A recent report published by Infinium Global Research on the electronic chemicals and materials market provides in-depth analysis of segments and sub-segments in the global as well as regional electronic chemicals and materials market. The study also highlights the impact of drivers, restraints, and macro indicators on the global and regional electronic chemicals and materials market over the short term as well as long term. The report is a comprehensive presentation of trends, forecast and dollar values of the global electronic chemicals and materials market. According to the report, the global electronic chemicals and materials market is projected to grow at a CAGR of 6.9% over the forecast period of 2021-2027, growing from nearly USD 31.75 billion in 2021 to about USD 47.4 billion in 2027.
The electronic industry has witnessed numerous developments over the past few years. Researchers across several institutes and electronic companies have developed innovative chemicals and materials that are suitable for electronic applications, and enhance the performance of the devices. Electronic chemicals and materials are basic raw materials used for fabricating electronic goods such as semiconductors, integrated circuits, printed circuit boards, and other electronic equipment. These chemicals and materials are made of substances such as silicone, fluorine, and bisphenol among others. Moreover, the favorable thermal and conductive properties of electronic chemicals and materials make them suitable for electronic applications. Products such as silicon wafers, specialty gases, CMP slurry, photoresist chemicals, PCB laminates, and others are some of the widely used electronic chemicals and materials.
During the COVID-19 pandemic, electronic chemicals and materials companies faced major challenges on several fronts. The supply chain in the electronic industry is heavily dependent on countries such as China, Taiwan, and Japan. However, the shutdown of manufacturing units and restrictions on transportation in these countries had a serious impact on the whole ecosystem of the electronic and manufacturing industry. Further, the outbreak of COVID-19 and lockdown orders imposed by the governments majorly influenced consumer buying behavior. The changed buying behavior of consumers resulted in declining demand for end-use products such as electronic devices, home appliances, and automobiles. This, in turn, reduced the demand for electronic components, and the electronic chemicals and materials used for manufacturing these components.
The global electronic chemicals and materials market is majorly driven by the growing adoption of electronic and communication devices, and the increase in usage of imaging sensors in consumer electronics. Moreover, the rapid growth of the end-use industries in emerging countries such as South Korea, China, and India along with steady growth in matured markets augmented the demand for electronic chemicals and materials. Improving economic conditions and growing disposable income of consumers in developing economies is driving the growth of end-use industries, which further boosts the electronic chemicals and materials market. However, volatility in raw material prices is the major restraining factor for the growth of the electronic chemicals and materials market. Furthermore, a rising focus on R&D activities regarding microelectronic devices is anticipated to offer growth opportunities to the electronic chemicals and materials market over the forecast period.
The global electronic chemicals and materials market is segmented into North America, Europe, Asia Pacific, and RoW, in terms of regions. Among these regions, Asia Pacific dominated the global electronic chemicals and materials market due to the large-scale manufacturing of electronic components, and devices. Furthermore, Asia Pacific is estimated to grow at the fastest rate due to the growing electronics sector, availability of cheap labor, and low manufacturing costs in emerging economies such as India, China, and Taiwan. In addition, China is the largest market for electronic chemicals and materials in the Asia Pacific region due to the rapid economic expansion, adoption of advanced technologies, and growing urbanization. On the other hand, North America held the second-largest share in the global market owing to the increasing purchasing power of consumers and the increase in demand for electronic components.
The report on global electronic chemicals and materials market covers segments such as type, and application. On the basis of type, the sub-markets include silicon wafers, specialty gases, CMP slurry & pads, wet chemicals, photoresist chemicals, PCB laminates, and others. On the basis of application, the sub-markets include integrated circuits, printed circuit boards, and others.
The report provides profiles of the companies in the market such as BASF SE, Dow Chemical Company, Albemarle Corporation, Merck KGaA, Huntsman International LLC, Honeywell International, Inc., Air Products and Chemicals, Inc., KMG Chemicals, Inc., FUJIFILM Holdings Corporation, and JSR Corporation.
The report provides deep insights into the demand forecasts, market trends, and micro and macro indicators. In addition, this report provides insights into the factors that are driving and restraining the growth in this market. Moreover, The IGR-Growth Matrix analysis given in the report brings an insight into the investment areas that existing or new market players can consider. The report provides insights into the market using analytical tools such as Porter's five forces analysis and DRO analysis of electronic chemicals and materials market. Moreover, the study highlights current market trends and provides forecast from 2021-2027. We also have highlighted future trends in the market that will affect the demand during the forecast period. Moreover, the competitive analysis given in each regional market brings an insight into the market share of the leading players.