The Electronic Chemicals Market was valued at USD 20 billion in 2030 and expected to register a CAGR of 6.10% during the forecast period.
Electronic chemicals are used to clean and dry electronic devices. They are used to remove minute impurities of semiconductor wafers. Thus, electronic devices require high-purity electronic chemicals to optimize performance. The increase in the demand for electronic products is expected to drive the demand for electronic chemicals. According to the German Electrical and Electronic Manufacturers' Association (ZVEI), the global electronic and electrical industry was valued at USD 4,499.22 billion in 2016 which is estimated to reach USD 5,180.00 billion by the end of 2019. Asia-Pacific is the leading producer of electronic products which was valued at USD 3,312.39 billion, followed by Europe, which accounted for USD 622.45 billion in 2016. Hence, the increasing demand for electronic products is expected to be the key factor driving the growth of the electronic chemicals market during the review period.
Use of robots and automation in the industrial sector has fueled the demand for machines. These machines can enhance operational efficiency. Electronic chemicals find major applications in machine motion control and sensor & vision components to ensure optimal performance. According to the ZVEI, the global automation sector was valued at USD 556.49 billion in 2016, which is expected to register a significant CAGR during the forecast period. Thus, the growth of the industrial sector is also projected to drive the growth of the electrical chemicals market during the forecast period.
Some of the prominent players in the global electronic chemicals market 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).
Electronic Chemicals Market Share, by Application, 2017 (%)
Source: MRFR Analysis
Asia-Pacific is expected to dominate the global electronic chemicals market, accounting for a significant market share owing to high production and demand for electronic goods in countries such as China, Japan, South Korea, and Malaysia. In China, the production of electronic products was valued at USD 2,287.47 billion, Japan accounted for USD 328.87 billion, and South Korea’s total production was valued at USD 268.05 billion in 2016. Economic development and rise in disposable income are fueling the growth of the electronics industry, which is expected to drive the growth of the regional market.
The North American market is projected to register healthy growth owing to the high demand for smart devices and technological advancements. The region is influenced by a shift in consumer preference towards fitness & wellness devices and smartwatches. For instance, the US produced electronic goods worth USD 411.09 billion, the second-largest market for electronic products, which is expected to favor the growth of the regional market.
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. The atmospheric and specialty gases is expected to be the fastest-growing segment owing to its increasing application in integrated circuits and semiconductor (ICS). On the basis of application, the global market has been categorized into integrated circuits and semiconductors, flat panel displays & light-emitting diodes, photovoltaics, printed circuit boards, and others. The photovoltaic segment is projected to exhibit exponential growth during the forecast period on account of its ability to generate electric power through the solar cell.
|Market Size||USD 20 billion|
|Historical Data||2019 & 2020|
|Forecast Units||Value (USD Billion)|
|Report Coverage||Revenue Forecast, Competitive Landscape, Growth Factors, and Trends|
|Segments Covered||By Product, Application and Region|
|Geographies Covered||North America, Europe, Asia-Pacific, and Rest of the World (RoW)|
|Key Vendors||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).|
|Key Market Opportunities||The growth of the industrial sector is also projected to drive the growth of the electrical chemicals market during the forecast period.|
|Key Market Drivers||The increasing demand for electronic products|
Electronic chemicals are chemicals used to clean and dry electronic devices.
The global electronic chemicals market was valued at USD 20 billion in 2030.
The global electronic chemicals market is expected to exhibit a strong 6.1% CAGR over the forecast period.
The leading driver for the electronic chemicals market is the growing demand for electronics.
Asia Pacific is the major regional market, due to the growing production of electronics in the region.