North America Photoresist Process Chemicals Market to Grow at a CAGR of 4.8% to reach US$ 1,123.67 million from 2021 to 2028

The North America photoresist process chemicals market is expected to grow from US$ 774.85 million in 2020 to US$ 1,123.67 million by 2028; it is estimated to grow at a CAGR of 4.8% from 2020 to 2028.  

The North American region comprises developed economies, including U.S. and Canada, along with Mexico as a developing nation. The manufacturing companies located in this region are continuously enhancing their overall business processes to meet the customer's demand in a best possible way. Several domestic as well as international companies have a strong foothold in the North American region. In the North American region, the US is a major market for photoresist chemicals, followed by Canada and Mexico. The region largely supports the growth of the photoresist chemicals market through effective manufacture and trade policies.
 

In case of COVID-19, in North America, especially US, witnessed an unprecedented rise in number of coronavirus cases, which led to the discontinuation of photoresist process chemicals manufacturing activities. Downfall of other chemical and materials manufacturing sectors has subsequently impacted the demand for photoresist process chemicals during the early months of 2020. Moreover, decline in the overall semiconductor manufacturing activities has led to discontinuation of photoresist process chemicals manufacturing projects, thereby reducing the demand for photoresist process chemicals. Similar trend was witnessed in other North America countries, i.e., Mexico, Canada, Panama and Costa Rica. However, the countries are likely to overcome thus drop in demand with the economic activities regaining their pace, especially in the beginning of the 2021.

With the new advancements and technologies, vendors can attract new customers and expand their footprints in emerging markets. This factor is likely to drive the North America 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. According to the World Semiconductor Trade Statistics, chip sales rose to US$ 439 billion in 2019. It is predicted to reach US$ 469 billion in 2021. The major semiconductor companies such as Taiwan Semiconductor, Intel, and Texas Instruments have also reported positive results. The Philadelphia Semiconductor Index, which tracks the value of the 30 largest semiconductor firms increased by over 5 times in the last 5 years, from US$ 80 in Jan 2016 to US$ 416 in Jan 2021. 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.

North America Photoresist Process Chemicals Market Segmentation

North America Photoresist Process Chemicals Market – By Product Type

• Solvents
• Binders
• Sensitizer
• Others

North America Photoresist Process Chemicals Market – By Application

• Microelectronics
• Printed Circuit Boards
• Others

North America Photoresist Process Chemicals Market – By Country

• US
• Canada
• Mexico

North America Photoresist Process Chemicals Market Report Scope

Download Free Sample

   Buy Now   

• Sample PDF showcases the content structure and the nature of the information with qualitative and quantitative analysis.