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Semiconductor Gases Market Report 2024 Latest Insights, Growth Rate, Future Trends And Forecast
Semiconductor Gases Global Market Report 2024
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According to The Business Research Company's, The semiconductor gases market size has grown strongly in recent years. It will grow from $9.08 billion in 2023 to $9.73 billion in 2024 at a compound annual growth rate (CAGR) of 7.1%. The growth in the historic period can be attributed to growth of semiconductor industry, miniaturization of electronic devices, global electronics manufacturing trends, clean room environments, research and development initiatives.
The semiconductor gases market size is expected to see strong growth in the next few years. It will grow to $12.63 billion in 2028 at a compound annual growth rate (CAGR) of 6.7%. The growth in the forecast period can be attributed to Internet of things (IoT) expansion, electric vehicle market growth, supply chain resilience, green semiconductor manufacturing, artificial intelligence (AI) integration. Major trends in the forecast period include shift towards 3D NAND technology, emergence of 5G technology, rapid technological evolution, advancements in semiconductor technology, transition to 450mm wafers.
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Market Drivers and Trends:
The rising demand for semiconductors is expected to propel the growth of the semiconductor gas market going forward. The electrical conductivity of semiconductors, which are crystalline solids, lies in the middle of that of insulators and conductors. Semiconductor gases play a critical role in the manufacturing of semiconductors. They are used in various processes, such as chemical vapor deposition (CVD), etching, and cleaning. Semiconductor gases are used extensively in the manufacturing process of semiconductors, and as the demand for semiconductors increases, so does the demand for semiconductor gases. For instance, in February 2023, the Semiconductor Industry Association, a US-based trade association representing the US semiconductor industry, stated that worldwide semiconductor sector sales totaled $574.1 billion in 2022, the highest-ever yearly total and a 3.3% rise over the $555.9 billion total in 2021. Therefore, the rising demand for semiconductors is boosting the semiconductors gases market.
Major companies operating in the semiconductor gas market are focusing on research and development activities to develop advanced and unique products to sustain their position in the market. For instance, Merck & Co., Inc., a US-based pharmaceutical company, partnered with Micron Technology Inc., a US-based provider of cutting-edge memory and storage solutions, to provide gas solutions with a low global warming potential (GWP) utilized in the manufacturing of semiconductors. After working together iteratively for a year, Micron is now evaluating the performance of a new, lower-GWP Etch gas from Merck's Research & Development division to replace an older, higher-GWP substance.
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Major Key Players of the Market:
Air Water Inc., Air Liquide Ltd., Solvay SA, Air Products and Chemicals Inc., American Gas Product, Showa Denko K.K., Taiyo Nippon Sanso Corporation, Iwatani Corporation, Toho Gas Co Ltd., Tokuyama Corporation, Westfalen AG, Hyosung TNC Corporation, Messer Group GMBH, Nippon Gases Co Ltd., Ichor Systems Inc., Ube Industries Ltd., Sapura Specialty Gas, Osaka Soda Co Ltd., Matheson Tri-Gas Inc., Guangdong Huate Gas Co Ltd., REC Silicon ASA, Praxair Technology Inc., Indiana Oxygen Inc., Advanced Specialty Gases Inc, MG Chemicals, Yingde Gases, Tokyo Oxygen Co Ltd, Daiso Co Ltd., Tokai Denko Co Ltd.
Semiconductor Gases Market 2024 Key Insights:
• The semiconductor gases market size is expected to see strong growth in the next few years. It will grow to $12.63 billion in 2028 at a compound annual growth rate (CAGR) of 6.7%.
• Semiconductor Market Surge Drives Semiconductor Gas Demand
• Increasing Research And Development Activities Gaining Popularity In The Semiconductor Gas Market.
• Asia-Pacific was the largest region in the semiconductor gases market in 2023
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