Photo Resist Market Size to Grow USD 4.60 Billion by 2023- with Leading Market Key Players- TOK America, Honsou Chemical Industry, LG Chem., Shin-Etsu Chemical, Mitsui Chemicals America Inc., JSR Corporation, Tokyo Ohka Kogyo Co. Ltd., E.I. DuPont de Nemo

Photo Resist Market Size and Growth Rate:

According to the Research Report, the Global Photo Resist Market Size valued at USD 2.79 Billion in 2014 and was expected to Reach USD 4.60 Billion by 2023 with a CAGR of 5.71% during the forecast period.

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Photo Resist Market Overview:

Photoresist chemicals are consumed mainly in the microelectronics industry for the production of smaller structures. When exposed to ultraviolet light, these chemicals change their chemical structure. This distinctive property makes them ideal for gravure and photolithography processes, which are commonly used in the manufacture of semiconductors. The photoresist is an important component for the manufacture of semiconductor chips and high-performance printed circuit boards.

Photo Resist Market Growth Drivers and Restraints:

The photoresist market is registering moderate growth due to factors such as the growing demand for electronic products in developing countries and the growing demand for microelectronics worldwide. In addition, market growth is influenced by the rising demand for digital signage technology and the growing number of research and development initiatives that will pave the way for new and innovative products. In the absence of any other viable solution and the incredible features offered by photoresist chemicals, the market for these chemicals is growing considerably.

However, some factors can negatively affect the growth of the photoresist market. Since photosensitive resin chemicals are mainly made from crude oil, the increase in oil prices is expected to increase the costs of these materials. In addition, growing environmental concerns could hamper market expansion.

Geographical Insights of the Photo Resist Market:

The majority of the photoresist market is owned by the Asia Pacific. The predominance of the Asia-Pacific region in market growth can be attributed to the mounting demand in the electronics industry, shown by its nations like Japan, China, Korea, and India. North America and Europe are following the growth of the Asia-Pacific region. Countries such as the United States and Canada in North America and Germany, the United Kingdom, Spain, Italy, and France in Europe are the main contributors to those respective regions. It is expected that the increase in demand for microelectronics and the improvement of the economies of Latin America, the Middle East, and Africa will significantly increase the demand for photoresist chemical products in the market. Growth is particularly visible in regions such as Mexico and Brazil in Latin America, and in the Middle East and Africa.

Key Players of the Photo Resist Market:

TOK America, Honsou Chemical Industry, LG Chem., Shin-Etsu Chemical, Mitsui Chemicals America Inc., JSR Corporation, Tokyo Ohka Kogyo Co. Ltd., E.I. DuPont de Nemours, The Dow Chemical Company, and Fujifilm Electronic Materials Co. Ltd. are the prominent players of the global photoresist market.

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Photo Resist Market Key Segmentation:

By Photoresist Type:

• ArF dry
• KrF
• ArF immersion
• G-line
• I-line

By Photoresist Ancillaries Type:

• Remover
• Developer
• Anti-reflective coatings

By Application:

• LCDs
• Printed circuit boards
• Semiconductors & ICs
• Others

By Region:

• North America
• Europe
• Asia-Pacific
• Latin America
• Middle East & Africa

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