Technological advancements in electronic industry are expected to drive the global electronic materials & chemicals market over the forecast period. Increasing inclination towards compact and technologically advanced electronic equipments is expected to drive the market over next seven years.
Changing lifestyle coupled with increased disposable income has affected the personal electronic devices demand positively and the effect is expected to continue over the forecast period. Growing demand for superior encapsulation materials in electronics is expected to further complement the market growth.
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Function specific usage of electronic devices in various equipments and higher market penetration has resulted in augmented electronic materials & chemicals demand. Growing electronic equipments demand in India, Japan, China, South Korea and Taiwan is expected to fuel the market growth over the forecast period.
Availability of electronic materials & chemicals in any physical form as per the application requirement can be viewed as a positive factor affecting the market growth. Increasing demand for end-use applications such as printed circuit board (PCB), semiconductors and integrated circuit (IC) is expected to augment the demand over next seven years.
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Shift in trend towards using sustainable materials for electronic devices production is expected to augment eco-friendly chemicals demand. This is in turn expected to drive the market over the forecast period. Increasing attraction towards technologically advanced personal electronic devices is expected to positively influence the market growth.
Stringent environmental regulations curtailing the usage of non-disposable materials and chemicals used in electronic devices are expected to restrain the market growth over the forecast period.
Increasing electronic equipment demand in Asia Pacific is expected to influence the market growth over the forecast period. Availability of skilled labor at lower costs, especially in China, Korea and Taiwan has influenced electronic devices manufacturing industry in APAC. Government initiatives supporting the manufacturing sector are further expected to influence the market growth.
North American and European electronic materials & chemicals market are expected to experience sluggish growth on account of market saturation of end-use industries. Technological innovations and new product development efforts are expected to drive the market over the forecast period.
Key participants operating in the global electronic materials & chemicals market include, Dow Chemicals Company, Albemarle Corporation, BASF SE, AZ Electronic Materials plc., Air Liquide Holdings Inc., Air Products & Chemicals Inc. among others.
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