Electronic Chemicals MarketSize and Trends

The Electronic Chemicals Market size is estimated to be valued at US$ 67.92 Bn in 2023 and is projected to reach US$ 104.86 Bn by 2030, exhibiting a compound annual growth rate (CAGR) of 6.4% during the 2023-2030 period.

The growth of the electronic chemicals market is driven by the increasing demand for electronic products such as smartphones, tablets, laptops, and televisions (TVs). Rising demand for these products is driving the growth of the semiconductor industry, which is a major consumer of electronic chemicals. In addition, the growing adoption of new technologies such as artificial intelligence (AI), internet of things (IoT), and 5G is also driving the demand for electronic chemicals. These technologies require advanced electronic components that are made by using electronic chemicals.

Electronic Chemicals Market Trends

Environmental considerations: There's a growing emphasis on sustainable and eco-friendly chemicals in the electronics sector. Companies are looking for green alternatives and environmentally friendly production methods.

For instance, according to a report surveyed by the World Economic Forum in 2022, chemical logistics companies reported increased demand for their rail and ocean freight services from electronic chemical manufacturers looking to lower transport emissions.

Growth in OLEDs and advanced displays: OLED and other next-generation display technologies require specialized chemicals for their production. This has increased growth in the market for chemicals catered to these applications.

For instance, in 2022, according to the report provided by the International Data Corporation the shipment of OLED panels for smartphones is estimated to grow over 35% year-on-year between 2022-2023 reaching over 600 million units.

Electronic Chemicals Market Drivers

Miniaturization of electronic devices: As devices become smaller and more powerful, the need for precision and high-purity chemicals to facilitate miniaturization grows.

For instance, according to U.N. Comtrade data, the global export of integrated circuits witnessed a substantial 37% growth from 2020 to 2021, highlighting the increasing demand that is fueled by the introduction of new products in diverse industries.

Advancements in semiconductor technology: Innovations such as 3D NAND, FinFETs, and quantum dots require specialized chemicals and materials.

For instance, according to data provided by the United Nations Conference on Trade and Development (UNCTAD), global semiconductor sales rose by over 25% in 2021 as compared to the previous year, pointing to increased off-take from electronics OEMs and original design manufacturers (ODMs) to meet burgeoning requirements of digital devices, automated equipment, and cloud infrastructure hardware.

Electronic Chemicals Market Opportunities

Green and sustainable chemicals: With increasing environmental awareness and stricter regulations, there's a growing demand for sustainable and environmentally-friendly electronic chemicals.

For instance, according to the United Nations Environment Programme (UNEP), over 50% of major electronic brands had committed to using more sustainable chemistries or eliminating hazardous substances by 2025, in a report published in 2022.

Advanced display technologies: The ongoing evolution of display technologies, from OLED to MicroLED and Quantum Dots, presents an opportunity for chemicals tailored for these applications.

For instance, according to data by the United Nations, global internet usage grew by over 17% year-on-year in 2021 alone. As more people consume online media like movies, games, and social media on devices, there will be greater consumer demand for displays, thus offering an ultra-realistic viewing experience.

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