Electronic Grade Nitric Acid Market Size, Share, Growth, and Industry Growth, By Type (EL Grade, VL Grade, UL Grade, and SL Grade), By Application (Semiconductor, Solar Energy, LCD Panel, and Others), Regional Insights, and Forecast To 2031

Updated On: 29 April 2024

Electronic Grade Nitric Acid Market REPORT OVERVIEW

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global electronic grade nitric acid market size was USD 80 million in 2021 and market is projected to touch 93.406 Million by 2031, exhibiting a CAGR of 5.3% during the forecast period.

Electronic grade nitric acid is a high-purity form of nitric acid that is used in the electronics industry for the cleaning and etching of silicon wafers and other electronic components. It is typically produced through a multi-stage distillation process that removes impurities, such as metal ions and organic compounds, to achieve a purity level of 99.999% or higher.

The use of electronic grade nitric acid is critical for the production of high-quality electronic devices; as even trace amounts of impurities can interfere with the performance of the components. In addition to its use in the electronics industry, electronic grade nitric acid is also used in the production of pharmaceuticals and other high-purity chemicals.

COVID-19 Impact: Work from Home Trend Boosted Market Demand.

COVID-19 had a life changing impact globally. The global electronic grade nitric acid market share was significantly affected. The virus had various impacts on different markets. Lockdowns were imposed in several nations. This erratic pandemic caused disruptions on all sorts of businesses. Restrictions tightened during the pandemic due to increasing number of cases. Numerous Industries were affected. However, the market for electronic grade nitric acid experienced an increased demand.

In the early stages of the pandemic, some electronic grade nitric acid manufacturers experienced temporary shutdowns due to government-mandated lockdowns and restrictions on non-essential businesses. This led to a shortage of electronic grade nitric acid in some regions and caused delays in the production of electronic components.

Additionally, the pandemic has led to increased demand for electronic devices, as more people are working and studying from home. This increased demand has put pressure on the supply chain for electronic grade nitric acid and other materials used in the electronics industry. Many manufacturers have implemented new safety protocols and work arrangements to ensure that production can continue while minimizing the risk of COVID-19 transmission.

LATEST TRENDS

"Sustainability of Manufacturing Process to Benefit Market Prospects"

One recent development is the use of advanced distillation techniques, such as reactive distillation, which can produce high-purity electronic grade nitric acid with fewer byproducts and waste streams. This approach can also reduce energy consumption and production costs. There has also been increasing interest in the development of alternative, sustainable sources of nitric acid, such as electrochemical and biological processes.

These approaches could potentially reduce the reliance on fossil fuels and hazardous chemicals in the production of electronic grade nitric acid. Another development is the use of renewable energy sources in the manufacturing process. Some manufacturers are now using solar, wind, or hydroelectric power to produce electronic grade nitric acid, reducing their carbon footprint and environmental impact.

Electronic Grade Nitric Acid Market SEGMENTATION

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• By Type

Based on type, the market is divided into EL Grade, VL Grade, UL Grade, and SL Grade.

• By Application

Based on application, the market is bifurcated into Semiconductor, Solar Energy, LCD Panel, and Others.

DRIVING FACTORS

"Increasing Applications to Boost Market Share"

Electronic grade nitric acid is also used in other industries, such as pharmaceuticals and chemical manufacturing, which are experiencing growth and driving demand for this product. The growing use of electronic devices in everyday life, such as smartphones, tablets, and laptops, has led to an increasing demand for electronic components that require high-purity nitric acid for their production.

"Advancement in Technology to Boost Market Size"

As the electronics industry continues to develop new technologies, the need for higher quality and more specialized electronic components also increases, driving demand for electronic grade nitric acid. The development of more efficient and sustainable manufacturing processes for electronic grade nitric acid is also contributing to increased demand, as it can improve the quality and reduce the cost of electronic components. These factors are anticipated to drive the global electronic grade nitric acid market size.

RESTRAINING FACTORS

"High Production Costs to Hamper Market Share"

The production of electronic grade nitric acid requires advanced technologies and equipment, and the process can be expensive, especially for high-purity grades. This can limit the availability and affordability of electronic grade nitric acid, which can be a restraining factor for some manufacturers. As the demand for high-quality electronic components grows, some manufacturers may seek alternative materials or processes that can produce similar results at a lower cost. These factors are anticipated to hamper the global electronic grade nitric acid market size.

Electronic Grade Nitric Acid Market REGIONAL INSIGHTS

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"APAC Dominates the Electronic Grade Nitric Acid Market"

Asia-Pacific is the major shareholder for the global electronic grade nitric acid market share. This is due to the presence of major electronics manufacturing hubs in countries. The region has a large and growing population, which is driving demand for electronic devices and components, further fueling the demand for electronic grade nitric acid. Additionally, the region is also witnessing significant investments in the electronics and semiconductor industries. North America is the second major shareholder for the global electronic grade nitric acid market share.

KEY INDUSTRY PLAYERS

"Market Players Focus on New Product Launches to Strengthen Market Position"

Leading players in the market are adopting various strategies to expand their presence in the market. These include R&D investments and launch of new, technologically-advanced products in the market. Some companies are also adopting strategies such as partnerships, mergers, and acquisitions to strengthen their market position. 

List of Market Players Profiled

• Mitsubishi Chemical Corporation [Japan]
• Everest Kanto Cylinder [India]
• BASF [Germany]
• Columbus Chemicals [U.S.]
• UBE Corporation [Japan]
• T. N. C. Industrial [Taiwan]
• KMG Electronic Chemicals [U.S.]
• EuroChem [Switzerland]
• Asia Union Electronic Chemicals [Taiwan]
• Juhua Group [China]
• Jianghua Microelectronics Materials [China]
• Suzhou Crystal Clear Chemical [China]
• Runma Chemical [China]

REPORT COVERAGE

This research profiles a report with extensive studies that take into description of the firms that exist in the market affecting the forecasting period. With detailed studies done, it also offers a comprehensive analysis by inspecting the factors like segmentation, opportunities, industrial developments, trends, growth, size, share, restraints, etc. This analysis is subject to alteration if the key players and probable analysis of market dynamics changes.