Wet Chemicals Market Analysis

Global Wet Chemicals Market Overview

Wet Chemicals Market Size was valued at USD 3.5 Billion in 2022. The Wet chemicals market industry is projected to grow from USD 3.73 Billion in 2023 to USD 6.32 Billion by 2032, exhibiting a compound annual growth rate (CAGR) of 6.80% during the forecast period (2024 - 2032). The push for clean energy technologies, such as solar panels and energy-efficient lighting, relies on wet chemicals for the production and maintenance of these technologies, are the key market drivers enhancing the market growth.

Source: Secondary Research, Primary Research, MRFR Database and Analyst Review

Wet Chemicals Market Trends

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  Growth in the electronics manufacturing sector is driving market growth

  
  

Electronic manufacturing sector encompasses the production of a wide range of electronic components, including semiconductors, printed circuit boards (PCBs), displays, and other. As world becomes surging interconnected and reliant on electronic devices, this industry continues to expand, propelling the need for specialized wet chemicals. Semiconductor manufacturing is a prime example of this phenomenon. It is essential building blocks of modern electronics, powering everything from smartphones to computers and automotive systems. The intricacies of semiconductor fabrication demand precise and clean processing, involving wet chemicals for etching, cleaning, and doping. With the ongoing demand for smaller, faster, and more energy-efficient devices, the semiconductor industry is in constant innovation, and this drives the requirement for cutting-edge wet chemicals that can meet the stringent demands of these processes.

Moreover, the proliferation of electronic devices in various industries, including healthcare, automotive, aerospace, and consumer electronics, further amplifies the demand for wet chemicals. This trend is also complemented by the advent of emerging technologies like 5G, the Internet of Things (IoT), and artificial intelligence, which stimulate the production of advanced electronic components and systems, thereby sustaining the growth of the electronics manufacturing sector and the wet chemicals market. Thus, the electronics manufacturing sector's relentless expansion, driven by technological advancements and increasing consumer demand for electronic products, is a pivotal factor in the continued growth and evolution of the wet chemicals market.

Wet chemicals Market Segment Insights:

The Wet Chemicals Market segmentation, based on form includes Aqueous Chemicals, and Organic Chemicals. The organic chemicals segment dominated the market, accounting for more than half of market revenue. Organic chemicals have a wide range of applications across industries, including semiconductor manufacturing, pharmaceuticals, petrochemicals, and specialty chemicals. Their versatility makes them a preferred choice in many sectors.

Aqueous chemicals segment is projected to attain the fastest CAGR during the forecast period. It is known for their relatively low environmental impact and are often used in cleaning, surface treatment, and chemical processes that require water as a solvent. They are favored for their safety and reduced toxicity compared to some organic chemicals.

Wet chemicals Grade Insights

The Wet Chemicals Market segmentation, based on grade includes Agriculture Grade, Electronic Grade, Food Grade, Industrial Grade, And Others. The electronic grade segment dominated the market, accounting for more than a quarter of market revenue. The electronic grade segment is crucial in the semiconductor and electronics manufacturing industry. These high-purity chemicals are used in the production of microchips and electronic components, where even trace impurities can adversely affect device performance.

Industrial grade is expected to witness the fastest growth during the forecast growth. It is used in a wide range of industrial processes, including cleaning, metalworking, water treatment, and more. While they may not require the same level of purity as electronic or food grades, they still need to meet specific quality standards for industrial applications.

Figure 1: Wet Chemicals Market, by Grade, 2022 & 2032 (USD Billion)

Source: Secondary Research, Primary Research, MRFR Database and Analyst Review

Wet chemicals Product Insights

The Wet Chemicals Market segmentation, based on product includes Acids, bases, solvents, oxidizers, and others. The acids segment dominated the market, accounting for more than one-third of market revenue. Strong acids like hydrochloric and sulfuric acid are critical in semiconductor manufacturing processes for etching and cleaning silicon wafers. The semiconductor industry's continued growth contributes significantly to the demand for acids.

Bases segment predicted significant growth during the forecast period. Bases are substances that can accept protons (H+) when dissolved in water. They are used in applications such as pH control and neutralization of acids. Common examples are sodium hydroxide (caustic soda) and potassium hydroxide.

Wet chemicals Application Insights

The Wet Chemicals Market segmentation, based on application includes semiconductor, etching, cleaning, integrated circuit (IC) manufacturing, printed circuit boards (PCB) manufacturing, and others. The semiconductor segment dominated the market, accounting for a quarter of market revenue. This is due to the production of semiconductors demands ultra-high purity chemicals to prevent contamination and ensure the functionality of integrated circuits. The semiconductor industry relies on wet chemicals for precise and controlled processes.

Cleaning segment is anticipated to grow at a substantial growth rate during the forecast period. Wet chemicals play a vital role in cleaning applications across industries. This includes the cleaning of industrial equipment, components, and surfaces, as well as the removal of contaminants from semiconductor wafers.

Wet chemicals End-User Industry Insights

The Wet Chemicals Market segmentation, based on end-user industry includes electronics, consumer goods, agrochemicals, automotive, textile, aerospace & defense, personal & beauty care, medical, and others. The consumer goods segment dominated the market, accounting for a quarter of market revenue. It encompass a wide range of everyday products, including cleaning agents, detergents, personal care items, and more. The demand for these products is consistent and widespread.

Automotive segment is expected to witness the fastest growth during the forecast period. The automotive industry uses wet chemicals for applications such as surface treatment, paint and coating processes, and battery production.

Wet chemicals Regional Insights

By region, the study provides market insights into North America, Europe, Asia-Pacific, and Rest of the World. The North American Wet chemicals market area will dominate this market. This is driven by the advancements in fire safety technologies, environmental considerations, and an increasing emphasis on safety standards and regulations.

Further, the major countries studied in the market report are The US, Canada, Germany, France, the UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil.

Figure 2: WET CHEMICALS MARKET SHARE BY REGION 2022 (USD Billion)

Source: Secondary Research, Primary Research, MRFR Database and Analyst Review

Europe Wet chemicals market accounts for the second-largest market share due to increasing emphasis on safety and environmental regulations, as well as the region's expanding industrial activities. Further, the Germany Wet chemicals market held the largest market share, and the UK Wet chemicals market was the fastest-growing market in the European region

The Asia-Pacific Wet chemicals Market is expected to grow at the fastest CAGR from 2024 to 2032. These chemicals are utilized in various manufacturing processes, including the semiconductor, pharmaceutical, and chemical industries. As industrialization in the region advances, the demand for wet chemicals used in these processes is expected to rise. Moreover, China’s Wet chemicals market held the largest market share, and the Indian Wet chemicals market was the fastest growing market in the Asia-Pacific region.

Wet Chemicals Key Market Players & Competitive Insights

Leading market players invest heavily in research and development to advance and innovate wet chemicals technologies and techniques. Market participants are also undertaking various strategic activities to expand their global footprint, with important market developments including new product launches, clinical integration, customer support and service contracts, contractual agreements, mergers and acquisitions, higher investments, and collaboration with other organizations. To expand and survive in a more competitive and rising market climate, the Wet chemicals industry must offer customized solutions.

Companies are forming partnerships with academic and research institutions to gain access to their expertise and share resources for joint research projects in the global wet chemicals industry to develop novel applications and technologies. In recent years, the wet chemicals industry has offered some of the most significant advantages to Consumers. Major players in the Wet chemicals market, including BASF SE, Chang Chun Group, Dow, Eastman Chemical Company, Evonik Industries, Formosa Daikin Advanced Chemicals Co. Ltd., Honeywell International Inc., and others, are attempting to increase market demand by investing in product development to increase their product line and cater to diverse.

BASF SE, or Badische Anilin und Soda-Fabrik, is one of the largest and most diversified chemical companies in the world. Headquartered in Ludwigshafen, Germany, BASF operates in a wide range of industries and is a global leader in the chemical and plastics sectors. In February 2022, German companies BASF formed a joint venture in Heraeus to recover precious metals from spent automotive catalysts in Pinghu, China. The joint venture builds strong presence in China within the wet-chemical recycling industry.

Evonik Industries, established in 2007, is a prominent German specialty chemicals company with a global presence. The company operates in several key segments, including specialty chemicals, resource efficiency, performance materials, nutrition & care, smart materials, and technology & infrastructure. Its diverse range of products and solutions caters to various industries, such as automotive, healthcare, energy, and consumer goods. In February 2023, Evonik launched two new wetting agents that are TEGO Wet 290 and TEGO Wet 296. The main areas of application are waterborne automotive and wood coatings. Both used for various substrates such as plastic, wood, and metal surfaces.

Key Companies in the Wet chemicals market include

• BASF SE


• Chang Chun Group


• Dow


• Eastman Chemical Company


• Evonik Industries


• Formosa Daikin Advanced Chemicals Co. Ltd.


• Honeywell International Inc.


• Hubei Xingfa Chemicals Group Co. Ltd.


• KANTO KAGAKU


• Mitsubishi Electric Corporation


• Rin Kagaku Kogyo Co. Ltd.


• Santoku Chemical Industries Co. Ltd.


• Solvay Inc.


• Yingpeng Chemical Co. Ltd.


• Zhejiang Kaisn Fluorochemical Co. Ltd.


• Avantor Inc.


• CMC Materials


• FUJIFILM Corporation


• KMG Chemicals


• Linde PLC


• Songwon


• Technic Inc.


• N.C. Industrial Co. Ltd

Wet Chemicals Industry Developments

June 2023: Clariant Oil Services launched PHASETREAT WET to offer more sustainable and efficient solutions for the oil and gas industry’s demulsification needs. Designed to overcome challenges inherent in traditional oil production processes.

June 2023: Shemesh Automation launched BuckIT TKS25, that delivers key advantages to its customers’ production throughput across various key industries such as food and beverage, chemicals, paints, cosmetics, wet wipes and others.

Wet Chemicals Market Segmentation

Wet Chemicals Form Outlook

• Aqueous Chemicals


• Organic Chemicals

Wet Chemicals Grade Outlook

• Agriculture Grade


• Electronic Grade


• Food Grade


• Industrial Grade


• Others

Wet chemicals product Outlook

• Acids


• Bases


• Solvents


• Oxidizers


• Others

Wet Chemicals Application Outlook

• semiconductor


• Etching


• Cleaning


• Integrated Circuit (IC) Manufacturing


• Printed Circuit Boards (PCB) Manufacturing


• Others

Wet Chemicals End-User Industry Outlook

• Electronics


• Consumer Goods


• Agrochemicals


• Automotive


• Textile


• Aerospace & Defense


• Personal & Beauty Care


• Medical


• Others

Wet Chemicals Regional Outlook

• North America
  
  
  
  • US
  
  
  • Canada
  
  
  
  


• Europe
  
  
  
  • Germany
  
  
  • France
  
  
  • UK
  
  
  • Italy
  
  
  • Spain
  
  
  • Rest of Europe
  
  
  
  


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


• Rest of the World
  
  
  
  • Middle East
  
  
  • Africa
  
  
  • Latin America