Photoresist Process Chemicals Market to Outstrip $5,495.02 Million by 2028 Growing Sturdy at 4.8% CAGR - COVID-19 Impact and Global Analysis by

The Photoresist Process Chemicals Market Growth impelled by the constant and consistent demand for microelectronics owing to the rising interest for electronic items in developing countries and expanding penetrations of IoT across the world.

Pune, India., July 21, 2021 (GLOBE NEWSWIRE) -- Photoresist Process Chemicals Market: Key Insights
According to our new research study on “Photoresist Process Chemicals Market to 2027 – Global Analysis and Forecast – by Product Type, Application, and Geography,” the Photoresist Process Chemicals Market Size is projected to reach US$ 5,495.02 million by 2028 from US$ 3,665.31 million in 2019; it is expected to grow at a CAGR of 4.8% during the forecast period 2020–2028. Growth of the semiconductor industry, coupled with increasing penetration of Internet of Things (IoT) and connected devices, is driving the market; however, volatility in raw material prices are impeding the market growth.

Photoresist Process Chemicals Market: Competition Landscape and Key Developments
Tokyo Ohka Kogyo Co., Ltd.; Tokuyama Corporation; Dupont; Integrated Micro Materials; Allresist Gmbh; Microchemicals Gmbh; Dischem Inc; Enf Technology Co., Ltd.; Sumitomo Chemical Co., Ltd; and Prolyx Microelectronics Private Limited are among the key companies in the photoresist process chemicals market. The market leaders are continuously focusing on strategies such as product developments, and mergers and acquisitions to expand their footprint worldwide and fulfill the burgeoning consumer demand.

In May 2019, Microchemicals GmbH launched Photoresist Stripper SVD and SH5. These strippers efficiently remove layers of photoresists from inorganic substrates such as silicon, glass, and metals.

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In 2019, APAC accounted for the largest share of the photoresist process chemicals market. APAC holds ample opportunities for companies providing photoresist and photoresist ancillaries. The region has been noticed as one of the prominent markets for using  photoresist and photoresist ancillaries. China is dominating the regional market, followed by other countries such as Japan, Taiwan, Vietnam, Korea, Thailand, Malaysia, and Indonesia. These countries are experiencing rising demand from the semiconductors and integrated circuits (ICs), liquid-crystal display (LCDs), printed circuit boards (PCBs), and others. Photoresist process chemicals are extensively used in the manufacturing of photoresist, which are further used in wearable devices, smartphones, and other electronic devices. The demand for smartphones and wearable devices has increased subsequently with the growth of the electronics industry as well as with shift in consumer living standards. Thus, the rise in demand for smartphones and wearables is boosting the photoresist process chemicals market in the region.

Recent technological advancements have underlined the importance of semiconductors across various industries. Semiconductors have become major components in consumer electronics and peripherals in the automotive sector in recent years. After witnessing decline in sales numbers in 2019, the semiconductor industry recorded surge in revenue in 2019, despite the troubles caused by the COVID-19 pandemic that brought the world economy to a halt. According to the World Semiconductor Trade Statistics, chip sales rose to US$ 439 billion in 2019, and it is predicted to reach US$ 469 billion by 2021. Major semiconductor companies such as Taiwan Semiconductor, Intel, and Texas Instruments have also reported enhanced performance irrespective of the effects of pandemic. The Philadelphia Semiconductor Index, which is based on the value of the 30 largest semiconductor firms globally, increased by ~5× in the last 5 years, and the value of these firms rose from US$ 80 in January 2016 to US$ 416 in January 2021.   

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Semiconductors are make everyday gadgets such as televisions, computers, and mobile devices technologically sound. Photoresist chemicals are used in semiconductor manufacturing for photolithography. Photolithography has been the major driver in the quest to achieve maximum size reduction of gadgets and devices. Several companies are planning to expand their production of photoresists to meet the growing demand from the semiconductor industry. For example, in February 2021, Sumitomo Chemical announced the expansion of its production capacity of photoresists by installing new production lines in its Osaka Works (Konohana-ku, Osaka, Japan). It is producing photoresist process chemicals such as including argon fluoride (ArF) immersion and extreme ultraviolet (EUV) lithography for advanced semiconductor processes, The company plans to commence operations at the new plant by 2022.

Photoresist Process Chemicals Market: Segmental Overview
By product type, the global photoresist process chemicals market is segmented into solvents, binders, sensitizer, and others. In 2019, the solvent segment led the photoresist process chemicals market with a significant share. A solvent known as a developer which is employed to the surface while manufacturing photoresist and assembling the components and photoresist products. Solvents are needed to create the photoresist a liquid, which further permits the resist to be spun onto a substrate. In negative photoresists, non-polar organic solvents such as xylene, toluene, and halogenated aliphatic hydrocarbons are used. On the contrary, in positive resists, organic solvents such as ethyl cellosolve acetate, diglyme, or cyclohexanone, and ethoxyethyl acetate can be used.

Based on application, the global photoresist process chemicals market is segmented into microelectronics, printed circuit boards, and others. In 2019, the microelectronics segment accounted for the largest share of the global photoresist process chemicals market. Microelectronics field consist of micro-semiconductor devices transistors, capacitors, resistors and active chip. They are widely being used in consumer electronics such as smartphones, music players, and household appliances, as well as in other industrial processes. Microelectronic components need protection from the environment as well as electrical and mechanical connections to the surrounding components. Photoresist solvent, sensitizers, polymers, and other chemicals are used to serve this purpose. Growing applications in medical, automotive, and electronic industries have raised the demand for microelectronic components, which supports the growth of photoresist process chemicals market.

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Impact of COVID-19 Pandemic on Photoresist Process Chemicals Market
As of June 2021, the US, India, Brazil, Russia, France, the UK, Turkey, Italy, and Spain are among the worst-affected countries in terms of COVID-19 cases and deaths. The COVID-19 pandemic has been affecting economies and industries in various countries due to lockdowns, travel bans, and business shutdowns. Chemicals & materials is one of the major industries suffering serious disruptions such as supply chain breaks, technology event cancellations, and office shutdowns. Various companies have already announced possible delays in product deliveries and slump in future sales of their products. In addition to this, the global travel bans imposed by countries in Europe, Asia, and North America are affecting the business collaborations and partnership opportunities. All these factors are restraining the growth of various businesses related to the chemicals & materials industry, including photoresist process chemicals market.

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