Electronic Chemicals Market Analysis, Growth, COVID-19 Overview, Demand and Industry Forecast 2023
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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