Electronic Cleaning Solvents Market

Electronic Cleaning Solvents Market Size Analysis

According to a recent survey conducted by ChemView Consulting, the Electronic Cleaning Solvents Market grew at a CAGR of 5.7% between 2017-2021 and is estimated to be US$ 1,897.4 Mn in 2022. Currently, the market is anticipated to grow at a CAGR of 6.4% and is expected to reach a valuation of US$ 3,528.4 Mn by 2032 end.

Throughout the projected period, the market is anticipated to grow in response to the rising demand for pure and safe cleaning chemicals that are lightweight and non-toxic. The cleaning of electronic items requires proper knowledge of the solvent properties along with safe use.

Market Dynamic

GROWING USE OF ELECTRONIC DEVICES WILL BOOST THE MARKET FOR ELECTRONIC CLEANING SOLVENT

The major factor driving the green solvents markets include growth in huge demand for the consumer as well as industrial electronic gadgets, which are expected to boost the market growth in the coming years. Additionally, a major concern about cleaning minor parts, such as switches, alarms, terminal plugs, connectors, and others where solvents play a crucial role in the industrial sector is expected to witness a noticeable growth owing to the ease of application and increase in several applicants all over the world. Growing mechanization and digitalization have driven the electronic industry and consecutively another factor to propel the global electronic cleaning solvents market throughout the estimated period.

FLUCTUATING PRICE OF RAW MATERIAL COSTS HAMPER THE MARKET GROWTH

Though the raw material price is considered to be the major factor that influences market growth during the forecast period, changing prices in near future will pull the demand for this product. Significant price decrease for natural gas in recent years has forced oil companies to opt for other alternative technologies such as hydro-fluoro ether and chlorofluorocarbons. However, oil demand is considered to be stable in the coming years.

THE RISE IN IOT PROJECTS WILL CREATE MORE OPPORTUNITIES FOR THE MARKET

The growing trend of connected devices and the internet of things has been resulting in the growth of electronic devices. Some of the robust growth in development in recent technology such as advanced PCB technology is expected to drive the growth of the electronic cleaning solvent market. Leading key players are engaging in opening new manufacturing facilities and developing new products with excellent solubility and various properties are expected to substantial growth in this industry

COVID-19 Impact

The anticovid-19 measures have resulted in a serious crisis in the global business of solvents. This has triggered the industry to shut down its production sites as clients are unable to access the raw material or final product. As a result, the industry is expected to witness growing demand for both DIY and professional cleaning tools in the coming months.

Moreover, customers are taking an interest in investing in cleaning equipment rather than replacing their fully functioning machines with new ones due to uncertainty about whether they will be able to access their old products once the anti-criminalization measures are lifted.

Market Segments Covered in Report

By Product:

• Formulated Hydrocarbon Solvents
• Glycols & Glycol Ethers
• Fluorinated Solvents
• Brominated Solvents
• Light Petroleum Distillates

By Cleaning Process:

• Vapor Phase Degreaser
• Vacuum Cleaning
• Mixed Co-solvent
• Separated Co-solvent
• Semi-aqueous

By Region and Country:

• North America (U.S., Canada)
• Latin America (Brazil, Mexico, Rest of Latin America)
• Europe (Germany, Italy, France, UK, Spain, Netherlands, Norway, Russia, Rest of Europe)
• Asia-Pacific (China, Japan, South Korea, India, Indonesia, Thailand, Vietnam, Australia & New Zealand, Rest of Asia-Pacific)
• Middle East (Saudi Arabia, Turkey, UAE, Rest of Middle East)
• Africa (South Africa, Nigeria, Egypt, Rest of Africa)

Segment-Wise Analysis

Why are Fluorinated Solvents projected to ensure the most revenue during the forecast period?

At 69.0% of the market, Fluorinated Solvents had the greatest revenue share. Due to its Fluorinated solvents are widely used in various electronic products. These solvents are made of fluorocarbons, a group of compounds with high boiling points and low density. The most popular moiety used in fluoro solvents is perfluorohexane, which has a boiling point close to that of water and is lightweight compared to its perfluorinated counterparts.

Why is the Vapor Phase Degreaser segment expected to expand the fastest during the forecast period?

In 2021, The vapor phase degreaser process segment of the global electronics cleaning solvents market is estimated to consistently show a substantially high market share over the forecast period, on account of its higher number of applications in the electronics industry. The growth in demand for an easy cleaning process is boosting the segment of the vapor phase degreaser process.

Region-Wise Analysis

The regions analyzed for the market include North America, Europe, Latin America, Asia Pacific, Middle East, and Africa.

• In 2021, the Asia Pacific market held a sizeable revenue share of 58.7%. In emerging economies, rapid population development has raised the need for electronics. China is anticipated to be one of the prominent markets for cleaning solvents due to the sharp increase in the consumption of electronic items. The rising consumption of electronic items also has been attributed as a major driving factor for the development of this sector.
• Western Europe is among the world’s major producers of motor vehicles along with various electronic goods. European vehicles are the cleanest, safest and quietest in the world. Over 50.0% of the electronic chips produced in Europe are developed in Germany.

Competition Analysis

The global electronics cleaning solvents market is gradually consolidating with leading manufacturers and raw material suppliers entering into this segment of the world market.

Some of the key developments that have taken place in the Electronic Cleaning Solvents Market include:

• In 2020, A new start-up plant in China has been announced by The Eastman Chemical Company.
• In 2020, The Eastman Chemical Company introduced a system for the molecular recycling of plastics on a global scale.
• In February 2020, Building solutions and strategic agreements to provide intelligent building offerings were announced by Honeywell International Inc. and Idemia.

A list of some of the key suppliers present in the market are:

• 3M
• Albemarle Corporation
• LyondellBasell Industries Holdings B.V.
• Honeywell International, Inc.
• BASF SE
• The Dow Chemical Company
• Eastman Chemical Company
• Arkema SA
• Asahi Glass Co., Ltd.
• The Chemours Company
• Solvay SA
• Corbion N.V.
• Godavari Biorefineries Ltd.
• Chevron Phillips Chemical Company
• Invista
• W. Chesterton Company
• Aervoe Industries, Inc.
• HK Wentworth Ltd
• Vantage Specialty Chemicals, Inc.
• Permatex
• CRC Industries
• Oxea GmbH
• ISU Chemical Co Ltd.
• LCY Chemical Corp.
• Deepak Fertilizers and Petroleum Corporation Limited
• CNPC Northeast Refining & Chemical Engineering Company Limited (PetroChina Co. Ltd.)

Report Coverage and Highlights

• Our comprehensive, data-backed, and facts-oriented report provides niche and cross-sectional analysis at global and country levels.
• Assessment of the historical (actual data) and current market size (2017-2021), market projections (2022-2032), and CAGR.
• The market assessment across North America, Europe, East Asia, South Asia & Pacific, Latin America, Middle East, and Africa.
• Competitive tactical intelligence, key strategies adopted by top players, production capacity and company shares analysis, product brand surveys, and export-import analysis
• Pricing analysis to set and benchmark your current or future offerings across each product type helps you understand whether your pricing strategy is aligned with market expectations and can be compared to market disruptions.
• Predictions on critical supply and demand trends and technological expertise needed to address operations scalability.
• Consumer behavior shifts and their implications for players, list of end-users, and their consumption analysis.
• Key drivers, restraints, opportunities, and emerging trends impacting the market growth.
• Value chain analysis (list of manufacturers, distributors, end-users, and average profitability margins).
• Strategic market analysis, recommendations, and future headways on crucial winning strategies.