Electronic Chemicals Market (6% CAGR): Global Size & Growth Analysis By Credence Research

Market Insights

The market size of global electronic chemical market was around USD 48,500 million in 2020 and likely to exhibit CAGR of over 6% during the forecast period, 2021 to 2027, to reach an estimated USD 70,000 million in 2027.

Electronic chemicals are the highly sophisticated chemicals which are mainly used at various stages of electronic products’ manufacturing such as printed circuit board (PCB), semiconductor, and displays. Also, electronic chemicals are significantly used in advanced chemical purification technologies namely ion exchange, distillation, gas adsorption and filtration in order to offer consistently low contaminant levels in the high-purity process chemicals.

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Key Trends in Global Electronic chemical Market

Increasing demand for electronic products

Significantly increasing the demand for electronic products across the globe is boosting demand for electronic chemicals; as it plays crucial role in the manufacturing of display, capacitors, and semiconductor. In addition to this, massive adoption of technologies including AI (Artificial Intelligence), and IoT, across the globe, have created a new product category of intelligent home devices. For example, according to Cisco, one of the worldwide players in IT and networking, every second, there are around 127 new IoT appliances connected to the internet, and there could be 75 billion+ IoT devices online, by the end of 2025. Above figures showcases that the demand for electronic chips, mobile-phones, and integrated circuits is expected to accelerate, which may eventually fuel the global electronic cemical market, during the forecast period.

Impact of COVID 19 on Global Electronic chemical Market

The sustainability of the electronic chemical industry is significantly attributed to the enormously growing need from the electronics sector worldwide. However, COVID-19 has a considerable impact on revenue generation of global electronic chemical market. Border closures, industrial lockdown, and travel bans are dramatically causing significant disruptions to supply chains and other business operations. Though the majority of the countries have implemented shutdown in order to prevent the health impact of pandemic, this industry may survive owing to the robust presence of leading chemical manufacturers including DowDuPont, Hitachi Chemical, and BASF SE. Also, such organizations are coming up with strategic-steps such as product development, merges & acquisitions and others. For example, in January 2020, Showa Denko, significant electronic chemical provider, has acquired Hitachi Chemical in a worth of $8.8 billion, amid COVID-19 crisis.

Global Electronic chemical Market by Type Insights

On the basis of type the global electronic chemicals market is broadly categorized into wet chemicals, low K dielectrics, photoresist chemicals, conductive polymers, CMP slurries, specialty gases, PCB laminates, and silicon wafers. Silicon wafer accounted for the largest share of the total revenue generated by the global electronic chemical market in 2020.

Global Electronic Chemical Market by Application Insights

Semiconductors and others are the two major application areas for the global electronic chemical market. Moreover, semiconductors segment is further classified into integrated circuits and Printed Circuit Board. Semiconductors segment accounted for the vast majority in the revenue generation of Electronic Chemical in 2020. It accounted for over 55% share in 2020.

Global Electronic chemical Market by Regional Insights

Asia Pacific was the largest market for electronic chemical market in 2020 and accounted for over 60% share in total revenue generation. Asia Pacific is also expected to exhibit notable growth rate, during the analysis period. The massive expansion of electronics industry particularly in China, India, Australia, and Japan have surged the demand for electronic chemicals in APAC region. In addition to this, the developments in IT & telecommunications, electronic gaming, smart cards, and consumer goods such as mobile phones, personal computer and digital cameras have also created positive impact on the Asia-Pacific electronic chemical market, in the review period. Europe also holds the significant market share and likely to hold its prominent position in the market.

Global Electronic Chemical Market Competitive Landscape

Most prominent players in the global electronic chemical market include Cabot Microelectronics, Air Products and Chemicals, Linde plc, Solvay A.G., Air Liquide, Covestro, DowDuPont, Hitachi Chemical, BASF AG, and Shin-Etsu. The report covers very detailed profiles of these key players.

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