Electronic Chemicals and Materials Market Revenue Growth Impelled by Radical Rise in IoT Device Ubiquity
The electronic chemicals and materials market is projected to increase at a 6% CAGR during the forecast period of 2019-2025.
(IINews) - Rise in IoT Networking Escalating The Demand For Electronic Materials:
Internet of Things (IoT) has gained a commendable place in recent times propelled by the concept of building connected cities and industries worldwide. This makes space for electronics devices such as smartphones, notebooks, PCs, and smart watches to maintain a connected environment of networking and protected data usage. This has paved way for the global electronic chemicals and materials market to generate huge revenue owing the surging demand from the electronics industry. Significantly, the growing controlling and management of the IoT devices is possible through these smartphones, tablets, and other smart electronics. Facilitating a healthy growth of these consumer electronics across the world, the impactful IoT revolution is also positively transforming the business outlook of the chemicals and materials used in the production of electronics. Besides they are widely used for etching of printed circuit boards, removal of organic and metallic impurities from electronic wafers, development of semiconductors, chips, printed circuit boards (PCBs), and other parts of the electronic system. According to Cisco IBSG, the IoT market will experience a huge upheaval by the year 2020 with nearly 50 billion connected devices worldwide. This signifies a greater opportunity for the electronic chemicals and materials market to acquire huge demand in recent years and the forecasted years thereby expanding the overall economic output. Apart from the manufacturing of consumer electronics, these chemicals and materials have gained a significant place in constructing automotive electronics. These electronic components include microprocessors, microcontrollers, and sensors, many others which shows huge prospect for the niche market growth and demand in recent times. Additionally, the trend for connected vehicles is rapidly adopted in many nations in the past few years. Significantly, the increasing production and sales of autonomous vehicles and electric and hybrid cars largely influence the electronic chemicals and materials market demand. Subsequently, the wave of internet of vehicles (IoV) facilitated by the self-driving vehicles is likely to cultivate a healthy revenue for the electronic chemicals and materials market.
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Semiconductor and integrated circuits (ICs) are anticipated to acquire a larger portion of the chemicals and materials for developing electronic systems. Facilitated by the increasing consumption for IoT devices, the semiconductors and ICs will rely hugely on the niche market to meet the overgrowing demand. The global semiconductor market generated a profit of $430 billion in the year 2018. This is reflective of the resultant growth prospects of the electronic chemicals and materials market. Concurrently, the application of the chemicals and materials by the semiconductors and ICs is estimated to grow at a CAGR of 6.3% through to 2025.
The global electronic chemicals and materials market size stood at $52 billion as of 2018. Induced by the demand hike for electronics in the IoT-driven industrial and commercial sectors, the niche market generates huge revenue. Furthermore, the smart digital trend also contributes equally to the rising demand for chemicals and materials used in electronics. Significantly, the electronic chemicals and materials market is projected to increase at a 6% CAGR during the forecast period of 2019-2025.
APAC Leading The Electronic Chemicals And Materials Market Scenario:
Geographically, Asia Pacific is holding a dominant place in the global electronic chemicals and materials market. It contributed a major regional share of 62% to this market driven by a stronghold position in the semiconductor market. APAC also held a major share in the global 70% in the global semiconductor market in 2018. This marks as a prominent growth factor for the domestic electronic chemicals and materials market which are widely utilized in the manufacturing and processing of semiconductors for electronic systems. Also, there is rapid growth in consumer electronics consumption APAC which is central to many electronic manufacturing companies. These APAC-based global leaders of electronic products include Toshiba, Lenovo, Samsung, and many others. As a result, these causative factors will eventually, boost the domestic electronic chemicals and materials market economy thereby paving the way for expanding the global footprint.
Breakthrough Innovations Of Electronic Materials:
There is a rising demand for electronics across the world accompanied by the adoption of new technology such as IoT networking by several manufacturing companies. This aids in coping up with rapid digital transformation and the widespread idea of smart nation development worldwide. Accordingly, the electronic chemicals and materials market is gaining surplus profit and a huge scope of opportunity to expand its business footprint in the global market. However, the constant innovation of newer products is imperative to the growth factor of this market. Owing to this various R&D progresses are conducted throughout the world to align with the digital development enabled in different working sectors. For instance, the scientists at the Technical University of Denmark recently developed a new breakthrough in the line of nanoscale electronics. They exploited the chemical material graphene to construct small-sized electronics owing to its efficient electrical conductivity and ultra-thin dimensional. Concurrently, it is claimed to manufacture graphene-based electronics that are energy efficient and have faster performance. Similarly, a novel stretchable electronics was designed and produced by the researchers at the University of Houston. This stretchable obtained from combining metallic carbon nanotubes and polydimethylsiloxane composite. This enables the formation of a rubbery semiconductor which will aid the manufacturing of next-generation wearable devices, smartphones, and many other electronic products. Additionally, it will also offer scope for the production of other smart devices which includes robotic skin, implantable bioelectronics, and others. Resultantly, these key innovations will shape the prospect of the electronic chemicals and materials market by generating huge end-user demands from across the globe.
Pioneering Companies And Their Product Portfolio:
The companies which have a major contribution in the global electronic chemicals and materials market share include Cabot Microelectronics Corporation, BASF SE, JSM Corporation, Fujifilm, Honeywell International Inc., KMG Chemicals, Air Products & Chemicals Inc., Ashland Inc, Linde Group, and Albemarle Corporation, DowDuPont, and others.
Recently, Fujifilm invested around $93 million in the sites in the United States to expand its business footprint of the semiconductor material. This is projected to meet the growing demands due to its increasing usage in AI, IoT, and also to strengthen 5G communication networking.
Another major impact is stimulated by Cabot Microelectronics Corp., who has strategized to purchase the KMG Chemicals for $1.2 billion. This will expand Cabot’s polishing pads and slurries business useful in manufacturing electronic chips.
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electronic-chemicals-and-materials-market-size
electronic-chemicals-and-materials-market-report
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