Electronic Chemicals Market Size, Share, Growth by 2030

In 2022, the electronic chemicals market was valued at approximately US$ 46,358.95 million and is projected to grow to around US$ 76,383.14 million by 2030, reflecting a compound annual growth rate (CAGR) of 6.4% from 2022 to 2030.

The electronics sector employs a diverse array of specialty chemicals, including CMP slurries, solvents, surfactants, photoresist chemicals, wet chemicals, and acids, which are essential for the production of electronic components and products such as silicon wafers, printed circuit boards (PCBs), and integrated circuits. These electronic components find applications across various industries, including automotive, consumer electronics, telecommunications, and energy storage systems. The increasing demand for integrated circuits, coupled with advancements in the semiconductor sector and supportive government initiatives, is propelling the global electronics industry forward, thereby enhancing the electronic chemicals market. The anticipated growth of the global electronic chemicals market by 2030 is also attributed to the rising applications in renewable energy technologies.

Key drivers of market expansion include the burgeoning semiconductor industry and the escalating demand for flat-panel displays. The semiconductor sector is experiencing significant growth due to the rising need for electronic devices and the emergence of new applications such as artificial intelligence, the Internet of Things, and automotive electronics. Continuous innovations in semiconductor technology have led to rapid advancements, resulting in the creation of smaller, faster, and more energy-efficient chips with enhanced processing capabilities. Additionally, the increasing emphasis on technological progress in semiconductor manufacturing plays a crucial role in the growth of the electronic chemicals market. Moreover, the production of flat-panel displays, including liquid crystal displays, organic light-emitting diode displays, and microLED displays, necessitates complex manufacturing processes that depend on electronic chemicals. These chemicals are integral to various stages such as cleaning, patterning, coating, encapsulation, and surface treatment, which are essential for fabricating the multiple layers and components of flat-panel displays. Cleaning agents, including solvents, surfactants, and etchants, are utilized to eliminate contaminants, particles, and residues from glass substrates and semiconductor layers, thereby supporting the automotive industry's contribution to the expanding electronic chemicals market.

The market is categorized by product type into CMP slurries, photoresist chemicals, wet chemicals, acids, and others. The wet chemicals segment holds the largest share of the electronic chemicals market. Wet chemicals comprise a broad spectrum of solutions and formulations designed for specific applications, including cleaning, etching, stripping, and surface modification processes. A primary application of wet chemicals is in wafer cleaning, where they effectively remove contaminants, residues, and particles from semiconductor surfaces to ensure optimal performance and reliability of devices. These cleaning solutions may include acids, bases, organic solvents, surfactants, and chelating agents, which are meticulously formulated to target specific contaminants while minimizing potential damage to sensitive materials. Etching, another critical process enabled by wet chemicals, involves the selective removal of materials from semiconductor substrates to create intricate patterns and features.

In 2022, the Asia Pacific region accounted for a substantial share of the electronic chemicals market. The region's electronics and semiconductor manufacturing capabilities have been pivotal in driving global trade. Asia Pacific serves as a central hub for the production and export of technical consumer goods, including electronics such as laptops, desktops, mobile phones, radios, sound systems, and televisions, along with other vital electronic components and household appliances. The rising number of vehicles in Asian nations like China, India, and South Korea is further fueling the demand for printed circuit boards (PCBs) and semiconductors. China, in particular, stands out as a high-skilled manufacturing center.

Prominent companies in the electronic chemicals market include Fujifilm Holding Corp, Solvay SA, BASF SE, Linde Plc, Honeywell International Inc, Songwon Industrial Co Ltd, Hitachi High-Tech Corp, RBP Chemical Technology Inc, PVS Chemical Solutions Inc, and Esprix Technologies LP. Additionally, various other players have been analyzed to provide a comprehensive overview of the market and its ecosystem. The electronic chemicals market report also encompasses company positioning and concentration to assess the competitive landscape of the market.

The overall size of the global electronic chemicals market has been determined through a combination of primary and secondary research methods. The research process commenced with extensive secondary research utilizing both internal and external sources to gather qualitative and quantitative data related to the market. Furthermore, numerous primary interviews were conducted with industry participants to validate the findings and gain deeper analytical insights. Participants included industry experts such as vice presidents, business development managers, market intelligence managers, and national sales managers, as well as external consultants like valuation experts, research analysts, and key opinion leaders specializing in the electronic chemicals sector.