According to the new market research report “Electronic Wet Chemicals Market By Type, Form ( Solid Liquid, Gas), Application ( Semiconductor, IC Packaging, PCB),End-Use Industry (Consumer Goods, Automotive, Aerospace & Defence, Medical), And Region – Global Forecast To 2025“, The global electronic wet chemicalsmarket size is expected to grow from USD 3.3 billion in 2020 to USD 3.9 billion by 2025, at a CAGR of 3.5%, during the forecast period. The major factors driving the market include growing consumption of electronic wet chemicals in the emerging clusters of APAC is mainly because of the rising per capita expenditure on consumer electronics products such as smartphones, laptops and others and abundant availability of raw materials and cheap labor force, and growing demand from various end-use industries such as automotive and consumer goods.
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The electronic wet chemicals industry has been segmented based on type as acetic acid, isopropyl alcohol hydrogen peroxide, hydrochloric acid, ammonium hydroxide, hydrofluoric acid, nitric acid, phosphoric acid, sulfuric acid and others. Acetic acid segment accounted for the larger share of the market in 2019. The growth in this segment is attributed to the increase in use in integrated circuits and it serve as one of the main substrates for microelectronics. These factors are expected to drive the demand for electronic wet chemicals during the forecast period.
The market has been segmented based on application into semiconductor, IC Packaging, PCB and others. The semiconductor segment accounted for the largest share of the market in 2019 and is expected to witness significant growth during the forecast period. The growth in this segment is attributed to increasing consumption in the advanced electronics and consumer goods such as smartphones, laptops and others in emerging economies such as APAC. Furthermore, the demand for semiconductor is increasing in flat panel display and automotive industry. These factors are expected to drive demand during the forecast period.
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The global electronic wet chemicalsmarket size is expected to grow from USD 3.3 billion in 2020 to USD 3.9 billion by 2025, at a CAGR of 3.5%, during the forecast period. The demand for electronic wet chemicals is primarily driven by the growing demand for electronic wet chemicals in the electronics and semiconductor industry. Furthermore, the consumption of electronic wet chemicals in the emerging clusters of APAC is increasing mainly because of the rising per capita expenditure on consumer goods and presence of electronic manufacturers in China, Taiwan and Japan. Apart from the above trends, the corona outbreak also has an impact on the electronic wet chemicals market as there is an increase in demand for hydrogen peroxide and isopropyl alcohol in disinfectant applications.
The rising demand for electronic wet chemicals from different end-use industries such as consumer goods, automotive, and medical are propelling the growth of the electronic wet chemicals market globally. However, factors such as the global economic slowdown and limited receiving terminal infrastructure in APAC could affect market growth.
Avantor Inc. (US), BASF SE (Germany), Cabot Microelectronics (US) and Kanto Chemical Co. Inc. (Japan) , Honeywell International Inc (US) and Solvay (Belgium) are some of the key players dealing in electronic wet chemicals globally. These companies have focused on expansion and mergers & acquisition as their key business strategies to be competitive in the market.
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The Kanto Chemical Co. Inc invested around USD 63.7 million to expand its production facility in Taiwan to meet the growing demand of major local clients from semiconductors industry. This facility will increase the annual output of semiconductor products from 120,000 tons to 200,000 tons.
Solvay, one of the leading companies operating in the electronic wet chemicals market, opened a new hydrogen peroxide plant in China. It has a capacity of 24,000 tons for the production of integrated electronic circuits.
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