With the emergence and long-term Impact of COVID-19, Global Wet Chemicals Market to reach USD 5.54 billion by 2030
Bizwit Research & Consulting LLP’s recent analysis on the Global Wet Chemicals Market points towards a potential rise to USD 5.54 billion by 2030. Wet chemicals refer to commercial organic and inorganic chemicals used in various industries. They are commonly used as etching and cleaning agents in semiconductor processing systems and have wide-ranging applications in agriculture, textile, electronics, and other fields. The growing use of integrated circuits, chips, and microchips in electronics is driving the demand for semiconductors and subsequently the wet chemicals market. The demand is further fueled by the need for acids, hydroxides, and peroxides for substrate cleaning and etching. Hydrogen peroxide is particularly in high demand for its long-term applications in semiconductor etching and cleaning.
Geographically, the global Wet Chemicals market has been segmented into North America, Europe, Asia Pacific (APAC), Latin America, and Middle East and Africa (MEA). Asia Pacific dominated the market in 2022 owing to the growing demand for electronics in countries like China, India, and Japan is anticipated to create a lucrative opportunity for wet chemicals in these regions. According to the China Semiconductor Industry Association 2021, the sales of integrated circuits reached a milestone of USD 157.08 billion in 2021 in China, likewise, the India Electronics and Semiconductor Association predicts that the semiconductor component market in India reach a value of USD 32.35 billion by 2025.
North America is expected to grow significantly during the forecast period, owing due to the large number of semiconductors and electronics manufacturers in the U.S. and Canada and increasing demand for electronics products, where these chemicals are utilized as essential etching materials.
The global Wet Chemicals market is highly competitive owing to the presence of several key players such as Evonik Industries AG Kanto Kagaku Singapore Pte Ltd Rin Kagaku Kogyo Co. Ltd. Formosa Daikin Advanced Chemicals Co. Ltd. Santoku Chemical Industries Co. Ltd. Hejiang Kaisn Fluorochemical Co. Ltd. Solvay Inc. Honeywell International Inc., Chang Chun Group Chemicals Group Co. Ltd, and others.
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Key findings of the study suggest:
- Global Wet Chemicals Market is anticipated to grow with a healthy growth rate of more than 6.3% over the forecast period 2023-2030.
- In the Application segment, Semiconductor emerged out as the leading market segment in 2022.
- Asia Pacific is anticipated to drive regional growth owing to growing demand for electronics in the region.
- North America is expected to grow at higher rate owing to large number of semiconductors and electronics manufacturers in the region.
Bizwit Research & Consulting has considered following segments for the study:
By Product Type:
- Acids
- Bases
- Solvents
- Oxidizers
- Others
By Application:
- Semiconductor
- Etching
- Cleaning
- IC packaging
- PCB
- Others
Regional Outlook
- North America
- US
- Canada
- Europe
- UK
- Germany
- France
- Spain
- Italy
- ROE
- Asia Pacific
- China
- India
- Japan
- Korea
- Australia
- RoAPAC
- Latin America
- Brazil
- Mexico
- Rest of Latin America
- Middle East & Africa
- Saudi Arabia
- South Africa
- Rest of Middle East & Africa
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