Report Overview
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The global photoresist stripping solution market size was 772.9 million in 2022. As per our research, the market is expected to reach USD 1583.2 million in 2029, exhibiting a CAGR of 8.9% during the forecast period. The global COVID-19 pandemic has been unprecedented and staggering, with photoresist stripping solution market experiencing lower-than-anticipated demand across all regions compared to pre-pandemic levels. The sudden rise in CAGR is attributable to the market growth and demand returning to pre-pandemic levels once the pandemic is over.
Photoresist stripping process referred to eliminates unwanted photoresist layers are detached from the wafer. Its objective is to eradicate the photoresist material from the wafer as quickly as possible without letting any surface materials under the resist to get attacked by the chemicals used. A photoresist is used to generate a pattern on the semiconductors. A photoresist is used to make a mask on the surface of a silicon wafer and then silicon wafers are used as a base for the semiconductor. Numerous wafer cleaning techniques are engaged to ensure that a semiconductor wafer is always free of impurities and foreign materials as it undertakes the wafer production process. The increasing acceptance of renewable energy sources and the growing demand for LED lighting is contributing to the growth of photoresist stripping solution market. Photoresist stripping are used for manufacturing of solar cells and LED lighting which are gaining reputation due to their energy efficient and ecological nature. The market leaders are continuously focusing on strategies such as product developments, and mergers and achievements to expand their footprint worldwide and fulfil the rapidly increasing consumer demand. Increasing demand for high performance electronics device coupled with growing demand for advanced automotive electronics and the adoption of loT and AI technologies is motivating the market progression. The market is predominantly motivated by the increasing demand for semiconductor devices and electronics across various industries. Participating are fixing their efforts on encouraging R&D. Technological development are supporting the regional market growth. Companies coming up with progressive technological solutions for firming their positions.
COVID-19 Impact: Pandemic hampered the market due to unexpected disruption in the sector
Covid 19 pandemic has extremely affected the whole world. It caused many unexpected disruption and affected the industry. Covid 19 had negative impact on the market due to economic slowdown, unpredictability in financial sector and high unstable market. The pandemic resulted in decreased demand due to a disrupted supply chain, drop in sales of products, delivery schedules. Travel bans imposed affected business collaboration and partnership. Demand had recently reduced due to travel bans and lockdown during the COVID-19 pandemic. The continuous loss in the business due to the lockdown measures is projected to directly influence the growth of the investments in the market.
Latest Trends
"Use of innovative products to boost the market growth "
Technological improvement and development will further enhance the presentation of the product, allowing it to obtain a varied range of requests in the market. Technological advancement will improve performance and propel the market growth. Technological advancement with high demand are increasingly setting a force to increase the productivity. Some players focus on product improvement to meet consumer requirements and likings. Constant innovation in manufacturing of products is anticipated to stimulate product demand.
Segmentation
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- By Type Analysis
According to type, the market can be segmented into positive photoresist stripper, negative photoresist stripper.
Positive photoresist stripper will capture the maximum market share through forecast period.
- By Application Analysis
According to application, the market can be segmented into IC, wafer packaging, display panel.
Photoresist stripping solution market players cover segment as wafer packaging will dominate the market share during forecast period.
Driving Factors
"Increase in demand for consumer electronics to boost the market growth"
The demand for consumer electronics such as smartphones, tablets and laptops is anticipated to continue to grow in the forthcoming which will motivate the demand for photoresist stripping solution. These devices use advanced semiconductor chips which necessitate the use of photoresist strippers during the manufacturing procedure. The demand for photoresist stripping solution is motivated by the growth of these industry which is anticipated to enhance market growth.
"Technological advancement and development to upsurge the market"
Technological advancements and innovation activate unique revenue augmenting opportunity which will upsurge the photoresist stripping solution market growth. Growing investment in research and development activities and growing awareness about benefits are expected to deliver profitable opportunities for the market. Companies are financing severely in research & development activities to develop advanced semiconductor devices.
Restraining Factors
"Instability in price of raw materials to hamper the market growth"
Price instability is hampering development of the photoresist stripping solution market. Prices of the raw materials can be subject to volatility due to factors such as supply-demand imbalances, fluctuations in costs, and geopolitical factors. The price of raw material is due to periodic fluctuation which declines the profit margin of the companies which is depleting the market development. Technical difficulties will reduce the industry revenue.
Regional Insights
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"Asia Pacific to dominate the region due to technological development"
Asia Pacific is further expected to witness growth in the photoresist stripping solution market share. The region is dominating the market due to rising demand for electronic products and rapid industrialization in the region. The rising inhabitants and increasing income levels are also contributing to the development of the market. Upsurge in investments by key market players for the R&D undertakings and enlargement of their production abilities and product portfolios are projected to upsurge the growth. The expansion of regional market is being aided by technological developments.
Key Industry Players
"Key players focus on partnerships to gain competitive advantage"
The key players are dynamically contributing in strategic events that are aimed at maintaining strong market position and increasing market share by merger, partnerships and others. Key players are motivated to introduce new innovative products. They are spending severely on research and development in order to arise with more new technology so that they can maintain and improve their existing market. The market changes are dynamic such as market expansion, partnership and merger.
List of Market Players Profiled
- Dongjin Semichem (South Korea)
- Merck (Germany)
- Tokyo Ohka Kogyo (Japan)
- Nagase ChemteX Corporation (Japan)
- Jiangyin Jianghua Micro-Electronic Materials Co.,Ltd (China)
Report Coverage
The report provides scrutiny and information according to market sectors. Business overview, financial overview, product portfolio, new project launch, recent development enquiry are the factors included in the profile. The report incorporates completely examined and appraised evidence of the noticeable players and their position in the market by methods for various descriptive tools. The report covers national and regional level market size and forecast. The report gives businesses the facility to research new prospect in many areas. The report shows to be an operational tool that players can use to gain a competitive superiority over their opponents and ensure lasting achievement in the market.
| REPORT COVERAGE | DETAILS |
|---|---|
Market Size Value In |
US$ 772.9 Million in 2022 |
Market Size Value By |
US$ 1583.2 Million by 2029 |
Growth Rate |
CAGR of 8.9% from 2022 to 2029 |
Forecast Period |
2024-2032 |
Base Year |
2023 |
Historical Data Available |
Yes |
Regional Scope |
Global |
Segments Covered |
Type and Application |
Frequently Asked Questions
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What value is the photoresist stripping solution market expected to touch by 2029?
Photoresist stripping solution market is expected to touch USD 1583.2 million by 2029.
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What CAGR is the photoresist stripping solution market expected to exhibit during 2022-2029?
Photoresist stripping solution market is expected to exhibit CAGR of 8.9% during 2022-2029.
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What are the driving factors of the photoresist stripping solution market?
The demand for consumer electronics such as smartphones, tablets and laptops is anticipated to continue to grow in the forthcoming which will motivate the demand for photoresist stripping solution.
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Which are the key players or most dominating companies functioning in the photoresist stripping solution market?
The dominating companies in the photoresist stripping solution market are Dongjin Semichem, Merck, Tokyo Ohka Kogyo, Nagase ChemteX Corporation, and Jiangyin Jianghua Micro-Electronic Materials Co.,Ltd.
