Chicago, Aug. 05, 2024 (GLOBE NEWSWIRE) -- The Global Electronic Wet Chemicals Market is 3.8 billion in 2023 and is projected to reach USD 5.4 billion by 2028, at a CAGR of 7.2%, as per the recent study by MarketsandMarkets™. The market growth is driven by technological advancements in the electronics industry and rise in the demand for hydrogen peroxide from the semiconductor industry.
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Browse in-depth TOC on “Electronic Wet Chemicals Market”.
337 - Market Data Tables
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List of Key Players in Electronic Wet Chemicals Market:
- Avantor Inc. (US)
- BASF SE (Germany)
- Cabot Microelectronics (US)
- Kanto Chemical Co. Inc. (Japan)
- Honeywell International, Inc. (US)
- Eastman Chemical Company (US)
- Linde Plc (Ireland)
- Solvay (Belgium)
- Fujifilm Corporation (Japan)
- Technic Inc. (US)
Drivers, Restraints, and Opportunities in Electronic Wet Chemicals Market:
- Driver: Technological advancements in electronic industry.
- Restrain: Stringent health and environmental regulations for certain chemicals.
- Opportunity: Improved IT infrastructure and upcoming technologies.
- Challenge: Rapid decline in the use of old technologies.
Key Findings of the Study:
- Semiconductor by application is projected to be the largest, in terms of value, during the forecast period.
- Acetic acid by type is projected to be the largest, in terms of value, during the forecast period.
- Liquid form by form segment is projected to be the largest, in terms of value, during the forecast period.
- Asia Pacific is expected to be the fastest growing market for electronic wet chemicals during the forecast period, in terms of value.
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The electronic wet chemicals market is segmented by type into acetic acid, isopropyl alcohol, hydrogen peroxide, hydrochloric acid, ammonium hydroxide, hydrofluoric acid, nitric acid, phosphoric acid, sulfuric acid, and others. In 2023, acetic acid accounted for the largest share, in terms of value, of the global market. Acetic acid is favored for its safety and sustainability compared to more harsh chemicals used in electronics manufacturing. It is readily biodegradable, less toxic, and has a lower environmental impact, aligning with the growing focus on green electronics. Additionally, acetic acid is abundantly available and relatively inexpensive, making it an attractive option for manufacturers in price-sensitive markets.
The consumer goods industry represents the largest application segment for electronic wet chemicals, driven by the heavy integration of electronic components in products such as smartphones and household appliances. Wet chemical processes, including cleaning, surface treatment, and circuit board fabrication, are crucial in manufacturing these goods. The sector's diverse applications require a wide range of chemical formulations tailored for specific electronic components. The rapid pace of innovation and frequent product upgrades in the consumer goods industry necessitate new electronic elements, each often requiring specialized wet chemical treatments. High standards of quality and aesthetics in consumer goods are achieved through precise surface treatments, coatings, and etching provided by wet chemical processes. The demand for electronic wet chemicals is further driven by the expanding consumer electronics market, continuous technological advancements, and the global reach of consumer goods.
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BASF SE is a leading global producer and seller of a wide range of chemicals and intermediate solutions, operating through seven business segments: chemicals, materials, industrial solutions, surface technologies, nutrition & care, agricultural solutions, and others. Within the chemicals segment, BASF offers electronic wet chemicals and provides performance chemicals for various industries, including oil & gas, paper, mining, and water treatment. BASF SE boasts a robust global presence, operating through 390 production facilities across Europe and subsidiaries in more than 90 countries. The company primarily operates in Europe but also maintains an active presence in North America, the Asia-Pacific (APAC), South America, Africa, and the Middle East.
Cabot Microelectronics Corporation specializes in the development, production, distribution, and sales of specialty chemicals and performance materials for the semiconductor, pipeline & energy services, and industrial wood preservation markets. The company operates through two business segments: electronic chemicals and performance materials. Within the electronic chemicals segment, Cabot Microelectronics caters to the electronic wet chemicals market, providing products and solutions for the semiconductor industry. This segment includes CMP slurries, polishing pads, and KMG electronic chemicals. Notably, the company generates 57% of its revenue from five major electronics giants, with Samsung, Taiwan Semiconductor Manufacturing Company (TSMC), and SK Hynix Inc. contributing 18%, 12%, and 10%, respectively. Cabot Microelectronics has operations in the US, Europe, and Asia.
The Asia-Pacific region has emerged as the largest and fastest-growing market for electronic wet chemicals. Countries such as China, Japan, South Korea, and Taiwan serve as significant electronic manufacturing hubs, with numerous semiconductor and electronic device manufacturing facilities. This status drives a high demand for electronic wet chemicals essential to production processes. The region's rapidly evolving consumer electronics industry, fueled by the surging demand for smartphones, tablets, laptops, and other gadgets, also contributes to market growth. Technological advancements in the Asia-Pacific region necessitate specialized electronic wet chemicals to support advanced manufacturing processes. Companies in this region invest substantially in research and development to stay at the forefront of technological progress, continually developing new electronic wet chemicals. Efficient supply chain management, facilitated by the close proximity between manufacturers and suppliers, further enhances the market. Additionally, government initiatives and support, including incentives, infrastructure development, and investment-friendly policies, stimulate the electronics industry in the Asia-Pacific region.
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