Electronic Chemicals and Materials Market Size, Share, Growth Analysis, By Type (Specialty Gases, CMP Slurries), By Application (Semiconductors, Integrated Circuits), By Region - Industry Forecast 2024-2031

Global Electronic Chemicals and Materials Market size was valued at USD 51.67 billion in 2022 and is poised to grow from USD 57.88 billion in 2023 to USD 101.31 billion by 2031, growing at a CAGR of 7.24% in the forecast period (2024-2031).

Market expansion is anticipated to be fueled by rising product demand for the production of semiconductors, flat panel displays, and photolithographic printing. The consumer electronics sector is anticipated to be primarily driven by falling equipment costs and rising living standards around the globe, both of which are anticipated to positively affect industry growth. The need for semiconductors is predicted to increase as more mobile phones, electronic chips, and integrated circuits are produced. In the worldwide semiconductor market, the United States dominates. In 2014, domestic semiconductor companies sold more than 50% of all semiconductors sold globally. Since the bulk of semiconductors are produced in the United States, the region is anticipated to experience significant growth in electronic chemicals and materials market during the projected period.

The development of product ranges and technical advancements are projected to increase competitiveness among industry participants. We believe that the entry of new companies will be hampered by high capital expenses for new industrial setup and R&D. However, significant technological advancements aimed at enhancing the product's performance qualities are likely to give new entrants a competitive advantage. Over the projected period, rising demand for silicon from other end-user sectors, such as solar PV, is anticipated to have an impact on raw material supply. Additionally, over the anticipated time, silica prices are expected to fluctuate due to escalating trade tensions between China, the United States, and the European Union. Wet chemicals, photoresists, gases, acids, and solvents are examples of high purity chemicals that are used in electronic materials and chemicals. Other types of electronic materials and chemicals include laminates and wafers. Depending on the needs of the application, they may be solid, liquid, or gaseous. One of the main factors driving the market demand for these electronic chemicals and materials is the growing demand for sophisticated electronic devices with a variety of capabilities. These materials also have high resistance and effective heat dissipation properties.

US Electronic Chemicals And Materials Market is poised to grow at a sustainable CAGR for the next forecast year.