“Electronic Wet Chemicals Market size is expected to grow from USD 3.3 billion in 2020 to USD 3.9 billion by 2025, at a CAGR of 3.5%, during the forecast period. The major factors driving the market include growing consumption of electronic wet chemicals in the emerging clusters of APAC is mainly because of the rising per capita expenditure on consumer electronics products such as smartphones, laptops, and others and abundant availability of raw materials and cheap labor force, and growing demand from various end-use industries such as automotive and consumer goods.
List of the companies: The Avantor Inc (US), BASF SE (Germany), Cabot Microelectronics (US), Honeywell International Inc. (US), Kanto Chemical Co. Inc (Japan), Eastman (US), Solvay (Belgium), Fujifilm Holding (Japan), Technic Inc. (US), Linde Plc. (Ireland)
The Kanto Chemical Co. Inc. invested around USD 63.7 million to expand its production facility in Taiwan to meet the growing demand of major local clients from the semiconductors industry. This facility will increase the annual output of semiconductor products from 120,000 tons to 200,000 tons.
Solvay, one of the leading companies operating in the electronic wet chemicals market, opened a new hydrogen peroxide plant in China. It has a capacity of 24,000 tons for the production of integrated electronic circuits.
Acetic Acid to dominate the global electronic wet chemicals market during the forecast period; The electronic wet chemicals industry has been segmented based on type as acetic acid, isopropyl alcohol hydrogen peroxide, hydrochloric acid, ammonium hydroxide, hydrofluoric acid, nitric acid, phosphoric acid, sulfuric acid, and others. The acetic acid segment accounted for the larger share of the market in 2019. The growth in this segment is attributed to the increase in use in integrated circuits and it serves as one of the main substrates for microelectronics. These factors are expected to drive the demand for electronic wet chemicals during the forecast period.
Semiconductor segment to lead the global electronic wet chemicals market during the forecast period; The market has been segmented based on application into the semiconductor, IC Packaging, PCB, and others. The semiconductor segment accounted for the largest share of the market in 2019 and is expected to witness significant growth during the forecast period. The growth in this segment is attributed to the increasing consumption of advanced electronics and consumer goods such as smartphones, laptops, and others in emerging economies such as APAC. Furthermore, the demand for semiconductors is increasing in the flat panel display and the automotive industry. These factors are expected to drive demand during the forecast period.
APAC is expected to have the largest market size in the global electronic wet chemicals market during the forecast period; APAC is projected to be the leading electronic wet chemicals industry globally during the forecast period. The growth in the APAC region can be attributed to the rising demand from the consumer goods industry. The presence of several microelectronic devices manufacturers, favorable government policies, and low labor costs along with growing demand for electronic wet chemicals in the region is further strengthening the market and attracting major players to invest in the region.