Electronics cleaning solvents add to the functional quality and longevity of electronic components and products; hence, these have been gaining higher importance in the electronics industry. Certain solvents also impart high insulation resistance characteristics to components and devices, which boots their demand for electronics cleaning. The electronics cleaning solvents market is constantly advancing, and superior methods and products are being developed to concur with advancements in the electronics field.
The introduction of low-cost electronics cleaning solvents, such as hydrofluoroethers (HFEs), which are designed to effectively remove solder flux residue from printed circuit boards, along with their environmental and safety advantages over chlorinated solvents and ozone-depleting hydro-chlorofluorocarbons (HCFCs), is expected to drive the demand for electronics cleaning solvents further. The global electronics cleaning solvent market is projected to exhibit a value CAGR of 5.9% during the forecast period of 2022-2029.
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“Stringent regulatory environmental norms have compelled manufacturers to focus on products that result in minimal ozone depletion and contribution to global warming. One such product type, fluorinated solvents, is witnessing significant demand, and is expected to establish higher prominence in the electronics cleaning solvents market until a better alternative surfaces.”
Key Takeaways of Electronic Cleaning Solvents Study
- Fluorinated solvents product type is anticipated to grow at a healthier rate. Its market share is projected to increase due to its zero ozone depletion potential, low global warming potential, and high solvency.
- The separated co-solvent process uses formulated hydrocarbon solvents as cleaning solvents, and is extensively used in the PCB industry, owing to the extraordinary cleaning results it provides.
- Formulated hydrocarbon solvents have developed new opportunities in the electronics cleaning solvents market over the years, and the segment is projected to witness strong market growth, supported by rising preference for this type in PCB and electronic industries.
- APEJ and Japan, together, have established a lion’s share in the electronics cleaning solvents market, owing to the expanding electronics and electrical industry in the region. Together, the region holds over 70% of the electronics cleaning solvents market share. Moreover, the electronics industry in the region is still at a growing stage, and is anticipated to flourish over the coming years.
- The electronics industry is focusing on electronics miniaturization; hence, nanotechnology and micro electromechanical systems (MEMS) are growing in functionality as well as acceptance in a majority of applications among various industries such as consumer electronics, automotive, aerospace, medical devices, and others.
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Market Landscape Moving towards Fragmentation
The electronics cleaning solvents market is partially consolidated, with the presence of a large number of market players in both, tier I and II brackets. However, as the electronics industry is becoming highly competitive and fragmented year-by-year, the electronics cleaning solvents market is also anticipated to move towards fragmentation.
As the number of tier II and III players in the end-use sectors increases, the market is bound to witness an increase in tier II & III manufacturers to cope up with the increase in demand at variable prices.
3M, Albemarle Corporation, Asahi Glass Co. Ltd., LyondellBasell Industries Holdings B.V, Honeywell International Inc., Dow Chemical Company, Chemours Company, and Solvay SA, BASF SE are some of the established manufacturers in the electronics cleaning solvents market. Tier I participants are anticipated to face strong competition from tier II & III players over the foreseeable future.
What Does the Future Hold?
In the coming years, with the purchasing power of customers increasing in developing regions, the demand for electronics cleaning solvents is also anticipated to grow. Moreover, cost-effectiveness and environmental-friendly characteristics will contribute heavily to the growth of the market. Demand for effective/protective coats and sustainable products from the automotive and electrical & electronics industries is going to be the primary driving force for the electronics cleaning solvents market.
Want to Know More?
Future Market Insights has published a market research report on the electronics cleaning solvents market that contains global industry analysis for 2014–2021 and opportunity assessment for 2022–2029. The report provides insightful analysis of the electronics cleaning solvents market through three different segments – product type, cleaning process, and region.
The electronics cleaning solvents market report also provides demand trends of different types across industry verticals, a comprehensive list of service providers in the market, various projects around the world, and a detailed overview of the parent market.
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