Future Market Insights (FMI) has estimated the market of electronics cleaning solvents to witness a year over year growth of 5.9% in 2022 reaching a value of about US$ 1,134.0 Million by the end of 2022. The global market is projected to witness a growth rate of 5.9% over the forecast period of 2022 and 2029.
Attribute | Details |
---|---|
Electronics Cleaning Solvents Market Value (2021A) | US$1,070.6 Million |
Electronics Cleaning Solvents Market Sales (2022E) | US$ 1,134.0 Million |
Electronics Cleaning Solvents Market Forecast (2029F) | US$ 1,696.6 Million |
Value CAGR (2022 to 2029) | 5.9% |
Collective Value Share: Top 3 Countries (2022E) | 54.2% |
Growing demand of electronics cleaning solvents like formulated hydrocarbon solvents, glycols & glycol ethers, fluorinated solvents, brominated solvents and light petroleum distillates in cleaning of electronics items to boost the demand. FMI has projected the global electronics cleaning solvents sales to reach a value of US$ 1,696.6 Million by 2029 end.
Don't pay for what you don't need
Customize your report by selecting specific countries or regions and save 30%!
Market Statistics | Details |
---|---|
H1,2021 (A) | 5.5 % |
H1,2022 Projected (P) | 5.8 % |
H1,2022 Outlook (O) | 6.0 % |
BPS Change : H1,2022 (O) - H1,2022 (P) | (+) 20 ↑ |
BPS Change : H1,2022 (O) - H1,2021 (A) | (+) 50 ↑ |
According to FMI analysis, the market is estimated to witness a growth rate of 6.0% during first half 2022, and the market is expected to gain a bps of 50 points as compare to the earlier projections during the same period. Key reasons for this increase in growth rate is owing to growing production of electronic goods and growth in industrial automation.
Significant development in chemical industries, growing investment in electronic sector, etc. are anticipated to drive the demand for electronic cleaning solvents.
Market growth prospects has been changing with certain growth dynamic factors, industry trends, supply and demand, geopolitical tensions, economic crisis in certain countries. All these impacts in growth outlook which is why FMI presents a comparison and review analysis for electronic cleaning solvents market. The growth rate comparison is done on half yearly basis for 2022, including current estimates and projected growth outlook.
Key growth driver of the electronic cleaning solvents market is rising demand cleaning solvent in various application from the various end use industries.
In addition to this, growing trends of connected devices and internet of things has been resulting in the growth of the electronic devices is attributing to the market. Some of the robust growth in the development in recent technology such as advanced PCB technology is expected to drive the growth of the electronic cleaning solvent market.
Moreover, leading key players are engaging in widening their production capacity by opening new manufacturing facilities and developing new products with excellent solubility and with various properties is expected to substantial growth in the Electronic Cleaning Solvent.
Sales of the electronics cleaning solvents increased at 5.0% CAGR, between the period of 2014 and 2021, due to its growth in demand in electronic industries. The covid-19 pandemic, had reduced demand for electronics cleaning solvents, impacted sales projections in 2020, however, in later half of the year, the growth is expected to bounce back to its original pace based on recovery of the economic conditions.
The key growth driver of the market is rising use of cleaning solvents for cleaning of electronic appliances, and various other electronic products used in several sectors. Demand for superior quality of cleaning chemicals in the electronic industry has bolstered the growth of the market.
Growing production of electronic goods, increase in the production capacity of various electronic items such as sensors, mobile phones, laptops, etc., growth in the industrial automation are expected to boost the demand for electronics cleaning solvents in the coming years. Work from home has also increased the sales of electronic items, which is also expected to enhance the electronics cleaning solvents market.
Every module in a vehicle is a high tech electronic gadget, starting from the head light to the control systems inside the vehicle. Increasing use of electronic components along with advancement in the automotive electronics technology are providing a sophisticated driving experience to the people.
Owing to the use of pervasive electronics systems in the automobile operations, manufacturers are focusing on enhancing the driving performance, fuel efficiency, and driver safety. As a result, systems are being transformed from mechanical to electronics, which is driving the demand towards overall automobile computerization, thereby driving the demand for electronics cleaning solvents.
Embedded electronic systems used in radio, anti-lock brake, music system, and telematics have become the essential parts of every automobile design, which can digitally control most of the automobile operations.
Trending X-by-wire system is drawing the attention of the automobile manufacturers, where mechanical or hydraulic power systems are replaced completely by electronic ones. This novel system replaces many mechanical, hydraulic systems, and other such conventional systems owing to its better precision along with cost efficiency, thereby creating demand for electronics cleaning solvents.
The bizarre Covid-19 outbreak had hampered the global business of solvents. Rise in cases of first quarter of the year 2020 led to nation wise lockdown in numerous countries. The electronics cleaning solvents was contracted due to disruption in the supply chain and shutdowns of the industries. Shutdown of production sites had curtailed demand from end use industries.
Although the electronics cleaning solvents market is expected to stride up with captivating hold owing the rising demand from end-use sector as the multiple industries coped with covid regulation and started administrating virtually that ultimately lead to surge in sales of electronic items.
Get the data you need at a Fraction of the cost
Personalize your report by choosing insights you need
and save 40%!
According to FMI, China is estimated to be a key market in terms of market value. The country is projected to generate an incremental $ opportunity worth US$ 227.3 Mn between 2022 and 2029. By value, China is expected to remain one of the prominent market in the global electronics cleaning solvents industry. Consumption of electronics cleaning solvents in the country is expected to witness robust growth during forecast period owing to substantial development in the electronic industry.
China is the key market for the solvent owing to significant growth of the electronic industry. Higher demand for electronic items in these countries is anticipated to boost the demand. Further, strong growth in the chemical industries also has contributed to the development of the solvents sector for electronics industry in China.
Western Europe is projected to reach an estimated value of US$ 165.5 Mn by the end of 2029. The region is projected to witness a growth rate of 4.7% over the forecast period in the electronics cleaning solvents market.
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. Within Europe, Germany is recognized as the economic powerhouse with its world class R&D infrastructure, skilled workforce and industrial value chain integration from the electronics to automotive industry. These two industries have a turnover of over half a trillion in the European region. Over 50% of the electronic chips produced in the Europe are developed in Germany.
There has been a rapid growth in the electronics industry in recent times on account of the swiftly rising demand for industrial as well as consumer electronic products. This, in turn, has been fueling the demand for electronics cleaning solvents, required for the manufacturing and maintenance of electronic components. The preferred use of high cost fluorinated solvents in cleaning of various types of contaminants is expected to consistently contribute to the growth of the market demand.
Fluorinated solvents segment is anticipated to account for about 69% of the global sales of electronics cleaning solvents by value. Growing demand for green chemicals all over the globe is boosting the demand for fluorosolvents as these solvents have no or lesser impact to the environment. Higher development in this product type is expected to boost the segmental growth in the coming years.
With the high growth of the demand for cleaning chemicals in the electronic sector, process to clean the product also remain crucial. Ease of applicability also remain one of the key factor for the choice of cleaning process. The vapor phase degreaser process segment is estimated to consistently show a substantially high market share in the global electronics cleaning solvents market over the forecast period, on account of its higher number of applications in the electronics industry.
Vapor phase degreaser process segment is estimated to create an incremental dollar opportunity of US$ 195.9 Mn over the period of 2022 and 2029. Growth in the demand for easy cleaning process is boosting the segment of vapor phase degreaser process.
The electronics industry is inclining towards the use of thin and lightweight components. Over the last few years, the manufacturing of printed circuit board (PCB), which is a building block of electronic components as well as electronic industry, has developed tremendously. Hence, companies are developing novel PCB technology to enhance the performance of electronic devices.
Additionally, growing trend of connected devices or the Internet of things (IOT) has been resulting in growth of electronic devices, this has become a key factor for business revolution Therefore, the expected robust growth in advanced PCB technology and connected devices market is expected to, in turn, drive the growth of the global electronics cleaning solvents market during the forecast period.
The global electronics cleaning solvents market is expected to be consolidated and the well known market participants are engaging on widening their market share and are trying to nourish their superiority in the global business.
For Instance,
The latest study conducted by Future Market Insights covers all the strategies and success factors of key manufacturers of the market.
*The list is not exhaustive, and only for representational purposes. Full competitive intelligence with SWOT analysis is available in the report.
Attribute | Details |
---|---|
Forecast Period | 2022 to 2029 |
Historical Data Available for | 2014 to 2021 |
Market Analysis | USD Million for Value and Tons for Volume |
Key Regions Covered | North America; Latin America and Middle East & Africa; Europe; Asia Pacific Excluding Japan (APEJ) and Japan. |
Key Countries Covered | USA, Canada, Western Europe, Eastern Europe, China, ASEAN, South Korea, Taiwan and Rest of APEJ. |
Key Segments Covered | Product Types, Cleaning Process and Region |
Key Companies Profiled |
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; A. 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 | Market Forecast, Company Share Analysis, Competition Intelligence, DROT Analysis, Market Dynamics and Challenges, and Strategic Growth Initiatives |
Customization & Pricing | Available upon Request |
The global electronics cleaning solvents market is expected to create a valuation of US$ 1,134.0 Mn in 2022.
The electronics cleaning solvents market has been estimated to exhibit a growth rate of 5.9% in between the period of 2022 and 2029 on value basis.
Fluorinated Solvent segment is expected to significantly contribute to the global share to the overall market in 2022.
3M, Albemarle Corporation, Asahi Glass Co. Ltd, LyondellBasell Industries Holdings B.V, Honeywell International Inc., The Dow Chemical Company, The Chemours Company, Solvay SA, and many others are the leading market players in the global Electronics Cleaning Solvents.
The consumption rate in U.S. is expected to increase by 4.7% CAGR between the period of 2022 and 2029 on value basis.
1. Executive Summary
1.1. Market Overview
1.2. Market Analysis
1.3. FMI Analysis and Recommendations
1.4. Wheel of Fortune
2. Market Overview
2.1. Market Taxonomy
2.2. Market Definition
2.3. Parent Market Overview
3. Market View Point
3.1. Key Success Factors: Electronics Cleaning Solvents Market
3.2. Electronics Cleaning Solvents Selection Criteria: End Users
3.3. Macro-Economic Factors
3.4. Market Dynamics
4. Global Electronics Cleaning Solvents Market Analysis 2014-2021 and Forecast 2022–2029
4.1. Introduction
4.1.1. Market Volume & Value Projections
4.1.2. Absolute $ Opportunity
4.2. Global Supply Demand Scenario
4.3. Pricing Analysis, by Region
4.4. Supply Chain Analysis
5. Forecast Factors: Relevance and Impact
6. Global Electronics Cleaning Solvents Market Analysis 2014-2021 and Forecast 2022–2029 By Product Type
6.1. Introduction
6.2. Historical Market Size Analysis By Product Type, 2014-2021
6.3. Market Size (US$ Mn) Forecast By Product Type, 2022–2029
6.3.1. Formulated Hydrocarbon Solvents
6.3.2. Glycols & Glycol Ethers
6.3.3. Fluorinated Solvents
6.3.4. Brominated Solvents
6.3.5. Light Petroleum Distillates
6.4. Market Attractiveness Analysis By Product Type
7. Global Electronics Cleaning Solvents Market Analysis 2014-2021 and Forecast 2022–2029, By Cleaning Process
7.1. Introduction
7.2. Historical Market Size Analysis by Cleaning Process, 2014-2021
7.3. Market Size (US$ Mn) Forecast By Cleaning Process, 2022–2029
7.3.1. Vapor Phase Degreaser
7.3.2. Vacuum Cleaning
7.3.3. Mixed Co-solvent
7.3.4. Separated Co-solvent
7.3.5. Semi-aqueous
7.4. Market Attractiveness Analysis By Cleaning Process
8. Global Electronics Cleaning Solvents Market Analysis 2014-2021 and Forecast 2022–2029, By Region
8.1. Introduction
8.2. Historical Market Size Analysis By Region, 2014-2021
8.3. Market Size (US$ Mn) Forecast By Region, 2022–2029
8.3.1. North America
8.3.2. Latin America and Middle East & Africa (LAMEA)
8.3.3. Europe
8.3.4. Asia Pacific Excluding Japan (APEJ)
8.3.5. Japan
8.4. Market Attractiveness Analysis By Region
8.5. Key Drivers & Trends
9. North America Electronic Cleaning Solvents Market Analysis 2014-2021 and Forecast 2022–2029
9.1. Introduction
9.2. Pricing Analysis
9.3. Historical Market Size (US$ Mn) and Volume Trend Analysis By Market Taxonomy, 2014-2021
9.4. Market Size (US$ Mn) and Volume Forecast By Market Taxonomy, 2022–2029
9.4.1. By Country
9.4.1.1. U.S.
9.4.1.2. Canada
9.4.2. By Product Type
9.4.3. By Cleaning Process
9.5. Market Attractiveness Analysis
9.5.1. By Country
9.5.2. By Product Type
9.5.3. By Cleaning Process
9.6. Market Trends
9.7. Key Market Participants - Intensity Mapping
9.8. Drivers and Restraints - Impact Analysis
10. Latin America and Middle East & Africa Electronic Cleaning Solvents Market Analysis 2014-2021 and Forecast 2022–2029
10.1. Introduction
10.2. Pricing Analysis
10.3. Historical Market Size (US$ Mn) and Volume Trend Analysis By Market Taxonomy, 2014-2021
10.4. Market Size (US$ Mn) and Volume Forecast By Market Taxonomy, 2022–2029
10.4.1. By Country
10.4.1.1. Latin America
10.4.1.2. Middle East & Africa
10.4.2. By Product Type
10.4.3. By Cleaning Process
10.5. Market Attractiveness Analysis
10.5.1. By Country
10.5.2. By Product Type
10.5.3. By Cleaning Process
10.6. Market Trends
10.7. Key Market Participants - Intensity Mapping
10.8. Drivers and Restraints - Impact Analysis
11. Europe Electronic Cleaning Solvents Market Analysis 2014-2021 and Forecast 2022–2029
11.1. Introduction
11.2. Pricing Analysis
11.3. Historical Market Size (US$ Mn) and Volume Trend Analysis By Market Taxonomy, 2014-2021
11.4. Market Size (US$ Mn) and Volume Forecast By Market Taxonomy, 2022–2029
11.4.1. By Country
11.4.1.1. Western Europe
11.4.1.2. Eastern Europe
11.4.2. By Product Type
11.4.3. By Cleaning Process
11.5. Market Attractiveness Analysis
11.5.1. By Country
11.5.2. By Product Type
11.5.3. By Cleaning Process
11.6. Market Trends
11.7. Key Market Participants - Intensity Mapping
11.8. Drivers and Restraints - Impact Analysis
12. APEJ Electronic Cleaning Solvents Market Analysis 2014-2021 and Forecast 2022–2029
12.1. Introduction
12.2. Pricing Analysis
12.3. Historical Market Size (US$ Mn) and Volume Trend Analysis By Market Taxonomy, 2014-2021
12.4. Market Size (US$ Mn) and Volume Forecast By Market Taxonomy, 2022–2029
12.4.1. By Country
12.4.1.1. China
12.4.1.2. ASEAN
12.4.1.3. South Korea
12.4.1.4. Taiwan
12.4.1.5. Rest of APEJ
12.4.2. By Product Type
12.4.3. By Cleaning Process
12.5. Market Attractiveness Analysis
12.5.1. By Country
12.5.2. By Product Type
12.5.3. By Cleaning Process
12.6. Market Trends
12.7. Key Market Participants - Intensity Mapping
12.8. Drivers and Restraints - Impact Analysis
13. Japan Electronic Cleaning Solvents Market Analysis 2014-2021 and Forecast 2022–2029
13.1. Introduction
13.2. Pricing Analysis
13.3. Historical Market Size (US$ Mn) and Volume Trend Analysis By Market Taxonomy, 2014-2021
13.4. Market Size (US$ Mn) and Volume Forecast By Market Taxonomy, 2022–2029
13.4.1. By Product Type
13.4.2. By Cleaning Process
13.5. Market Attractiveness Analysis
13.5.1. By Product Type
13.5.2. By Cleaning Process
13.6. Market Trends
13.7. Key Market Participants - Intensity Mapping
13.8. Drivers and Restraints - Impact Analysis
14. Competition Landscape
14.1. Market Structure
14.2. Competition Intensity Mapping By Market Taxonomy
14.3. Competition Dashboard
14.4. Market Share Analysis
14.5. Company Profiles (Details – Overview, Financials, Strategy, Recent Developments)
14.5.1. 3M
14.5.2. Albemarle Corporation
14.5.3. LyondellBasell Industries Holdings B.V.
14.5.4. Honeywell International, Inc.
14.5.5. BASF SE
14.5.6. The Dow Chemical Company
14.5.7. Eastman Chemical Company
14.5.8. Arkema SA
14.5.9. Asahi Glass Co., Ltd.
14.5.10. The Chemours Company
14.5.11. Solvay SA
14.5.12. Corbion N.V.
14.5.13. Godavari Biorefineries Ltd.
14.5.14. Chevron Phillips Chemical Company
14.5.15. Invista
14.5.16. A. W. Chesterton Company
14.5.17. Aervoe Industries, Inc.
14.5.18. HK Wentworth Ltd
14.5.19. Vantage Specialty Chemicals, Inc.
14.5.20. Permatex
14.5.21. CRC Industries
15. Forecast Assumptions & Acronyms
16. Research Methodology
Explore Chemicals & Materials Insights
View Reports