Global compound semiconductor materials market is predicted to witness brisk growth over the next seven years owing to increase in demand from the various end-use industries. The ability of these materials to consume less power along with broad temperature limits and high electron mobility is projected to positively influence the global market. Compound semiconductor materials have an extremely large application base. Electronic films sector has witnessed rapid growth over the past few years and is also touted to bolster the overall market growth. These materials are used in electronic film’s coatings. Electronic wafer is also an important end-use industry. This material is used for fabrication of integrated circuits, thus further strengthening global demand over the forecast horizon.
Telecommunications industry is one of the biggest end-use industries. This material is used for the conventional microelectronics which include analogue integrated circuits and digital integrated circuits. Mobile phone industry has observed rapid growth over the recent past is further expected to grow over the forecast period. Growing professionalism and increase in disposable income is anticipated to have direct impact on the overall market. These materials are used for coating the circuit boards in the mobile phones. This trend is anticipated to augment the global market growth over the forecast period. Optoelectronics products sector is projected to positively enhance the global market. This material is used for the fabrication of the optical to electrical transducers. LED industry is expected to boost the global compound semiconductor material market. This material is used in LED’s due to its high heat resistance and low power consumption.
Owing to its high radiation resistance, compound semiconductor materials are used in scientific applications such as rocket coatings and jump suit coatings. This trend is likely to complement the global compound semiconductor materials market growth over the next seven years. Growing industrialization has led to increase in data transactions, thereby boosting the global semiconductor market growth. Analysis of this trend has resulted in the growing demand for the market. Automotive industry has witnessed huge demand over the past few years and is further slated to witness significant growth over the forecast period. These materials are used for coating engine parts surface due to its high temperature resistance, thus bolstering the global market. Volatile raw material prices are projected to hamper the global market over the forecast period. Higher manufacturing costs are further expected to hinder the overall market growth. Its fragile structure when compared with other semiconductor materials such as silicon is touted to retard the global market.
Asia Pacific is a major regional market is characterized by huge demand for electronic devices and wireless technologies over the past few years. Countries such as China, India and Japan are expected to account for majority of the regional demand. Asia Pacific market was followed by North America and Europe. Growing demand for optoelectronics and space related applications in U.S. played crucial role in the overall regional market. Europe has witnessed considerable growth over the last few years due to rise in demand for wireless technology and electronic devices particularly in Germany and UK.
Prominent global compound semiconductor materials market participants include Air Products & Chemicals Inc., Momentive and Nichia Corporation, Cree Inc., Galaxy Compound Semiconductors Inc. and Dow Corning Corporation. Other industry participants include Freescale Semiconductors Inc., Internation Quantum Epitaxy PLC., Taiwan Semiconductors Manufacturing Company Limited and Sumitomo Chemical Company Ltd. Global market is in a consolidation phase with major companies such as Cyrix Corp. and Intel acquiring Chips & Technologies Inc. Additionally, companies are heavily investing in establishing new facilities particularly in emerging markets such as China.
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The mining industry accounts for a vital share of the global economy and is responsible for supplying key raw materials for several applications and end-use industries, thus being a key sector of focus amidst the ongoing pandemic outbreak. Mining industries in China are expected to return to normal operations by Q3 of 2020 as enterprises indicated towards the returning of their workers soon. Moreover, Iron ore producers are known to be the least impacted. Major players such as BHP and Vale reported experiencing no major influence on their operations due to the COVID-19 virus. The iron ore prices reached above USD 90 per ton amidst the pandemic situation which may negatively impact the end-use industries. The report will account for Covid19 as a key market contributor.