Electronic Grade Sulfuric Acid Market: Global Size, Industry Share, Outlook, Geographical Segmentation and Opportunity Analysis
The electronic grade sulfuric acid market size is projected to grow from USD 300 million in 2019 to USD 415 million by 2024, at a CAGR of 6.7%. The demand is majorly driven by the rapidly growing electronic device market in the APAC region.
Based on grade, the market is segmented into PPT (Parts Per Trillion) and PPB (Parts Per Billion). The PPT segment is expected to be the faster-growing grade during the forecast period. The PPT grade of electronic grade sulfuric acid is majorly used for cleaning and etching purposes of semiconductors and ICs owing to its high purity level. The rapid growth in semiconductors and IC manufacturing globally is expected to drive the demand for PPT grade of electronic grade sulfuric acid.
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Based on application, the market is segmented into semiconductors, PCB panels, and pharmaceuticals. The PCB panels segment is expected to be the fastest-growing application during the forecast period due to the rise in demand for advanced consumer electronics and smart devices.
The market in APAC is projected to register the highest CAGR between 2019 and 2024. The high economic growth of the emerging economies and the increasing disposable income in the region are making APAC an attractive market for electronic grade sulfuric acid manufacturers. The tremendous growth of the semiconductor, PCBs, and pharmaceuticals application segments are primarily responsible for the high demand for electronic grade sulfuric acid in the region.
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BASF SE (Germany), INEOS Group Holdings S.A. (UK), Chemtrade Logistics (Canada), KMG Chemicals (US), Kanto Chemical Co., Inc. (Japan), Trident Group (India), The Linde Group (Ireland), PVS Chemicals (US), Reagent Chemicals (UK), and Moses Lake Industries (US) are the major players in the electronic grade sulfuric acid market.
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