US High-Purity Electronic-Grade Phosphoric Acid Market Growth 2031
The US High-purity electronic-grade phosphoric acid market was valued at US$ 78.73 million in 2023 and is expected to reach US$ 112.21 million by 2031; it is estimated to record a CAGR of 4.5% from 2023 to 2031.
Market Insights and Analyst View:
High-purity electronic-grade phosphoric acid is used in semiconductor manufacturing, electronics etching and cleaning, and other applications. It is a commonly used wet etching agent in compound semiconductor processing. The product also finds applications in the preparation of special high-purity phosphates and organic phosphorus products. The strong presence of the electronics industry and increasing investments in semiconductor manufacturing are among the factors contributing to the growing US high-purity electronic-grade phosphoric acid market size. The US has a vibrant and dynamic electronics manufacturing industry with a long history of innovation and resiliency.
The US high-purity electronic-grade phosphoric acid market report includes company positioning and concentration to evaluate the performance of players in the market. Manufacturers operating in the US high-purity electronic-grade phosphoric acid market produce high-purity electronic-grade phosphoric acid by using different methods—wet process, thermal process, and furnace process; the wet process is the most commonly used method. The choice of production method depends on different factors, such as the quality of phosphate rock, the required purity and concentration of the phosphoric acid, and the economics of scale of the production process. The production of higher-purity phosphoric acid, including electronic-grade phosphoric acid, includes additional purification steps. Further, the phosphoric acid purification process consists of several removal steps that are put in sequence to achieve the target quality.
Growth Drivers and Challenges:
One of the major factors driving the growth of the US high-purity electronic-grade phosphoric acid market is the increasing investments in semiconductor manufacturing. The government of the US strives to boost domestic semiconductor manufacturing by allocating vast amounts to the electronics & semiconductor sector. The US semiconductor industry aims to increase its share in the global chip market to 20% by 2030. As the country grapples with an ongoing chip shortage, the Biden administration and lawmakers passed the CHIPS and Science Act into law in August 2022, making heavy investments in semiconductor manufacturing. The legislation includes US$ 52 billion to strengthen semiconductor manufacturing in the US. This financial aid included US$ 39 billion earmarked for manufacturing incentives, US$ 13.2 billion for research and development and workforce training, and US$ 500 million for the security of international information communications technologies and semiconductor supply chain activities. Several prominent companies have announced significant investments in the US manufacturing sector in the past. For instance, Taiwan Semiconductor Manufacturing Company committed at least US$ 12 billion to build a semiconductor fabrication plant in Arizona, with the expected commencement of production in 2024.
Another major factor driving the growth of US high-purity electronic-grade phosphoric acid market is the strong presence of the electronics industry. This industry is the heart of innovation in every sector of the US economy. For example, smartphones are used for multiple purposes, ranging from the primary applications of calling and messaging to commercial applications such as ordering groceries for home delivery and making online payments or transactions. They are also used to keep track of health by connecting wearable devices to them via Bluetooth or other connectivity technologies. The proliferation of high-speed internet technologies and the growing availability of 5G-compatible smartphones also propel the sales of smartphones in the US. Robots are transforming the warehouse and delivery industries. Various cutting-edge medical diagnostic equipment types are contributing to improving and saving lives. Electronic manufacturers in the US are also empowering the next wave of electric vehicles, autonomous robots, and confidential defense technologies through their R&D and manufacturing capabilities. According to IPC International, Inc., nearly 80% of electronics manufacturers operational in the US are small and medium-sized businesses. Economic activities by these businesses drive innovation, output, and jobs in adjacent industries such as aerospace, automotive, medical, and defense.
IPC International, Inc. emphasizes the fact that the electronics manufacturing sector accounts for roughly US$ 308 billion as a direct contribution to the US GDP (i.e., 4.6% of the GDP) and employs over 1.3 million candidates (i.e., 0.7% of the total employment). The consumer electronics industry is a significant segment of the retail market in the US, offering a wide range of goods that satisfy the needs of various consumer groups. In 2020 and 2021, the country experienced an elevated demand for consumer electronics as the COVID-19 pandemic, along with the subsequent adoption of remote work and education models as well as lockdowns, resulted in the need for better communications and entertainment devices, including laptops, mobile devices, TVs, and home entertainment systems. In the electronics industry, high-purity electronic-grade phosphoric acid is used in applications such as semiconductor manufacturing, and electronics etching and cleaning. Thus, the strong presence of the electronics industry in the US results in a huge demand for high-purity electronic-grade phosphoric acid, thereby fueling the growth of US high-purity electronic-grade phosphoric acid market.
However, the high reliance on imports for high-purity phosphoric acid hinders the US high-purity electronic-grade phosphoric acid market growth. In the US, the wet process is highly used for the production of phosphoric acid. However, this process results in much smaller quantities of purified phosphoric acid, i.e., only ~10% of total production. The majority of domestically produced phosphoric acid in the US is used in fertilizer production. This results in the insufficiency of high-purity phosphoric acid for other end users, leading to an increase in reliance on its import from other countries.
Further, the focus on adopting sustainable practices is emerging as one of the significant US high-purity electronic-grade phosphoric acid market trends. Various manufacturers operating in the phosphoric acid market are focusing on increasingly adopting sustainable practices, such as developing and adopting cleaner production processes, minimizing waste, and recycling by-products. Companies in the market are increasingly recognizing the need for sustainable practices to lower their environmental footprints and ensure long-term viability. Manufacturers emphasize on improving the efficiency of existing production processes by adopting practices aligned with water conservation, energy efficiency, and waste minimization strategies. Also, implementing a closed-loop system to recycle by-products helps to minimize waste generation. Thus, the growing focus on adopting sustainable practices is a notable trend in the US high-purity electronic-grade phosphoric acid market.
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US High-Purity Electronic-Grade Phosphoric Acid Market: Strategic Insights
Market Size Value in US$ 78.73 million in 2023 Market Size Value by US$ 112.21 million by 2031 Growth rate CAGR of 4.5% from 2023 to 2031 Forecast Period 2023-2031 Base Year 2023
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US High-Purity Electronic-Grade Phosphoric Acid Market: Strategic Insights
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Market Size Value in | US$ 78.73 million in 2023 |
Market Size Value by | US$ 112.21 million by 2031 |
Growth rate | CAGR of 4.5% from 2023 to 2031 |
Forecast Period | 2023-2031 |
Base Year | 2023 |
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Report Segmentation and Scope:
The "US High-Purity Electronic-Grade Phosphoric Acid Market Analysis" has been carried out by considering the application segment. Based on application, the market is segmented into semiconductor manufacturing, electronics etching and cleaning, and others.
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Segmental Analysis:
Based on application, the market is segmented into semiconductor manufacturing, electronics etching and cleaning, and others. Semiconductor manufacturing is estimated to hold a significant US high-purity electronic-grade phosphoric acid market share by 2031. High-purity electronic-grade phosphoric acid is a commonly used wet etching agent in compound semiconductor processing. It is used in combination with hydrogen peroxide and water to etch various components. Electronic-grade chemicals with low metal content are an ideal choice for use in etching solutions for semiconductor chips. Particles sticking to the surface of semiconductor wafers may lead to defective semiconductor manufacturing processes. Hence, high-purity phosphoric acid, containing impurities to the absolute minimum, can be used as an etching agent for semiconductors that are sensitive to particles. The flourishing semiconductor manufacturing continues to drive the demand for high-purity electronic-grade phosphoric acid in the US. Various investments in semiconductor manufacturing by the government are further expected to boost the high-purity electronic-grade phosphoric acid market growth in the coming years.
Further, in terms of revenue, electronics etching and cleaning is the second-largest segment in the US high-purity electronic-grade phosphoric acid market share. The semiconductor manufacturing segment is expected to record the fastest CAGR during the forecast period. The other segment includes the use of high-purity electronic-grade phosphoric acid in chemical polishing and the preparation of highly pure special phosphates and organic phosphorus products. Further, with the increasing demand for gadgets such as smartphones, laptops, and wearables, there is a consistent need for reliable batteries. Lithium-iron-phosphate (LFP) batteries find a large-scale adoption in consumer electronics due to their stability and long cycle life. With this, the demand for purified phosphoric acid is further expected to increase in the coming years.
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Industry Developments and Future Opportunities:
The US high-purity electronic-grade phosphoric acid marketforecast can help stakeholders plan their growth strategies. Various initiatives taken by the key players operating in the market are listed below:
- In 2024, Lab Alley, LLC expanded its operations with a new 33,000 sq. ft. facility in Austin, Texas.
- In 2023, Univar Solutions and Chemi Nutra LLC expanded their business relationship in Canada with an exclusive agreement. Univar Solutions Canada Ltd., a subsidiary of Univar Solutions Inc., a leading global solutions provider to users of specialty ingredients and chemicals, was named the exclusive distributor for Chemi Nutra LLC's specialty, functional, and nutraceutical ingredients in Canada.
- In 2023, Univar Solutions increased its footprint, and product and service portfolio in Eastern Canada with the acquisition of FloChem Ltd.
- In 2023, Prayon, a global player in phosphorus chemistry, successfully acquired Febex from Arkema. With 97% of the shares held, Prayon becomes the majority shareholder in Febex company. This acquisition marks an important step in strengthening Prayon’s position in phosphorus chemistry.
Competitive Landscape and Key Companies:
ICL Group Ltd, Spectrum Chemical Manufacturing Corp, Solvay SA, Capitol Scientific Inc, Lab Alley LLC, Univar Solutions Inc, Prayon SA, OCI Holdings Co Ltd, Advance Scientific & Chemical Inc, and Hubei Xingfa Chemicals Group Co Ltd are among the prominent players profiled in the US high-purity electronic-grade phosphoric acid market report. These players focus on providing high-quality products to fulfill customer demand by adopting various strategies such as mergers and acquisitions, capacity expansions, partnerships, and collaborations to stay competitive in the market.
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Report Coverage
Revenue forecast, Company Analysis, Industry landscape, Growth factors, and Trends
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Segment Covered
Application
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Regional Scope
North America, Europe, Asia Pacific, Middle East & Africa, South & Central America
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Country Scope
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1. Introduction
1.1 The Insight Partners Research Report Guidance
1.2 Market Segmentation
2. Executive Summary
2.1 Key Insights
3. Research Methodology
3.1 Coverage
3.2 Secondary Research
3.3 Primary Research
4. US High-Purity Electronic-Grade Phosphoric Acid Market Landscape
4.1 Overview
4.2 Ecosystem Analysis
4.2.1 List of Vendors in the Value Chain
4.3 Porter’s Five Forces Analysis
4.3.1 Bargaining Power of Suppliers
4.3.2 Bargaining Power of Buyers
4.3.3 Threat of New Entrants
4.3.4 Intensity of Competitive Rivalry
4.3.5 Threat of Substitutes
5. US High-Purity Electronic-Grade Phosphoric Acid Market – Key Market Dynamics
5.1 Market Drivers
5.1.1 Strong Presence of Electronics Industry
5.1.2 Increasing Investments in Semiconductor Manufacturing
5.2 Market Restraints
5.2.1 High Dependence on Imports for High-Purity Phosphoric Acid
5.3 Future Trends
5.3.1 Focus on Adopting Sustainable Practices
5.4 Opportunities
5.4.1 Adoption of Lithium Iron Phosphate Batteries in Consumer Electronics
6. US High-Purity Electronic-Grade Phosphoric Acid Market – Global Market Analysis
6.1 US High-Purity Electronic-Grade Phosphoric Acid Market Revenue (US$ Million), 2023–2031
6.2 US High-Purity Electronic-Grade Phosphoric Acid Market Volume (Thousand Tons), 2023–2031
6.3 US High-Purity Electronic-Grade Phosphoric Acid Market Forecast Analysis
6.4 US High-Purity Electronic-Grade Phosphoric Acid Market Forecast Analysis
7. US High-Purity Electronic-Grade Phosphoric Acid Market Analysis – by Application
7.1 Semiconductor Manufacturing
7.1.1 Overview
7.1.2 Semiconductor Manufacturing : US High-Purity Electronic-Grade Phosphoric Acid Market – Revenue and Forecast to 2031 (US$ Million)
7.1.3 Semiconductor Manufacturing : US High-Purity Electronic-Grade Phosphoric Acid Market – Volume and Forecast to 2031 (Thousand Tons)
7.2 Electronics Etching and Cleaning
7.2.1 Overview
7.2.2 Electronics Etching and Cleaning: US High-Purity Electronic-Grade Phosphoric Acid Market – Revenue and Forecast to 2031 (US$ Million)
7.2.3 Electronics Etching and Cleaning: US High-Purity Electronic-Grade Phosphoric Acid Market – Volume and Forecast to 2031 (Thousand Tons)
7.3 Others
7.3.1 Overview
7.3.2 Others : US High-Purity Electronic-Grade Phosphoric Acid Market – Revenue and Forecast to 2031 (US$ Million)
7.3.3 Others : US High-Purity Electronic-Grade Phosphoric Acid Market – Volume and Forecast to 2031 (Thousand Tons)
8. Competitive Landscape
8.1 Heat Map Analysis by Key Players
8.2 Company Positioning & Concentration
9. Industry Landscape
9.1 Overview
9.2 Expansion
9.3 Merger and Acquisition
9.4 Other Business Strategies
10. Company Profiles
10.1 ICL Group Ltd
10.1.1 Key Facts
10.1.2 Business Description
10.1.3 Products and Services
10.1.4 Financial Overview
10.1.5 SWOT Analysis
10.1.6 Key Developments
10.2 Spectrum Chemical Manufacturing Corp
10.2.1 Key Facts
10.2.2 Business Description
10.2.3 Products and Services
10.2.4 Financial Overview
10.2.5 SWOT Analysis
10.2.6 Key Developments
10.3 Solvay SA
10.3.1 Key Facts
10.3.2 Business Description
10.3.3 Products and Services
10.3.4 Financial Overview
10.3.5 SWOT Analysis
10.3.6 Key Developments
10.4 Capitol Scientific Inc
10.4.1 Key Facts
10.4.2 Business Description
10.4.3 Products and Services
10.4.4 Financial Overview
10.4.5 SWOT Analysis
10.4.6 Key Developments
10.5 Lab Alley LLC
10.5.1 Key Facts
10.5.2 Business Description
10.5.3 Products and Services
10.5.4 Financial Overview
10.5.5 SWOT Analysis
10.5.6 Key Developments
10.6 Univar Solutions Inc
10.6.1 Key Facts
10.6.2 Business Description
10.6.3 Products and Services
10.6.4 Financial Overview
10.6.5 SWOT Analysis
10.6.6 Key Developments
10.7 Prayon SA
10.7.1 Key Facts
10.7.2 Business Description
10.7.3 Products and Services
10.7.4 Financial Overview
10.7.5 SWOT Analysis
10.7.6 Key Developments
10.8 OCI Holdings Co Ltd
10.8.1 Key Facts
10.8.2 Business Description
10.8.3 Products and Services
10.8.4 Financial Overview
10.8.5 SWOT Analysis
10.8.6 Key Developments
10.9 Hubei Xingfa Chemicals Group Co Ltd
10.9.1 Key Facts
10.9.2 Business Description
10.9.3 Products and Services
10.9.4 Financial Overview
10.9.5 SWOT Analysis
10.9.6 Key Developments
10.10 Advance Scientific & Chemical Inc
10.10.1 Key Facts
10.10.2 Business Description
10.10.3 Products and Services
10.10.4 Financial Overview
10.10.5 SWOT Analysis
10.10.6 Key Developments
11. Appendix
11.1 About The Insight Partners
LIST OF TABLES
Table 1. US High-Purity Electronic-Grade Phosphoric Acid Market Segmentation. 9
Table 2. US High-Purity Electronic-Grade Phosphoric Acid Market – Revenue and Forecast to 2031 (US$ Million)
Table 3. US High-Purity Electronic-Grade Phosphoric Acid Market – Volume and Forecast to 2031 (Thousand Tons)
Table 4. US High-Purity Electronic-Grade Phosphoric Acid Market – Revenue and Forecast to 2031 (US$ Million) – by Application
LIST OF FIGURES
Figure 1. US High-Purity Electronic-Grade Phosphoric Acid Market Segmentation, by Geography. 9
Figure 2. Ecosystem Analysis: US High-Purity Electronic-Grade Phosphoric Acid Market
Figure 3. US High-Purity Electronic-Grade Phosphoric Acid Market – Porter’s Five Forces Analysis
Figure 4. US High-Purity Electronic-Grade Phosphoric Acid Market Impact Analysis of Drivers and Restraints
Figure 5. US High-Purity Electronic-Grade Phosphoric Acid Market Revenue (US$ Million), 2023–2031
Figure 6. US High-Purity Electronic-Grade Phosphoric Acid Market Volume (Thousand Tons), 2023–2031
Figure 7. US High-Purity Electronic-Grade Phosphoric Acid Market Share (%) – by Application (2023 and 2031)
Figure 8. Semiconductor Manufacturing : US High-Purity Electronic-Grade Phosphoric Acid Market – Revenue and Forecast to 2031 (US$ Million)
Figure 9. Semiconductor Manufacturing : US High-Purity Electronic-Grade Phosphoric Acid Market – Volume and Forecast to 2031 (Thousand Tons)
Figure 10. Electronics Etching and Cleaning: US High-Purity Electronic-Grade Phosphoric Acid Market – Revenue and Forecast to 2031 (US$ Million)
Figure 11. Electronics Etching and Cleaning: US High-Purity Electronic-Grade Phosphoric Acid Market – Volume and Forecast to 2031 (Thousand Tons)
Figure 12. Others : US High-Purity Electronic-Grade Phosphoric Acid Market – Revenue and Forecast to 2031 (US$ Million)
Figure 13. Others : US High-Purity Electronic-Grade Phosphoric Acid Market – Volume and Forecast to 2031 (Thousand Tons)
Figure 14. Heat Map Analysis by Key Players
Figure 15. Company Positioning & Concentrations
The List of Companies - Us High-purity Electronic-grade Phosphoric Acid Market
- ICL Group Ltd
- Spectrum Chemical Manufacturing Corp
- Solvay SA
- Capitol Scientific Inc
- Lab Alley LLC
- Univar Solutions Inc
- Prayon SA
- OCI Holdings Co Ltd
- Hubei Xingfa Chemicals Group Co Ltd
- Advance Scientific & Chemical Inc
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.