CAGR 5.55%, Photoresist Market is expected to reach USD 14.15 billion by 2029| Key Players: Tokyo Ohka Kogyo Co., Ltd (Japan), JSR Corporation (Japan), DuPont (U.S)

Market Definition

Photoresist is a light-sensitive substance used in photolithography and photoengraving techniques. It shields electronic devices from damaging UV rays. Magnetic recording heads, printing plates, flat-panel liquid crystal displays, microelectromechanical systems (MEMS), and printed circuit boards are all manufactured with it (PCBs). On the other hand, photoresist ancillaries are goods that aid in the efficiency and resolution of the photolithography or photoengraving process.

The photoresist market was valued at USD 9.18 billion in 2021 and is expected to reach USD 14.15 billion by 2029, registering a CAGR of 5.55% during the forecast period of 2022-2029. The market report curated by the Data Bridge Market Research team includes in-depth expert analysis, import/export analysis, pricing analysis, production consumption analysis, and climate chain scenario.

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Market Analysis and Size

Over the last few years, there has been growth in technological development and increased research and development in the field of semiconductors.  According to the European Semiconductor Business Association (ESIA), the European semiconductor industry generated revenue of US$3.8 billion in May 2021, up 31.2%from May 2020. The growth of the photoresist market is being fueled by an increase in semiconductor production. As a result, expansion in the semiconductor sector is expected to fuel growth in the photoresist market during the forecast period.

Photoresist Market Dynamics

This section deals with understanding the market drivers, advantages, opportunities, restraints and challenges. All of this is discussed in detail as below:

Drivers

High Utilization and Demand

The demand for photoresist is projected to grow rapidly as they are mostly used in consumer electronics manufacturing. The market is expected to rise due to rising demand for electronic items in developing countries, high demand for display technology and rising need for dynamic display technologies. Furthermore, rising demand due to improved semiconductor production and increased need for micro-electronics around the world are two factors that are expected to boost the market's growth.

Surging Demand for Automobiles

The automobile industry will drive the photoresist market, which uses photoresist materials for in-vehicle applications such as display panels. According to OICA, passenger automobile manufacturing in South Africa reached 3, 21,097 units in 2018 and grew to 3, 42,665 units in 2019, representing an increase of 8.6% over 2018. Furthermore, according to OICA, passenger automobile manufacturing in Malaysia reached 5, 20,526 units in 2018 and grew to 5, 34,115 units in 2019, representing a 2.6% rise over 2018. As a result, rising automobile manufacturing would necessitate more in-vehicle applications, propelling the photoresist market forward over the projection period.

The growing population and increasing penetration of smartphones will further propel the growth rate of photoresist market. Additionally, the accelerating shipments of silicon wafers, rising demand for consumer electronics and surging popularity of wearable devices are projected to bolster the growth of the market.

Opportunities

Technological Developments and Penetration of Technologies

Furthermore, the surge in technological development across the semiconductors field further extends profitable opportunities to the market players in the forecast period of 2022 to 2029. Additionally, the increasing penetration of internet of things (IoT) are projected to further expand the future growth of the photoresist market.

Some of the major players operating in the photoresist market are
Tokyo Ohka Kogyo Co., Ltd (Japan)
JSR Corporation (Japan)
DuPont (U.S)
Shin-Etsu Chemical Co., Ltd (Japan)
Fujifilm Corporation (Japan)
Sumitomo Chemical Co., Ltd. (Japan)
ALLRESIST (GERMANY)
Merck Group (Germany)
DOW (U.S.)
Micro Resist Technology (Germany)
DJ MicroLaminates (U.S.)
LG Chem (South Korea)
Mitsui Chemicals Inc. (U.S.)
AZ Electronic Materials Co., Ltd. (Luxembourg)
Everlight Chemical Industrial Co. (Taiwan)
Allresist GmbH (Germany)

Read the Full Report Description with Table of Content and Figure @ https://www.databridgemarketresearch.com/reports/global-photoresist-market

COVID-19 Impact on Photoresist Market

The recent outbreak of coronavirus had a negative impact on the photoresist market and it had a negative impact on the production of electronic and electrical items. According to the Japan Electronics and Information Technology Industries Association (JEIT), overall electronic industry production will grow by 1% in 2020, to US$1,967.4 billion, down from US$1,967.4 billion in 2019. The photoresist industry was also damaged by the second wave of Covid-19 in the first few months of 2021, resulting in losses, but the market was not as badly affected as it was in 2020.

However, it is expected that COVID-19's effect would be reduced by mid-2022, returning the market condition to normalcy as it was before to the COVID-19 pandemic. Furthermore, it will result in an increase in manufacturing related to the photoresist sector.

Global Photoresist Market Scope

The photoresist market is segmented on the basis of type, chemical structure, product type, application and end-use industry. The growth amongst these segments will help you analyze meagre growth segments in the industries and provide the users with a valuable market overview and market insights to help them make strategic decisions for identifying core market applications.

Type
Positive Photoresist
Negative Photoresist

Chemical Structure
Photopolymeric Photoresist
Photodecomposing Photoresist
Photocrosslinking Photoresist

Product Type
ARF Immersion Photoresist
ARF Dry Photoresist
G-line Photoresist
R-linePhotoresist
KRF Photoresist
Photoresist Ancillaries
Others

Application
Liquid-crystal Displays (LCDs)
Organic Light-emitting Diodes (OLED)
Semiconductors
Integrated Circuits
Microcontact Printing
Microelectronics
Printed Circuit Boards
Others

End-Use Industry
Electricals and Electronics
Automobiles
Packaging
Others

Photoresist Market Regional Analysis/Insights

The photoresist market is analyzed and market size insights and trends are provided by country, type, chemical structure, product type, application and end-use industry as referenced above.

The countries covered in the photoresist market report are U.S., Canada and Mexico in North America, Germany, France, U.K., Netherlands, Switzerland, Belgium, Russia, Italy, Spain, Turkey, Rest of Europe in Europe, China, Japan, India, South Korea, Singapore, Malaysia, Australia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific (APAC) in the Asia-Pacific (APAC), Saudi Arabia, U.A.E, Israel, Egypt, South Africa, Rest of Middle East and Africa (MEA) as a part of Middle East and Africa (MEA), Brazil, Argentina and Rest of South America as part of South America.

Asia-Pacific dominates the photoresist market in terms of market share and market revenue and will continue to flourish its dominance during the forecast period of 2022-2029. The market growth over this region is attributed to the growing per capita income of the people. Moreover, China, South Korea, India, and Japan have all experienced fast expansion in the electronics industry, largely aiding market growth.

On the other hand, North America is estimated to show lucrative growth over the forecast period of 2022-2029, due to the increasing penetration of smartphones and the rising demand for consumer electronics in the region. The expansion of the electronics and electrical industries in the United States was a major factor in increasing regional market demand.

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