Photoresist Process Chemicals Market is expected to reach US$ 5,495.02 million by 2028

Growth in Semiconductor Industry to Escalate Photoresist Process Chemicals Market Growth during 2020–2028

According to our latest market study on “Photoresist Process Chemicals Market Forecast to 2027 – COVID-19 Impact and Global Analysis – Product Type (Solvents, Binders, Sensitizer, and Others) and Application (Microelectronics, Printed Circuit Boards, and Others)”, the market was valued at US$ 3,665.31 million in 2019 and is projected to reach US$ 5,495.02 million by 2028; it is expected to grow at a CAGR of 4.8% from 2020 to 2028.The report highlights key factors driving the market growth and prominent players along with their developments in the market.

Photoresist chemicals are utilized in the manufacturing of µm-and sub-µm structures, noticeably in the microelectronics industry. The chemicals are claimed to fame compound that changes its synthetic construction when presented to bright (UV) light, this novel property makes them ideal for photolithography and photoengraving measures, which thus are generally utilized in semiconductor fabricating 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 constant and consistent demand for microelectronics owing to the rising interest for electronic items in developing countries and expanding penetrations of IoT across the world. Moreover, excessive R&D in the photoresist chemicals and its end-use industries, rising innovation in dynamic display, and the growing semiconductor industry drive the demand for photoresist process chemicals, which, in turn, propels the market growth. 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. 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 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 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).

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 players operating in the global photoresist process chemicals market.

Impact of COVID-19 Pandemic on Photoresist Process Chemicals Market

The COVID-19 pandemic is adversely affecting economies and industries in various countries due to government-imposed lockdowns, travel bans, and business shutdowns. The chemical & materials is one of the major industries suffering serious disruptions such as supply chain breaks, technology events cancellations, and office shutdowns. The shutdown of various plants and factories in North America, Europe, Asia Pacific, South America, and the Middle East and Africa has restricted the global supply chain and negatively impacted the manufacturing activities, delivery schedules, and product sales. Furthermore, various companies have already predicted possible delays in product deliveries and slump in future sales of their products. The 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 activities in the chemical & materials industry, which are restraining the growth of various markets related to this industry.

Global Photoresist Process Chemicals Market Breakdown – by Region, 2019

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The report includes the segmentation of the global Photoresist Process Chemicals market as follows:

Photoresist Process Chemicals Market, by Product Type

• Solvents
• Binders
• Sensitizer
• Others

Photoresist Process Chemicals Market, by Application

• Microelectronics
• Printed Circuit Boards
• Others

Photoresist Process Chemicals Market, by Geography

• North America
  • US
  • Canada
  • Mexico
• Europe
  • Germany
  • France
  • Spain
  • UK
  • Russia
  • Rest of Europe
• Asia Pacific (APAC)
  • Australia
  • China
  • India
  • Japan
  • South Korea
  • Rest of Asia Pacific
• Middle East &Africa (MEA)
  • South Africa
  • Saudi Arabia
  • UAE
  • Rest of Middle East & Africa
• South America
  • Brazil
  • Argentina
  • Rest of South America