By 2034, the market value of photoresist chemicals is projected to have increased from USD 3,386.2 million in 2024 to USD 4,837.2 million. It is projected that over the next ten years, this market will grow at a CAGR of 3.6%.
Booming microelectronics is a cornerstone for the growth of photoresist chemical market. The exploding demand for higher-performance devices, consumer electronics, and technologies such as Artificial Intelligence (AI) and the Internet of Things (IoT), are spurring the use of chips that support them. Photoresist chemicals are essential to develop intricate circuitry on these chips, thus driving market growth.
The industry is further expanding due to continuous investments in the expansion of photoresist chemical factories as players set up new plants. Going forward, the focus on sustainability and technological advancements is expected to fuel progress in the industry.
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“Players are focusing on strategic partnerships to boost their expansion. They are further investing in research to enhance the products’ competitiveness,” says an analyst of Future Market Insights.
Key Takeaways from the Photoresist Chemical Market Report
- The photoresist chemical industry experienced a growth rate of 2.4% CAGR throughout the historical period. The market value rose from USD 2,918.2 million to USD 2,918.2 million in 2019 to USD 3,284.4 million in 2023.
- By product type, the positive photoresist is projected to acquire a share of 62.4% in 2024.
- Based on end use applications, the microelectronics is anticipated to obtain a value share of 73.9% in 2024.
- In North America, the United States is expected to rise at a CAGR of 2% through 2034. Canada is projected to surge at 2.2% over the same period.
- In Asia Pacific, India is expected to rise at a relatively higher CAGR of 5.4% over the forecast period.
Competitive Landscape
Key players are collaborating or opting for mergers and acquisitions to combine their expertise for consolidation. This is especially relevant for the increasing complexity of photoresists, especially for their uses in advanced packaging and EUV lithography. This strategy allows players to leverage complementary strengths in processing knowledge, materials science, and manufacturing capabilities.
Some players are setting up open innovation platforms to partner with startups and research institutions. Thus, fostering a collaborative environment to expedite the development of next-gen photoresists. Participants are integrating smart manufacturing technologies to permit real-time monitoring and control of photoresist applications and processing. By doing so, they enhance consistency, curtail waste, and optimize overall production efficiency.
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Latest Developments Taking Place in the Photoresist Chemical Market
- In November 2023, Chemtronics Co. Ltd., a South Korean chemical materials maker, seems to have removed the main hurdle to expand the domestic production of photoresists. Kosdaq-listed Chemtronics has been successful in test-producing propylene glycol methyl ether acetic acid (PGMEA) with high purity. The company accounts for a substantial portion of the manufacturing process of photoresists.
- In September 2023, Mitsubishi Chemical Group is considering to construct a factory to provide Argon Fluoride (ArF) photoresist materials needed for semiconductor manufacturing. The planned location for the factory is going to be within Fukuoka Prefecture in northern Kyushu.
Leading Photoresist Chemical Market Players
- Dow
- FUJIFILM Corporation
- TOKYO OHKA KOGYO CO., LTD.
- E.I. DuPont de Nemours
- Mitsui Chemicals America Inc
- JSR Corporation
- LG Chem
- Shin-Etsu Chemical Co., Ltd.
- TOK America
- Honsou Chemical Industry
- Others
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Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of ~400 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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