The global market is projected to witness a growth rate of 5.9% over the forecast period of 2022 and 2029. Future Market Insights (FMI) has estimated the market of electronics cleaning solvents to witness a year over year growth of 5.9% in 2022 reaching a value of about US$ 1,134.0 Mn by the end of 2022.
| Electronics Cleaning Solvents Market Value (2021A) | US$ 1,070.6 Mn |
| Electronics Cleaning Solvents Market Sales (2022E) | US$ 1,134.0 Mn |
| Electronics Cleaning Solvents Market Forecast (2029F) | US$ 1,696.6 Mn |
| Value CAGR (2022-2029) | 5.9% |
| Collective Value Share: Top 3 Countries (2022E) | 54.2% |
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.
“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.”
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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.
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.
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Electronics Cleaning Solvents by Category
By Product:
- Formulated Hydrocarbon Solvents
- Glycols & Glycol Ethers
- Fluorinated Solvents
- Brominated Solvents
- Light Petroleum Distillates
By Cleaning Process:
- Vapor Phase Degreaser
- Vacuum Cleaning
- Mixed Co-solvent
- Separated Co-solvent
- Semi-aqueous
By Region:
- North America
- Latin America and Middle East & Africa (LAMEA)
- Europe
- Asia Pacific Excluding Japan (APEJ)
- Japan
Table of Content
1. Executive Summary
1.1. Market Overview
1.2. Market Analysis
1.3. FMI Analysis and Recommendations
1.4. Wheel of Fortune
2. Market Overview
2.1. Market Taxonomy
2.2. Market Definition
2.3. Parent Market Overview
3. Market View Point
3.1. Key Success Factors: Electronics Cleaning Solvents Market
3.2. Electronics Cleaning Solvents Selection Criteria: End Users
3.3. Macro-Economic Factors
3.4. Market Dynamics
4. Global Electronics Cleaning Solvents Market Analysis 2014-2021 and Forecast 2022–2029
To be continued…!
About FMI
Future Market Insights (ESOMAR certified market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 10-years.
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