The impact of COVID-19 pandemic can be felt across the chemical industry. The growing inability in the production and manufacturing processes, in the light of the self-quarantined workforce has caused a major disruption in the supply chain across the sector. Restrictions encouraged by this pandemic are obstructing the production of essentials such as life-saving drugs.
The nature of operation in chemical plants that cannot be easily stopped and started, makes the operational restrictions in these plants a serious concern for the industry leaders. Restricted and delayed shipments from China have created a price hike in the raw materials, affecting the core of the chemicals industry.
The slacking demand from different impacted industries such as automotive is negatively influencing the growth of the chemical industry. In light of the current crisis, the market leaders are focused to become self-reliant which is expected to benefit the economic growth of different economies in the longer term. Companies are triggering events to restructure and recover from the losses incurred during the COVID-19 pandemic.
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PMR presents a detailed analysis and delivers key insights on the global electronic grade phosphoric acid market in its latest report titled ‘Electronic Grade Phosphoric Acid Market: Global Industry Analysis 2013-2017 and Forecast 2018-2028’. The long-term outlook on the global electronic grade phosphoric acid market remains positive with the market value pegged at over US$ 827.6 Mn at the end of 2018, which is anticipated to reach US$ 1,757.9 Mn by 2028 end. Among the segments by grade/purity, the less than 80% purity segment in the electronic grade phosphoric acid market is expected to account for a significant share in terms of both value and volume over the forecast period. From a regional point of view, countries in East Asia are anticipated to amass a substantial proportion of the market during the forecast period, witnessing 8.3% growth from 2018 to 2028. In this report, PMR throws light on the drivers, restraints, opportunities and trends likely to impact the electronic grade phosphoric acid market during this period.
Semiconductor Manufacturing Activities to Drive Global Electronic Grade Phosphoric Acid Market
Persistence Market Research recommends that the global electronic grade phosphoric acid market will register healthy growth over the forecast period, which can be attributed to the optimistic stance of the electronic parts manufacturing activities, mainly in manufacturing hubs such as China, Japan and South Korea. With rising demand from end-use industries such as consumer electronics, the consumption of electronic grade phosphoric acid in cleaning application is expected to witness strong growth during the forecast period. Also, in the manufacturing of large-scale integrated circuits such as VLSI and ULSI, electronic grade phosphoric acid is employed in cleaning applications and as an etchant. The need for pure metal sheets and particles in the manufacturing of microelectronic components has been significantly increasing the demand for electronic grade phosphoric acid in the marketplace. The growing prominence of Liquid Crystal Display (LCD) panels in smartphones, televisions, tablets, computers and laptops, among other devices has been following a tremendous growth track. This, complimented by the distinguished characteristics of electronic grade phosphoric acid, are some prominent factors driving the market of electronic grade phosphoric acid.
However, the unfavourable stance of environmental and governing authorities on the overall mining sector, comprising phosphate rocks mining, pose a hindrance to the uninterrupted production of electronic grade phosphoric acid. The manufacturing of electronic grade phosphoric acid depends mainly on low purity phosphoric acid, which is further dependent on phosphate rocks used as raw materials. An irregular supply of water in some regions to the mining sector, due to competing claims such as water shortage for drinking and agriculture activities, restrain the market for electronic grade phosphoric acid from expanding to its full potential.
Global Electronic Grade Phosphoric Acid Market Segmentation Analysis
The electronic grade phosphoric acid market has been segmented on the basis of application into semiconductor, liquid crystal display (LCD), VLSI & ULSI and others.
Global Electronic Grade Phosphoric Acid Market Regional Forecast
East Asia accounts for a 35% revenue share in the overall electronic grade phosphoric acid market. The overall electronic grade phosphoric acid market is expected to grow with a 7.8% Compound Annual Growth Rate while regions such as North America, South Asia and East Asia are expected to grow at a higher pace, owing to the growing demand in these regions.
Global Electronic Grade Phosphoric Acid Market Competition Landscape
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