In 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.
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.
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.
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.
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.
The regional trends and factors influencing the Photoresist Process Chemicals Market throughout the forecast period have been thoroughly explained by the analysts at Insight Partners. This section also discusses Photoresist Process Chemicals Market segments and geography across North America, Europe, Asia Pacific, Middle East and Africa, and South and Central America.
| Report Attribute | Details |
|---|---|
| Market size in 2019 | US$ 3.67 Billion |
| Market Size by 2028 | US$ 5.5 Billion |
| Global CAGR (2019 - 2028) | 4.8% |
| Historical Data | 2017-2018 |
| Forecast period | 2020-2028 |
| Segments Covered |
By Product Type
|
| Regions and Countries Covered | North America
|
| Market leaders and key company profiles |
The Photoresist Process Chemicals Market market is growing rapidly, driven by increasing end-user demand due to factors such as evolving consumer preferences, technological advancements, and greater awareness of the product's benefits. As demand rises, businesses are expanding their offerings, innovating to meet consumer needs, and capitalizing on emerging trends, which further fuels market growth.
Market players density refers to the distribution of firms or companies operating within a particular market or industry. It indicates how many competitors (market players) are present in a given market space relative to its size or total market value.
Major Companies operating in the Photoresist Process Chemicals Market are:
Disclaimer: The companies listed above are not ranked in any particular order.
The List of Companies - Photoresist Process Chemicals Market
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 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.