Virtual Reality, Machine Learning, and Artificial Intelligence Boom Set to Drive Need for Advanced Electronic Chemicals & Materials.
ROCKVILLE, Md., July 11, 2024 /PRNewswire/ — According to an updated research report by Fact.MR, the global Electronic Chemicals & Materials Market is projected to increase from a size of US$ 71.7 billion in 2024 to US$ 127.1 billion by the end of 2034, which is equal to market expansion at a CAG of 5.9% from 2024 to 2034.
Electronic chemicals and materials are key to the rising needs of the booming electronics sector. This market is all about various products and materials for electronic device manufacturing such as semiconductors, printed circuit boards, displays, and batteries. The market is thriving due to high demand from microelectronics and chip-making industries globally. Circuit assembly, and semiconductor manufacturing, among others, are some of the operations that depend on different types of specialized substances in these sectors.
Market growth is also being driven by the constant rise is the use of electronic devices in the automotive, industrial, and consumer sectors across the world. Technological advancements are leading to smaller, quicker, and high-performing electronic components, which are also complementing market progress.
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Key Takeaways from the Electronic Chemicals & Materials Market Study:
- The global electronic chemicals & materials market is projected to expand at a CAGR of 5.9% and reach US$ 127.1 billion by 2034.
- The market in North America is projected to expand at a CAGR of 6.3% and offer an absolute opportunity of US$ 20.9 billion by 2034.
- East Asia is set to account for 26.8% of the global market share in 2024 and generate an absolute dollar opportunity of US$ 15.8 billion between 2024 and 2034.
- Between 2024 and 2034, the semiconductors & ICs segment is expected to create an absolute dollar opportunity of US$ 37.9 billion.
- With a 34.9% market share, the silicon wafers segment is estimated to be worth US$ 25 billion in 2024.
- The electronic chemicals & materials market in China is forecasted to expand at 6.2% CAGR through 2034.
“Companies should look toward North America and East Asia since these two regional markets together account for close to two-thirds share of worldwide revenue,” says a Fact.MR analyst.
Electronic Chemicals & Materials Industry News:
Key companies manufacturing electronic chemicals & materials are BASF Electronic Chemicals, Air Products & Chemicals Inc., Albemarle Corporation, Bayer AG, Honeywell International Inc., Linde plc, Resonac Holding Corporation, DuPont de Nemours, Inc., Shin-Etsu Chemical Co. Ltd., Cabot Microelectronics Corporation, Solvay S.A., Covestro AG, Global Wafers, Fujifilm Corporation, and Air Liquide.
Companies are resorting to product releases, mergers & acquisitions, expansions, and strategic deals among themselves to strengthen their position in the electronic chemicals and materials market.
- In Jan 2023, The Linde Plc acquired the remaining 77.2% of nexAir, LLC, making it one of the largest independent suppliers of industrial gases in the country.
- In Dec 2022, Air Liquide signed a long-term contract with Kumho Mitsui Chemicals Corporation to supply additional hydrogen and carbon monoxide for the expansion of its 50% methyl diphenyl diisocyanate (MDI) production.
- Resonac Corporation and Matmerize Inc., a start-up that creates novel materials using artificial intelligence (AI), partnered in September 2023. This partnership aims to transform the process of developing new semiconductors so that 6G technologies can use them.
- A new line of flexible and rigid-flex printed circuit boards (FPCBs) with polyimide sheets resistant to high temperatures was unveiled by DuPont in 2022. These new films, called Kapton HT, can withstand temperatures of up to 300°C, making them suitable for usage in abrasive environments like automotive and aerospace.
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More Valuable Insights:
Fact.MR, in its new offering, presents an unbiased analysis of the global electronic chemicals & materials market, presenting historical data for 2019 to 2023 and forecast statistics for 2024 to 2034.
The study reveals essential insights based on product type (silicon wafers, photoresists, specialty glass, wet processing chemicals, PCB laminates, other types) and application (semiconductors & ICs, PCB), across major seven regions of the world (North America, Latin America, Western Europe, Eastern Europe, East Asia, South Asia & Pacific, and the Middle East & Africa).
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