Chemical Mechanical Polishing Market Forecast 2024-2033 - Major Trends, Segments And Fastest Growing Regions

"The Business Research Company recently released a comprehensive report on the Global Chemical Mechanical Polishing Market Size and Trends Analysis with Forecast 2024-2033. This latest market research report offers a wealth of valuable insights and data, including global market size, regional shares, and competitor market share. Additionally, it covers current trends, future opportunities, and essential data for success in the industry.

According to The Business Research Company's, The chemical mechanical polishing market size has grown strongly in recent years. It will grow from $5.58 billion in 2023 to $6.04 billion in 2024 at a compound annual growth rate (CAGR) of 8.3%. The growth in the historic period can be attributed to automotive industry growth, aerospace sector expansion, demand for customization, efficiency and productivity gains, globalization of manufacturing, increase in mass production..

The chemical mechanical polishing market size is expected to see strong growth in the next few years. It will grow to $8.03 billion in 2028 at a compound annual growth rate (CAGR) of 7.4%. The growth in the forecast period can be attributed to additive manufacturing integration, renewable energy sector expansion, advanced materials machining, global infrastructure development, focus on sustainable manufacturing.. Major trends in the forecast period include industry 4.0 integration, multi-tasking and multi-function machines, precision and high-speed machining, digital twin technology, open architecture control system, customization for specific industries..

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Market Drivers and Trends:

The expansion in consumer electronics industry is expected to propel the growth of the chemical mechanical polishing market going forward. Consumer electronics are electronic devices such as smartphones, tablets, laptops, TVs, gaming consoles, and wearable devices bought for personal rather than commercial use. The expansion in the consumer electronics industry is mostly driven by population growth, rising incomes, urbanization, and increasing demand for connectivity and mobility. CMP plays a crucial role in meeting the growing demand for consumer electronics by producing advanced electronic components with high precision and accuracy. For instance, in May 2023, according to the Japan Electronics and Information Technology Industries Association, a Japan-based trade association, the total electronic equipment production in Japan reached $52,36,535 million ( ¥771,457 million). In addition, consumer electronics production reached $2,178,430 million (¥32,099 million) in May 2023, compared to $1,714,724 million (¥25,268 million) in May 2022. Therefore, the expansion in the consumer electronics industry is driving the growth of the chemical mechanical polishing market.

Expansion of production and investment have emerged as key trends gaining popularity in the chemical mechanical polishing market. Major market players are concentrating their efforts on increasing production capacity to strengthen their position in the market. For instance, in September 2022, Showa Denko Materials Co. Ltd., a Japan-based chemical company, announced the expansion of its chemical mechanical polishing slurry production capacity, investing 20 billion yen across plants in Japan and Taiwan to meet rising semiconductor demands and advance material development for cutting-edge devices. Showa Denko Materials is set to bolster its production capacity and advancements for CMP slurries, aiming to address growing demand and the escalating requirements for enhanced functionality in advanced semiconductor devices. This initiative anticipates augmenting the Showa Denko Materials Group's CMP slurry production by approximately 20%.

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Major Key Players of the Market:

Ebara Corporation; Applied Materials Inc.; Cabot Microelectronics Corporation; Lapmaster Wolters GmbH; Fujimi Incorporated; CMC Materials Inc.; Hitachi Chemical Company Ltd.; Badische Anilin- und Sodafabrik SE; Samsung Electronics Co. Ltd.; Revasum Inc.; Versum Materials Inc.; Evonik Industries AG; Asahi Glass Corporation; DuPont de Nemours Inc.; Ferro Corporation; 3A Composites India Private Limited; HKC Vietnam Company Limited; Logitech International SA; Tianjin Huahaiqingke; Tokyo Seimitsu Co. Ltd.; K.C. Tech Co. Ltd.; IV Technologies Inc.; Merck Group; Solvay S.A.; Air Products and Chemicals Inc.; Entegris Inc.; Okamoto Corporation; Compagnie de Saint-Gobain S.A.; Dow Inc.; LAM Research Corporation

Chemical Mechanical Polishing Market 2024 Key Insights:

• The chemical mechanical polishing market will grow to $8.03 billion in 2028 at a compound annual growth rate (CAGR) of 7.4%.
• Consumer Electronics Industry Expansion Fueling Growth In The Chemical Mechanical Polishing Market
• Rising Production And Investment Trends In The Chemical Mechanical Polishing Market
• Asia-Pacific was the largest region in the chemical mechanical polishing market in 2023

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