Electronic Materials And Chemicals Market Worth $81.05 Billion By 2024
The global electronics materials & chemicals market is expected to reach USD 81.05 billion by 2024, according to a new report by Grand View Research, Inc. Electronic materials & chemicals are an essential part of electronic device manufacturing process. Increasing technological advancements in manufacturing electronic products owing to rising consumer demand for high-tech goods is expected to propel demand for the product over the forecast period.
The consumer electronics segment is anticipated to drive market growth owing to significant demand particularly in emerging economies including India, Indonesia, and Vietnam. China is the largest manufacturer of consumer electronics and is a major consumer of semiconductors and PCB. This trend is expected to continue over the forecast owing to the growing emergence of low-cost manufacturers in the country.
Rising R&D initiatives employed by manufacturers to develop advanced electronic materials which provide superior performance is expected to be a key factor driving growth over the forecast period. Rising demand for electronic equipment with lower energy consumptions is likely to boost demand for use of new electronic Electronics such as organic and compound semiconductors. R&D related to synthesis of bio-based and biodegradable materials and chemicals for electronics industry is expected to drive the market growth.
The industry is characterized by the presence of numerous players with a strong foothold in the market. Fluctuating raw material prices and high competition is expected to pose a challenge for the industry players. Manufacturers are likely to establish production plants in the Asia Pacific in order to capitalize on high demand, low labor cost, land availability and abundant raw material availability in the region.
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Further key findings from the report suggest:
- The market is segmented on the basis of product including solid, liquid and gases. Gaseous type is likely to witness the fastest growth among all type electronic materials & chemicals owing to its rising application scope in semiconductor and PCB manufacturing. Adoption of newer technologies for manufacturing electronic equipment such as atomic layer deposition (ALD) and chemical vapor deposition process on the chips are likely to open new avenues for growth over the next eight years.
- Silicon wafer was the largest application segment, accounting for over 40% of global electronic materials & chemicals market revenue in 2015. The product is an essential part of semiconductors and integrated circuits. Furthermore, rising demand for thin silicon wafers in manufacturing solar cells is expected to be a key factor for the industry growth.
- Semiconductor and integrated circuits were the major end-use application segment, valued at over USD 32 billion in 2015. Growing demand for consumer products such as smartphones, computers, video recorders and television sets is expected boost semiconductors and integrated circuits market, which in turn is anticipated to have a positive impact on the industry growth.
- Asia Pacific dominated the electronic materials & chemicals market in 2015, accounting for over 65% of the global market. Rapid industrialization coupled with increasing urbanization and rising spending consumer capacities in the region are likely to boost demand for consumer goods, which in turn is expected to increase demand for the market over the forecast period. Furthermore, increasing demand for smartphones, wearable electronics gadgets and tablets especially among the young population is expected to be the key factors driving growth.
- Key players in the industry include Air Products & Chemicals Inc., Ashland Inc., Air Liquide Holdings Inc., BASF Electronic Chemicals, Honeywell International Inc., Cabot Microelectronics Corporation, Linde Group, KMG Chemicals Inc., Fujifilm Electronic Materials, Kanto Chemical Co., Inc. and Tokyo Ohka Kogyo Co., Ltd.
About Grand View Research:
Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. To help clients make informed business decisions, we offer market intelligence studies ensuring relevant and fact-based research across a range of industries, from technology to chemicals, materials and healthcare.
For More Information: www.grandviewresearch.com