New York, USA, March 08, 2022 (GLOBE NEWSWIRE) – According to the report published by Research Dive, the global market for electronic chemicals is expected to generate a revenue of $ 35,056.9 million by 2026growing rapidly a 6.0% CAGR during the forecast period 2019-2026. The full report provides a brief overview of the current market scenario including other aspects such as market dynamics, growth and containment factors, challenges and opportunities during the forecast period. The report also offers market data, which makes it easier and more beneficial for new participants to understand the real-time scenario of the market.
The main players in the market
Major market players include
- Sumitomo Chemical Co. Ltd
- Honeywell International, Inc.
- Merck KGaA
- Wacker Chemie AG
- BASF SE
- MacDermid, Inc
- Hitachi Chemical Co. Ltd.
- Air Liquide SA
- Solvay SA and many others.
These players are emphasizing research and development, merger and acquisition and other strategies to restore market growth in the coming years.
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For example, in November 2021, Entegris, Inc., an American supplier of products and systems that purify, protect and transport critical materials used in the semiconductor device manufacturing process, signed an agreement to acquire the Chemetall Precision Microchemicals unit of BASF SE, a German multinational chemical company and the largest chemical manufacturer in the world, in order to strengthen its presence in the global electronic chemistry market.
The report also summarizes many important aspects, including the financial performance of key players, SWOT analysis, product portfolio and the latest strategic developments.
Factors impacting market size before and after the COVID-19 outbreak
According to the report, real-time market size has significantly decreased compared to pre-pandemic concerns. The real-time market size reached $ 18,551.9 million in revenue in 2020, while its estimates were $ 24,735.9 million in the pre-pandemic scenario. The growing preference for epoxy and acrylic among people rather than electronic chemicals for conformal coating due to their affordability is expected to prevent market growth. In addition, several manufacturers of electronic chemicals have significantly reduced their operational capacity due to the severe restrictions imposed by the government on limiting the workforce. These factors are expected to hinder the growth of the electronic chemicals market during the pandemic and have a negative effect on market growth during the forecast period.
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Factors impacting the CAGR figure before and after the COVID-19 outbreak
According to the report, the market is expected to grow at a CAGR of 6.0% during the forecast period, while it was projected to be 6.3% in the pre-pandemic scenario from 2019 to 2026. The availability of reliable alternative chemicals such as acrylic, epoxy, urethane and others has reduced the demand for electronic chemicals. In addition, the excessive shortage of supply of raw materials and continuing delays in shipments from numerous countries during the pandemic further exacerbated the growth of the electronic chemicals market.
According to the report, the global electronic chemicals market is expected to recover by 2nd/ 3rd quarter of 2022. The growing prevalence of innovative technologies such as augmented reality, artificial intelligence, memory chips and others is expected to increase the demand for electronic chemicals. Furthermore, significant advances in the application of electronic chemicals in the electronics industry for manufacturing and packaging of electronic products are expected to create huge opportunities for the growth of the electronic chemicals market during the forecast period.
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