Future Market Insights (FMI) has estimated the market of Electronics Cleaning Solventsto witness a year over year growth of 5.9%in 2022 reaching a value of about USD 1,134.0 Millionby 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) | USD1,070.6 Million |
| Electronics Cleaning Solvents Market Sales (2022E) | USD 1,134.0 Million |
| Electronics Cleaning Solvents Market Forecast (2029F) | USD 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 ofUSD 1,696.6 Millionby 2029 end.
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| 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.
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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.
According to FMI, China is estimated to be a key market in terms of market value. The country is projected to generate an incremental USD opportunity worth USD 227.3 Million 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 USD 165.5 Million 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.
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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.
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The latest study conducted by Future Market Insights covers all the strategies and success factors of key manufacturers of the market.
| 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 2. Market Overview 3. Market View Point 4. Global Electronics Cleaning Solvents Market Analysis 2014 to 2021 and Forecast 2022 to 2029 5. Forecast Factors: Relevance and Impact 6. Global Electronics Cleaning Solvents Market Analysis 2014 to 2021 and Forecast 2022 to 2029, By Product Type 6.1. Formulated Hydrocarbon Solvents 6.2. Glycols & Glycol Ethers 6.3. Fluorinated Solvents 6.4. Brominated Solvents 6.5. Light Petroleum Distillates 7. Global Electronics Cleaning Solvents Market Analysis 2014 to 2021 and Forecast 2022 to 2029, By Cleaning Process 7.1. Vapor Phase Degreaser 7.2. Vacuum Cleaning 7.3. Mixed Co-solvent 7.4. Separated Co-solvent 7.5. Semi-aqueous 8. Global Electronics Cleaning Solvents Market Analysis 2014 to 2021 and Forecast 2022 to 2029, By Region 8.1. North America 8.2. Latin America and Middle East & Africa (LAMEA) 8.3. Europe 8.4. Asia Pacific Excluding Japan (APEJ) 8.5. Japan 9. North America Electronic Cleaning Solvents Market Analysis 2014 to 2021 and Forecast 2022 to 2029 10. Latin America and Middle East & Africa Electronic Cleaning Solvents Market Analysis 2014 to 2021 and Forecast 2022 to 2029 11. Europe Electronic Cleaning Solvents Market Analysis 2014 to 2021 and Forecast 2022 to 2029 12. APEJ Electronic Cleaning Solvents Market Analysis 2014 to 2021 and Forecast 2022 to 2029 13. Japan Electronic Cleaning Solvents Market Analysis 2014 to 2021 and Forecast 2022 to 2029 14. Competition Landscape 14.1. 3M 14.2. Albemarle Corporation 14.3. LyondellBasell Industries Holdings B.V. 14.4. Honeywell International, Inc. 14.5. BASF SE 14.6. The Dow Chemical Company 14.7. Eastman Chemical Company 14.8. Arkema SA 14.9. Asahi Glass Co., Ltd. 14.10. The Chemours Company 14.11. Solvay SA 14.12. Corbion N.V. 14.13. Godavari Biorefineries Ltd. 14.14. Chevron Phillips Chemical Company 14.15. Invista 14.16. A. W. Chesterton Company 14.17. Aervoe Industries, Inc. 14.18. HK Wentworth Ltd 14.19. Vantage Specialty Chemicals, Inc. 14.20. Permatex 14.21. CRC Industries 15. Forecast Assumptions & Acronyms 16. Research Methodology
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Electronics Cleaning Solvents Market
