Report : Europe Electronic Chemicals Market Forecast to 2030 - Regional Analysis - by Product Type (CMP Slurries, Photoresist Chemicals, Wet Chemicals, Acids, and Others) and End Use (Semiconductors, Flat Panel Displays, Printed Circuit Boards, Photovoltaics, and Others)
At 6.2% CAGR, Europe Electronic Chemicals Market is Projected to be Worth US$ 10,296.01 Million by 2030, says Business Market Insights
According to Business Market Insights' research, the Europe electronic chemicals market was valued at US$ 6,349.81 million in 2022 and is expected to reach US$ 10,296.01 million by 2030, registering a CAGR of 6.2% from 2022 to 2030. Emerging applications in renewable energy and rising demand for flat-panel displays are among the critical factors attributed to drive the Europe electronic chemicals market growth.
Electronics are essential components of solar photovoltaic (PV) systems. Monitoring systems with electronic sensors and communication modules enable real-time performance monitoring and remote management of solar photovoltaic systems. Power converters, pitch control systems, and grid-tie converters are used to convert variable wind energy into stable AC electricity. Electronic components such as sensors, actuators, and control algorithms optimize turbine performance. Moreover, electronic components are used in energy storage systems and smart grid technologies. Electronics are the major contributors to the electric vehicle charging infrastructure, which supports the adoption of renewable energy-powered electric vehicles. According to the International Energy Agency 2023 report, the renewable power capacity is expected to increase in the next five years, of which solar PV and wind energy accounted for 96% of power capacity, as their power generation costs are lower than fossil and non-fossil alternatives. Solar PV and wind energy capacity are forecast to double by 2028 compared to 2022. The continuous growth in the economic attractiveness of PV and increasing government policy support, especially in China, the US, the European Union, and India, are expected to further accelerate capacity growth in the coming years. Thus, the emerging applications of electronics in renewable energy is further expected to create lucrative opportunities for the electronic chemicals market.
On the contrary, stringent environmental and regulatory requirements hampers the growth of Europe electronic chemicals market.
Based on product type, the Europe electronic chemicals market is categorized into CMP slurries, photoresist chemicals, wet chemicals, acids, and others. The wet chemicals segment held 28.2% market share in 2022, amassing US$ 1,789.72 million. It is projected to garner US$ 3,001.78 million by 2030 to register 6.7% CAGR during 2022-2030.
In terms of end use, the Europe electronic chemicals market is segmented into semiconductors, flat panel displays, printed circuit boards, photovoltaics, and others. The flat panel displays segment held 27.4% share of Europe electronic chemicals market in 2022, amassing US$ 1,739.16 million. It is anticipated to garner US$ 2,777.18 million by 2030 to expand at 6.0% CAGR during 2022-2030.
Based on country, the Europe electronic chemicals market is categorized into Germany, France, Italy, the UK, Russia, and the Rest of Europe. Our regional analysis states that Germany captured 28.9% share of Europe electronic chemicals market in 2022. It was assessed at US$ 1,832.87 million in 2022 and is likely to hit US$ 3,167.56 million by 2030, registering a CAGR of 7.1% during 2022-2030.
Key players operating in the Europe 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, and Honeywell International Inc, among others.
- In October 2023, Entegris Inc's electronic chemicals division (formerly CMC Materials KMG Corp) was acquired by Fujifilm Corp. With the addition of FUJIFILM Electronic Materials Process Chemicals, Fujifilm will be able to provide its clients with a more diverse range of electronic chemicals.
- In April 2023, FUJIFILM Corp broke ground on a new EUR 30 million expansion at its electronic materials manufacturing facility in Belgium. This EUR 30 million expansion significantly boosted the production capacity of FUJIFILM Electronic Materials (Europe) NV, which manufactures fundamental components and chemicals used in semiconductor manufacturing, such as cleansers, polyimides, developers, and solvents.
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