According to a new report published by Allied Market Research, titled, “Electronic Chemicals and Materials Market by Type, and Application – Global Opportunity Analysis and Industry Forecast, 2014 – 2022,” the electronic chemicals and materials market was valued at $43,510 in 2015 and is expected to reach $64,919 million by 2022 with a CAGR of 6.1% from 2016 to 2022. The wafer fabrication application segment occupied the major (revenue) share in 2015 and is expected to maintain its lead throughout the analysis period. Silicon wafers is the most common type of wafer fabrication material used globally, and accounts for about 17% market share.
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The demand for electronic chemicals and materials has increased owing to growth in technological advancements and increase in demand from applications, namely, photovoltaics, integrated circuits, printed circuit boards for electronic gadgets such as mobiles, laptops, computers, tablets, LED bulbs, and others. There is a shift towards advanced technology nodes that drives the market for wafer fabrication chemicals and materials. Other factors that drive the market growth include strict environmental regulations, increase in the consumption of IC process chemical, technological innovations, supporting environmental regulations, increasing demand for electronics, and rapid economic growth in emerging countries.
According to Eswara Prasad, Team Lead, Chemical Research at Allied Market Research, “Silicon wafers would continue to be the leading wafer fabrication material as they are extensively used to produce integrated circuits and other microelectronic devices”.
Furthermore, stringent regulations have led to increased adoption of electronic chemicals and materials for many applications namely photovoltaics, flat panel displays, and LED bulbs. Electronic chemicals and materials in the wafer fabrication application occupied more than half of the total market in 2015 and is expected to continue its dominance throughout the forecast period. Within packaging application, the organic substrate segment accounted for one-third of the market share as it is used for OLED displays that require low forward voltage, high luminance efficiency, and low reverse current. This segment is expected to continue its dominance in the packaging electronic chemicals and materials application market.
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Key findings of the study
- Wafer fabrication application occupied the highest share in 2015 and is expected to grow with a CAGR of 6.4% during the forecast period.
- Silicon wafers dominated the wafer fabrication application market in 2015 and is projected to maintain its lead throughout.
- The gases segment is expected to grow with the highest CAGR of 7.1%.
- Taiwan is the leading consumer of the electronic chemicals and materials in the Asia-Pacific region followed by South Korea.
- In packaging application segment, lead frames is expected to grow at the highest CAGR of 6.2%.
Asia-Pacific accounted for more than half of the total electronic chemicals and materials market in 2015 and is expected to maintain its lead position throughout the forecast period. This is attributable to the increase in domestic production of automotive electronics, and usage of electronics such as mobiles, TV sets, laptops, tablets, LED bulbs due to increase in the expenditure of the consumers spending in this region.
“Taiwan is the fastest growing country for electronic chemicals and materials market in the Asia-Pacific region and is expected to remain dominant throughout the period under consideration,” adds Eswara Prasad
The prominent players profiled include BASF SE, The Dow Chemical Company, JSM Corporation, Fujifilm, KMG Chemicals, Air Products and Chemicals Inc, Albemarle Corporation, Merck KGaA. Huntsman International LLC, and Honeywell International Inc.
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Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of “Market Research Reports” and “Business Intelligence Solutions.” AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.
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