Electronic Chemicals and Materials Market

Analysis from GMI Research finds that the Electronic Chemicals and Materials Market earned revenues of USD 54.0 billion in 2022 and forecast to touch USD 83.5 billion in 2030 will grow at a CAGR of 5.6% from 2023-2030.

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Major Electronic Chemicals and Materials Market Drivers

The primary factor driving the global electronic chemicals and materials market is the substantial growth in demand from the chip manufacturing and microelectronics industries globally. The expansion of the semiconductor industry is also estimated to contribute the global market growth. The rise in demand for power & energy, aerospace equipment, medical equipment, and customer electronic products has augmented the need for electronic chemicals and materials globally. The sector of customer electronics is predicted to be primarily propelled by dropping equipment costs and developing living standards globally, both of which are predicted to present a positive impact on global electronic chemical and material market size. The growth in adoption of nanotechnology by the growing population has contributed to the market move toward NEMS & MEMS devices. Nanodevices have attained acceptance owing to their lesser weight, lower power consumption, smaller size, and much more cost-effective fabrication. The present commercialization of nano-based devices, coupled with considerable technological innovations, has increasingly developed the market potential for photoresist ancillaries and photoresists. For instance, in 2022, Intel’s swift transition to new technology rely on 20nm from 28nm is propelling augmented demand for nanomaterials and electronic chemicals within the semiconductor industry.

In addition, electronic chemicals are important in the production and maintenance of printed circuit boards and integrated circuits. These chemicals are used for procedures such as polishing, etching, doping, cleaning, and servicing semiconductors. Ongoing technological advances significantly impact semiconductor production in the electronics industry and are predicted to propel market growth in the forecast period. Whereas, forthcoming technologies such as IoT and AI are predicted to substantially increase the consumption of semiconductors and electronic chemicals, fostering considerable growth in these industries. For instance, based on the Wall Street Journal, IoT is estimated to rise at high speed, essentially in the industrial sector, with an estimated growth of 65%. The complete market would touch USD 662 billion. The utilization of AI-connected technology has introduced different opportunities for electronic materials producers. The rising demand for electric automobiles has introduced new revenue opportunities for the electronics materials market. This advancement enables players in the electronic materials and chemicals market to discover new revenue streams and capitalize on the increasing demand for the electric vehicle industry.

Additionally, the shift to renewable energy sources has led to the innovation of new technologies such as solar cells, and fuel cells. This turn has subsequently expanded the demand for electronic chemicals used in their manufacturing methods, further pushing the growth of the industry. However, stringent environmental standards have encouraged the development of environmentally friendly electronic chemicals and materials. These standards focus on decreasing the environmental impact of chemicals, motivating the industry to innovate and adopt sustainable practices in electronic materials production. Additionally, the augmented automation of production procedures has led to decreased production costs, developing the usage of electronic chemicals and materials in different industries. Therefore, the global electronic materials & chemicals market has witnessed ongoing development and is estimated to continue to develop in the forecast period owing to a high growth in need for electronics and technological innovations.

However, the usage of harmful chemicals and materials in electronic manufacturing has compelled market players to adhere to different regulations and legislation, impacting their profitability directly or indirectly. Concerns about employee health, specifically connected to the usage of silica in semiconductor production, have been a significant area to address within the industry. Complying with these regulations has led to high functioning costs. The regulations accumulating during the supply chain have augmented expenses connected to raw materials, packaging, manufacturing, distribution, and final product disposal. These challenges have restrained the market growth. Whereas, the significant and continuous innovations in the technology of the electronics industry are estimated to drive the growth of the electronic chemicals market.

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Semiconductors and Integrated Circuits led the market growth

The semiconductor and integrated circuits segment is estimated to observe substantial growth in the forecast period due to their growing applications in key areas such as the consumer electronics industry, telecom industry, automotive and transportation industry, and defense industry. Moreover, the growth of this segment is also attributed to the significant rise in adoption of IoT devices. Integrated circuits have an essential role in sensing and transmitting intelligent data. In addition, the benefits offered by analog ICs are a broad series of real-time connected applications, and devices are predicted to foster the consumption of electronic chemicals and materials in the industry. Whereas semiconductors have wide usage in industrial machines and electric and hybrid vehicles which will further drive the market growth opportunities for the global market. On the other hand, the high rise in research and development activities concerning semiconductors and integrated circuits is estimated to offer considerable market growth opportunities to the electronic chemicals and materials market during the forecast period.

Wafers segment dominated the global market growth

The growth of wafers segment is attributed to a considerable increase in demand for electronic devices and connected devices including phones, PCs, ACs, and laptops, around the world. In microelectronic devices, the usage of wafers are used extensively as an underlayer and function as the key component in the production of integrated circuits. Therefore, the great usage of wafers in the production of electronic devices and connected devices will drive the growth of the segment globally. Additionally, other applications like tire pressure systems and solar cells are propelling demand. The segment’s growth is predicted to grow because of the growing demand for silicon, particularly in solar photovoltaics applications. However, trade tensions and disagreements among market players such as the European Union, the U.S., and China cloud lead to price fluctuations in silica in the forecast period.

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Asia Pacific region led the global electronic chemicals and materials market

The dominance of Asia Pacific region is accredited to the enormous requirement for printed circuit boards due to the innovations and advancements in different industries such as customer goods, IT, electronic gaming, and telecommunications. India, China, and Japan are the leading and emerging nations in the APAC electronic chemicals and materials market due to the existence of giant electronics producers. Although, the leading manufacturer of electronic devices is China due to continuous growth in demand for electrical and electronic devices, and ongoing advancement and research and development activities of new devices in the electronic industry. Moreover, the development of printed circuit boards, developing the market for electronic chemicals and materials around the APAC region, is a result of innovations in some global industries such as smart cards, consumer products, and telecommunications and IT.

North America region is witnessing the fastest growth in the market

North America region is estimated to observe steady growth in the global electronic chemicals and materials market because of growth in application in end-use industries like automotive and others. Moreover, the significant rise in hand-held device production is further estimated to propel the market growth in North America in the forecast period. Other than this, high rise in the integration of popular and advanced technology alike connected devices and innovative electronics, which has also been encouraged by the US government, has driven the need for electronic chemicals and materials around the region. The USA semiconductor industry is a substantial contributor to technology sector growth and is one of the most competitive and developed around the globe and is predicted to propel the North American electrical chemicals and materials market in the forecast period.

Top Market Players

Various notable players operating in the market include Air Products & Chemicals Inc., Bayer AG, Albemarle Corporation, Ashland Inc. BASF Electronic Chemicals, Air Liquide Holdings Inc., AZ Electronic Materials Plc, Honeywell International Inc., Cabot Microelectronics Corporation, Linde Group, Dow Chemical Company among others

Key Developments

• • In 2023, Bayer announced a partnership with Kimitec to establish and develop biological solutions originated from natural sources: crop prevention goods that address weeds, diseases, and pests, as well as bio-stimulants to encourage plant growth.
  • In 2023, BASF expanded its Campus in China with a total investment of nearly USD 280 million to develop improvement capabilities and better assist its clients across China and Asia.
  • In 2022, Bayer joined hands with Ginkgo Bioworks to enhance biological solutions in fields such as carbon sequestration, nitrogen optimization, and next-generation crop prevention.
  • In 2022, FUJIFILM Electronic Materials announced the expansion of USD 88 million of its electronic materials facility across Mesa to develop the production space, meet the semiconductor demand, and assist new product development.
  • In 2022, Honeywell and Navin Fluorine International Limited announced a strategic partnership to expand their portfolio and produce Honeywell’s proprietary Solstice variety of HFO around India.
  • In 2022, Linde expands its partnership with Celanese to supply CO² captured around its close carbon monoxide production capacity.

Segments covered in the Report:

The Electronic Chemicals and Materials Market has been segmented on the basis of Type and Application. Based on the Type, the market is segmented into Wafers, PCB Laminates, Polymers, Gases, Photoresist Chemicals, CMP Slurries, Wet Chemicals and solvents and Others. Based on the Application, the market is segmented into Semiconductors and Integrated Circuits, Printed Circuit Boards, Displays and Others.

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Report Coverage	Details
Market Revenues (2022)	USD 54.0 billion
Market Base Year	2022
Market Forecast Period	2023-2030
Base Year & Forecast Units	Revenues (USD Million)
Market Segment	By Type, By Application, By Region
Regional Coverage	Asia Pacific, Europe, North America, and RoW
Companies Profiled	Air Products & Chemicals Inc., Bayer AG, Albemarle Corporation, Ashland Inc. BASF Electronic Chemicals, Air Liquide Holdings Inc., AZ Electronic Materials Plc, Honeywell International Inc., Cabot Microelectronics Corporation, Linde Group, Dow Chemical Company among others; a total of 11 companies covered.
25% Free Customization Available	We will customize this report up to 25% as a free customization to address our client’s specific requirements

Market Segmentation

Global Electronic Chemicals and Materials Market by Type

• • Wafers
  • PCB Laminates
  • Polymers
  • Gases
  • Photoresist Chemicals
  • CMP Slurries
  • Wet Chemicals and solvents
  • Others

Global Electronic Chemicals and Materials Market by Application

• • Semiconductors and Integrated Circuits
  • Printed Circuit Boards
  • Displays
  • Others

Global Electronic Chemicals and Materials Market by Region

• • North America Global Electronic Chemicals and Materials Market (Option 1: As a part of the free 25% customization)

    • By Type
    • By Application
    • US Market All-Up
    • Canada Market All-Up

  • Europe Global Electronic Chemicals and Materials Market (Option 2: As a part of the free 25% customization)

    • By Type
    • By End-user Industry
    • UK Market All-Up
    • Germany Market All-Up
    • France Market All-Up
    • Spain Market All-Up
    • Rest of Europe Market All-Up

  • Asia-Pacific Global Electronic Chemicals and Materials Market (Option 3: As a part of the free 25% customization)

    • By Type
    • By End-user Industry
    • China Market All-Up
    • India Market All-Up
    • Japan Market All-Up
    • Rest of APAC Market All-Up

  • RoW Global Electronic Chemicals and Materials Market (Option 4: As a part of the free 25% customization)

    • By Type
    • By End-user Industry
    • Brazil Market All-Up
    • South Africa Market All-Up
    • Saudi Arabia Market All-Up
    • UAE Market All-Up
    • Rest of world (remaining countries of the LAMEA region) Market All-Up

Global Electronic Chemicals and Materials Players (Option 5: As a part of the free 25% Customization – Profiles of 5 Additional Companies of your Choice)

• • Air Products & Chemicals Inc.
  • Bayer AG
  • Albemarle Corporation
  • Ashland Inc.
  • BASF Electronic Chemicals
  • Air Liquide Holdings Inc.
  • AZ Electronic Materials Plc
  • Honeywell International Inc.
  • Cabot Microelectronics Corporation
  • Linde Group
  • Dow Chemical Company