The global electronic chemicals market was valued at USD 20 billion in 2030 and is expected to register a CAGR of 6.10% during the forecast period.
To extract minute impurities from semiconductor wafers, electronic chemicals are used. As a result, high-purity electronic chemicals are needed to improve the output of electronic devices. Electronic chemicals are expected to grow in demand as demand for electronic products rises. As a result, the growing demand for electronic products is expected to drive the global Electronic Chemicals Market forward during the forecast period. Machine demand has been fueled using robots and automation in the industrial sector. These devices have the potential to improve operating performance.
To ensure optimum efficiency, electronic chemicals are used extensively in machine motion control and sensor and vision components. Thus, the growth of the industrial sector is also expected to drive the growth of the global electrical chemicals market during the forecast period. The introduction of emerging technologies such as IoT (Internet of Things) and AI (Artificial Intelligence) have developed a new product subcategory of intelligent home devices. Electronic materials manufacturers now have a plethora of options thanks to AI-related technology. The growing demand for electric vehicles has given the electronics materials industry a new revenue stream. By launching high-end LED and LCD television sets, the digital display industry is also aiming for higher standards, necessitating the use of high-quality electronic materials in manufacturing. As a result, players in the electronic chemicals and materials industry will seek new revenue streams.
Nanotechnology's widespread acceptance has aided the market shift toward MEMS and NEMS applications. Nano-devices have been widely accepted due to their smaller scale, lighter weight, lower power consumption, and lower fabrication costs. With numerous technological advances, the market demand for photoresist and photoresist ancillaries has risen as a result of the recent commercialization of nano-based products. The use of toxic chemicals and materials in the manufacture of electronic devices has forced businesses to comply with a slew of regulations and laws that could have a direct or indirect effect on their profitability. The use of silica in semiconductor manufacturing has been a major source of concern for workers' health.
The global electronic chemicals market has been segmented on the basis of product type, application, and region. Based on product type, the global market has been divided into atmospheric and specialty gases, photoresist chemicals, and wet chemicals, solvents, and others. Because of its rising use in integrated circuits and semiconductors, the atmospheric and specialty gases segment is expected to be the fastest-growing (ICS).
On the basis of application, the global market has been classified into integrated circuits and semiconductors, flat panel displays & light-emitting diodes, photovoltaics, printed circuit boards, and others. Because of its ability to generate electric power through the solar cell, the photovoltaic segment is expected to grow at an exponential rate over the forecast period.
Due to high production and demand for electronic products in countries such as China, Japan, South Korea, and Malaysia, Asia-Pacific is projected to dominate the global electronic chemicals industry, accounting for a large market share. In 2016, China's electronic product output was worth USD 2,287.47 billion, Japan's was worth USD 328.87 billion, and South Korea's total production was worth USD 268.05 billion. The growth of the electronics industry, which is expected to drive the growth of the regional economy, is being fueled by economic development and a rise in disposable income.
Because of the high demand for smart devices and technological advances, the North American market is expected to rise at a healthy rate. The area is driven by a change in customer preference towards fitness & wellness devices and smartwatches. For example, the United States manufactured electronic goods worth USD 411.09 billion, making it the second-largest market for electronic goods, which is expected to support regional market growth.
Some of the prominent players in the global Electronic Chemicals Market Growth Analysis are Air Liquide (France), Honeywell International Inc (US), Eastman Chemical Company (US), Transene Company, Inc (US), Heraeus Group (Germany), Air Products and Chemicals, Inc (US), BASF SE (Germany), Huntsman Corporation (US), Linde AG (Ireland), Solvay (Belgium), NAGASE & CO., LTD (Japan) and Praxair Technology, Inc (UK).