The global electronic wet chemicals market size is expected to grow from USD 3.3 billion in 2020 to USD 3.9 billion by 2025, at a CAGR of 3.5%, during the forecast period. The demand for electronic wet chemicals is primarily driven by the growing demand for electronic wet chemicals in the electronics and semiconductor industry. Furthermore, the consumption of electronic wet chemicals in the emerging clusters of APAC is increasing mainly because of the rising per capita expenditure on consumer goods and presence of electronic manufacturers in China, Taiwan and Japan. Apart from the above trends, the corona outbreak also has an impact on the electronic wet chemicals market as there is an increase in demand for hydrogen peroxide and isopropyl alcohol in disinfectant applications.
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Acetic Acid to dominate the global electronic wet chemicals market
The electronic wet chemicals industry has been segmented based on type as acetic acid, isopropyl alcohol hydrogen peroxide, hydrochloric acid, ammonium hydroxide, hydrofluoric acid, nitric acid, phosphoric acid, sulfuric acid and others. Acetic acid segment accounted for the larger share of the market in 2019. The growth in this segment is attributed to the increase in use in integrated circuits and it serve as one of the main substrates for microelectronics. These factors are expected to drive the demand for electronic wet chemicals during the forecast period.
Semiconductor segment to lead the global electronic wet chemicals market
The market has been segmented based on application into semiconductor, IC Packaging, PCB and others. The semiconductor segment accounted for the largest share of the market in 2019 and is expected to witness significant growth during the forecast period. The growth in this segment is attributed to increasing consumption in the advanced electronics and consumer goods such as smartphones, laptops and others in emerging economies such as APAC. Furthermore, the demand for semiconductor is increasing in flat panel display and automotive industry. These factors are expected to drive demand during the forecast period.
APAC is projected to be the leading electronic wet chemicals industry globally during the forecast period. The growth in the APAC region can be attributed to the rising demand from consumer goods industry. The presence of several microelectronic devices manufacturers, favorable government policies, and low labor costs along with growing demand for electronic wet chemicals in the region are further strengthening the market and attracting major players to invest in the region.
The Avantor Inc (US), BASF SE (Germany), Cabot Microelctronics (US), Honeywell International Inc. (US), Kanto Chemical Co. Inc (Japan), Eastman (US), Solvay (Belgium), Fujifilm Holding (Japan), Technic Inc. (US), and Linde Plc. (Ireland) among others are the key players operating in the electronic wet chemicals market.
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