At 6.8% CAGR, Asia Pacific Electronic Chemicals Market is Projected to be Worth US$ 48,670.44 Million by 2030, says Business Market Insights

According to Business Market Insights' research, the Asia Pacific electronic chemicals market was valued at US$ 28,725.15 million in 2022 and is expected to reach US$ 48,670.44 million by 2030, registering a CAGR of 6.8% from 2022 to 2030. Rising demand for flat-panel displays and growth of semiconductor industry are among the critical factors attributed to drive the Asia Pacific electronic chemicals market growth.

Flat-panel displays such as liquid crystal displays, organic light-emitting diode displays, and microLED displays require sophisticated manufacturing processes that rely on electronic chemicals. These chemicals are used for cleaning, patterning, coating, encapsulation, and surface treatment steps to fabricate various layers and components of flat-panel displays. Cleaning agents such as solvents, surfactants, and etchants are used to remove contaminants, particles, and residues from glass substrates and semiconductor layers. The increasing adoption of smartphones, tablets, televisions, digital signage, and automotive displays has fueled the demand for flat-panel displays. The demand for high-definition television and computer monitors with large screen sizes and high resolution is rising. The automotive industry is integrating flat-panel displays into vehicle dashboards, infotainment systems, instrument clusters, and rear-seat entertainment systems. Automotive displays provide navigation information and connectivity features that cater to consumer preferences for in-car technology. A Bureau of Transportation Statistics report stated that China is one of the dominant markets for producing passenger cars and commercial vehicles. As per the International Organization of Motor Vehicle Manufacturers report, in 2021, automobile manufacturers in Asia Pacific produced ~46.73 million units of motor vehicles. The report also revealed that motor vehicle production in Japan reached 7.83 million units in 2022.

Therefore, the rising demand for flat-panel displays is driving the demand for electronic chemicals.

On the contrary, stringent environmental and regulatory requirements hampers the growth of Asia Pacific electronic chemicals market.

Based on product type, the Asia Pacific electronic chemicals market is categorized into CMP slurries, photoresist chemicals, wet chemicals, acids, and others. The wet chemicals segment held 27.6% market share in 2022, amassing US$ 7,924.84 million. It is projected to garner US$ 13,873.34 million by 2030 to register 7.3% CAGR during 2022-2030.

In terms of end use, the Asia Pacific electronic chemicals market is segmented into semiconductors, flat panel displays, printed circuit boards, photovoltaics, and others. The semiconductors segment held 27.9% share of Asia Pacific electronic chemicals market in 2022, amassing US$ 8,000.07 million. It is anticipated to garner US$ 14,586.77 million by 2030 to expand at 7.8% CAGR during 2022-2030.

Based on country, the Asia Pacific electronic chemicals market is categorized into China, Australia, India, Japan, South Korea, and the Rest of Asia Pacific. Our regional analysis states that China captured 47.0% share of Asia Pacific electronic chemicals market in 2022. It was assessed at US$ 13,491.80 million in 2022 and is likely to hit US$ 23,980.41 million by 2030, registering a CAGR of 7.5% during 2022-2030.

Key players operating in the Asia Pacific electronic chemicals market are FUJIFILM Holdings Corp, Songwon Industrial Co Ltd, PVS Chemical Solutions Inc, Hitachi High-Tech Corp, Solvay SA, BASF SE, Linde Plc, Honeywell International Inc, RBP Chemical Technology Inc, and Esprix technologies LP, among others.

In December 2022, FUJIFILM Corp planned to build a new advanced semiconductor materials manufacturing facility in South Korea to develop its electronic materials business. The new facility in South Korea will be the company's second manufacturing site for semiconductor materials in the country.

In September 2023, Solvay launched its electronic-grade hydrogen peroxide joint venture, Shinsol Advanced Chemicals, in Tainan, Taiwan. The plant, covering an expansive 2.4 hectares, has an annual production capacity of 35,000 tons of high-purity hydrogen peroxide, primarily serving the semiconductor sector. The plant is expected to be commissioned in December and start full-scale production in early 2023.

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