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Electronics and Semiconductor Materials Market to Reach US$ 119.8 Billion by 2034, Driven by 5G Expansion, EV Growth, and Innovation in Flexible Electronics - TMR Analysis
Rapid technological advancements across key sectors such as 5G networks, electric vehicles (EVs), consumer electronics, and industrial automation are fueling demand for high-performance semiconductor materials. Furthermore, initiatives such as the CHIPS Act in the U.S. and increasing investments across East Asia underscore the pivotal role of government support in expanding domestic capabilities and global competitiveness.
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Key Drivers Fueling Market Growth
Extensive Investment in R&D Activities
The surge in innovation surrounding materials like gallium nitride (GaN) and silicon carbide (SiC) is paving the way for next-generation electronics. These materials enable power modules for high-frequency and energy-intensive applications such as EVs and renewable energy systems.
Moreover, the rise of phase-change memory (PCM) and magnetoresistive RAM (MRAM) is reshaping the semiconductor landscape by offering faster performance, higher durability, and reduced energy consumption.
Rise in Use of Flexible Electronics
Flexible electronics are opening new frontiers in wearables, sensors, and biomedical devices, thanks to advancements in materials and low-cost production technologies such as roll-to-roll (R2R) printing. Notably, 2D semiconductors like molybdenum disulfide (MoS2) are being explored for IoT and medical applications due to their low-power and high-performance attributes.
Countries such as Japan, South Korea, and the United States are fostering innovation through funding, research collaborations, and favorable policies-further accelerating market momentum.
Market Segmentation Highlights
Silicon Dominates Materials Segment
In 2023, silicon held a commanding 53.1% share of the global market. As the foundational material for integrated circuits, microchips, and transistors, silicon remains indispensable in semiconductor fabrication. Leading companies such as Shin-Etsu and Siltronic AG are investing heavily in wafer production capacity to meet rising global demand.
Logic Chips Lead Component Segment
The logic chips segment accounted for 30.2% of the market in 2023, fueled by surging demand for AI, 5G, and IoT technologies. Companies like Intel and TSMC continue to boost production capabilities to support global digital transformation initiatives.
Regional Outlook
East Asia Maintains Market Leadership
East Asia contributed approximately US$ 43.7 Bn to the global market in 2023 and is expected to maintain dominance due to robust manufacturing infrastructure, R&D investments, and strong government support. China, Taiwan, and South Korea are collectively responsible for more than 80% of global semiconductor foundry revenues.
Meanwhile, Southeast Asian nations like Singapore and Malaysia are emerging as critical nodes in the global semiconductor supply chain, drawing substantial investments.
North America Gains Ground
In 2023, North America held an 11.4% market share. Key players in the U.S. benefit from initiatives such as the CHIPS and Science Act, which allocated US$ 52.7 Bn to bolster domestic semiconductor R&D and production. The region is home to global tech leaders including Intel, NVIDIA, and Qualcomm, which continue to drive demand for advanced materials.
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Competitive Landscape
The electronics and semiconductor materials market remains moderately consolidated, with a focus on M&A activities, portfolio diversification, and strategic collaborations. Major players are investing in material innovations and expanding manufacturing capabilities.
Prominent Market Participants:
Applied Materials, Inc.
Air Products and Chemicals, Inc.
Shin-Etsu Chemical Co., Ltd.
Sumitomo Chemical Co., Ltd.
BASF SE
Dow Inc.
Entegris Inc.
Heraeus Conamic
Honeywell International Inc.
JSR Corporation
Merck KGaA (EMD Group)
Taiwan Semiconductor Manufacturing Company Limited
Siltronic AG, among others
Noteworthy Developments:
BASF (Oct 2024): Developed Ultramid Advanced N3U41 G6, a high-performance PPA for IGBT semiconductors.
Shin-Etsu (Sep 2023): Advanced QST substrate for GaN power devices to improve epitaxial quality and thermal management.
Air Products (Apr 2022): Invested US$ 900 Mn in ultra-high-purity gas facilities for semiconductor fabs in Taiwan.
Market Segmentation
By Materials
Silicon (Si)
Gallium Arsenide (GaAs)
Silicon Carbide (SiC)
Gallium Nitride (GaN)
Germanium (Ge)
Copper (Cu)
Aluminum (Al)
Gold (Au)
Tantalum (Ta)
Platinum (Pt) and Palladium (Pd)
Silicon Dioxide (SiO2)
Silicon Nitride (Si3N4)
Polymers
Photoresists and Photomasks
Quartz (SiO2)
Silver (Ag)
Lead (Pb) (Solders)
Tin (Sn) (Solders)
Graphene and Carbon Nanotubes
Organic Materials
Rare Earth Elements (REEs)
Other Materials
By Components
Memory Chips
Logic Chips
Analog Chips
Discrete Semiconductors
Optoelectronics
Sensors
Radio Frequency (RF) and Microwave
Embedded Chips and Systems-on-Chip (SoCs)
Emerging Components
Other Semiconductor Components
By Industry Verticals
Aerospace and Defense
Radar Systems
Guidance and Navigations
Communication Systems
Avionics
Other Aerospace and Defense Applications
Automotive
ICE Vehicles
Electric Vehicles
Computers
Personal Computers
Workstations
Gaming Computers
Supercomputer
Other Computers
Consumer Electronics
Smartphones
Televisions
Wearables
Home Appliances
Gaming Consoles/ Devices
Other Consumer Electronic Applications
Industrial
Automation Equipment
Robotics
HVAC System
Industrial and Material Handling Equipment
Machineries
Other Industrial Applications
Medical
Diagnostics Equipment
Wearable Health Devices
Patient Monitoring
Medical Imaging
Robotic Surgery
Other Medical Applications
Network/ Infrastructure/ Cloud
Data Centers
Storage System
Power Management and Cooling
Network Equipment
Cloud Devices
Other Network/ Infrastructure/ Cloud Applications
Telecommunications
5G Infrastructure
Optical Communication
Cellular Devices
Small Cell Networks
Broadband and Fiber Optics
Other Telecommunication Applications
Transportation
Railway/ Locomotives
Marine
Vehicle Fleet Management
Traffic Management System
Smart Public Navigation
EV Charging Infrastructure
Other Transportation Applications
Other Industry Verticals
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Transparency Market Research, a global market research company registered at Wilmington, Delaware, United States, provides custom research and consulting services. The firm scrutinizes factors shaping the dynamics of demand in various markets. The insights and perspectives on the markets evaluate opportunities in various segments. The opportunities in the segments based on source, application, demographics, sales channel, and end-use are analysed, which will determine growth in the markets over the next decade.
Our exclusive blend of quantitative forecasting and trends analysis provides forward-looking insights for thousands of decision-makers, made possible by experienced teams of Analysts, Researchers, and Consultants. The proprietary data sources and various tools & techniques we use always reflect the latest trends and information. With a broad research and analysis capability, Transparency Market Research employs rigorous primary and secondary research techniques in all of its business reports.
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