Surging demand for electronic chemicals and materials from the electronic industry is propelling market growth. Electronic chemicals and materials are utilized for cleaning, etching, and servicing semiconductors so as to drive performance efficiency.
The electronic materials and chemicals industry demand is forecast to experience a growth of 5.6% CAGR over the estimated time period, as per FMI’s analysis. The industry’s size is predicted to reach a market value of US$ 74,679 million in 2023.
Technological advancements in the electronics industry are another factor fueling the demand for electronic materials and chemicals. Inclining preference for nanotechnology in NEMS and MEMS devices has yielded significant market opportunities. Additionally, increasing proclivity toward smart technologies and connected devices is boosting the demand for AI and IoT-powered devices for improved and safe functionality. Thus, stimulating demand for electronic chemicals and materials.
The establishment and further growth of corporate companies boost the consumption of electronic devices like smartphones, computers, air conditioners, and laptops that depend heavily on electronic circuits and chips. Moreover, the expansion of the IT hardware sector is presenting growth avenues for electronic materials and chemicals. Nonetheless, factors like the high cost of operations and complex regulations are expected to obstruct market growth.
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Demand for compact-sized gadgets due to the presence of more features in a singular device is expected to propel demand for silicon wafers throughout the world. In addition, the miniaturization of semiconductor devices is further expected to propel market development over the next ten years.
Top Highlights from the FMI’s Analysis of the Electronic Materials and Chemicals Market:
- The United States electronic materials and chemicals industry is expected to have a large stake of 25.2% in 2023. Due to rapid innovation and the high density of manufacturers in the country, the market is expected to observe significant growth in terms of revenue.
- Germany is a prominent market in Europe and contributes 8.8% market share in the global market. In the coming years, manufacturers are expected to expand and invest in the regional market to reap significant profits later on.
- Japan is projected to account for a 3.6% value share in 2023. The country is expected to observe more manufacturers willing to explore the growth prospects in later years.
- Australia is expected to record a market share of 3.1% in 2023. This market has the potential to grow as manufacturers are looking for more unexplored markets to realize their potential.
- China and India are expected to register a CAGR of 4.5% and 5.2%, respectively, over the forecast period. The countries are expected to have significant expansion prospects for businesses over the forecast period.
- Under the product type, the solid segment is expected to account for 34.1% market share in 2023.
- Based on application, the silicon wafers segment is projected to attain a 48.4% market share in 2023.
Winning Strategies to Gain More Market Share
The competitive landscape of the electronic materials and chemicals industry is fragmented. The players are employing strategies like acquisition, business expansion, and partnership to expand their market presence. Firms are increasing their capacities to cater to customer requirements, primarily from the electronics industry. Recent developments in the market include:
- In 2021, Air Products commenced a new air separation facility in Arizona to develop oxygen and nitrogen for electronics applications.
- Linde began a new ASU in 2020 to cater to the demand for industrial gases in South Korea.
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Key players in Electronic Materials and Chemicals Market
- Air Products & Chemicals Inc.
- Bayer Ag
- Albemarle Corporation
- Ashland Global Specialty Chemicals Inc.
- BASF Electronic Chemicals
Electronic Materials and Chemicals Market Key Segments:
By Product:
- Liquid
- Gaseous
- Solid
By Application:
- Silicon Wafers
- PCB Laminates
- Specialty Gases
- Wet Chemicals and Solvents
- Photoresist
- Others
By End Uses:
- Semiconductors and Integrated Circuits
- Printed Circuit Boards
By Region:
- North America
- Latin America
- Europe
- Asia Pacific
- Middle East & Africa
About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 400 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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