Selbyville, Delaware, Sept. 09, 2024 (GLOBE NEWSWIRE) -- Electronic Wet Chemicals Market value could reach USD 8.4 billion by 2032, as per a recent study by Global Market Insights Inc.
This substantial growth is driven by ongoing advancements in semiconductor manufacturing and the increasing demand for high-purity chemicals in electronics production. The rising innovative advancements and product launches from leading companies also support the market.
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For instance, in August 2024, Eastman introduced electronic-grade isopropyl alcohol (IPA) as the newest product in its EastPure electronic chemicals line. This addition provided U.S. semiconductor manufacturers with a domestically produced solvent that matches the reliability of both its quality and supply. As the demand for smaller, more efficient electronic devices continues to grow, wet chemicals, essential for cleaning and etching processes, are expected to play a pivotal role in the industry expansion over the forecast period.
Phosphoric Acid to Drive Type Segment Growth
Electronic wet chemicals market size from phosphoric acid segment will grow significantly from 2024 to 2032, driven by its critical role in the semiconductor manufacturing process. Phosphoric acid is widely used for cleaning and etching silicon wafers, a fundamental step in producing microchips and other electronic components. As the semiconductor industry continues to advance, with increasing demand for high-performance chips in applications like 5G, AI, and IoT, the need for high-purity phosphoric acid is expected to rise, solidifying the segment position in the market.
Solid Form to Experience Notable Growth
The solid form segment is poised to grow substantially by 2032, driven by the increasing demand for solid wet chemicals in various applications, including etching, cleaning, and surface treatment. Solid forms of wet chemicals offer advantages such as ease of handling, storage, and precise dosing, making them ideal for high-precision processes in semiconductor and electronics manufacturing. With the growing complexity of electronic devices and the need for exacting manufacturing standards, the solid form segment is expected to play a crucial role in the electronic wet chemicals industry expansion.
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Europe to Establish Strong Market Presence
Europe electronic wet chemicals market will record a remarkable market CAGR from 2024 to 2032, supported by the region's robust semiconductor industry and growing investments in advanced electronics manufacturing. Countries such as Germany, France, and the Netherlands are leading the adoption of high-purity wet chemicals, driven by the need for precision and reliability in semiconductor fabrication. Moreover, the European Union’s focus on sustainability and reducing environmental impact pushes manufacturers to develop greener and more efficient wet chemicals. As Europe continues to invest in semiconductor innovation and sustainable manufacturing practices, the region is set to be a major contributor to the global market.
Electronic Wet Chemicals Market Players
Key players in the electronic wet chemicals industry include BASF SE, Honeywell International Inc., Mitsubishi Chemical Corporation, Dow Chemical Company, Sumitomo Chemical Co., Ltd., Cabot Microelectronics Corporation, Technic Inc., Fujifilm Corporation, KMG Chemicals, Inc., Linde plc, Tokyo Ohka Kogyo Co., Ltd., Air Products and Chemicals, Inc.
The demand in the Electronic Wet Chemicals Market is driven by efforts from key industry players to enhance semiconductor manufacturing processes. Companies like BASF and Fujifilm Corporation are investing in advanced formulations that improve cleaning, etching, and surface preparation for electronic components. These innovations are crucial as the semiconductor industry expands, requiring more precise and efficient chemical solutions.
In April 2024, Runjing Chemical, a producer of Tetramethylammonium hydroxide products, acquired Sumitomo Chemical's two facilities in China. The Hefei and Chongqing plants will be fully integrated into Runjing Chemical’s operations, becoming wholly-owned subsidiaries of the company.
About Global Market Insights
Global Market Insights Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider, offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy, and biotechnology.
