The photoresist process chemicals market was valued at US$ 3,665.31 million in 2019 and is expected to grow at a CAGR of 4.8% during 2020–2028 to reach US$ 5,495.02 million by 2028. Photoresist chemicals are chemical that change their chemical structure when exposed to ultraviolet (UV) light. This unique property makes them ideal for photolithography and photoengraving processes, which, in turn, are commonly used in semiconductor manufacturing industry. Photoresist process chemicals comprise solvents, developers, remover, stripper, and etching mixtures and are considered as an essential components for making high-performance circuit boards and semiconductor chips. The growth of the global photoresist process chemicals market is driven by the continuous and steady demand for microelectronics owing to the rising demand for electronic items in developing countries and increasing penetrations of IoT across the world. Moreover, the rising demand for dynamic display technology is expected to fuel the growth of the market during the forecast period.
Based on application, the global photoresist chemicals market is segmented into microelectronics, printed circuit boards, and others.In 2019, microelectronics segment accounted for the largest share of the market.
As demand for small and less expensive devices grows, the field of microelectronics continues to expand. Hence, photoresist solvent, sensitizers, polymers, and other chemicals are used for this purpose.
Geographically, the photoresist process chemicals market is segmented into North America, Europe, Asia Pacific (APAC), South America, and Middle East & Africa (MEA).In 2019, APAC held the largest share of the market.
The region has been noticed as one of the prominent markets for the utilization of photoresist and photoresist ancillaries; thus, it offers lucrative opportunities for the market growth.Asia has ranked highest amongst chemicals producing regions.
Apart from its application in the semiconductors industry, photoresist and photoresist ancillaries are extensively utilized in the wearable devices, smartphones, and other electronic devices.Owing to the shift in consumer living standards, the demand for smartphones and wearable devices has increased subsequently with the growth of the electronics industry.
The growing consciousness among the consumers about the connected world on devices with IoT favors the growth of the market. This shift has propelled the growth of photoresist process chemicals in the region.
The COVID-19 pandemic is adversely affecting economies and industries in various countries due to lockdowns, travel bans, and business shutdowns.In addition, the global travel bans imposed by countries in Europe, Asia, and North America are hindering the business collaborations and partnerships opportunities.
All these factors are hampering the chemicals & materials industry, which is restraining the growth of photoresist process chemicals market.
Tokyo Ohka Kogyo Co., Ltd.; Tokuyama Corporation; Dupont; Integrated Micro Materials; Allresist Gmbh; Microchemicals Gmbh; Dischem Inc; ENF TECHNOLOGY CO., LTD.; Sumitomo Chemical Co., Ltd; and Prolyx Microelectronics Private Limited are among the major players operating in the global photoresist process chemicals market.
The overall global photoresist process chemicals market size has been derived in accordance with to both primary and secondary sources.To begin the research process, exhaustive secondary research has been conducted using internal and external sources to obtain qualitative and quantitative information related to the market.
Also, multiple primary interviews have been conducted with industry participants and commentators to validate the data, as well as to gain more analytical insights into the topic. The participants of this process include industry experts such as VPs, business development managers, market intelligence managers, and national sales managers, along with external consultants such as valuation experts, research analysts, and key opinion leaders, specializing in the global photoresist process chemicals market.
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