Electronic Materials and Chemicals Market Size Forecast to Reach $8.2 Billion by 2026

(I-BusinessNews.Com, August 14, 2021 ) Electronic Materials and Chemicals Market size is forecast to reach $8.2 billion by 2026, after growing at a CAGR of 7% during 2021-2026. Increasing demand of solar photovoltaic cells for electricity generation is fueling the growth of electronic materials & chemicals market. Increasing demand for semiconductor materials from other end-user industries including photolithography printing is expected to grow potentially during the forecast period. On the other hand, increasing demand for electronic chemicals like gaseous chemicals for manufacturing LEDs, solar photovoltaic, semiconductors, and flat panel displays are expected to drive the electronic materials and chemicals industry growth. Improving standards of living and decreasing price of equipment are the major factors for positively impacting on industry growth.

Electronic Materials and Chemicals Market Segment Analysis – By Type

Electronic materials are the largest type segment in 2020 due to increasing material demand for manufacturing of various electronic products like LCDs, LEDs, solar photovoltaic and rising penetration in semiconductors manufacturing is expected to drive demand for electronic materials over the forecast period. Apart from this, growing demand for electronic chemicals like liquid chemicals for cleaning and polishing the internal parts of the semiconductor devices is expected to be a key driver for electronic materials and chemicals industry growth.

Request for Sample Report @ https://www.industryarc.com/pdfdownload.php?id=503447
Report Price: $ 4500 (Single User License)

Electronic Materials and Chemicals Market Segment Analysis – By Application

Printed circuit boards segment held the largest electronic material and chemicals market share and growing at a CAGR of more than 7.4% in 2020. The growing uses of electronic materials and chemicals to manufacturing of semiconductors and printed circuit board fabrication to flat-panel displays, various stages of cleaning, chip packaging and product insulation will increase with the growth in electronics manufacturing. Apart from this, electronic materials and chemicals used in different types of solar photovoltaic cells use semiconductors to interact with incoming photons from the sun in order to generate electricity. Furthermore, photolithography printing tools used in manufacturing of semiconductor tools is driving the growth of electronic materials and chemicals market.

Electronic Materials and Chemicals Market Segment Analysis – By Geography

Asia Pacific dominated the electronic materials and chemicals market with a share of 30% in 2020 due to rapid industrialization and urbanization in developing nations. According to National Investment Promotion and Facilitation Agency (NIPF), India’s share in global electronics manufacturing is anticipated to reach $400 billion by 2025. Increasing consumption for photolithographic printing and use of solar photovoltaic panels has also augmented the growth of electronic materials and chemicals market. According to International Renewable Energy Agency (IRENA), Asia continued to dominate global solar capacity expansion with a 56 GW increase (about 60% of the total in 2019) and 64 GW increase (about 70% of the global expansion in 2018). Hence, this expansion is steadily making India as a global hub of electronics system, which fueling the growth of electronic materials and chemicals market.

Inquiry Before Buying @ https://www.industryarc.com/reports/request-quote?id=503447

Electronic Materials and Chemicals Market Drivers

Improving Internet of Things (IoT) and Artificial Intelligence (AI) Technology

Internet of Things and artificial intelligence technologies are expected to drive semiconductor industry which in turn propels the growth of electronic materials and chemicals market. According to Indi-Asian News Service (IANS), the global Internet of Things semiconductor component market will grow at a compound annual growth rate of 19% from $33 billion in 2020 to $80 billion in 2025. The use of AI-related, rising demand for autonomous vehicles has opened a new revenue application for the electronics materials market. The digital display industry is also set out for better standards by introducing flat panel displays like LED and LCD television sets, requiring high-quality electronic materials for production.

Growing Consumption of Semiconductors

Semiconductors are widely used in photo resistors and solar photovoltaic cells. According to the Semiconductor Industry Association (SIA) the worldwide sales of semiconductors reached $39.0 billion for the month of October 2020, an increase of 6.0 % compared to the October 2019 total of $36.8 billion and 3.1 % more than the September 2020 total of $37.9 billion. Thus, the high sales of semiconductors will be creating a growth in the market of electronic materials and chemicals.

Electronic Materials and Chemicals Market Challenges

Stringent Health Regulations

Stringent health regulations towards electronic materials and chemicals may hamper the market growth. According to the Occupational Safety and Hazard Administration (OSHA), employers must protect workers from crystalline silica in the US. Silica alloy can cause serious lung disease and lung cancer. High exposure to silica can cause of illness with headache, fever, chills, aches, chest tightness and cough. Silica alloy exposure has been linked to other illnesses including renal disease and other cancers. Thus, the harmful effects of silica may hamper the market growth.

Impact of COVID-19

COVID-19 pandemic has impacted the electronic materials and chemicals market owing to restriction imposed by government related to import and export. United States are the world’s largest market for consumer electronic products. But Due to COVID 19 U.S. total exports of electronic products fell by $4.1 billion (1.5 percent) to $273.0?billion in 2019, according to United States International Trade Commission (USITC). This has resulted in shrinkage of electronic sector, thereby creating downward trend in the growth of the electronic materials and chemicals market.

Electronic Materials and Chemicals Market Landscape

Technology launches, acquisitions and R&D activities are key strategies adopted by players in the Electronic Materials and Chemicals Market. Major players in the Electronic Materials and Chemicals Market top 10 companies are Linde Plc., Air Products and Chemicals, Inc., DuPont de Nemours Inc., Cabot Microelectronics Corporation, BASF SE, Hitachi Chemical co., ltd., Solvay S.A, Evonik Industries AG, Eastman Chemical Company, Zhejiang Kaisn Fluorochemical Co. Ltd., Technic Inc.,and among others.

Acquisitions/Technology Launches

In March 2020, Air Products announced that it had concluded deals with P.B.F. Energy Inc. that entail the procurement of USD 530 million of five hydrogen steam methane reformers (S.M.R.) hydrogen manufacturing plants and the long-term hydrogen supply to P.B.F. refineries from those already operational plants.

In July 2019, BASF started a new plant for functionalizing foils in Munster. These foils are used in the protection of thin-film photovoltaics from harmful environmental stress. Other applications for foil include OLED displays and thin-film batteries.

Key Takeaways

Asia-Pacific dominates the electronic materials and chemicals market owing to increasing demand for printed circuit board laminates, rising production of photolithography printers, and manufacturing of flat panel displays in APAC.

Consumer awareness coupled with government initiatives for the promotion of solar energy usage will propel the market for electronic materials and chemicals in the coming years.

Increasing health concerns and government restrictions on the use of semiconductor materials can hamper the growth of electronic materials and chemicals market.

Related Reports :

A. Fine Chemicals Market
https://www.industryarc.com/Report/15895/fine-chemicals-market.html

B. Textile Chemicals Market
https://www.industryarc.com/Report/11686/textile-chemicals-market.html

For more Chemicals and Materials Market reports, please click here

About IndustryARC: IndustryARC primarily focuses on Cutting Edge Technologies and Newer Applications market research. Our Custom Research Services are designed to provide insights on the constant flux in the global supply-demand gap of markets. Our strong team of analysts enables us to meet the client research needs at a rapid speed, with a variety of options for your business. Any other custom requirements can be discussed with our team, drop an e-mail to sales@industryarc.com to discuss more about our consulting services.

IndustryARC
Venkat Reddy
(+1) 970-236-3677
venkat@industryarc.com

Source: EmailWire.Com