Pune, Jan. 11, 2023 (GLOBE NEWSWIRE) -- According to a report by Maximize Market Research, the global wet chemicals Market is expected to grow at a 6.5% CAGR to reach USD 11.12 billion by 2029. The increasing demand from sectors driven by advanced technologies has a positive impact on the market.
Wet Chemicals Market Scope and Research Methodology
The research report uses both primary and secondary data sources extensively. Government policy, the marketplace, the competitive environment, historical data, current market trends, technological innovation, upcoming technologies, and technical advancement in related industries are all investigated during the research process under the market risks, opportunities, barriers, and challenges. All conceivable market-influencing factors were taken into account, carefully examined, verified through primary research, and evaluated to provide final quantitative and qualitative data. For top-level markets and sub-segments, the effects of inflation, economic downturns, changes in regulations and policies, and other variables are taken into account. The report also contains in-depth inputs and analysis in addition to this information. Bottom-up methods were employed to estimate market size and look at global market trends. Data were collected from a large sample using both primary and secondary research methods to make accurate conclusions. Surveys, questionnaire distribution, and phone interviews with business owners, marketing specialists, market leaders, and industry experts were the primary methods employed. To ensure that the conclusions were correct, secondary data was thoroughly compiled from a carefully selected set of sources.
There are paid databases, industry journals, white papers, annual reports, product manufacturer and supplier releases, official databases of numerous organizations, and government websites in addition to white papers and annual reports. PESTLE analysis was used to understand various market factors, whereas SWOT analysis was used to understand the strengths and weaknesses of major corporations. As a result, the report investigates the Wet Chemicals Market in depth.
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Wet Chemicals Market Overview
The rapid growth of e-waste has had a severe environmental impact, as well as other challenges associated with multifaceted resource recovery. As a result, recycling e-waste, such as semiconductors, is necessary, and it allows industries to reuse the expensive metals recovered from recycling processes. The exponential growth of consumer electronics over the last decade has significantly increased the amount of e-waste that must be recycled, as these materials can be hazardous to the environment and human health. This is expected to boost demand for wet chemicals, propelling the wet chemicals market forward during the forecast period.
Wet Chemicals Market Dynamics
In the healthcare industry, wet chemicals such as isopropyl alcohol and hydrogen peroxide are commonly used in disinfectants and antiseptics. Rising healthcare spending and rising healthcare concerns are driving the growth of the wet chemicals market. Total healthcare spending in the United States increased by 4.6 percent in 2018, reaching $3.6 trillion, or $11,172 per person, according to the Centers for Medicare and Medicaid Services. The coronavirus outbreak has prompted many companies to produce disinfectants and hand sanitizers, which has boosted the wet chemicals market.
The demand for integrated circuit (IC) manufacturing and printed circuit boards (PCB) manufacturing in the electronics industry is increasing steadily, owing to increased demand from smartphone production, automotive electronics, and an increase in the internet of things (IoT) applications. Smartphones account for a significant portion of global integrated circuits demand, and the increasing adoption of smartphones worldwide, particularly in developing economies, is expected to increase IC production and demand in the future, potentially increasing consumption of wet chemicals and boosting the market growth during the forecast period.
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Wet Chemicals Market Regional Insights
The Asia-Pacific market was dominated by the region. With rising demand for electronics in countries such as China, India, and Japan, the region's use of wet chemicals is increasing. China has the world's largest electronics manufacturing base. China is a major producer of electronic products such as smartphones, televisions, wires and cables, portable computing devices, gaming systems, and other personal electronic devices. The previous year's export value of Chinese electronics products increased by nearly 11.4% in 2021. Due to consistent demand from the international market, significant manufacturers' revenues increased by 16.2% year on year.
China is a net importer of semiconductor chips, producing less than 20% of the semiconductors used. Because of the lucrative demand in both domestic and international markets, 38 of 86 Chinese-listed semiconductor companies announced net profits in their yearly sales in 2021, indicating a positive demand for the industry's wet chemicals. China's integrated circuit industry has grown steadily in recent years, owing to high market demand and favorable government policies. According to the China Semiconductor Industry Association, Chinese integrated circuit sales will surpass CNY 1 trillion (USD 157.08 billion) for the first time in 2021. Despite recent increases in production capacity, China continues to rely heavily on imports.
| Market Size in 2021 | USD 6.72 Bn. |
| Market Size in 2029 | USD 11.12 Bn. |
| CAGR | 6.5 % (2022-2029) |
| Forecast Period | 2022-2029 |
| Base Year | 2021 |
| Number of Pages | 213 |
| No. of Tables | 110 |
| No. of Charts and Figures | 112 |
| Segment Covered | Form, Grade, Product, Application, and End-User Industry. |
| Regional Scope | North America, Europe, Asia Pacific, Middle East and Africa, South America |
| Report Coverage | Market Share, Size & Forecast by Revenue | 2022−2029, Market Dynamics, Growth Drivers, Restraints, Investment Opportunities, and Key Trends, Competitive Landscape, Key Players Benchmarking, Competitive Analysis, MMR Competition Matrix, Competitive Leadership Mapping, Global Key Players’ Market Ranking Analysis. |
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Wet Chemicals Market Key Competitors:
- 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.
- T.N.C. Industrial Co. Ltd
Key questions answered in the Wet Chemicals Market are:
- What are the technological innovations in Wet Chemicals Market?
- What are the factors driving the growth of the Wet Chemicals Market?
- Which technology insight dominated the Wet Chemicals Market in 2021?
- How has COVID-19 affected the growth of the Wet Chemicals Market?
- What is the growth rate of the Wet Chemicals Market during the forecast period?
- What are the trends of the Asia-Pacific region in the Wet Chemicals Market?
- Who are the market leaders in Wet Chemicals in the North American region?
- Which deployment mode led the Wet Chemicals Market in 2021?
- Who are the key players in the Wet Chemicals Market?
- What are the factors restraining the growth of the Wet Chemicals Market?
- Which region held the largest market share in Wet Chemicals Market?
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Key Offerings:
- Market Share, Size & Forecast by Revenue | 2022−2029
- Market Dynamics – Growth Drivers, Restraints, Investment Opportunities, and Key Trends
- Market Segmentation – A detailed analysis by Form, Grade, Product, Application, End-User Industry, and Region.
- Competitive Landscape – Top Key Vendors and Other Prominent Vendors
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