High demand from the electronics industry is projected to positively influence the global photoresist chemicals market growth over the next seven years. Photoresist chemicals are organic compounds whose properties change when exposed to ultraviolet light. Numerous such chemicals prevalent in the market are polymethyl methacrylate (PMMA), polymethyl glutarimide (PMGI), and phenol-formaldehyde resin (DNQ). Photoresist chemical products include g-line, i-line, KrF, ArF immersion, and ArF dry photoresists.
Growing demand for semiconductors in the electronics & electrical industry is expected to be beneficial for the overall market development. The rising demand for dynamic display technology is presumed to give the market growth some direction. Photoresist chemicals by type include wet chemicals, silicon wafers, low-k dielectric, PCB laminates, CMP slurries, specialty gases, and photoresist. Major end-use applications include laptops, computers, servers, industrial electronics, gaming consoles, music players, mobile phones, household appliances, smartphones, the automotive industry, fixed-line telephones, and broadband internet.
The lithographic process sector also uses this chemical. Growing demand in other end-use industries such as micro electronics, packaging industry, and circuit board fabrication is expected to drive the photoresist chemicals market growth. Technological advancements resulting from excessive R&D initiatives are projected to play an important role in shaping the market scenario for the industry participants. Technologies such as nano electro mechanical systems (NEM’s) are estimated to witness a nearly 10% growth rate over the forecast period. Silicon wafers manufacturing also needs photoresist chemicals which are expected to be beneficial for the overall market growth.
Silicon wafers are used as a base in semiconductors and for manufacturing low-k dielectrics which are used for high-end integrated circuit applications. The growing demand for anti-reflective coatings is further estimated to benefit the global market development over the forecast period. Photoresist chemicals are derived from petrochemical products and are thus critically linked to oil and gas prices. Volatile crude oil and gas prices are presumed to hamper the overall market development. Environmental concerns regarding derogatory effects are projected to dampen the global market growth. Rules and regulations issued by agencies such as EPA and REACH are expected to retard the global market growth.
Emerging regions such as the Asia Pacific and South & Central America have witnessed brisk growth in the past few years and account for the largest market share of over 78%. This trend analysis shows immense photoresist chemicals market growth over the next seven years. Countries such as South Korea, China, Taiwan, and Japan have dominated the regional photoresist chemicals market due to rising population and growing demand, thereby aiding the global market development. North America photoresist chemicals market held remarkable regional revenue for the past few years. Electronics & electrical industry development in the U.S. played a major role in boosting the regional market demand. Europe is also expected to witness significant growth over the period. Germany is slated to dominate the regional market owing to strong demand from the major end-use applications market.
Prominent photoresist chemicals industry participants include JSR Corporation, LG Chem Ltd., The Dow Chemical Company, and Sumitomo Chemical Co. Ltd. Other important players include Fujifilm Electronic Materials Co. Ltd., Tokyo Ohka Kogyo Co. Ltd., Shin Etsu Chemical Co. Ltd., Avantor Performance Materials Inc., E.I. DuPont de Nemours and Company, Merck KGaA, Mitsui Chemicals America Inc., TOK America, Samyang Corporation, RD Chemical Company, Transene Electronic Chemicals, Chimei Corporation, Sumica Electronics Material, Honsou Chemical Industry, AZ Electronic Materials, Kem Lab, RD Chemical Company and Gaylord Chemical. Frequent M&AS by key market participants to acquire more revenue share and stability in the industry has led to high technological advancements. Industry participants with the best strategy adoption account for more than approximately 80% of the total market share.
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The prevailing pandemic situation has led to weakened demand for paints and coatings in automotive, construction, electronics, and white goods. The path to recovery of growth for the industry is highly dependent on the duration of restrictions imposed and their influence on economic activity across the globe. Contrary to the trend prevalent in the industry in general, certain segments of the market such as antimicrobial coatings are witnessing a surge in demand in healthcare and food industries. The report will account for Covid19 as a key market contributor.