Wet Chemicals Market By Product type (Acids, Bases, Solvents, Oxidizers, Others), By Application (Semiconductor, Etching, Cleaning, IC packaging, PCB, Others): Global Opportunity Analysis and Industry Forecast, 2021-2031
The global wet chemicals market was valued at $3.2 billion in 2021, and is projected to reach $5.9 billion by 2031, growing at a CAGR of 6.3% from 2022 to 2031.
Wet chemicals are commercial organic and inorganic chemicals used in various end-use industries. It acts as an etching and cleaning agent in the semiconductors processing systems.
The rapid expansion of the electrical and electronics industry, growing demand for electronics components, and rise in the manufacturing plants for electric devices and vehicles have increased popularity of the electronics industry. For instance, according to an article published by Invest India in August 2022, the global electronic devices market was estimated to be $2.9 Tn in 2020. India’s share in the global electronic systems manufacturing industry has grown from 1.3% in 2012 to 3.6% in 2019. Wet chemicals are extensively used for etching applications in printed circuit boards and during the production of the silicon wafer in semiconductor processing systems. These factors are propelling the overall growth of wet chemicals in the growing electronics industry.
In addition, the increase in the usage of integrated circuits, microchips, transistors, solar cells, and the impact of digitalization across the globe has led to increase in the production rate of semiconductors. For instance, according to an article published by the Semiconductor Industry Association in January 2022, global sales of semiconductors totaled $152.5 billion during the second quarter of 2022, with increase of 13.3% over the second quarter of 2021 and 0.5% more than the first quarter of 2022. Furthermore, wet chemicals are extensively used as cleaning and etching agent in the production and processing of semiconductors. These factors are boosting the wet chemicals during the forecast period.
However, The electronics and semiconductor sector involves extensive uses of chemicals for manufacturing, processing, and production process of electronics components. Additionally, some chemicals include hydrogen peroxide, solvents, flammable gas, and among others. The manufacturing process of semiconductors involves generation of semiconductor waste residues that are toxic and harmful to the environment. In response to this, North America, Europe, and Asia-Pacific region has set some rules and regulations for certain wet chemicals. For instance, the Europe region alone has 500 existing laws for chemicals. These factors restraining the growth of wet chemicals in the market.
Technological innovations in the electronics industry and rising demand for photovoltaic cells, integrated circuits, smartphones, laptops, computers, tabs, and others have created new avenues for wet chemicals. Hydrogen peroxide-based wet chemicals are extensively used for the removal of organic residues as well as metallic impurities during the processing of semiconductors and electronic components. The growing semiconductors industry is one of the key determinants for the growth of the wet chemical bases segment. For instance, most semiconductor processing systems require bases, such as ammonium hydroxide, sodium hydroxide, and others for proper fabrication of the silicon chip. In addition, Technic Company offers a full range of pure bases for the semiconductors industry as cleaning and etching agent. This is anticipated to increase the demand for wet chemical-based bases in semiconductors in industrial applications. Furthermore, sodium hydroxide and amine bases are used as industrial cleaning agents and in electronics assembly applications. This is anticipated to increase sales of wet chemicals in electronics components; thus, creating lucrative opportunities for the market.
The wet chemicals market analysis is done on the basis of product type, application, and region. On the basis of product type, the market is categorized into acid, base, solvent, oxidizer, and others. On the basis of application, it is divided into semiconductor, automotive, flexographic printing, building & construction, and others. Region-wise, the market is studied across North America, Europe, Asia-Pacific, and LAMEA.
The global wet chemicals market profiles leading players that include BASF SE, Chang Chun Group, Dow, Eastman Chemical Company, Evonik Industries, Formosa Daikin Advanced Chemicals Co. Ltd., Honeywell International Inc., Hubei Xingfa Chemicals Group Co. Ltd., Kanto Kagaku, Mitsubishi Electric Corporation, Rin Kagaku Kogyo Co. Ltd., Santoku Chemical Industries Co. Ltd., Solvay Inc., Yingpeng Chemical Co. Ltd., and Zhejiang Kaisn Fluorochemical Co. Ltd.
Key Benefits For Stakeholders
This report provides a quantitative analysis of the market segments, current trends, estimations, and dynamics of the wet chemicals market analysis from 2021 to 2031 to identify the prevailing wet chemicals market opportunities.
The market research is offered along with information related to key drivers, restraints, and opportunities.
Porter's five forces analysis highlights the potency of buyers and suppliers to enable stakeholders make profit-oriented business decisions and strengthen their supplier-buyer network.
In-depth analysis of the wet chemicals market segmentation assists to determine the prevailing market opportunities.
Major countries in each region are mapped according to their revenue contribution to the global market.
Market player positioning facilitates benchmarking and provides a clear understanding of the present position of the market players.
The report includes the analysis of the regional as well as global wet chemicals market trends, key players, market segments, application areas, and market growth strategies.
Key Market Segments
By Product type
Acids
Bases
Solvents
Oxidizers
Others
By Application
Semiconductor
Etching
Cleaning
IC packaging
PCB
Others
By Region
North America
U.S.
Canada
Mexico
Europe
Germany
UK
France
Spain
Italy
Rest of Europe
Asia-Pacific
China
India
Japan
South Korea
Australia
Rest of Asia-Pacific
LAMEA
Brazil
Saudi Arabia
South Africa
Rest of LAMEA
Key Market Players
BASF SE
Chang Chun Group
Dow
Eastman Chemical Company
Evonik Industries
Formosa Daikin Advanced Chemicals Co. Ltd.
Honeywell International Inc.
Hubei Xingfa Chemicals Group Co. Ltd.
KANTO KAGAKU
Mitsubishi Electric Corporation
Rin Kagaku Kogyo Co. Ltd.
Santoku Chemical Industries Co. Ltd.
Solvay Inc.
Yingpeng Chemical Co. Ltd.
Zhejiang Kaisn Fluorochemical Co. Ltd.
Please Note: It will take 7-10 business days to complete the report upon order confirmation.
Learn how to effectively navigate the market research process to help guide your organization on the journey to success.
Download eBook