Wet chemicals are used in various stages of semiconductor manufacturing processes such as wafer fabrication, front-end process, and back-end process. Wet chemicals help in cleaning, removal of native oxide layers, surface preparation, and other related tasks in the semiconductor fabrication process. With increasing demand for miniaturization of semiconductors, use of wet chemicals for cleaning applications has also increased.
The global Wet Chemicals for Electronics and Semiconductor Applications Market is estimated to be valued at US$ 2 Mn in 2024 and is expected to exhibit a CAGR of 9.9% over the forecast period 2024 to 2031, as highlighted in a new report published by Coherent Market Insights.
Market Opportunity:
The opportunity in wafer manufacturing is expected to drive the growth of the wet chemicals for electronics and semiconductor applications market during the forecast period. Wafer manufacturing requires high precision cleaning which helps in removing impurities from the wafer surface. Various wet chemical mixtures are used for pre-cleaning, etching, and post-cleaning applications in wafer manufacturing. With growing demand for wafers from end-use industries like consumer electronics, automotive, industrial and medical devices, use of wet chemicals is also expected to increase significantly. Key players are focusing on developing safer and more effective wet chemical formulations specifically for wafer cleaning in order to capitalize on this opportunity.
Porter's Analysis
Threat of new entrants: The threat of new entrants is moderate as high capital requirements and stringent regulatory norms act as a barrier. However, the growing demand offers opportunities.
Bargaining power of buyers: The bargaining power of buyers is high due to the presence of many established players and availability of substitutes. Buyers can negotiate on price and quality.
Bargaining power of suppliers: The bargaining power of suppliers is moderate due to the availability of substitute raw materials. Suppliers of specialized chemicals have some control over pricing.
Threat of new substitutes: The threat of new substitutes is moderate as substitute wet chemicals and technologies are available but switching costs are involved.
Competitive rivalry: The competitive rivalry is intense due to many established global and regional players competing on pricing and quality.
SWOT Analysis
Strength: Growing semiconductor industry drives demand. Established distribution networks.
Weakness: Vulnerable to price fluctuations of raw materials. High R&D investment required.
Opportunity: Adoption in emerging applications like IoT and 5G. Entering new geographical markets.
Threats: Stringent environmental regulations. Threat from substitute chemicals and technologies.
Key Takeaways
The Global Wet Chemicals for Electronics and Semiconductor Applications Market Size is expected to witness high growth at a CAGR of 9.9% during the forecast period of 2024 to 2031. Regionally, Asia Pacific dominates the market and is expected to continue its dominance, supported by the presence of major semiconductor foundries in countries like Taiwan, South Korea, and China.
Key players operating in the market are Novartis AG, Merck & Co. Inc., F-Hoffmann La Roche, Eli Lilly and Company, Bayer AG, AstraZeneca, Astellas Pharma Inc., Amgen Inc., OSE Immunotherapeutics SA, and Bristol- Myers Squibb Company, among others. The major players focus on portfolio expansion through mergers, acquisitions and strategic collaborations to strengthen their presence in the market.
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