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Electronic Wet Chemical Market Size, Demand Insights
The Global Electronic Wet Chemical Market reached US$ YY million in 2022 and is expected to record significant growth by reaching up to US$ YY million by 2030, growing at a CAGR of 5.0% during the forecast period (2022-2030).
Electronic wet chemicals are ultra-high purity chemicals used in various electronics manufacturing processes. Cleaning, etching, polishing, doping, and servicing semiconductors are some of the major applications of electronic wet chemicals.
Electronic Wet Chemical Market Dynamics
The rise in demand for high-purity chemicals in the electronic industry is one of the significant global electronic wet chemical market drivers. However, the Harmful effects associated with electronic wet chemicals could be a major market restraint.
The rise in demand for high-purity chemicals in the electronic industry
High-purity chemicals have played a vital role in the electronic industry. Hydrogen peroxide is used as an oxidizer in the back-end-of-line to clean and condition the surfaces of 2.5D and 3D packaging applications and as an etchant to create printed circuit boards. Additionally, hydrogen peroxide is used extensively as an etching agent for the treatment of copper alloys, gallium, and germanium in the electronic industry, which has infused its use case over the years.
Due to the rapidly expanding electronics industry, the demand for electronic wet chemicals used to clean and etch large-scale integrated electronic circuits has surged across various parts of the globe. Furthermore, companies have started investing in wet chemical production plant expansion to offset that demand. For instance, in 2020, OCI and POSCO Chemical signed a joint agreement to produce electronic-grade and industrial hydrogen peroxide using coke oven gas (COG), a by-product of steel-making processes.
Moreover, the rising demand for the miniaturization of electronic components into a printed circuit board at a lower cost develops the relocation of their labor-intensive manufacturing facilities to Asia-Pacific. Thus, East Asia has become a strategic location for global electronics devices to consume electronic-grade chemicals, including hydrogen peroxide.
Harmful effects associated with the electronic wet chemicals
The market for electronic wet chemicals has demonstrated potential growth among a range of end users and the advantages provided by the chemicals are anticipated to contribute to this expansion. However, the chemicals' severe health impacts pose a significant barrier to the product's global expansion. For instance, concentrated hydrogen peroxide in vapors, mists, or aerosols can result in asphyxiation in places with poor ventilation. Additionally, it accelerates thermal breakdown for the bulk of basic materials, such as copper alloys or heavy metals. Therefore, it must be handled and maintained properly to prevent potential health risks.
COVID-19 Impact on Electronic Wet Chemical Market Growth
The coronavirus (COVID-19) pandemic has been a public health concern since December 2019. COVID-19 was declared a pandemic in March 2020, affecting 213 countries and territories worldwide. The outbreak has strained various businesses, including hospitals, data centers, communication, and the food supply chain.
Electronic wet chemicals have shown negative growth in various end-user industries such as Consumer Goods, Automotive, Aerospace & Defense, and Others due to supply chain disruption and fewer investments in the industry during the pandemic phase. However, in the medical sector, the pandemic is more likely to positively impact the electronic wet chemical market.
Before COVID-19, electric vehicles were gaining public interest, which has shown tremendous demand for the electronic wet chemicals market and has increased the market's revenue in the automotive sector. Although after COVID-19, Various end-user industries of the market, such as automotive and consumer electronics, are expected to regain the market momentum in the forecast period, leading to growth prospects for electronic wet chemicals
Electronic Wet Chemical Market Segment Analysis
The global electronic wet chemical market is classified based on type, application, end-user, and region.
The need for electronic wet chemicals to manufacture more powerful semiconductors required to increase the computing power of consumer goods
Consumer goods refer to goods bought by the average consumer for consumption. However, this context mainly refers to consumer electronics and home appliances. Modern lifestyles have made the usage of consumer electronics and appliances a necessity. Rising income levels on the back of economic development, an increase in quality of life, and access to easy credit facilities are driving the growth in sales of consumer electronics and home appliances globally. The growth is particularly prominent in emerging regions such as Asia-Pacific.
Televisions, laptops, smartphones, washing machines, refrigerators, dishwashers, and air conditioners are among the major home appliances and consumer electronics used today. Semiconductors and electronic components such as microprocessors and motherboards make up the core of electronic gadgets such as laptops, gaming consoles, tablets, and smartphones.
Consumer electronics is an extremely competitive industry and major players must launch new products every quarter to stay relevant. Newer and more powerful features are added to the latest generation of smartphones and laptops. More powerful semiconductors are required to increase the computing power to handle the new features. Therefore, electronic wet chemicals are used extensively for the finer processing required to create a new generation of semiconductors capable of handling increased computing power.
Electronic Wet Chemical Market Geographical Analysis
Quick industrialization and strong economic expansion allow Asia-Pacific to dominate the global electronic wet chemical market
Asia-Pacific is a region quickly industrializing and undergoing strong economic expansion. It has caused a significant concentration of manufacturing industries in several industries, including the automobile, aerospace, and electronics industries. Asia-Pacific has become a key region for the automobile industry due to its sizable population and rapid economic development. National industries in China, India, Japan, and South Korea are well-developed. Additionally, the area has a strong automotive supply chain that produces practically all necessary parts.
Asia-Pacific is also a global leader in producing several commercial and industrial items. Its largest producer of electronic devices, components, and accessories is the region's highly concentrated electronic industry, which spans several countries.
Various multinational firms could relocate their manufacturing operations from Europe and North America to Asia-Pacific due to the global economic liberalization that occurred in the late 1990s and early 2000s. The change was mostly influenced by inexpensive labor, cheap taxes, and other measures that supported the business. Consumers in industrialized nations paid less for produced goods as a result. As a result, some of the top producers of electronic wet chemicals are located in the area. China is the region and the world's largest market for electronic wet chemicals.
China is one of the top makers of printed circuit boards (PCBs) worldwide. Additionally, expansions in Asian nations like Vietnam and Thailand rapidly raise PCB production. China, Taiwan, Singapore, South Korea, and Japan are the top nations producing PCBs worldwide.
JEITA-Japan Electronics and Information Technology Industries Association forecasts that Japanese companies' production of electronics and IT products will increase by 8% in 2021, with electronics production expected to increase by 9% yearly. As a result, it is anticipated that there will be an increase in demand in Japan for wet chemicals used in semiconductor and electronic applications. Additionally, Japan presently employs roughly 30 semiconductor fabrication firms to produce a variety of semiconductor chips. One-third of the world's semiconductor production machinery and more than half of the materials used in the sector are supplied by Japan's semiconductor supply chain.
Electronic wet chemicals have primarily been used in China's automotive, semiconductor, and electronics industries. South Korea and Taiwan are two more significant locations for electronics production. Taiwan is one of the world's top semiconductors and microelectronics producers, so there is a sizable demand from the corresponding market segment. So, in terms of the global market for electronic wet chemicals, Asia-Pacific is in the lead.
Electronic Wet Chemical Companies and Competitive Landscape
The global electronic wet chemical market is huge. It is becoming increasingly competitive due to major players such as BASF SE, Avantor Inc., Entegris, Inc, Solvay, Technic Inc., Avient Corporation, Linde PLC, FUJIFILM Holdings Corporation, Eastman Chemical Company, Kanto Chemical Co. Inc. Market players employ market tactics such as mergers, acquisitions, product launches, contributions and collaborations to gain a competitive advantage and recognition.
Entegris, Inc
Overview: Entegris, Inc. provides advanced materials and process solutions to semiconductor manufacturers and other high-tech industries. They signed a definitive Agreement and Plan of Merger or the merger agreement, on December 14, 2021, with their wholly owned subsidiary, Yosemite Merger Sub, Inc and Entegris, Inc, semiconductor manufacturers and pipeline companies. Entegris, Inc is a global supplier of consumable materials to semiconductor and pipeline manufacturers. Their business is divided into two reportable segments: Electronic Materials and Performance Materials. Chemical mechanical planarization slurries, CMP pads, electronic chemicals, and materials technologies businesses comprise the Electronic Materials segment.
Product Portfolio:
• Solvent Blends: The products are employed in cleaning semiconductors and related high-purity processes, various etch-polishing processes, ultra-low-residue vapor drying and include products such as photoresist adhesion promoters, positive and negative photoresist stripping agents, flat panel display manufacturing and photoresist edge-bead-remover agents.
Key Development:
• On July 06, 2022, Entegris, Inc. announced the completion of its acquisition of Entegris, Inc Entegris now has enhanced operating capabilities for applications in the fab environment and across the semiconductor ecosystem due largely to the addition of CMC Materials' suite of solutions. Entegris content per wafer opportunity and unit-driven revenue increased from 70% to approximately 80% due to this expanded portfolio.
The global electronic wet chemical market report would provide approximately 61 tables, 61 figures, and almost 272 pages.