NEW YORK, Nov. 18, 2022 /PRNewswire/ —

The wet chemicals market is projected to register a CAGR of more than 6.5% during the forecast period (2022-2027).

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The wet chemicals market for electronics and semiconductor applications was hampered by the COVID-19 pandemic. However, according to JEITA, the production of global electronics products is expected to reach USD 3,175 billion by the end of 2021, in turn positively impacting the demand for the wet chemicals market for electronics and semiconductor applications.

Key Highlights
Over the medium term, rising demand from modern technology industries and surging demand for hydrogen peroxide from the semiconductor industry are expected to drive the market’s growth.
However, on the flip side, waste management of semiconductors is anticipated to hinder the market’s growth.
Asia-Pacific dominated the global market. It is also expected to register the fastest CAGR over the forecast period.

Key Market Trends

Increasing Demand from Semiconductor Application

Wet chemicals are widely used in semiconductor production. They are used in both cleaning and etching applications.
The production of semiconductors is growing at a staggering pace due to rapid growth from various advancements such as artificial intelligence (AI), quantum computing, and 5G networks, which is estimated to drive the market for wet chemicals during the forecast period.
According to the Semiconductor Industry Association (SIA), the global semiconductor industry sales totaled USD 555.9 billion in 2021, the highest-ever annual total and an increase of 26.2% compared to the 2020 total of USD 440.4 billion. The industry shipped a record 1.15 trillion semiconductor units in 2021 as chip companies ramped up production to address high demand amid the global chip shortage.
The growth of semiconductors is due to continued robust growth in consumer electronics, computing, 5G, and automotive semiconductors. Several semiconductor product segments stood out in 2021. Analog, a type of semiconductor that is commonly used in vehicles, consumer goods, and computers, had the highest annual growth rate of 33.1%, reaching USD 74 billion in 2021 sales.
The growing demand for semiconductors is estimated to drive the demand for wet chemicals during the forecast period.

Asia-Pacific Region Expected to Dominate the Market

The Asia-Pacific region dominated the global market share. With the growing demand for electronics in countries such as China, India, and Japan, the usage of wet chemicals is increasing in the region.
China is one of the leading producers of Printed Circuit Boards (PCBs) in the world. Moreover, PCB production is increasing rapidly through expansions in Asian countries, such as Vietnam and Thailand. China, Taiwan, Singapore, South Korea, and Japan are the leading PCB manufacturing countries in the world.
According to JEITA (Japan Electronics and Information Technology Industries Association), production by Japanese electronics and IT companies (including offshore production) was estimated to rise by 8% Y-o-Y in 2021 to JPY 37,319.4 billion, within which electronics production is expected to grow by 9% Y-o-Y to JPY 29,790.39 billion. Thus, it is excepted to increase the demand for the wet chemicals market for electronic and semiconductor applications in Japan.
Also, Japan currently has about 30 semiconductor fab industries involved in manufacturing various semiconductor chips. Japan’s semiconductor supply chain provides one-third of the world’s semiconductor manufacturing equipment and more than half of the industry’s materials.
All the aforementioned factors are expected to boost the overall demand for wet chemicals in the Asia-Pacific region during the forecast period.

Competitive Landscape

The wet chemicals market for electronics and semiconductor applications is highly concentrated, with the top five players accounting for over 60% of the market share. Major players in the market (not in a particular order) include BASF SE, Avantor Inc., Honeywell International Inc., CMC Materials, and KANTO KAGAKU.

Additional Benefits:

The market estimate (ME) sheet in Excel format
3 months of analyst support

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