Photoresist Market Size was valued at USD 4.5 Billion in 2022. The photoresist market industry is projected to grow from USD 4.74 Billion in 2023 to USD 7.285 Billion by 2032, exhibiting a compound annual growth rate (CAGR) of 5.50% during the forecast period (2024 - 2032). Global market revenue growth is anticipated to be driven by market drivers like the rapidly expanding consumer electronics and electrical sectors, the growing demand for printed circuit boards, memory chips, and miniaturized semiconductor devices, as well as the increasing production of passenger cars, light commercial vehicles, and electric vehicles worldwide.
Source: Secondary Research, Primary Research, MRFR Database and Analyst Review
One of the main factors propelling the worldwide photoresist market's expansion is the rising need for electronics. There is a growing need for quicker, smaller, and more affordable electronics due to developments in the electronic sector, including 3D printing, drones, aerogel, claytronics, and conductive polymers. The quality and functionality of consumer electronics have improved as a result of recent technological developments and improvements made to the machinery already in use for producing photoresist materials. Furthermore, newer devices are being adopted more frequently as a result of falling production costs. In order to satisfy the increasing need for electronic improvements, vendors are formulating methods. The use of flat-panel displays is growing, including LCD, LED, and plasma screens. Computers, smartphones, and other gadgets use these screens. These displays need to be made and processed using various materials and chemicals. Therefore, throughout the projected period, the market for photoresist is anticipated to develop as a result of the rising adoption of these displays. Throughout the forecast period, new uses for polymers in electrical and electronic applications are anticipated to fuel the expansion of the Photoresist Market, particularly in North America and Europe.
The market for photoresist, which is used in automotive applications like display panels, will be driven by the auto sector. OICA reports that South African passenger car production increased by 8.6% from 2018 to 2019, totaling 3,42,665 units. In 2018, the country produced 3,21,097 vehicles. Furthermore, as to OICA, Malaysia's manufacturing of passenger automobiles increased to 5, 34,115 units in 2019 from 5, 20,526 units in 2018, a 2.6% increase over 2018. Therefore, increased in-vehicle applications would be required due to expanding automobile manufacturing, which would drive the photoresist market forward throughout the projected time.
The expansion of the photoresist market worldwide will be fueled by developments in material technology. Utilizing the "direct-wire" technique, direct incident beam lithography is a novel process that produces three-dimensional (3D) lithographic patterns on a range of nanoparticle materials, such as semiconductors, metals, insulators, and magnetic materials. Numerous fields, such as magnetics, photonics/plasmonics, 3D electronic structures, and MEMS/NEMS, can benefit from this technology. Direct incident beam lithography has many benefits, including a fast and simple patterning procedure, numerous writing modes, a broad range of applications, and considerable flexibility and utility in nano/microfabrication. Technological developments in materials have brought about changes in the manufacturing process for semiconductors and electrical devices. Innovative materials for patterning with photoresist and photoresist ancillaries are being developed as a result of the shift from MEMS to bio-NEMS/MEMS. As such materials and technologies become commercially available, the market for photoresists and related products will have endless opportunities. Thus, driving the photoresist market revenue.
The Photoresist Market segmentation, based on application includes Semiconductor & IC, and LCD. The semiconductor & IC segment dominated the market. The rapidly expanding consumer electronics market, advancements in semiconductor and integrated circuit technology, the widespread use of semiconductors in high-end automobiles and other electronic devices, and the rising demand for smartphones, laptops, tablets, and other electronic devices are all responsible for this.
The Photoresist Market segmentation, based on ancillary type, includes Anti-reflective Coating, Remover, Developer. The anti-reflective coating category generated the most income. The automotive and electronics industries' growth, the growing requirement for semiconductors, and the increasing use of novel packaging technologies are some of the causes propelling the anti-reflect coatings category's progress.
Source: Secondary Research, Primary Research, MRFR Database and Analyst Review
The Photoresist Market segmentation, based on photoresist type, includes ArF Immersion, ArF Dry Film, KrF, G-line & I-line. The ArF immersion category generated the most income. Semiconductors make substantial use of ARF immersion photoresist. ARF immersion photoresist is frequently used in circuits for Large Scale Integration (LSI). The ARF light source's narrow wavelength and the immersion's greater refraction index help photoresist users satisfy their demands for smaller, more functional devices.
By region, the study provides the market insights into North America, Europe, Asia-Pacific and Rest of the World. The North American photoresist market area will dominate this market. This is explained by a number of causes, including the widespread use of cutting-edge technology, the quickly expanding electronics and electrical industries, the growing desire for the newest technological innovations, the need for semiconductors across a wide range of industrial sectors, and the need for tiny electronic devices. Moreover, rising production of electric and passenger cars, rising demand for anti-reflective coatings, and government programs to support the use of electric vehicles are anticipated to drive market expansion in North America during the projected period.
Further, the major countries studied in the market report are The US, Canada, German, France, the UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil.
Source: Secondary Research, Primary Research, MRFR Database and Analyst Review
Europe photoresist market accounts for the second-largest market share. The market in the area will expand as a result of factors like the popularity of consumer electronics and smart gadgets. Additionally, as the working class population's disposable income rises over the projection period, their interest in electronic products will rise steadily as well, propelling the market. Further, the German photoresist market held the largest market share, and the UK photoresist market was the fastest growing market in the European region
The Asia-Pacific Photoresist Market is expected to grow at the fastest CAGR from 2023 to 2032 because the electrical and electronics industries are expanding quickly, there is a strong demand for Integrated Circuits (ICs) and semiconductor chips, the population in the area is growing, and there is a growing need for a variety of electronic devices, including computers, cellphones, tablets, and other gadgets. Moreover, China’s photoresist market held the largest market share, and the Indian photoresist market was the fastest growing market in the Asia-Pacific region.
Leading market players are investing heavily in research and development in order to expand their product lines, which will help the photoresist market, grow even more. Market participants are also undertaking a variety of strategic activities to expand their global footprint, with important market developments including new product launches, contractual agreements, mergers and acquisitions, higher investments, and collaboration with other organizations. To expand and survive in a more competitive and rising market climate, photoresist industry must offer cost-effective items.
Manufacturing locally to minimize operational costs is one of the key business tactics used by manufacturers in the global photoresist industry to benefit clients and increase the market sector. In recent years, the photoresist industry has offered some of the most significant advantages to medicine. Major players in the photoresist market are attempting to increase market demand by investing in research and development operations includes JSR Corporation (Japan), Tokyo Ohka Kogyo Co., Ltd. (Japan), Shin-Etsu Chemical Co., Ltd. (Japan), Fujifilm Corporation (Japan), and Sumitomo Chemical Co., Ltd. (Japan).
A corporation that manufactures chemicals is called Shin-Etsu Chemical Co Ltd (Shin-Etsu). It produces and distributes electronics components, functional materials, and organic and inorganic chemicals. The company offers a range of products such as rare earth magnets, semiconductor silicon, silicones, cellulose derivatives, epoxy molding compounds, synthetic quartz, and polyvinyl chloride (PVC). Products from the company are used in mobile phones, everyday items, electrical cables, digital home appliances, agricultural equipment, and infrastructural components.
Chemical company Sumitomo Chemical Co Ltd (SCCL) provides a wide range of chemical goods in the following areas: medicines, IT-related chemicals and materials, health and crop scientific products, petrochemicals, energy and functional materials, and health. Industrial chemicals, both organic and inorganic, alumina products, polymer alloys, thermoplastic elastomers, dyestuffs, polymer additives, agricultural pesticides, and petrochemical products are among the company's product offerings.
December 2022: A novel photo-imageable dielectric (PID) dry film material that may be applied to advanced semiconductor packaging was introduced by DuPont under the brand name CYCLOTENE advanced electronics resins. These new packaging technologies offer higher levels of integration, shorter interconnect paths, and more I/Os; however, to achieve high functionality, performance, and reliability, you need dependable dielectric materials with good resolution, low moisture uptake, and superior thermal stability.
October 2022: JSR Electronic Materials Korea's whole equity has been bought by JSR Corporation. The joint venture was established in 2014 by the Japanese business and Peri Corp., a distributor of chemical materials based in South Korea. Industry sources claim that the increase in the equity ratio will speed up South Korea's manufacturing of semiconductor materials and research and development.
| Report Attribute/Metric | Details |
| Market Size 2022 | USD 4.5 Billion |
| Market Size 2023 | USD 4.74 Billion |
| Market Size 2032 | USD 7.285 Billion |
| Compound Annual Growth Rate (CAGR) | 5.50% (2024-2032) |
| Base Year | 2023 |
| Market Forecast Period | 2024-2032 |
| Historical Data | 2018- 2022 |
| Market Forecast Units | Value (USD Billion) |
| Report Coverage | Revenue Forecast, Market Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | Application, Ancillary Type, Photoresist Type, and Region |
| Geographies Covered | North America, Europe, Asia Pacific, and the Rest of the World |
| Countries Covered | The US, Canada, German, France, UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil |
| Key Companies Profiled | JSR Corporation (Japan), Tokyo Ohka Kogyo Co., Ltd. (Japan), Shin-Etsu Chemical Co., Ltd. (Japan), Fujifilm Corporation (Japan), and Sumitomo Chemical Co., Ltd. (Japan) |
| Key Market Opportunities | · Technological advancements and technology adoption |
| Key Market Dynamics | · Increasing demand from the semiconductor industry · Rapid demand from automobile sector |
Frequently Asked Questions (FAQ) :
The Photoresist Market size was valued at USD 4.5 Billion in 2022.
The global market is projected to grow at a CAGR of 5.50% during the forecast period, 2024-2032.
North America had the largest share in the global market
The key players in the market are JSR Corporation (Japan), Tokyo Ohka Kogyo Co., Ltd. (Japan), Shin-Etsu Chemical Co., Ltd. (Japan), Fujifilm Corporation (Japan), and Sumitomo Chemical Co., Ltd. (Japan).
The semiconductor & IC category dominated the market in 2022.
The ArF immersion had the largest share in the global market.
Senior Research Analyst Ankit gupta is an analyst in market research industry in ict and semi industry. with post-graduation in "telecom and marketing management" and graduation in "electronics and telecommunication" vertical he is well versed with recent development in ict industry as a whole. having worked on more than 150+ reports including consultation for fortune 500 companies such as microsoft and rio tinto in identifying solutions with respect to business problems his opinions are inclined towards mixture of technical and managerial aspects.
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