Solvents Segment to Dominate Asia Pacific Photoresist Process Chemicals Market during 2020-2028

According to a new market research study on “Asia Pacific Photoresist Process Chemicals Market to 2028 – COVID-19 Impact and Regional Analysis and Forecast – by Product Type, Application and Country,” is expected to reach US$ 2,894.70 million by 2028 from US$ 1,958.16 million in 2020. The market is estimated to grow at a CAGR of 5.0% from 2020 to 2028. The report provides trends prevailing in the Asia Pacific photoresist process chemicals market along with the drivers and restraints pertaining to the market growth. Rapid growth of semiconductor industry and penetration of internet of things (IoT) and connected devices are the major factors driving the growth of the Asia Pacific photoresist process chemicals market. However, fluctuations in raw material prices may hinder the growth of Asia Pacific photoresist process chemicals market.

In case of COVID-19, in Asia Pacific, especially India, witnessed an unprecedented rise in number of coronavirus cases, which led to the discontinuation of photoresist process chemicals manufacturing activities. Downfall of other chemical and materials manufacturing sectors has subsequently impacted the demand for photoresist process chemicals during the early months of 2020. Moreover, decline in the overall semiconductor manufacturing activities has led to discontinuation of photoresist process chemicals manufacturing projects, thereby reducing the demand for photoresist process chemicals. Similar trend was witnessed in other Asia Pacific countries, i.e., Japan, China and Australia. However, the countries are likely to overcome thus drop in demand with the economic activities regaining their pace, especially in the beginning of the 2021.

The market for Asia Pacific photoresist process chemicals is segmented into product type, application and country. Based on product type, the market is segmented into solvents, binders, sensitizer and others. In 2019, the solvents segment held the largest share in Asia Pacific photoresist process chemicals market. Based on application, the Asia Pacific photoresist process chemicals is bifurcated into microelectronics, printed circuit boards and others. The printed circuit boards segment is expected to be the fastest growing segment over the forecast period. Furthermore, in this present scenario of COVID 19 pandemic, the Asia Pacific photoresist process chemicals market has been facing difficulties and several countries have suffered heavily. The manufacturing sectors in the Asia Pacific countries have been experiencing low production and a weak supply chain. Thereby, impacting the market for photoresist process chemicals.

Enf Technology Co., Ltd., Tokyo Ohka Kogyo Co., Ltd.; Tokuyama Corporation; Dupont; Prolyx Microelectronics Private Limited and Sumitomo Chemical Co., Ltd. are some of the leading companies in the Asia Pacific photoresist process chemicals market. The companies are focused on adopting organic growth strategies such as product launches and expansions to sustain their position in the dynamic market.

The report segments the Asia Pacific Photoresist Process Chemicals Market as follows:

• Solvents
• Binders
• Sensitizer
• Others

• Microelectronics
• Printed Circuit Boards
• Others

• Australia
• China
• India
• Japan
• South Korea
• Rest of Asia Pacific