New York, USA, May 12, 2020 (GLOBE NEWSWIRE) -- Electronic Chemicals Market accounted for $22,000.0 million in 2018 and is estimated to grow $35,866.5 million by 2026 with a CAGR of 6.3% during 2019-2026.
Electronic chemicals are mostly used in electronic industry for the manufacturing of electronic components and products. Electronic chemicals are widely used in adhesives, surfactants, polymers, paints, lubricants, industrial gases, cleaning material, and much more. The industries such as textile, manufacturing, cosmetic and food use electronic chemicals for the manufacturing of their products.
Drivers and Restraint of Electronic Chemicals Market:
Technological advancements in electronic chemicals are predicted to drive the electronic chemical market growth in the estimated period. The increase in the use of semiconductors and integrated chips in manufacturing of electrical components gives rise to the market in the estimated period. Therefore, rise in the demand for building electrical components with the help of electronic chemicals is predicted to be the major driving factor for the electronic market in the estimated period.
Government regulations pertaining to the use of chemicals is predicted to be the biggest restraint for the electronic market in the estimated period. Moreover, high capital investment for setting up new manufacturing units for electrical components is predicted to hamper to the growth of the electronic market in the estimated period.
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Market Segmentations:
Depending on the product type, the electronic chemicals market is segmented into atmospheric and specialty gases, photoresist chemicals, wet chemicals & solvents and others. Wet chemicals & solvent segment accounted for $5,500.0 million in 2018 and is estimated to rise with a CAGR of 6.6% in the estimated period. The increasing demand for polishing and cleaning the internal parts of the electronic devices is predicted to give rise to the wet chemicals & solvent segment in the estimated period.
Depending on the application, the electronic chemical segment is segmented into integrated circuits & semiconductors, flat panel displays & light emitting diodes, photovoltaic, printed circuit boards and others. Printed circuit board segment accounted for $3,300.0 million in 2018 and is estimated to rise with a CAGR of 7.2% in the estimated period. The printed circuits and semiconductors are the most vital elements in modern electronic equipment as they are used to develop very large circuits on small printed circuit boards; this is predicted to give rise to the integrated circuits & semiconductors segment in the estimated period.
Regional Insights:
Depending on the region, the electronic chemical segment is segmented into North America, Europe, Asia-Pacific, and LAMEA.
North America Region is expected to command the largest share of the Electronic Chemicals Market in 2026.
North America market accounted for $6,820.0 million in 2018 and is estimated to rise with a CAGR of 5.9% in the estimated period. The increase in the demand for electronic chemicals in different industries to increase the production of electronic devices and components will boost the region's overall market in the estimated period.
Asia-Pacific Electronic Chemicals Market accounted for $5,940.0 million in 2018 and is estimated to rise with a CAGR of 6.6% in the estimated period. Increase in the growth of, IT, consumer goods and telecommunications where the use of electronic chemicals is in large measures is predicted to boost the market in Asia-Pacific market in the estimated period.
Prominent Players in Electronic Chemicals Market:
- BASF SE
- MacDermid, Inc
- Sumitomo Chemical Co. Ltd
- Honeywell International, Inc.
- Hitachi Chemical Co. Ltd.
- Air Liquide SA
- Merck KGaA
- Wacker Chemie AG
- Solvay S. A.
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