Photomask Market Size 2021-2031 | Drivers and Opportunities
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
Market Size Value in US$ 4.02 Billion in 2018 Market Size Value by US$ 5.9 Billion by 2027 Growth rate CAGR of 4.5% from 2019-2027 Forecast Period 2019-2027 Base Year 2019
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Photomask Market: Strategic Insights
| Market Size Value in | US$ 4.02 Billion in 2018 |
| Market Size Value by | US$ 5.9 Billion by 2027 |
| Growth rate | CAGR of 4.5% from 2019-2027 |
| Forecast Period | 2019-2027 |
| Base Year | 2019 |
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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 Report Scope
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
Report Coverage
Revenue forecast, Company Analysis, Industry landscape, Growth factors, and Trends
Segment Covered
Type, Application, End-User Vertical
Regional Scope
North America, Europe, Asia Pacific, Middle East & Africa, South & Central America
Country Scope
US, Canada, Mexico, UK, Germany, Spain, Italy, France, India, China, Japan, South Korea, Australia, UAE, Saudi Arabia, South Africa, Brazil, Argentina
Frequently Asked Questions
The incremental growth expected to be recorded for the global photomask market during the forecast period is US$ 2.20 billion.
The global photomask market is expected to reach US$ 7.14 billion by 2031.
The key players holding majority shares in the global photomask market are Advance Reproductions Corporation, Compugraphics International Limited, Dai Nippon Printing Co., Ltd., HOYA Corporation, and LG Innotek Co., Ltd.
Increasing demand for high-resolution photomasks for advanced applications such as 5G technology, artificial intelligence, and mask inspection technologies for ensuring quality and precision to play a significant role in the global photomask market in the coming years.
The expanding electronic and automotive industries and rising demand for fast computing memories and processors are the major factors that propel the global photomask market.
The global photomask market was estimated to be US$ 4.93 billion in 2023 and is expected to grow at a CAGR of 4.7% during the forecast period 2023 - 2031.
The Insight Partners performs research in 4 major stages: Data Collection & Secondary Research, Primary Research, Data Analysis and Data Triangulation & Final Review.
- Data Collection and Secondary Research:
As a market research and consulting firm operating from a decade, we have published many reports and advised several clients across the globe. First step for any study will start with an assessment of currently available data and insights from existing reports. Further, historical and current market information is collected from Investor Presentations, Annual Reports, SEC Filings, etc., and other information related to company’s performance and market positioning are gathered from Paid Databases (Factiva, Hoovers, and Reuters) and various other publications available in public domain.
Several associations trade associates, technical forums, institutes, societies and organizations are accessed to gain technical as well as market related insights through their publications such as research papers, blogs and press releases related to the studies are referred to get cues about the market. Further, white papers, journals, magazines, and other news articles published in the last 3 years are scrutinized and analyzed to understand the current market trends.
- Primary Research:
The primarily interview analysis comprise of data obtained from industry participants interview and answers to survey questions gathered by in-house primary team.
For primary research, interviews are conducted with industry experts/CEOs/Marketing Managers/Sales Managers/VPs/Subject Matter Experts from both demand and supply side to get a 360-degree view of the market. The primary team conducts several interviews based on the complexity of the markets to understand the various market trends and dynamics which makes research more credible and precise.
A typical research interview fulfils the following functions:
- Provides first-hand information on the market size, market trends, growth trends, competitive landscape, and outlook
- Validates and strengthens in-house secondary research findings
- Develops the analysis team’s expertise and market understanding
Primary research involves email interactions and telephone interviews for each market, category, segment, and sub-segment across geographies. The participants who typically take part in such a process include, but are not limited to:
- Industry participants: VPs, business development managers, market intelligence managers and national sales managers
- Outside experts: Valuation experts, research analysts and key opinion leaders specializing in the electronics and semiconductor industry.
Below is the breakup of our primary respondents by company, designation, and region:
Once we receive the confirmation from primary research sources or primary respondents, we finalize the base year market estimation and forecast the data as per the macroeconomic and microeconomic factors assessed during data collection.
- Data Analysis:
Once data is validated through both secondary as well as primary respondents, we finalize the market estimations by hypothesis formulation and factor analysis at regional and country level.
- 3.1 Macro-Economic Factor Analysis:
We analyse macroeconomic indicators such the gross domestic product (GDP), increase in the demand for goods and services across industries, technological advancement, regional economic growth, governmental policies, the influence of COVID-19, PEST analysis, and other aspects. This analysis aids in setting benchmarks for various nations/regions and approximating market splits. Additionally, the general trend of the aforementioned components aid in determining the market's development possibilities.
- 3.2 Country Level Data:
Various factors that are especially aligned to the country are taken into account to determine the market size for a certain area and country, including the presence of vendors, such as headquarters and offices, the country's GDP, demand patterns, and industry growth. To comprehend the market dynamics for the nation, a number of growth variables, inhibitors, application areas, and current market trends are researched. The aforementioned elements aid in determining the country's overall market's growth potential.
- 3.3 Company Profile:
The “Table of Contents” is formulated by listing and analyzing more than 25 - 30 companies operating in the market ecosystem across geographies. However, we profile only 10 companies as a standard practice in our syndicate reports. These 10 companies comprise leading, emerging, and regional players. Nonetheless, our analysis is not restricted to the 10 listed companies, we also analyze other companies present in the market to develop a holistic view and understand the prevailing trends. The “Company Profiles” section in the report covers key facts, business description, products & services, financial information, SWOT analysis, and key developments. The financial information presented is extracted from the annual reports and official documents of the publicly listed companies. Upon collecting the information for the sections of respective companies, we verify them via various primary sources and then compile the data in respective company profiles. The company level information helps us in deriving the base number as well as in forecasting the market size.
- 3.4 Developing Base Number:
Aggregation of sales statistics (2020-2022) and macro-economic factor, and other secondary and primary research insights are utilized to arrive at base number and related market shares for 2022. The data gaps are identified in this step and relevant market data is analyzed, collected from paid primary interviews or databases. On finalizing the base year market size, forecasts are developed on the basis of macro-economic, industry and market growth factors and company level analysis.
- Data Triangulation and Final Review:
The market findings and base year market size calculations are validated from supply as well as demand side. Demand side validations are based on macro-economic factor analysis and benchmarks for respective regions and countries. In case of supply side validations, revenues of major companies are estimated (in case not available) based on industry benchmark, approximate number of employees, product portfolio, and primary interviews revenues are gathered. Further revenue from target product/service segment is assessed to avoid overshooting of market statistics. In case of heavy deviations between supply and demand side values, all thes steps are repeated to achieve synchronization.
We follow an iterative model, wherein we share our research findings with Subject Matter Experts (SME’s) and Key Opinion Leaders (KOLs) until consensus view of the market is not formulated – this model negates any drastic deviation in the opinions of experts. Only validated and universally acceptable research findings are quoted in our reports.
We have important check points that we use to validate our research findings – which we call – data triangulation, where we validate the information, we generate from secondary sources with primary interviews and then we re-validate with our internal data bases and Subject matter experts. This comprehensive model enables us to deliver high quality, reliable data in shortest possible time.
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