The market is expected to generate an incremental $ opportunity of US$ 1,631.0 Mn between 2022 and 2032
Category: Chemicals & Materials Published Date : October 2022 ID: CVC-00418 Format: PDF Pages: 270
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:
By Cleaning Process:
By Region and Country:
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.
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:
A list of some of the key suppliers present in the market are:
Report Coverage and Highlights
Research Scope | Details |
Forecast period | 2022-2032 |
Historical data available for | 2017-2021 |
Market analysis | USD Million for Value and Tons for Volume, and CAGR from 2022 to 2032 |
Key regions covered | North America, Latin America, Europe, Asia-Pacific, Middle East, and Africa |
Key countries covered | US, Canada, Brazil, Mexico, Germany, Italy, France, UK, Spain, Netherlands, Norway, Russia, China, Japan, South Korea, India, Indonesia, Thailand, Vietnam, Australia & New Zealand, Saudi Arabia, Turkey, UAE, South Africa, Nigeria, Egypt |
Key segments covered | By Product Types, Cleaning Process and Region |
Customization scope | Available upon Request |
Pricing and purchase options | Available upon Request |