The long-term outlook on the global electronic grade phosphoric acid market remains positive with the market value pegged at over $827.6m at the end of 2018, which is anticipated to reach $1,757.9m by 2028 end.Among the segments by grade/purity, the less than 80% purity segment in the electronic grade phosphoric acid market is expected to account for a significant share in terms of both value and volume over the forecast period.
From a regional point of view, countries in East Asia are anticipated to amass a substantial proportion of the market during the forecast period, witnessing 8.3% growth from 2018 to 2028. In this report, study throws light on the drivers, restraints, opportunities and trends likely to impact the electronic grade phosphoric acid market during this period.
Semiconductor Manufacturing Activities to Drive Market
Study recommends that the global electronic grade phosphoric acid market will register healthy growth over the forecast period, which can be attributed to the optimistic stance of the electronic parts manufacturing activities, mainly in manufacturing hubs such as China, Japan and South Korea.
With rising demand from end-use industries such as consumer electronics, the consumption of electronic grade phosphoric acid in cleaning application is expected to witness strong growth during the forecast period. Also, in the manufacturing of large-scale integrated circuits such as VLSI and ULSI, electronic grade phosphoric acid is employed in cleaning applications and as an etchant.
The need for pure metal sheets and particles in the manufacturing of microelectronic components has been significantly increasing the demand for electronic grade phosphoric acid in the marketplace. The growing prominence of Liquid Crystal Display (LCD) panels in smartphones, televisions, tablets, computers and laptops, among other devices has been following a tremendous growth track.
This, complimented by the distinguished characteristics of electronic grade phosphoric acid, are some prominent factors driving the market of electronic grade phosphoric acid.
However, the unfavorable stance of environmental and governing authorities on the overall mining sector, comprising phosphate rocks mining, pose a hindrance to the uninterrupted production of electronic grade phosphoric acid.
The manufacturing of electronic grade phosphoric acid depends mainly on low purity phosphoric acid, which is further dependent on phosphate rocks used as raw materials. An irregular supply of water in some regions to the mining sector, due to competing claims such as water shortage for drinking and agriculture activities, restrain the market for electronic grade phosphoric acid from expanding to its full potential.
Global Electronic Grade Phosphoric Acid Market Segmentation Analysis
The electronic grade phosphoric acid market has been segmented on the basis of application into semiconductor, liquid crystal display (LCD), VLSI & ULSI and others.
- On the basis of application, the semiconductor segment is expected to remain at the forefront of the electronic grade phosphoric acid market in terms of revenue generation and consumption of electronic grade phosphoric acid.
- The VLSI & ULSI segment is forecast to grow at a robust CAGR over the forecast period. Its market value is expected to grow over 2.1X between 2018 and 2028.
East Asia accounts for a 35% revenue share in the overall electronic grade phosphoric acid market. The overall electronic grade phosphoric acid market is expected to grow with a 7.8% Compound Annual Growth Rate while regions such as North America, South Asia and East Asia are expected to grow at a higher pace, owing to the growing demand in these regions.