The global electronic grade sulfuric acid market is estimated to garner a significant CAGR over the forecast period, i.e., 2021–2029. The growth of the market can be attributed to the varied application of the electronic grade sulfuric acid, including the manufacturing of semiconductors, PCB panels, fertilizers, and others. Rising demand for smartphones, laptops, and other electronic devices that require PCB panels and semiconductors, is estimated to drive the market growth. More than 1.4 billion smartphones were sold in 2020, and is estimated to cross 1.5 billion smartphones by the end of 2021. Electronic grade sulfuric acid is very strong and pure in nature, with the concentration above 95%. The changing trends in the electronics market, coupled with rapid global digitalization, is anticipated to boost the market growth.
The global electronic grade sulfuric acid market is segmented by application into semiconductors, PCB panels, and others, out of which, the semiconductors segment is anticipated to hold the largest share in the market during the forecast period. Sulfuric acid is essential for the manufacturing of semiconductors. The growing demand for electronic gadgets is estimated to boost the growth of the segment. On the basis of end-user industries, the market is segmented into chemical, electronics, and others, out of which, the electronics segment is anticipated to hold a noteworthy share over the forecast period, owing to the utility of sulfuric acid in the manufacturing of printed circuit boards.
The chemical industry is a major component of the economy. According to the U.S. Bureau of Economic Analysis, in 2020, for the U.S., the value added by chemical products as a percentage of GDP was around 1.9%. Additionally, according to the World Bank, Chemical industry in the U.S. accounted for 16.43% to manufacturing value-added in 2018. With the growing demand from end-users, the market for chemical products is expected to grow in future. According to UNEP (United Nations Environment Programme), the sales of chemicals are projected to almost double from 2017 to 2030. In the current scenario, Asia Pacific is the largest chemical producing and consuming region. China has the world’s largest chemical industry, that accounted for annual sales of approximately more than USD 1.5 trillion, or about more than one-third of global sales, in recent years. Additionally, a vast consumer base and favourable government policies have boosted investment in China’s chemical industry. Easy availability of low-cost raw material & labour as well as government subsidies and relaxed environmental norms have served as a production base for key vendors globally. On the other hand, according to the FICCI (Federation of Indian Chambers of Commerce & Industry), the chemical industry in India was valued at 163 billion in 2019 and it contributed 3.4% to the global chemical industry. It ranks 6th in global chemical production. This statistic shows the lucrative opportunity for the investment in businesses in Asia Pacific countries in the upcoming years. CLICK TO DOWNLOAD SAMPLE REPORT
Regionally, the global electronic grade sulfuric acid market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America and Middle East & Africa region. The market in Asia Pacific region is estimated to witness highest CAGR over the forecast period owing to the presence of major electronics manufacturers in the region, backed by large consumer base and cheap labor. Moreover, increasing production of sulfuric acid, supported by the easy availability of raw materials in the region, is anticipated to boost the market growth. The market in the North America is projected to hold a significant share in the market, during the forecast period, on the back of increasing demand for electronic devices backed by high disposable income, coupled with growing chemical industry in the region.
The global electronic grade sulfuric acid market is further classified on the basis of region as follows:
Our in-depth analysis of the global electronic grade sulfuric acid market includes the following segments:
FREQUENTLY ASKED QUESTIONS
Growing demand for electronic devices and advancement in technology are the major factors driving the market growth.
The market is anticipated to attain a significant CAGR over the forecast period, i.e., 2021-2029.
Danger while handling the acid is a major factor estimated to hamper the market growth.
The market in the Asia Pacific will provide the highest growth opportunities for the market during the forecast period on the back of growing electronics industry in the region.
The major players in the market are KMG Chemicals, INEOS AG, Kanto Chemical Co., Inc., Trident Group, Linde plc, PVS, Inc., Reagent Chemical & Research, Inc., Moses Lake Industries and others.
The company profiles are selected based on the revenues generated from the product segment, geographical presence of the company which determine the revenue generating capacity as well as the new products being launched into the market by the company.
The market is segmented by grade, application, end-user, and by region.
The semiconductor segment is anticipated to hold the largest market size, during the forecast period on the back of growing demand for smartphones and other electronic devices.
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