The market for electronic chemicals is anticipated to reach USD 70,000 million in 2027 from USD 48,500 million in 2020. Further, the market is expected to observe a CAGR of 6% during the forecast period, 2021-2027.
Electronic chemicals are the high-purity chemicals mainly used in manufacturing semiconductor chips. These chemicals play a significant role in cleaning and removing minute impurities from the semiconductor wafers for high efficiency and better performance. The report published by Credence Research, "Global Electronic Chemical Market," provides comprehensive information of this industry.
Major Drivers and Restraints of This Industry
This market report offers a very in-depth examination of key market drivers of the electronic chemical market. In addition, the report also provides crucial factors that may impact the growth of the electronic chemical industry.
Consequences of COVID 19 on Electronic Chemical Industry
The electronic chemical producing firms have halted their manufacturing processes mainly owing to the industrial shutdown imposed by government authorities and huge supply disruptions of raw materials. For instance, as per data published by the Independent Chemical Information Services (ICIS), the world's largest petrochemical market information provider, there was approximately a 15-20% drop in the production of the electronic chemical mainly because of significant disruption in logistic and supply chain. The stoppage of electronic chemical firms throughout the COVID-19 chaos has resulted in drastic revenue loss in the global electronic chemical market. On the other hand, with the speedy recovery of the majority of countries, most industries have resumed their projects, which may help support the global electronic chemical market post-COVID 19 pandemics.
The Global Electronic Chemical market is likely to be Dominated by the Asia Pacific.
The Asia Pacific dominated the global electronic chemical market with over 60% share in 2020. The strong demand for electronic chemicals in the region can be attributed to the high concentration of the electronic manufacturing industry in the region. China, Japan, South Korea, Taiwan, and Southeast Asia have become production hubs for the electronic industry. This, in turn, drives the demand for electronic chemicals.
The Silicon wafers segment leads Global Electronic Chemical Market
Depending on the type, the global electronic chemical industry is mainly classified into conductive polymers, CMP slurries, specialty gases, low K dielectrics, wet chemicals, silicon wafers, and PCB laminates photoresist chemicals. The Silicon wafer segment of the electronic chemical industry will have the fastest market growth and is further estimated to register a notable revenue. The silicon wafers are the basic building blocks of any electronic device, like smartphones and computers. Thereby, the rising penetration of smartphones across the emerging countries may propel the subsegment during the analysis timeframe.
Semiconductors applications dominate the global demand for the electronic chemical market.
Semiconductors and others are the two major application areas for the global electronic chemical market. Moreover, the semiconductors segment is further classified into integrated circuits and printed circuit boards. The semiconductors segment accounted for the vast majority of the revenue generation of electronic chemicals in 2020. It accounted for over 45% share in 2020. Growing demand for memory chips and circuit boards, major technological innovations, and massive adoption of IoT technology may propel the subsegment growth in the coming years.
Frequently asked questions about global electronic chemical industry
The report offers in-depth consequences of COVID 19 on global electronic chemical industry
This report enlists the top five players on the basis of volume as well as revenue
This report provides details of fastest growing application market for electronic chemical industry
The report highlights most dominating as well as fastest growing economies for electronic chemical industry
The global electronic chemical market report provides CAGR from 2021 to 2027
