June 22, 2024
Wet Chemicals for Electronics and Semiconductor Applications

The Wet Chemicals for Electronics and Semiconductor Applications Market is Anticipated to Witness High Growth Owing to Rising Demand for Electronic Devices

The wet chemicals market for electronics and semiconductor applications involve various chemicals that are utilized during manufacturing processes of electronic components and devices. Wet chemicals find widespread applications during cleaning, etching, and deposition processes in the production of semiconductors, PCBs, flat panel displays, data storage devices, and others. They aid in the removal of unwanted material and particles from the wafer surface. The growing demand for mobile phones, laptops, LED lighting, consumer electronics, and automotive electronics has been fueling the need for semiconductor chips, thereby driving the consumption of wet chemicals. Factors such as miniaturization trends leading to the use of advanced manufacturing technologies for smaller device sizes, coupled with increasing investment in fabs and foundries by chipmakers, are boosting market growth.

The Global wet chemicals market for electronics and semiconductor applications is estimated to be valued at US$ 2 Bn in 2024 and is expected to exhibit a CAGR of 9.9% over the forecast period 2024 To 2031.

Key Takeaways

Key players operating in the Wet Chemicals for Electronics and Semiconductor Applications Market are Novartis AG, Merck & Co. Inc., F-Hoffmann La Roche, Eli Lilly and Company, Bayer AG, AstraZeneca, Astellas Pharma Inc., Amgen Inc., OSE Immunotherapeutics SA, and Bristol- Myers Squibb Company, among others.

The growth in demand for consumer electronics and adoption of technologies such as IoT, AI, and 5G networks present significant opportunities for wet chemical suppliers to expand their product offerings and meet customer-specific requirements.

Global manufacturers are investing in R&D activities to develop new formulations that enable higher productivity, improve yield, and comply with stringent environmental norms. They are also enhancing their presence in emerging Asian markets through acquisitions, partnerships, and expansion of manufacturing capabilities.

Market drivers – Rising demand for electronic devices owing to rapid digitalization and increasing penetration of technologies such as smartphones, tablets, laptops, wearables and automotive electronics is a major market driver.

Market restrain – Stringent environmental regulations pertaining to the usage of hazardous chemicals and heavy costs associated with newer technologies could hamper market growth to some extent over the forecast period.

Segment Analysis

The wet chemicals for electronics and semiconductor applications market can be segmented into acids, alkalis, solvents, and others. Acids dominate the market as they have widespread applications in semiconductor cleaning, silicon etching, photoresist stripping, and copper etching among others. They offer effective cleaning and etching of wafers during various stages of semiconductor manufacturing processes like IC packaging. Within acids, hydrofluoric acid and hydrochloric acid sub-segments account for major shares owing to their etching effectiveness.

Global Analysis

On the basis of region, the Asia Pacific region is expected to dominate the global wet chemicals market for electronics and semiconductor applications during the forecast period. This is attributed to rapid growth of the electronics and semiconductor industries in countries like China, Taiwan, South Korea, and Japan. Large number of semiconductor foundries, fabs, and IC packaging units in these countries are driving the demand for wet chemicals. Additionally, growing electronics demand and government support for semiconductor manufacturing are fueling the market growth. North America and Europe are other major regions with significant market presence. However, the market is expected to grow at a faster pace in the Asia Pacific region during the forecast period.

*Note:
1. Source: Coherent Market Insights, Public Source, Desk Research
2. We have leveraged AI tools to mine information and compile it.