At 5.1% CAGR, Middle East & Africa Electronic Chemicals Market is Projected to be Worth US$ 2,761.00 Million by 2030, says Business Market Insights

According to Business Market Insights' research, the Middle East & Africa electronic chemicals market was valued at US$ 1,860.65 million in 2022 and is expected to reach US$ 2,761.00 million by 2030, registering a CAGR of 5.1% from 2022 to 2030. Growth of semiconductor industry and emerging applications in renewable energy are among the critical factors attributed to drive the Middle East & Africa electronic chemicals market growth.

The semiconductor industry is experiencing surging growth owing to the increasing demand for electronic devices and the proliferation of emerging applications such as artificial intelligence, Internet of Things, and automotive electronics. As a result of continuous innovation, semiconductor technology has evolved rapidly in the past few years, enabling the development of small, fast, and energy-efficient chips with better processing capabilities. Further, the growing investment in electrification of vehicles and the development of autonomous driving capabilities are creating lucrative business opportunities for semiconductor manufacturers. According to the Semiconductor Industry Association, global semiconductor sales increased from US$ 45.6 billion in November 2022 to US$ 48.0 billion in November 2023. Even while it presently only makes up a small portion of the semiconductor manufacturing market, the UAE is becoming more and more of a player in the chip wars, providing tech companies with processors that enable artificial intelligence and helping to establish a new hub for semiconductor innovation in the Middle East. Additionally, Alat, a Saudi-based tech company, has partnered with multinational corporations like as Softbank Group and Carrier Corp in order to produce industrial robots, electronics, and semiconductors for sophisticated sectors. By 2030, the company expects to create 39,000 skilled employees and export its hardware. The end of 2024 will see the release of the first batch of items. Further, with US$ 25.9 million in semiconductor device exports in 2022, South Africa ranked as the world's 52nd largest semiconductor device exporter. Semiconductor Devices ranked 362nd in South Africa's top exports that year. Electronic chemicals are used in manufacturing processes to enable the fabrication of integrated circuits, microprocessors, memory chips, and other semiconductor devices.

Thus, the surging growth of the semiconductor industry is driving the electronic chemicals market.

On the contrary, stringent environmental and regulatory requirements hampers the growth of Middle East & Africa electronic chemicals market.

Based on product type, the Middle East & Africa electronic chemicals market is categorized into CMP slurries, photoresist chemicals, wet chemicals, acids, and others. The wet chemicals segment held 25.7% market share in 2022, amassing US$ 478.11 million. It is projected to garner US$ 733.59 million by 2030 to register 5.5% CAGR during 2022-2030.

In terms of end use, the Middle East & Africa electronic chemicals market is segmented into semiconductors, flat panel displays, printed circuit boards, photovoltaics, and others. The printed circuit boards segment held 26.9% share of Middle East & Africa electronic chemicals market in 2022, amassing US$ 501.29 million. It is anticipated to garner US$ 719.71 million by 2030 to expand at 4.6% CAGR during 2022-2030.

Based on country, the Middle East & Africa electronic chemicals market is categorized into South Africa, Saudi Arabia, the UAE, and the Rest of Middle East & Africa. Our regional analysis states that the Rest of Middle East & Africa captured 46.9% share of Middle East & Africa electronic chemicals market in 2022. It was assessed at US$ 871.88 million in 2022 and is likely to hit US$ 1,223.64 million by 2030, registering a CAGR of 4.3% during 2022-2030.

Key players operating in the Middle East & Africa electronic chemicals market are FUJIFILM Holdings Corp, Songwon Industrial Co Ltd, Solvay SA, BASF SE, Linde Plc, and Honeywell International Inc, among others.

• In November 2021, Songwon Industrial Co Ltd increased its chemical production capacity for semiconductors. The significant demand for high-end specialty chemicals and raw materials for the IT industries will be met by SONGWON's capacity increase investment in the primary chemicals used in semiconductor production.
  
  
• In December 2022, Johnson Matthey and Honeywell declared their intent to partner on the implementation of low-carbon hydrogen solutions. The companies will provide lower-intensity hydrogen (blue hydrogen) at scale by combining Honeywell's innovative carbon capture technology with JM's ground-breaking LCH technology.

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