Electronic Chemicals Market Overview
Electronic chemicals are primarily used for cleaning electronic devices. Electronic devices require high-purity electronic chemicals to optimize performance. These materials can remove minute impurities of semiconductor wafers. The increase in production and demand for various electronic products over the past few years drives the electronic chemicals market globally.
Besides, the rising integration of robots and automation in the proliferating industrial sector has been fuelling the market demand for electronic chemicals. Electronic chemicals also find major applications in machine motion control and sensor & vision components to ensure optimal performance. Therefore, the growth of the industrial sector defines the growing landscape of the electrical chemicals market.
A leading research firm, Market Research Future (MRFR), asserts that the electronic chemicals type market trends is expected to ascend further by 2024. According to MRFR, valuation of the global electronic chemicals market, which had reached to USD 20 BN in 2016, would appreciate at around 6.1% CAGR during the anticipated period (2019 - 2024). The market proliferation of smartphones and other wearable devices worldwide acts as a significant growth driver.
Additionally, factors such as the growing digitization, rapid industrialization, and economic development would foster the growth of the market. Furthermore, rising usages of electronic chemicals in the manufacturing of semiconductors, printed circuit boards, and lithium-ion batteries & battery pack assemblies would substantiate the growth of the market.
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Electronic Chemicals Market – Regional Analysis
The Asia Pacific region is forecasted to continue its dominance over the global COVID-19 analysis on electronic chemicals market report. Owing to the high production and demand for electronic goods in countries, such as China, Japan, South Korea, and Malaysia, the region accounts for a significant market share. Besides, economic development and rise in disposable income in the region fuel the market growth, driving the electronics industry, colossally. Additionally, the market penetration of smartphones and other wearable electronics, alongside the developments of high-tech gadgets and auto electronics, drive the APAC electronic chemicals market.
North America stands second in the global electronic chemicals industry. The regional market is predominantly driven by the high demand for smart devices and technological advancements. Rising consumer preference for fitness & wellness devices and smartwatches impacts the regional market growth, positively. Furthermore, the growing demand for electronic chemicals in the advanced electronics and telecommunication industry propels the growth of the market.
Witnessing the increase in demand for consumer electronics such as smartphones and laptops, the North American electronic chemicals market is projected to register healthy growth throughout the forecast period.
Electronic Chemicals Market – Competitive Analysis
Characterized by the presence of many major players, the electronic chemicals market share appears to be highly competitive. To gain a substantially larger share in the market, these well-established players incorporate strategies such as mergers & acquisitions, collaborations, expansion, and technology launch. Managing the supply of cost-competitive raw materials remains a top priority for manufacturers. To cope-up with the pricing fluctuations, many firms seek new ways to mitigate risks associated with raw materials instability.
Electronic chemicals Market Major Players:
Players leading the global electronic chemicals market, include Honeywell International Inc. (US), Air Liquide (France), Eastman Chemical Company (US), Heraeus Group (Germany), Transene Company, Inc. (US), Air Products and Chemicals, Inc. (US), Huntsman Corporation (US), BASF SE (Germany), Linde AG (Ireland), Nagase & Co., Ltd (Japan), Solvay (Belgium), and Praxair Technology, Inc. (UK).
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