How COVID-19 Impact on Electronic Chemicals Market and How It's Adversely Affecting the World Economy

The ResearchDive electronic chemicals market report anticipates that the global industry will generate $35,866.5 million before 2026, with a CAGR of 6.3% from 2019 to 2026. The key revenue share of the wafer manufacturing application segment is expected to continue to lead over the entire forecast period. Silicon wafers are the world's most popular wafer manufacturing commodity and account for a major share of the industry.Due to the rising demand for specialty chemical products in emerging economies, rising market penetration in end-use industries and technological advances, the electronic chemicalsmarket is growing. Electronic chemicals are also known as performance chemicals and are used to produce industrial and consumer goods.

Electronic Chemicals Market is predicted to grow by generating a revenue of $35,866.5 million by 2026 with a CAGR of 6.3% in the forecast period.

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Electronic chemicals are mostly used in manufacturing of electronic components and products. Semiconductor manufacturing, photovoltaic manufacturing and flat panel display manufacturing use electronic chemicals to a huge extent. Electronic chemicals use advanced chemical technologies including, distillation, ion exchange, gas adsorption and filtration, to provide consistently low contaminant levels.

Increase in the demand for electronic chemicals from microelectronic semiconductors manufacturer and chip manufacturing industries are predicted to drive the electronic chemical market growth in the forecast period. The use of the microchips in the manufacturing of mobile phones, integrated circuits and electronic chips is expected to increase the demand for electronic chemicals in the forecast period. Moreover, the technology advancement in electronics sector is predicted to drive the electronic chemicals market growth in the forecast period.

Stringent government regulations with respect to various chemicals is predicted to be the biggest restraint for the growth of the electronic chemical market in the forecast period. Many governments in various countries across the globe have restricted the use of certain chemicals in industries for having adverse effect on the climatic condition, which is predicted to hamper the growth of market in the forecast period. Moreover, the increase in the disposal of products with advancements in the new technology is predicted to hinder to the growth of the electronic market in the forecast period.

Atmospheric and specialty gases segment is predicted to have the maximum share in the forecast period. Atmospheric and specialty gases segment is predicted to grow by generating a revenue of $11,943.5 million with a CAGR of 6.0% in the forecast period. The growth in the manufacturing of semiconductor, LED lights, and flat panel displays is predicted to boost the atmospheric and specialty gases segment in the forecast period.

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Integrated circuits & semiconductors segment is predicted to have the highest share in the forecast period. Integrated circuits &semiconductors segment is predicted to grow by generating a revenue of $11,118.6 million with a CAGR of 5.9% in the forecast period. Integrated circuits & semiconductors are used in most applications and the increased use of the circuits & semiconductors is predicted to boost the integrated circuits & semiconductors segment in the forecast period.

North America market is predicted to grow by generating a revenue of $10,759.9 million with a CAGR of 5.9% in the forecast period. The North America market is predicted to grow due to the increase in the demand of electronic chemicals in various industries to increase their production of electronic appliances and component, which is predicted to surge the overall market in the region over the forecast period. Asia-Pacific market is predicted to grow by generating a revenue of $9,899.1 million with a CAGR of 6.6% in the forecast period. Increase in the development of telecommunication and IT and consumer goods where electronic chemicals are used to a large extent is predicted to boost the region market in the forecast period.

The major players in the electronic chemicals market are Solvay S. A., Wacker Chemie AG, Merck KGaA,Air Liquide SA,Hitachi Chemical Co. Ltd.,Honeywell International, Inc., Sumitomo Chemical Co. Ltd,MacDermid, Inc, and BASF SE, among others.

Porter's Five Forces Analysis for Electronic Chemicals Market:

o Bargaining Power of Suppliers: The switching cost from one supplier to another is projected to be low.The bargaining power of suppliers is very low.

o Bargaining Power of Consumers: In this market, the concentration of buyers is high. The bargaining power of consumers is high.

o The threat of New Entrants: Huge initial investments and continuous development in the products is the biggest challenge. The threat of new entrants is low.

o The threat of Substitutes: This market has numerous alternatives of products;moreover, technology also offers high switching costs for clients. The threat of substitutes is high.

o Competitive Rivalry in the Market: The electronic chemicals market has only major players to sell their products and it becomes difficult for small and medium enterprises and local manufacturer to get into the market. Many major players are following several strategies, and product differentiation among them.

The competitive rivalry in the industry is high.

Mr. Abhishek Paliwal
Research Dive
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This release was published on openPR.