Market Overview:
Electronic chemicals are predominantly used in semiconductor and integrated circuit manufacturing. They include wet chemicals such as photoresists, solvents, acids, and slurries that are used during cleaning, etching, and deposition processes in wafer fabrication. The expanding semiconductor industry has increased the demand for electronic-grade chemicals.

Market Dynamics:
Rapid growth in the semiconductor industry is expected to drive the growth of the electronic chemicals market during the forecast period. Semiconductors find applications in consumer electronics, communication, industrial, and automotive sectors among others. According to Worl Semiconductor Trade Statistics, global semiconductor sales increased by 26.2% to USD 555 billion in 2021. Additionally, growing adoption of advanced technologies such as Internet of Things (IoT), artificial intelligence (AI), and 5G networking is further augmenting demand for semiconductors and related electronic chemicals. However, stringent environment regulations around the production and disposal of electronic chemicals pose a challenge to market growth.

The global Electronic Chemicals Market Share is estimated to be valued at US$ 67.92 Bn in 2023 and is expected to exhibit a CAGR of 6.4% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

SWOT Analysis

Strength: Electronic chemicals have wide applications in semiconductor manufacturing processes and precision cleaning applications. The rising demand from end-use industries such as automotive, medical devices, communication, and others is boosting the market growth. The increasing investment in R&D activities by key players is helping them to develop innovative product portfolio.
Weakness: Stringent government regulations regarding the production and usage of toxic chemicals may limit the market growth. Fluctuating prices of raw materials can increase the production cost of electronic chemicals.
Opportunity: Growing demand for miniaturization of electronic components and advancement in wafer processing techniques offer significant growth opportunities. Increasing applications of electronic chemicals in medical devices, solar panels, and printed circuit boards industries are expected to open new avenues.
Threats: Instability in crude oil prices can impact the prices of raw materials used for production of electronic chemicals. Growing environmental concerns regarding the hazardous effects of these chemicals may restrict their use in the coming years.

Key Takeaways

The global Electronic Chemicals market is expected to witness high growth, exhibiting a CAGR of 6.4% over the forecast period, due to increasing demand for semiconductors and printed circuit boards from consumer electronics and automobile industry.

Regional analysis: Asia Pacific dominates the global electronic chemicals market and is expected to maintain its leading position during the forecast period. This is attributed to the presence of major electronic goods manufacturing hubs in China, South Korea, Taiwan and Japan. Furthermore, low labor cost and lenient manufacturing regulations make Asia Pacific an attractive regional market for electronic chemicals.

Key players related content: Key players operating in the electronic chemicals market are BASF SE, Air Products and Chemicals Inc., The Dow Chemical Company, Merck KGaA, SUMCO Corporation, JSR Corporation, Shin-Etsu Chemical Co., Ltd., Cabot Microelectronics Corporation, Tokyo Ohka Kogyo Co., Ltd., and Honeywell International Inc. Market leaders are focusing on expanding their production capacities and geographical presence through mergers & acquisitions and joint ventures to strengthen their market share.

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