Asia Pacific Photoresist Process Chemicals Market Forecast to 2028 - COVID-19 Impact and Regional Analysis By Product Type (Solvents, Binders, Sensitizer, and Others), and Application (Microelectronics, Printed Circuit Boards and Others)

Asia Pacific Photoresist Process Chemicals Market Forecast to 2028 - COVID-19 Impact and Regional Analysis By Product Type (Solvents, Binders, Sensitizer, and Others), and Application (Microelectronics, Printed Circuit Boards and Others)

The Asia Pacific photoresist process chemicals market is expected to grow from US$ 1,958.16 million in 2020 to US$ 2,894.70 million by 2028; it is estimated to grow at a CAGR of 5.0% from 2020 to 2028. The APAC manufacturing sector is highly adopting innovation accelerators which include advanced technologies & processes. Over the past few years, the manufacturing spending of the region has grown significantly and is further anticipated to grow at the highest estimated growth rate. Asia has ranked the highest amongst chemicals producing regions. China is dominating the regional market, followed by other countries such as Japan, Taiwan, Malaysia, Vietnam, Korea, Thailand, and Indonesia. These countries are experiencing rising demand from the semiconductors and ICs, LCDs, printed circuit boards, and others. Apart from its application in the semiconductors industry, photoresist chemicals are extensively utilized in the wearable devices, smartphones, and other electronic devices. The growing consciousness among the consumers about the connected world on devices with IoT favors the growth of the market. Further, rising purchasing capabilities and expanding disposable income are estimated to favor market growth. Over the past few years, the manufacturing spending towards the developments of chemicals and electronic industry has grown significantly and is further anticipated to grow at a high rate. Rising foreign direct investments also lead to economic growth in this region. Increasing expenditure towards research and development activities, to diversify the application base of photoresist chemicals has also led to market growth.

In Asia Pacific, India has witnessed an unprecedented rise in number of COVID-19 cases, which led to the discontinuation of photoresist process chemicals manufacturing activities. Downfall of other chemical and materials manufacturing sectors has subsequently impacted the demand for photoresist process chemicals during the early months of 2020. Moreover, decline in the overall semiconductor manufacturing activities has led to discontinuation of photoresist process chemicals manufacturing projects, thereby reducing the demand for photoresist process chemicals. Similar trend was witnessed in other Asia Pacific countries, such as Japan, China, and Australia. However, the countries are likely to overcome this drop in demand with the economic activities regaining their pace, especially in the beginning of the 2021.

Based on product type, the market is segmented into solvents, binders, sensitizer and others. The solvents segment led the Asia Pacific photoresist process chemicals market in 2019. A photoresist is also known as a resist, and its light-sensitive application is utilized in several processes, such as photolithography & photoengraving, mainly to create a patterned coating on a surface. This process is known as crucial in the electronic industry. The process starts by coating a substrate with a light-sensitive organic application. A patterned mask is further applied to the surface mainly to block light, so that only unmasked regions of the application can be exposed to light. A solvent, known as a developer, is then employed to the surface. Solvents permits the photoresist to be applied by spin-coating. In terms of a positive photoresist, the photo-sensitive application is destroyed by light and the developer get dissolve away the regions that were exposed to light, by leaving behind a coating where the mask was placed. However, in terms of a negative photoresist, the photosensitive application is quite strengthened by light, and the developer get dissolve away only the regions that were not actually exposed to light, leaving behind a coating in the areas where the mask was not placed. Solvents are needed to create the photoresist a liquid, which further permits the resist to be spun onto a substrate. The solvents utilized in negative photoresists are non-polar organic solvents, including xylene, toluene, and halogenated aliphatic hydrocarbons. In positive resists, several organic solvents such as ethyl cellosolve acetate, diglyme, or cyclohexanone, and ethoxyethyl acetate can be used.

The overall Asia Pacific photoresist process chemicals market size has been derived using both primary and secondary sources. To begin the research process, exhaustive secondary research has been conducted using internal and external sources to obtain qualitative and quantitative information related to the market. The process also serves the purpose of obtaining an overview and forecast for the Asia Pacific photoresist process chemicals market with respect to all the segments pertaining to the region. Also, multiple primary interviews have been conducted with industry participants and commentators to validate the data, as well as to gain more analytical insights into the topic. The participants of this process include industry experts such as VPs, business development managers, market intelligence managers, and national sales managers, along with external consultants such as valuation experts, research analysts, and key opinion leaders, specializing in the Asia Pacific photoresist process chemicals market. A few of the key companies operating in the market are Tokyo Ohka Kogyo Co., Ltd.; Tokuyama Corporation; Dupont; Enf Technology Co., Ltd.; Sumitomo Chemical Co., Ltd.; and Prolyx Microelectronics Private Limited

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