Photoresist Process Chemicals Market Size, Trends and Growth Analysis by 2027

The photoresist process chemicals market was valued at approximately US$ 3,665.31 million in 2019 and is projected to experience a compound annual growth rate (CAGR) of 4.8% from 2020 to 2028, ultimately reaching around US$ 5,495.02 million by the year 2028.

Photoresist chemicals are specialized substances that undergo a transformation in their chemical structure when exposed to ultraviolet (UV) light. This distinctive characteristic renders them particularly suitable for processes such as photolithography and photoengraving, which are integral to the semiconductor manufacturing sector. The category of photoresist process chemicals includes solvents, developers, removers, strippers, and etching mixtures, all of which are vital for producing high-performance circuit boards and semiconductor chips. The expansion of the global photoresist process chemicals market is primarily fueled by the persistent demand for microelectronics, driven by the increasing consumption of electronic devices in developing nations and the growing integration of Internet of Things (IoT) technologies worldwide. Additionally, the rising interest in dynamic display technologies is anticipated to further stimulate market growth throughout the forecast period.

In terms of application, the global photoresist chemicals market is categorized into segments such as microelectronics, printed circuit boards, and others. As of 2019, the microelectronics segment held the largest market share. The microelectronics sector continues to grow as the demand for smaller and more affordable devices increases. Consequently, various photoresist solvents, sensitizers, polymers, and other related chemicals are employed to meet these needs.

From a geographical perspective, the photoresist process chemicals market is divided into regions including North America, Europe, Asia Pacific (APAC), South America, and Middle East & Africa (MEA). In 2019, the APAC region dominated the market, recognized as a key area for the application of photoresist and its ancillary products, thus presenting significant growth opportunities. Asia is a leading region in chemical production. Beyond its role in the semiconductor industry, photoresist and its derivatives are widely used in wearable technology, smartphones, and various electronic devices. The shift in consumer lifestyles has led to an increased demand for smartphones and wearable gadgets, which has, in turn, spurred growth in the electronics sector. The rising awareness among consumers regarding connectivity through IoT devices is also contributing to the market's expansion. This trend has significantly boosted the demand for photoresist process chemicals in the region.

The COVID-19 pandemic has had a detrimental impact on economies and industries across numerous countries due to lockdowns, travel restrictions, and business closures. Furthermore, the global travel bans imposed by various nations in Europe, Asia, and North America have obstructed business collaborations and partnership opportunities. These challenges are adversely affecting the chemicals and materials industry, thereby restraining the growth of the photoresist process chemicals market.

Key players in the global photoresist process chemicals market include Tokyo Ohka Kogyo Co., Ltd., Tokuyama Corporation, Dupont, Integrated Micro Materials, Allresist Gmbh, Microchemicals Gmbh, Dischem Inc, ENF TECHNOLOGY CO., LTD., Sumitomo Chemical Co., Ltd., and Prolyx Microelectronics Private Limited.

The overall size of the global photoresist process chemicals market has been determined through a combination of both primary and secondary research methodologies. The research process commenced with extensive secondary research utilizing both internal and external sources to gather qualitative and quantitative data relevant to the market. Additionally, numerous primary interviews were conducted with industry participants and experts to validate the findings and gain deeper analytical insights. Participants in this research included industry professionals 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 global photoresist process chemicals market.