The photoresist process chemicals market was valued at US$ 3,665.31 million in 2019 and is expected to grow at a CAGR of 4.8% during 2020–2028 to reach US$ 5,495.02 million by 2028.
Photoresist Process Chemicals are utilized in the manufacturing of µm-and sub-µm structures, noticeably in the microelectronics industry. Photoresist process chemicals comprise solvents, developers, remover, stripper, and etching mixtures and are considered as a fundamental part for making high-performance circuit boards and semiconductor chips. The growth of the global photoresist process chemicals market is driven by the continuous and steady demand for microelectronics owing to the rising demand for electronic items in developing countries and increasing penetrations of IoT across the world. Moreover, factors such as rising demand for dynamic display technology, and excessive R&D in the Photoresist Process Chemicals and its end-use industries are propelling the growth of the global photoresist process chemicals marketIn 2019, Asia Pacific contributed to the largest share in the global photoresist process chemicals market. Asia Pacific is also expected to be the fastest-growing market for photoresist process chemicals in the coming years. Asia Pacific is the largest continent in the world and is known for its expanded market of chemical products. The region has been noticed as one of the prominent markets for the utilization of photoresist and photoresist ancillaries; thus, it offers lucrative opportunities for the market growth. China is dominating the regional market, followed by Japan, Taiwan, Vietnam, Korea, Thailand, Malaysia, and Indonesia. These countries are experiencing rising demand from the semiconductors and ICs, LCDs, printed circuit boards, and other manufacturers. Photoresist process chemicals are extensively utilized in the manufacturing of photoresist, which are further used in wearable devices, smartphones, and other electronic devices. Along with a shift in consumer living standards, the demand for smartphones and wearable devices has increased subsequently with the growth of the electronics industry. This shift has propelled the growth of the photoresist process chemicals market in the region.
The COVID-19 pandemic is adversely affecting economies and industries in various countries due to lockdowns, travel bans, and business shutdowns. In addition, the global travel bans imposed by countries in Europe, Asia, and North America are hindering the business collaborations and partnerships opportunities. All these factors are hampering the chemicals & materials industry, which is restraining the growth of photoresist process chemicals market.
Geographic Overview of Photoresist Process Chemicals Market
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Market Insights
Growth of Semiconductor Industry
Recent technological advancements have increased the importance of semiconductors across various industry verticals. From being a major component of consumer electronics and peripherals, they have also been witnessing a rise in demand from the automotive sector in recent years. After witnessing a decline in sales numbers in 2019, the semiconductor industry reported positive revenue growth in 2019 despite the troubles caused by the COVID-19 pandemic that brought the world economy to a halt.
Moreover, semiconductors are an integral unit to the technology around us and they reinforce the technological innovations. They provide the essential technologies to the gadgets of everyday use such as televisions, computers, and mobile devices. Photoresist process chemicals are used in semiconductor manufacturing for photolithography. Photolithography has been the major driver in the quest to achieve maximum size reduction of gadgets and devices. Owing to this, Photoresist process chemicals have also been witnessing a surge in demand across the globe. Some companies have also made plans to expand their production of photoresists in order to meet the growing demand from the semiconductor industry. For example, in February 2021, Sumitomo Chemical announced the expansion of their production capacity for photoresists for advanced semiconductor processes, including argon fluoride (ArF) immersion and extreme ultraviolet (EUV) lithography, by installing new production lines in its Osaka Works (Konohana-ku, Osaka, Japan). The company plans to commence operations by 2022.
Product Type Insights
Based on product type, the global photoresist process chemicals market is segmented into solvents, binders, sensitizer, and others. The solvents segment led the market with the largest share in 2019. A photoresist is also known as a resist, and it is a light-sensitive application utilized in several processes, such as photolithography & photoengraving, mainly to create a patterned coating on a surface.
Global Photoresist Process Chemicals Market, by Product Type – 2019 and 2028
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- Sample PDF showcases the content structure and the nature of the information with qualitative and quantitative analysis.
Application Insights
Based on application, the global photoresist process chemicals market is segmented into microelectronics, printed circuit boards, and others. In 2019, microelectronics segment accounted for the largest share of the market. The microelectronics devices consists of micro semiconductor devices, transistors, capacitors, resistors, and active chip. They are widely used in consumer electronics appliances such as smartphones, music players, and household appliances as well as in other industrial processes. Photoresist solvent, sensitizers, polymers, and other chemicals are used for this purpose. Growing applications in medical, automotive, and electronic industries has raised the demand for microelectronic components, which supports the growth of photoresist process chemicals market.
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Photoresist Process Chemicals Market: Strategic Insights
Market Size Value in US$ 3,665.31 Million in 2019 Market Size Value by US$ 5,495.02 Million by 2028 Growth rate CAGR of 4.8% from 2020-2028 Forecast Period 2020-2028 Base Year 2020
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Photoresist Process Chemicals Market: Strategic Insights
| Market Size Value in | US$ 3,665.31 Million in 2019 |
| Market Size Value by | US$ 5,495.02 Million by 2028 |
| Growth rate | CAGR of 4.8% from 2020-2028 |
| Forecast Period | 2020-2028 |
| Base Year | 2020 |
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Tokyo Ohka Kogyo Co., Ltd.; Tokuyama Corporation; Dupont; Integrated Micro Materials; Allresist Gmbh; Microchemicals Gmbh; Dischem Inc; ENF TECHNOLOGY CO., LTD.; Sumitomo Chemical Co., Ltd; and Prolyx Microelectronics Private Limited are among the major market players operating in the photoresist process chemicals market. These companies offer their products worldwide, which helps them in catering to a wider customer base. These major market players are highly focused on the development of high quality and innovative products to meet the customer’s requirements. Over the past few years, the companies operating in the market have realized the immense potential pertaining to the photoresist process chemicals market and were highly involved in strategies such as mergers & acquisition and product launch. For instance, in 2019, Photoresist Stripper SVD and SH5 were launched by Microchemicals Gmbh. These strippers efficiently remove layers of photoresists from inorganic substrates such as silicon, glass, and metals.
Report Spotlights
- Progressive industry trends in the global photoresist process chemicals market to help players develop effective long-term strategies
- Business growth strategies adopted by developed and developing markets
- Quantitative analysis of the global photoresist process chemicals market from 2018 to 2028
- Estimation of the demand for photoresist process chemicals across various industries
- PEST analysis to illustrate the efficacy of buyers and suppliers operating in the industry to predict market growth
- Recent developments to understand the competitive market scenario and the demand for photoresist process chemicals
- Market trends and outlook coupled with factors driving and restraining the growth of the photoresist process chemicals market
- Decision-making process by understanding strategies that underpin commercial interest with regard to the global photoresist process chemicals market growth
- Photoresist process chemicals market size at various nodes of the market
- Detailed overview and segmentation of the global photoresist process chemicals market as well as its dynamics in the industry
- Photoresist process chemicals market size in various regions with promising growth opportunities
Photoresist Process Chemicals Market, by Product Type
- Solvents
- Binders
- Sensitizer
- Others
Photoresist Process Chemicals Market, by Application
- Microelectronics
- Printed Circuit Boards
- Others
Company Profiles
- Tokyo Ohka Kogyo Co., Ltd.
- Tokuyama Corporation
- Dupont
- Integrated Micro Materials
- Allresist Gmbh
- Microchemicals Gmbh
- Dischem Inc
- ENF TECHNOLOGY CO., LTD.
- Sumitomo Chemical Co., Ltd
- Prolyx Microelectronics Private Limited
Report Coverage
Revenue forecast, Company Analysis, Industry landscape, Growth factors, and Trends
Segment Covered
Product Type and Application
Regional Scope
North America, Europe, Asia Pacific, Middle East & Africa, South & Central America
Country Scope
Argentina, Australia, Brazil, Canada, China, France, Germany, India, Japan, Mexico, Russian Federation, Saudi Arabia, South Africa, South Korea, Spain, United Arab Emirates, United Kingdom, United States
Frequently Asked Questions
The major players operating in the global photoresist process chemicals market are Tokyo Ohka Kogyo Co., Ltd., Tokuyama Corporation, Dupont, Integrated Micro Materials, Allresist Gmbh, Microchemicals Gmbh, Dischem Inc, Enf Technology Co., Ltd., Sumitomo Chemical Co., Ltd, Prolyx Microelectronics Private Limited and among others.
In 2019, the photoresist process chemicals market was dominated by Asia Pacific region at the global level. The demand for smartphones and wearable devices has increased subsequently with the growth of the electronics industry, along with a shift in consumer living standards. This shift has influenced the growth of the market in the region. The growing consciousness among the consumers about the connected world on devices with IoT favors the growth of the market. Furthermore, rising purchasing capabilities and expanding disposable income are estimated to favor market growth.
In 2019, microelectronics segment accounted for a larger share of the global photoresist process chemicals market. Microelectronics field consist of micro semiconductor devices transistors, capacitors, and resistors an active chip. They are widely being used in consumer electronics such as smartphones, music players, household appliances, etc. and in other industrial processes. Microelectronic components need protection from the environment, also both electrical & mechanical connections to the surrounding components. Photoresist solvent, sensitizers, polymers, and other chemicals are used for this purpose. Growing applications in medical, automotive, and electronic industries has raised the demand for microelectronic components which supports the growth of photoresist process chemicals market.
The List of Companies - Photoresist Process Chemicals Market
- Tokyo Ohka Kogyo Co., Ltd.
- Tokuyama Corporation
- Dupont
- Integrated Micro Materials
- Allresist Gmbh
- Microchemicals Gmbh
- Dischem Inc
- ENF TECHNOLOGY CO., LTD.
- Sumitomo Chemical Co., Ltd
- Prolyx Microelectronics Private Limited
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