Global Electronic Chemicals And Materials Market To Reach $75.37 Billion By 2024 With 9.4% Annual Growth
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The Business Research Company's Electronic Chemicals And Materials Global Market Report 2024 – Market Size, Trends, And Global Forecast 2024-2033
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The global electronic chemicals and materials market1 has seen robust growth in recent years. The market size, which is projected to increase from $68.89 billion in 2023 to $75.37 billion in 2024, boasts a compound annual growth rate CAGR of 9.4%. The growth during this historic period can be chiefly attributed to escalating demand for consumer electronics, the growing semiconductor industry, technological miniaturization, and stringent environmental regulations.
What Is the Predicted Growth Rate and Market Size of the Global Electronic Chemicals And Materials Market?
The electronic chemicals and materials market size2 is expected to experience rapid growth in the next few years, with projections showing a rise to $110.46 billion in 2028, signaling a compound annual growth rate CAGR of 10.0%. This forecasted growth can be primarily attributed to factors such as adoption of 5G technology, growth of IoT devices and sensors, increasing use of electric vehicles, technological advancements in flexible and foldable displays, quantum computing, and major trends such as advanced packaging solutions, low-k dielectrics, nanomaterials, high-performance polymers, and bio-based electronics.
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What Is Driving The Growth Of The Global Electronic Chemicals And Materials Market?
A significant growth driver for the electronic chemicals and materials market is the increasing inclination towards connected devices and smart technologies. Connected devices, which refer to physical objects linked to each other or systems via the internet, heavily rely on electronic chemicals and materials for essential components like memories, displays, and LEDs. These components are ubiquitous in a host of connected devices and smart technologies, including mobile phones, computers, laptops, tablets, GPS devices, LED bulbs, TVs, and monitors. For example, according to the Times of India, the number of connected devices in India was 200 million in 2019, which exponentially grew to 2,000 million in 2021, suggesting a growing trend fueled by a rising number of internet users.
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Who Are The Key Players Operating In The Global Electronic Chemicals And Materials Market?
Notable industry participants in the electronic chemicals and materials market include Air Liquide, Albemarle Corporation, Ashland, Entegris Inc., Hitachi Ltd., Tokyo Ohka Kogyo Co. Ltd., Air Products and Chemicals Inc., Henkel AG & Co. KGaA, Merck Group, Fujifilm Electronic Materials, LG Chem, Sumitomo Chemical Co Ltd., Cabot Microelectronics Corporation, Hitachi Chemical Co Ltd., Sumitomo Bakelite Co Ltd., BASF SE, Wacker Chemie AG, Huntsman Corporation, Kyocera Chemical Corporation, UBE Industries Ltd., Nitto Denko Corporation, Showa Denko K.K., Techspray a division of ITW, Indium Corporation, Henkel Adhesive Technologies, Atotech, Henkel Electronics, Materion Corporation, and Cabot Corporation.
What Latest Industry Trends Are Impacting The Electronic Chemicals And Materials Market?
A notable industry trend is the development of new technologies to sustain competitiveness in the electronic chemicals and materials market. As an example of innovation, in April 2021, PrisMade, a Germany-based technology developer launched security labels made with Clevios and transparent printed electronics with the aid of PrismaID technology. This technology helps protect documents via smartphones and is considered an innovative example of next-generation document authentication and security.
How Is The Global Electronic Chemicals And Materials Market Segmented?
The electronic chemicals and materials market can be segmented on the basis of:
1 Product: Wafers, Atmospheric And Specialty Gases, Ancillary And Photoresist Chemicals, CMP Slurries And Pads, Other Products
2 Application: Wafer Fabrication, Packaging
3 End-Users: Semiconductors, Other End Users
What Regional Trends Are Emerging In The Global Electronic Chemicals And Materials Market?
In 2023, Asia-Pacific emerged as the largest region in the electronic chemicals and materials market. During the forecast period, North America is projected to be the fastest-growing region. The report covers several regions, including Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, and Africa.
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