The electronic chemicals and materials market size is projected to grow from USD 56.3 billion in 2019 to USD 81.6 billion by 2024, at a compound annual growth rate (CAGR) of 7.7% during the forecast period.
The market growth is reliant on the semiconductor industry, which is affected by the technological advancements in the electronics industry. Along with the increasing demand for circuit boards and memory chips, technologies such as artificial intelligence (AI) are expected to drive the market in the semiconductor industry. The market growth is also attributed to the intense penetration of electric and hybrid cars. The communications industry is expected to grow in the upcoming years because of the introduction of 5G technology, which is projected to drive the electronic chemicals and materials market.
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Any semiconductor device contains integrated circuits (ICs) and printed board circuit (PCB). ICs are an assembly of electronic components that are fabricated as a single unit, which includes actives devices and passive devices, such as transistors and capacitors along with their interconnections, which are built on a thin substrate of silicon material. The final circuit formed is termed as chip. A printed circuit board is a circuit where all the components are contained within a mechanical structure. It is built by alternating layer of conductive polymer along with layers of non-conductive insulation material.
The rapid growth of the electronics industry worldwide in the past two decades has driven the demand for printed circuit boards in APAC. The growth of the printed circuit board industry is related with the developments in telecommunications and IT, smart cards, electronic gaming, and consumer goods (digital cameras, mobile phones, and personal computer electronics) applications.
The key players in the electronic chemicals and materials market are Linde plc (Ireland), Air Products and Chemicals (US), DowDuPont (US), Cabot Microelectronics (US), BASF AG (Germany), Hitachi Chemical (Japan), Air Liquide (France), Solvay A.G. (Belgium), Shin-Etsu (Japan), Covestro (France), and Songwon (South Korea). These players have adopted the strategies of expansion, new product development, collaboration, acquisition, agreement, and acquisition to increase their product offerings and expand their geographic presence.
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Linde (Ireland) is setting up an air separation plant to supply a 720 tons per day of high purity nitrogen to Shanghais Ever Display Optronics Co. Ltd (EDO). Apart from this, the company will supply oxygen, helium, argon, and hydrogen to EDO. The company will also invest USD 1.4 billion to expand its existing gasification complex at Jurong Island, integrating it with ExxonMobils project in order to produce and supply additional hydrogen and synthesis gas.
Air Products and Chemicals (US) has announced the addition of a second liquid hydrogen production facility in California, US. This production facility will help the company meet the demand for hydrogen fuel cell vehicles (FCV). The company has also invested in six industrial gas plants and pipeline network in China. These plants will supply nitrogen, oxygen, and other bulk gases. The expansion will support the booming electronics manufacturing industry in China.
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