COVID-19 Analysis on Electronic Chemicals Market, Development Trends, Key Manufacturers and Competitive Analysis 2024

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Electronic Chemicals Market Overview

Market Research Future (MRFR) reveals that the global electronic chemicals market had touched the valuation of USD 20 billion in 2016. It could achieve a CAGR of 6.1% during the forecast period (2019-2024).

Electronic Chemicals Market Drivers and Key Barriers

Electronic chemicals are used for removing tiny impurities present in semiconductor wafers. Therefore, for optimizing the performance of the electronic devices, high-purity electronic chemicals are required. The mounting demand for electronic products across the globe could favor market growth in the coming years. The German Electrical and Electronic Manufacturers’ Association (ZVEI) states that the worldwide electronic and electrical industry was worth USD 4,499.22 billion in 2016 and could attain the valuation of USD 5,180.00 billion by 2019.

Asia Pacific is touted to be the largest producer of electronic products which accounted for USD 3,312.39 billion in 2016. Next was Europe with market size of USD 622.45 billion the same year. Hence, the surging demand for electronic products could enhance growth of electronic chemicals market in the ensuing years.

With the increasing use of robots and automation in the industrial sector, the demand for machines has risen significantly in recent years. These machines are known for optimizing operation efficiency. Electronic chemicals are major part of machines, with application in machines motion control as well as sensor & vision components that elevate optimal performance. ZVEI adds that the worldwide automation sector was worth USD 556.49 billion in 2016, which could achieve a highly robust CAGR during the review period. Thus, the expanding industrial sector is also expected to work in favor of the electrical chemicals market in the next couple of years.

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Electronic Chemicals Market Segmentation

The global electronic chemicals market has been segmented on the basis of product type and application.

Depending on the product type, the global market has been divided into atmospheric and specialty gases, photoresist chemicals, and wet chemicals, solvents, and others. The atmospheric and specialty gases could expand at the fastest rate due to their rising application in semiconductor (ICS) and integrated circuits.

With respect to the application, the global market has been considered for integrated circuits and semiconductor, flat panel displays & light emitting diodes, photovoltaic, printed circuit boards, and others. The photovoltaic segment could display exponential growth in the following years as a result of surging product demand considering its ability to generate electric power through solar cell.

Electronic Chemicals Market Regional Aspect

Middle East & Africa, Asia Pacific, Europe and North America are the key markets for electronic chemicals.

Asia Pacific is the most profitable market for electronic chemicals, in view of the high production and demand for electronic goods in countries like Japan, China, Malaysia and South Korea. China’s electronic products’ production reached a valuation of USD 2,287.47 billion in 2016, with Japan touching USD 328.87 billion and South Korea totaling USD 268.05 billion the same year. Economic growth and subsequent rise in disposable income helps with expansion of the electronics industry, which in turn, stimulates growth of the electronic chemicals market.

The North America market’s fast paced growth is in response to the high demand for smart devices as well as technological advancements. The regional market is shaped by the rising consumer preference for fitness & wellness devices along with smartwatches. For instance, the United States (US) has been the second-largest market for electronic products, producing electronic goods valued at USD 411.09 billion. These favorable numbers clearly indicate the future growth prospects of the market.

Mounting demand for electronic chemicals to manufacture semiconductors in electronic chip, integrated circuits, mobile phones, flat panel displays and photolithographic printing are stimulating market growth in Europe.

Key Winning Strategy

The top players in the worldwide electronic chemicals market are embracing several business strategies like expansion, acquisition, agreement, merger and product launch to hold their own in the competitive space. The players enlisted in this report are electronic chemicals manufacturers and providers who serve the product to a number of end-user industries across the globe.

Eastman Chemical Company (US), NAGASE & CO., LTD (Japan) Transene Company, Inc (US), Heraeus Group (Germany), Huntsman Corporation (US), BASF SE (Germany), Honeywell International Inc (US), Solvay (Belgium), Air Products and Chemicals, Inc (US), Air Liquide (France), Praxair Technology, Inc (UK), Linde AG (Ireland), are some of the renowned players in the worldwide electronic chemicals market.

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About Market Research Future

At Market Research Future (MRFR), we enable our customers to unravel the complexity of various industries through our Cooked Research Report (CRR), Half-Cooked Research Reports (HCRR), Raw Research Reports (3R), Continuous-Feed Research (CFR), and Market Research & Consulting Services.

MRFR team have supreme objective to provide the optimum quality market research and intelligence services to our clients. Our market research studies by products, services, technologies, applications, end users, and market players for global, regional, and country level market segments, enable our clients to see more, know more, and do more, which help to answer all their most important questions.

In order to stay updated with technology and work process of the industry, MRFR often plans & conducts meet with the industry experts and industrial visits for its research analyst members.

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