Wet chemicals play an important role in the manufacturing processes of electronics and semiconductors by acting as cleaning and etching agents. They are used to remove unwanted materials and impurities from substrates during various steps like wafer cleaning, etching, photoresist stripping and planarization. The rapid miniaturization of electronic components has increased the demand for high purity wet chemicals that can facilitate precision cleaning without causing any damage. The market is witnessing a growing need for innovative solutions and formulations that comply with stringent environmental norms while enabling nanoscale level production.
The global Wet Chemicals for Electronics and Semiconductor Applications Market is estimated to be valued at US$ 2 Mn in 2024 and is expected to exhibit a CAGR of 9.9% over the forecast period 2024-2031, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
One of the major trends in the market is the development of eco-friendly wet chemicals. Strict environmental regulations regarding the emission and disposal of hazardous chemicals is prompting manufacturers to invest in green chemistry and biodegradable solutions. Many players are focusing on natural and bio-based ingredients that can reduce toxicity and operational costs for customers. Another notable trend is the customization of chemistries for specialized applications. With new materials and 3D structures coming into the mix, chemical vendors are tailoring their products to address the unique cleaning challenges across diverse segments like logic & memory, MEMS, optoelectronics and power devices.
Threat of new entrants: The threat of new entrants in the wet chemicals for electronics and semiconductor applications market is moderately high due to high capital investment required to enter this market.
Bargaining power of buyers: The bargaining power of buyers is moderate as the market is highly fragmented in nature with presence of several global as well as regional players.
Bargaining power of suppliers: The bargaining power of suppliers is moderately high due to availability of multiple solution and service providers.
Threat of new substitutes: The threat of new substitutes is low as there are limited product substitutes available for wet chemicals.
Competitive rivalry: The competitive rivalry in the market is high due to presence of numerous established players competing on the basis of quality, price, product differentiation and delivery.
The Global Wet Chemicals for Electronics and Semiconductor Applications Market Growth is expected to witness high growth.
Regional analysis: Asia Pacific region held largest share of the global wet chemicals market for electronics and semiconductor applications in recent years owing to factors such as rapidly increasing semiconductor production and electronics manufacturing units. Countries like China, South Korea, Taiwan and Japan have witnessed strong growth in electronics production which has significantly contributed to the demand for wet chemicals in the region.
Key players: Key players operating in the wet chemicals for electronics and semiconductor applications market are Novartis AG, Merck & Co. Inc., F-Hoffmann La Roche, Eli Lilly and Company, Bayer AG, AstraZeneca, Astellas Pharma Inc., Amgen Inc., OSE Immunotherapeutics SA, and Bristol- Myers Squibb Company, among others. Companies are focusing on expanding their presence in high growth regions through partnerships and acquisitions.
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it