Electronic Wet Chemicals Market Global Market Report 2024

Electronic wet chemicals play a crucial role in semiconductor production and processing, providing high-purity chemicals for cleaning and etching applications. These chemicals find applications across various industries, including consumer goods, automotive, aerospace and defense, and medicine.

The main types of electronic wet chemicals include Acetic Acid (CH3OOH), Isopropyl Alcohol (IPA) (C3H8O), Hydrogen Peroxide (H2), Hydrochloric Acid (HCL), Ammonium Hydroxide (NH4OH), Hydrofluoric Acid (HF), Nitric Acid (HNO3), Phosphoric Acid (H3PO4), and Sulfuric Acid (H2SO4). These chemicals exist in various forms, such as liquid, solid, and gas, and are primarily utilized in semiconductor etching and cleaning processes. End users of electronic wet chemicals encompass a broad spectrum of industries, including consumer goods, automotive, aerospace and defense, and medical devices.

The electronic wet chemicals market research report is one of a series of new reports that provides electronic wet chemicals market statistics, including electronic wet chemicals industry global market size, regional shares, competitors with electronics wet chemicals market share, detailed electronic wet chemicals market segments, market trends and opportunities, and any further data you may need to thrive in the electronic wet chemicals industry. This electronic wet chemicals market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenarios of the industry.

The electronic wet chemicals market size has grown strongly in recent years. It will grow from $3.91 billion in 2023 to $4.19 billion in 2024 at a compound annual growth rate (CAGR) of 7.1%. The expansion observed in the historical period can be attributed to several factors, including the growth of the semiconductor industry, increased investments in research and development, enhancements in IT infrastructure, a rise in the automotive sector, and an increase in disposable income. These factors collectively contributed to the overall growth observed during that timeframe.

The electronic wet chemicals market size is expected to see strong growth in the next few years. It will grow to $5.39 billion in 2028 at a compound annual growth rate (CAGR) of 6.5%. The anticipated growth in the forecast period can be attributed to several key factors, including the expanding demand for consumer electronics, the growth of industrial automation, opportunities in emerging markets, and the increasing trend of urbanization. Noteworthy trends expected in this period encompass the development of environmentally friendly wet chemical formulations, advancements in miniaturization and advanced packaging, integration of smart manufacturing and IoT (Internet of Things), the emergence of flexible electronics, and the utilization of materials data analytics. These trends are poised to significantly impact and contribute to the projected growth and evolution of the electronic wet chemicals industry in the forecasted period.

The growing demand for electric vehicles (EVs) is anticipated to drive the expansion of the electronic wet chemicals market. Electric vehicles, powered by one or more electric motors, utilize electronic wet chemicals in various stages of manufacturing, including the wet process of battery manufacturing, lubrication of electric motors, cleaning and etching of semiconductor components, as well as the recycling of semiconductors and e-waste. Notably, the International Energy Agency reported in September 2022 that electric car sales reached a record high in 2021, with a 4% increase, nearly doubling to 6.6 million compared to 2020. This surge has led to a total of 16.5 million electric vehicles on the road. Consequently, the escalating demand for electric vehicles emerges as a key driver propelling the growth of the electronic wet chemicals market.

The increasing use of semiconductors across various industries is a significant factor fueling the growth of the electronics wet chemicals market. Advancements in electronic industry technologies have led to a rising demand for innovative semiconductors, subsequently driving the demand for electronic wet chemicals. According to the Semiconductor Industry Association (SIA), semiconductor sales reached around $50 billion in October 2021, marking a substantial 24.6% increase from October 2020. This surge in semiconductor demand directly contributes to the growth of the electronic wet chemicals market.

Major players in the electronic wet chemicals market are strategically introducing complementary green solvents, exemplified by products like AZ 910 Remover, to gain a competitive advantage. These green solvents, a subset of electronic wet chemicals, are employed in photolithographic processes in semiconductor manufacturing to replace or supplement traditional chemicals, aiming to reduce the environmental impact of the manufacturing process. For instance, in July 2021, Merck & Co. Inc., a U.S.-based pharmaceutical company, launched AZ 910 Remover, a line of complementary green solvents designed for use in photolithographic processes in semiconductor manufacturing. This product, with its environmental and health-friendly characteristics, has a significant impact on the semiconductor wet chemical market by providing a more rapid and economical breakdown of photoresist patterns. The introduction of such complementary green solvents reflects the industry's commitment to sustainability and environmentally conscious manufacturing practices.

Major players in the electronic wet chemicals market are increasingly focusing on introducing proprietary blends of chemicals to gain a competitive advantage. Proprietary blends in electronic wet cleaning involve specific mixtures of chemicals designed for the cleaning of electronic devices. In March 2021, Afton Chemical Corporation, a U.S.-based developer and manufacturer of petroleum additives, launched HiTEC 35701 as part of their eMobility additive range. HiTEC 35701 is an electrified transmission fluid (ETF) additive tailored for direct-cooled electric motors with multi-speed systems, particularly wet multi-speed eAxles used in passenger automobiles and commercial vehicles. Notably, it is the world's first fully integrated eAxle additive, offering original equipment manufacturers (OEMs) a comprehensive solution for various hardware requirements. This additive enables engineers to design a shifting mechanism for multiple speeds while addressing the demands of the electric motor and optimizing friction performance.

In October 2021, Entegris, a U.S.-based company specializing in specialty chemicals and material solutions for the microelectronics industry, acquired the Precision Microchemicals business of BASF for $90 million. This strategic acquisition is expected to bring significant value to Entegris in terms of technical expertise, intellectual property, and talent. The Precision Microchemicals business, operating under the Chemetall brand, is part of BASF's Surface Treatment business unit in the Coatings division and is based in Germany. The acquisition reinforces Entegris' position by incorporating the capabilities of Precision Microchemicals, enhancing its offerings in high-purity materials for the microelectronics industry. This move reflects the industry's commitment to continuous improvement and the pursuit of innovation through strategic acquisitions and proprietary chemical blends.

Major companies operating in the electronic wet chemicals market market include Avantor Inc., BASF SE, Cabot Microelectronics Corporation, Honeywell International Inc., Kanto Chemical Co. Inc., Eastman Chemical Company, Solvay S.A., Fujifilm Holdings Corporation, Technic Inc., Linde PLC, Air Products and Chemicals Inc., Mitsubishi Chemical Corporation, Daikin Electronic Devices Sdn. Bhd., T.N.C. Industrial Co. Ltd., Entegris Inc., Dow Inc., Sumitomo Chemical Co. Ltd., Songwon Industrial Co. Ltd., Merck KGaA, Shin-Etsu Chemical Co. Ltd., JSR Corporation, Tokyo Ohka Kogyo Co. Ltd., Adeka Corporation, Sumika Chemical Analysis Service Ltd., Nippon Kayaku Co. Ltd., JNC Corporation, Asahi Kasei Corporation, Mitsui Chemicals Inc., Showa Denko K.K., Hitachi Chemical Company Ltd., Nitto Denko Corporation

Asia-Pacific was the largest region in the electronic wet chemicals market in 2023 and is also expected to be the fastest-growing region in the electronic wet chemicals market during the forecast period. The regions covered in the electronic wet chemicals market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa.

The countries covered in the electronic wet chemicals market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.

The electronic wet chemicals market consists of sales of etchants, solvents and based that are used as electronic wet chemicals. Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.


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