What Factors Propelled The Growth Of The Electronic Wet Chemicals Market In The Past?
The electronic wet chemicals market has seen considerable growth due to a variety of factors.
• In recent times, a significant expansion has been observed in the market size of electronic wet chemicals. This market is expected to climb from $4.16 billion in 2024 up to $4.44 billion in 2025, marking a compound annual growth rate (CAGR) of 6.8%.
The visibile growth during the historical period can be credited to factors such as growth in the semiconductor industry, increased research and development investments, enhanced IT infrastructure, a surge in the automotive sector, and rise in disposable income.
What Is The Projected Growth And Market Size For The Electronic Wet Chemicals Sector?
The electronic wet chemicals market is expected to maintain its strong growth trajectory in upcoming years.
• The dimension of the electronic wet chemicals market is anticipated to experience robust expansion in the upcoming years. The market is predicted to surge to $5.81 billion by 2029, with a compound annual growth rate (CAGR) of 6.9%.
The escalation during the forecast period is due to the swelling demand for consumer electronics, increased industrial automation, emerging markets, and heightened urbanization. Among the prevailing trends in the forecast duration are eco-friendly chemical compounds, miniaturization, advanced packaging, Smart manufacturing and IoT integration, flexible electronics, and material data analytics.
Which Factors Are Boosting Growth In The Electronic Wet Chemicals Market?
The escalating need for electric vehicles is anticipated to stimulate the expansion of the electronic wet chemicals market in the future. An electric vehicle (EV) is a form of transportation propelled by one or even more electric motors. It can be energized externally from a power source, or from an onboard battery. Electronic wet chemicals find utility in preventing various stages of EV production, such as the wet process of producing batteries, electric motor lubrication, cleaning and etching of semiconductive elements, and recycling of semiconductor and electronic waste. As an example, records obtained from the International Energy Agency, an autonomous intergovernmental organization based in France, showed that electric car sales hit a record high in 2021, seeing an increase of 4%. The sales almost doubled to 6.6 million compared to the prior year, lifting the total count of electric cars on the streets to 16.5 million. Thus, the accelerating demand for electric cars is propelling the growth of the electronic wet chemicals market.
What Key Areas Define The Segmentation Of The Global Electronic Wet Chemicals Market?
The electronic wet chemicals market covered in this report is segmented –
1) By Type: Acetic Acid (CH3OOH), Isopropyl Alcohol (IPA) (C3H8O), Hydrogen Peroxide (H
2), Hydrochloric Acid (HCL), Ammonium Hydroxide (NH4OH), Hydrofluoric Acid (HF), Nitric Acid (HNO
3), Phosphoric Acid (H3PO
4), Sulfuric Acid (H2SO
4)
2) By Form: Liquid, Solid, Gas
3) By Application: Semiconductor, Etching, Cleaning
4) By End-Use Industry: Consumer Goods, Automotive, Aerospace and Defense, Medical
Subsegments:
1) By Computer-Aided Engineering (CAE): Simulation and Analysis Software, Structural Analysis Tools, Thermal and Fluid Dynamics Simulation
2) By IC Physical Design and Verification: Layout Design Tools, Design Rule Checking (DRC) Software, Layout Versus Schematic (LVS) Verification Tools
3) By Printed Circuit Board and Multi-Chip Module (PCB and MCM): PCB Design Software, PCB Manufacturing Software, Multi-Chip Module Design Tools
4) By Semiconductor Intellectual Property (SIP): Standard Cell Libraries, Analog and Mixed-Signal IP, Digital Signal Processing (DSP) Cores
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How Are Emerging Trends Reshaping The Dynamics Of The Electronic Wet Chemicals Market?
Leading businesses in the electronic wet chemicals market, such as OCI Company Ltd., are turning towards innovative solutions like ultrapure phosphoric acid for semiconductor production in order to adhere to the robust purity and performance standards of advanced semiconductor manufacturing. Ultrapure phosphoric acid is a highly purified form of phosphoric acid crucial in semiconductor manufacturing. OCI – a chemical company from South Korea – introduced its high-purity phosphoric acid and became the first in country to supply this essential compound to all domestic semiconductor manufacturers, including SK Hynix. This product, crucial for semiconductor wafer etching processes used in DRAM and NAND flash chip manufacturing, had its first delivery in August 2024 after it passed quality assessments. With an ability to produce 25,000 tons annually, OCI intends to increase its production in order to satisfy the semiconductor industry's burgeoning demand, thereby enhancing its market competitiveness.
Who Are the Key Players in the Electronic Wet Chemicals Market?
Major companies operating in the electronic wet chemicals market include:
• Avantor Inc.
• BASF SE
• Cabot Microelectronics Corporation
• Honeywell International Inc.
• Kanto Chemical Co. Inc.
• Eastman Chemical Company
• Solvay S.A.
• Fujifilm Holdings Corporation
• Technic Inc.
• Linde PLC
• Air Products and Chemicals Inc.
• Mitsubishi Chemical Corporation
• Daikin Electronic Devices Sdn. Bhd.
• T.N.C. Industrial Co. Ltd.
• Entegris Inc.
• Dow Inc.
• Sumitomo Chemical Co. Ltd.
• Songwon Industrial Co. Ltd.
• Merck KGaA
• Shin-Etsu Chemical Co. Ltd.
• JSR Corporation
• Tokyo Ohka Kogyo Co. Ltd.
• Adeka Corporation
• Sumika Chemical Analysis Service Ltd.
• Nippon Kayaku Co. Ltd.
• JNC Corporation
• Asahi Kasei Corporation
• Mitsui Chemicals Inc.
• Showa Denko K.K.
• Hitachi Chemical Company Ltd.
• Nitto Denko Corporation
What Is The Most Dominant Region In The Electronic Wet Chemicals Market?
Asia-Pacific was the largest region in the electronic wet chemicals market in 2024 and is also expected to be the fastest-growing region in the electronic wet chemicals market during the forecast period. The regions covered in the electronic wet chemicals market market report include Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
