Global Electronics Chemicals Market - Segmented by Product Type, Application, and Geography - Growth, Trends, and Forecast (2018 - 2023)
Electronics Chemicals Market Size
The electronics chemicals market is expected to witness a CAGR of approximately 5.5% during the forecast period, primarily driven by the increasing demand of printed circuit boards (PCBs) for electronic devices. The growing smartphone industry is further propelling the demand of integrated circuits (ICs), which is also likely to stimulate the electronic chemicals market.
Demand of PCBs for Electronic Devices Driving the Electronics Chemicals Market
Most of the electronics products manufactured contains printed circuit boards (PCBs). High-quality PCB manufacturing technology has allowed the electronics products manufacturers to produce smaller and more complex products. The manufacturing of the PCBs is normally done using a chemical etching process. In 2016, printed circuit board production was valued at USD 58.2 billion globally. The manufacturing of PCBs in India is likely to grow in the coming years with increasing investments and government support to boost production, which is likely to drive the electronic chemicals market.
Integrated Circuits Application Dominated the Electronics Chemicals Market
In 2017, integrated circuits application dominated the electronic chemicals market, accounted for almost half of the market share. ICs are widely used in the manufacturing of semiconductor, which are gaining momentum in wearable electronics, such as personal medical monitoring devices. The global sales of semiconductors was valued at USD 31.3 billion in April 2017, more than 21% in comparison to that in April 2016, majorly driven by the tremendous growth in memory market. The electronic chemicals market for the integrated circuits application is likely to be further driven by the increased connectivity of devices and systems, which demands the use of sensors, and other semiconductor devices.
Mass Production of Electronic Devices Making Asia-Pacific the Dominant Market
In 2017, APAC dominated the electronic chemicals market and accounted for more than half of the total market share. The mass production of electronics devices in China and India is responsible for the high demand of electronic chemicals in the region. More than half of the global PCB based on value is produced in China. The leading producers of PCBs are the Taiwanese companies including Unimicron, Zhen ding Technology and Tripod. Moreover, the Chinese government is aiming to raise up to USD 31.5 billion to invest in domestic chip companies to build a world-class semiconductor industry, which is likely to propel the electronic chemicals market growth.
Electronics Chemicals Market Key Developments
In November 2017, BASF started operations at a new electronic materials production plant in South Korea to produce ultra-pure NH4OH (electronic-grade ammonia water) used in the semiconductor and display manufacturing processes. The production plant is also expanding the production of advanced mixtures for cleaning and etching solutions.
Electronics Chemicals Market Major Players:
Eastman Chemical Company.
Honeywell International Inc.
Reason to Purchase Electronics Chemicals Market Report
To understand the impact of various product type on the market.
Analyzing various perspectives of the market with the help of Porter’s five forces analysis
To understand the dominating application and product type in the market
Countries expected to witness the fastest growth during the forecast period
Identify the latest developments, market shares, and strategies employed by the major market players
3-month analyst support, along with the Market Estimate sheet (in excel)
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