North America Electronic Chemicals Market Forecast to 2030 - Regional Analysis - by Product Type and End Use

The North America electronic chemicals market was valued at US$ 8.45 billion in 2022 and is expected to reach US$ 13.27 billion by 2030; it is estimated to register a CAGR of 5.8% from 2022 to 2030.

Growth of Semiconductor Industry Fuels North America Electronic Chemicals Market

The semiconductor industry is experiencing surging growth owing to the increasing demand for electronic devices and the proliferation of emerging applications such as artificial intelligence, Internet of Things, and automotive electronics. As a result of continuous innovation, semiconductor technology has evolved rapidly in the past few years, enabling the development of small, fast, and energy-efficient chips with better processing capabilities. Further, the growing investment in electrification of vehicles and the development of autonomous driving capabilities are creating lucrative business opportunities for semiconductor manufacturers.

According to the Semiconductor Industry Association, global semiconductor sales increased from US$ 45.6 billion in November 2022 to US$ 48.0 billion in November 2023. The year-to-year sales of semiconductors increased in China by 7.6%, Asia Pacific by 7.1%, Europe by 5.6%, and the Americas by 3.5%. In July 2023, the US announced to collaborate with Costa Rica to "diversify and grow the global semiconductor ecosystem." A few days later, the US and Panama announced a similar alliance.

The US semiconductor maker Intel declared that it would make a two-year investment of U$ 1.2 billion in Costa Rica. Electronic chemicals are used in manufacturing processes to enable the fabrication of integrated circuits, microprocessors, memory chips, and other semiconductor devices. Thus, the surging growth of the semiconductor industry is driving the electronic chemicals market.

North America Electronic Chemicals Market Overview

Electronic chemicals are used in various processing steps involved in the manufacturing of electronics, such as wafers and integrated circuits. Amines, solvents, surfactants, and dispersants, among others, are used in photoresist coating, etching, stripping, resist coating, and soldering processes. Major electronic companies such as Apple Inc, Robert Bosch Inc, DuPont de Nemours Inc, Foxconn, GE Medical Systems, Honeywell International Inc, IBM Corp, Intel Corp, Jabil, Lockheed Martin Corp, Northrop Grumman Corp, and Raytheon have their presence in North America. As per IPC International Inc report, small- and medium-sized electronic companies account for 80% of the electronics manufacturers. According to the Semiconductor Industry Association, semiconductor sales in the US, accounted for US$ 75 billion in 2022.

According to the International Organization of Motor Vehicle Manufacturers, North America registered a production of 14.79 million vehicles in 2022. As per a report by the American Automotive Policy Council, car sales are expected to exceed 17.7 million vehicles per year by 2025. According to the International Trade Administration data released in 2022, the automotive industry of Mexico is one of the major sectors, accounting for 3.5% of the country's gross domestic production and 20% of the manufacturing gross domestic production. Therefore, the increasing demand for consumer electronics, automotive electronics, and telecommunication devices is driving the demand for electronic components, which is subsequently expected to boost the electronic chemicals market.

North America Electronic Chemicals Market Revenue and Forecast to 2030 (US$ Million)

North America Electronic Chemicals Market Segmentation

The North America electronic chemicals market is segmented into product type, end use, and country.

Based on product type, the North America electronic chemicals market is categorized into CMP slurries, photoresist chemicals, wet chemicals, acids, and others. The wet chemicals segment held the largest market share in 2022.

In terms of end use, the North America electronic chemicals market is segmented into semiconductors, flat panel displays, printed circuit boards, photovoltaics, and others. The semiconductors segment held the largest market share in 2022.

By country, the North America electronic chemicals market is segmented into the US, Canada, and Mexico. The US dominated the North America electronic chemicals market share in 2022.

FUJIFILM Holdings Corp, Songwon Industrial Co Ltd, PVS Chemical Solutions Inc, Hitachi High-Tech Corp, Solvay SA, BASF SE, Linde Plc, Honeywell International Inc, RBP Chemical Technology Inc, and Esprix technologies LP are some of the leading companies operating in the North America electronic chemicals market.