According to the new market research report “Electronic Chemicals and Materials Market by Type (Specialty Gases, CMP Slurries, Conductive Polymers, Photoresist Chemicals, Low K Dielectrics, Wet Chemicals, Silicon Wafers, PCB Laminates), Application, and Region – Global Forecast to 2024″, size is estimated at USD 56.3 billion in 2019 and is projected to reach USD 81.6 billion by 2024, at a CAGR of 7.7% during the forecast period. Increasing demand from the microelectronics and chip manufacturing industries globally is expected to drive the market.
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The semiconductors market is one of the most competitive markets worldwide, and the demand for ultra-pure electronic gases and chemicals is increasing in tandem with the growing semiconductors market. There are different chemicals and materials used in the electronics industry, which include specialty gases, wet chemicals, conductive polymers, CMP slurries, photoresists, PCB laminates, and others. Semiconductor devices require proper maintenance for their functionality; hence, certain electronic chemicals and materials are used for cleaning, etching, polishing, doping, and servicing of semiconductors. MarketsandMarkets expects the global electronic chemicals and materials market size to grow from USD 56.3 billion in 2019 to USD 81.6 billion by 2024, at a compound annual growth rate (CAGR) of 7.7%.
Silicon wafers are the largest type of electronic chemicals and materials. These are a thin slice of semiconductor, which is made out of crystalline silicon and is a key component in the fabrication of integrated circuits and serves as a substrate for microelectronics devices. The primary use of silicon wafer is in integrated circuits, which are the basic building block of any electronic devices, such as computers and smartphones. Other applications include tire pressure systems and solar cells. The silicon wafer market is expected to grow with the growth of the integrated circuits and solar markets during the forecast period.
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The electronic chemicals and materials market size is projected to grow from USD 56.3 billion in 2019 to USD 81.6 billion by 2024, at a compound annual growth rate (CAGR) of 7.7% during the forecast period.
The market growth is reliant on the semiconductor industry, which is affected by the technological advancements in the electronics industry. Along with the increasing demand for circuit boards and memory chips, technologies such as artificial intelligence (AI) are expected to drive the market in the semiconductor industry. The market growth is also attributed to the intense penetration of electric and hybrid cars. The communications industry is expected to grow in the upcoming years because of the introduction of 5G technology, which is projected to drive the electronic chemicals and materials market.
The key players in the electronic chemicals and materials market are Linde plc (Ireland), Air Products and Chemicals (US), DowDuPont (US), Cabot Microelectronics (US), BASF AG (Germany), Hitachi Chemical (Japan), Air Liquide (France), Solvay A.G. (Belgium), Shin-Etsu (Japan), Covestro (France), and Songwon (South Korea). These players have adopted the strategies of expansion, new product development, collaboration, acquisition, agreement, and acquisition to increase their product offerings and expand their geographic presence.
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Linde (Ireland) is setting up an air separation plant to supply a 720 tons per day of high purity nitrogen to Shanghais Ever Display Optronics Co. Ltd (EDO). Apart from this, the company will supply oxygen, helium, argon, and hydrogen to EDO. The company will also invest USD 1.4 billion to expand its existing gasification complex at Jurong Island, integrating it with ExxonMobils project in order to produce and supply additional hydrogen and synthesis gas.
Air Products and Chemicals (US) has announced the addition of a second liquid hydrogen production facility in California, US. This production facility will help the company meet the demand for hydrogen fuel cell vehicles (FCV). The company has also invested in six industrial gas plants and pipeline network in China. These plants will supply nitrogen, oxygen, and other bulk gases. The expansion will support the booming electronics manufacturing industry in China.
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