Photomask Market Forecast and Growth 2031

The photomask market size is projected to reach US$ 7.14 billion by 2031 from US$ 4.93 billion in 2023. The market is expected to register a CAGR of 4.7% in 2023–2031. Increasing demand for high-resolution photomasks for advanced applications such as 5G technology, artificial intelligence, and mask inspection technologies for ensuring quality and precision is likely to remain a key photomask market trend.

Photomask Market Analysis

The photomask market is growing at a rapid pace due to the expanding electronic and automotive industries and rising demand for fast computing memories and processors. The market is expanding steadily, driven by the increasing adoption of advanced semiconductor devices. Moreover, the growing innovation in lithography processes and growing production of technologically advanced automobiles are providing lucrative opportunities for market growth.

Photomask Market Overview

Photomasks are image-transfer tools made by exposing or drawing a pattern on a resist-coated chrome blank device. They are composed of solid, transparent substrates with an opaque surface layer. Photomasks hold the IC layout that needs to be duplicated. Photomasks are becoming more popular for accurately transferring patterns to silicon wafers as transistors become smaller and more advanced. Moreover, the growing need for photomask for producing complicated integrated circuit chips is driving the market.

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Photomask Market: Strategic Insights

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Photomask Market Drivers and Opportunities

Expanding Electronic and Automotive Industries are Driving the Market

The worldwide electronics sector is experiencing extraordinary expansion owing to increased consumer demand for electronic gadgets, technological advancements, and the introduction of the Internet of Things and wearable technologies. The International Trade Administration (ITA) predicts that the worldwide electronics sector is expected to be over US$ 5 trillion by 2025, which creates opportunities for semiconductor manufacturers and drives the photomask market during the forecast period. Furthermore, the expanding automotive industry and increasing demand for electric vehicles and autonomous driving technology among consumers are driving the market. Consumers are shifting towards the adoption of connected vehicles and improved communication and safety systems, which stimulates the development of advanced semiconductor devices. Thus boosting the growth of the photomask market.

Growing Innovation in Lithography Processes - An Opportunity in the Photomask Market

Growing innovation in lithography is critical for enabling the technology to fabricate compact and complicated semiconductor devices with improved performance and efficiency. Extreme Ultraviolet (EUV) lithography represents a significant technological advancement in the semiconductor industry. According to the International Technology Roadmap of Semiconductors (ITRS), the number of EUV tools supplied grew by up to 30% in 2023 compared to 2022, indicating that the industry is rapidly adopting this cutting-edge lithography technology. EUV lithography enables lower feature sizes and greater resolution, resulting in improved chip performance and cost-effectiveness. These technical advancements attract photomasks tailored for EUV lithography applications, which is expected to create opportunities in the market during the forecast period.

Photomask Market Report Segmentation Analysis

Key segments that contributed to the derivation of the photomask market analysis are type, application, and end-user vertical.

• Based on type, the photomask market is divided into reticle, master mask, and copy mask. The master mask segment held a larger market share in 2023.
• On the basis of application, the market is segmented into semiconductor and IC, discrete, optoelectronics, display device, MEMS, and others. The semiconductor and IC segment held a larger market share in 2023.
• In terms of end-user vertical, the photomask market is categorized as semiconductor & IC and flat panel display. The semiconductor & IC segment held a larger market share in 2023.

Photomask Market Share Analysis by Geography

The geographic scope of the photomask market report is mainly divided into five regions: North America, Asia Pacific, Europe, Middle East & Africa, and South America/South & Central America.

In terms of revenue, the Asia Pacific market accounted for the largest photomask market share, due to the presence of a vast electronics industry in China, South Korea, and Taiwan. The growth of the electronics industry increases the demand for photomasks in semiconductor fabrication.  According to South Korea's Ministry of Trade, the country's semiconductor exports increased 12% in the first quarter of 2023 compared to the same period in 2022. Growing demand for semicontinuous among manufacturers for the production of electronic equipment and devices is creating opportunities for the market during the period. Furthermore, the region's investments in technology and infrastructure development significantly contribute to the growth of the global photomask market.

Photomask Market Regional Insights

The regional trends and factors influencing the Photomask Market throughout the forecast period have been thoroughly explained by the analysts at Insight Partners. This section also discusses Photomask Market segments and geography across North America, Europe, Asia Pacific, Middle East and Africa, and South and Central America.

Photomask Market Report Scope

Photomask Market Players Density: Understanding Its Impact on Business Dynamics

The Photomask 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 Photomask Market are:

1. Advance Reproductions Corporation
2. Compugraphics International Limited
3. Dai Nippon Printing Co., Ltd.
4. HOYA Corporation
5. LG Innotek Co., Ltd.
6. Nippon Filcon Co., Ltd.

Disclaimer: The companies listed above are not ranked in any particular order.

Photomask Market News and Recent Developments

The photomask market is evaluated by gathering qualitative and quantitative data post primary and secondary research, which includes important corporate publications, association data, and databases. The following is a list of developments in the market for photomask and strategies:

• In February 2024, Toppan Printing Co, Ltd. announced that it has entered into a joint research and development agreement with IBM related to the 2 nanometer (nm) logic semiconductor node, using extreme ultraviolet (EUV) lithography. This agreement also includes High-NA EUV photomask development capability on next-generation semiconductors. (Source: Toppan Printing Co, Ltd., Press Release, 2023)
• In December 2023, Dai Nippon Printing Co., Ltd. successfully developed a photomask manufacturing process capable of accommodating the 3-nanometer (10-9 meter) lithography process that supports Extreme Ultra-Violet (EUV) lithography, the cutting-edge process for semiconductor manufacturing. (Source: Dai Nippon Printing Co., Ltd., Press Release, 2023)

Photomask Market Report Coverage and Deliverables

The “Photomask Market Size and Forecast (2021–2031)” report provides a detailed analysis of the market covering below areas:

• Market size and forecast at global, regional, and country levels for all the key market segments covered under the scope
• Market dynamics such as drivers, restraints, and key opportunities
• Key future trends
• Detailed PEST/Porter’s Five Forces and SWOT analysis
• Global and regional market analysis covering key market trends, major players, regulations, and recent market developments
• Industry landscape and competition analysis covering market concentration, heat map analysis, prominent players, and recent developments
• Detailed company profiles