- Brazil
- Mexico
- Rest of Latin America
- Europe
- Germany
- U.K.
- Spain
- France
- Italy
- Russia
- Rest of Europe
- Asia Pacific
- China
- India
- Japan
- Australia
- South Korea
- Rest of Asia Pacific
- Middle East & Africa
- South Africa
- GCC Countries
- Rest of Middle East & Africa
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