Photoresist Market Growth Analysis | 2023-2028

Market Insights

The photoresist market is likely to grow at a promising CAGR of 4.3% during 2023-2028 to reach USD 2.7 billion in 2028.

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What is a photoresist?

The photoresist is a key material used in the semiconductor and microelectronics industry. Photoresists are light-sensitive materials used for patterning and transferring patterns onto semiconductor wafers or other substrates during the fabrication of integrated circuits, microelectromechanical systems (MEMS), and other microdevices. Photoresists play a crucial role in the manufacturing of microchips and other electronic components.

Market Dynamics

The increasing demand for smaller yet more powerful semiconductor components coupled with the growing trend towards the development of photoresist materials that could meet the stringent requirements of smaller semiconductor nodes, such as those below 10 nanometers (sub-10nm) led to a growing need for more advanced photoresist materials capable of producing finer circuit patterns. This trend also led to a rise in the demand for ArF (argon fluoride) and EUV (extreme ultraviolet) photoresists due to their ability to meet these advanced manufacturing demands.

The market for photoresists caters to a diverse clientele, including semiconductor manufacturers, printed circuit board (PCB) manufacturers, producers of Micro-Electro-Mechanical Systems (MEMS), and various other industries engaged in microfabrication and photolithography processes.

Furthermore, the global demand for semiconductors extends beyond consumer electronics to applications in data centers, automotive, healthcare, and more. These diverse industries contribute to the continued growth of the photoresist market.

Some of the most Recent Market JVs and Acquisitions: Over the past few years, there have been a fair number of strategic alliances, including M&As, JVs, etc., across the globe. One of the key Alliances is, in 2022, the entire stake of JSR Electronic Materials Korea was purchased by JSR Corporation. The joint venture JEMK was established in 2014 by the Japanese business and Peri Corp., a South Korean distributor of chemical materials.

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Key Players

The market is highly populated, with the presence of several regional, and global players. Many players expand their product portfolios to include a wide range of photoresist materials, catering to diverse customer needs. This diversification involves offering photoresists for different applications and industries. The following are the key players in the photoresist market. Most of the major players are providing other semiconductor materials as well.

• JSR Corporation
• Du Pont De Nemours and Company
• Shin-Etsu Chemical Co., Ltd.
• Merck KGaA

Segment Analysis

By Material Type

Based on the material type, the photoresist market is segmented into EUV, Arfi, Arf, Krf, and G & I Line.  Among them, Krf is expected to remain the largest, whereas EUV to the fastest-growing material type in the market during the forecast period. Photoresists with different exposure wavelengths have different limit resolutions for photolithography. One of the most common varieties of photoresist is KrF.

By Application Type

Based on application type, the market is segmented into DAO (Discrete, Analog, and Optoelectronics & Sensors), logic, and memory. Logic devices are predicted to remain the largest application in the market over the next five years. This dominance of logic devices can be primarily attributed to the continued need for logic chips that offer higher performance and energy efficiency. This demand is fueled by the widespread use of consumer electronics such as smartphones, tablets, and laptops. Furthermore, the rollout of 5G technology is anticipated to strengthen this demand, prompting the creation of more potent and efficient logic chips. Consequently, there is an increased requirement for advanced photoresists in this evolving landscape.

By End-Use Type

Based on the end-use type, the market is segmented into communication, computer, consumer electronics, industrial, automotive, and government. Among them, the computer segment is expected to remain the largest end-use type in the market, whereas the communication segment is likely to grow at the fastest pace during the forecast period. The trend of laptops becoming smaller in size has led to a rising need for enhanced capabilities from a single device. This necessitates integrated circuit (IC) chips with a higher transistor count to accommodate additional features. Consequently, there is an increasing demand for high-performance Integrated Circuits (ICs) within the semiconductor market.

Regional Insights

In terms of regions, Asia-Pacific is expected to remain the largest as well as the fastest-growing market for photoresists during the forecast period, mainly driven by Taiwan, South Korea, China, and Japan. Taiwan is the largest semiconductor material-consuming country in the world. Furthermore, Asia-Pacific is at the forefront of technological advancements, including 5G technology, artificial intelligence (AI), and IoT applications. These advancements rely on advanced semiconductor materials and integrated circuits; thus, driving the demand for photoresists. North America and Europe, sizeable markets, are also likely to create healthy growth opportunities in the coming five years, driven by increasing investments in R&D activities.

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Critical Questions Answered in the Report

• What are the key trends in the global market?
• How the market (and its various sub-segments) has grown in the last five years and what would be the growth rate in the next five years?
• What is the impact of COVID-19 on the global market?
• What are the key strategies adopted by the major vendors to lead in the market?
• What is the market share of the top vendors?

Market Segmentation

This report studies the market covering a period of 12 years of trend and forecast. The report provides detailed insights into the market dynamics to enable informed business decision-making and growth strategy formulation based on the opportunities present in the market.

The photoresist market is segmented into the following categories.

By Process Material Type

• EUV
• Arfi
• Arf
• Krf
• G & I Line

By Application Type

• DAO
• Logic
• Memory

By End-Use Type

• Communication
• Computer
• Consumer Electronics
• Industrial
• Automotive
• Government

By Region

• North America (Country Analysis: The USA and Rest of North America)
• Europe (Country Analysis: Germany, The UK, The Netherlands, Austria, and Rest of Europe)
• Asia-Pacific (Country Analysis: Japan, China, India, South Korea, Taiwan, and Rest of Asia-Pacific)
• Rest of the World (Country Analysis: Brazil, Saudia Arabia, and Others)

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Research Methodology

This strategic assessment report, from Stratview Research, provides a comprehensive analysis that reflects today’s photoresist market realities and future market possibilities for the forecast period.

The report segments and analyzes the market in the most detailed manner to provide a panoramic view of the market. The vital data/information provided in the report can play a crucial role for market participants as well as investors in the identification of the low-hanging fruits available in the market as well as to formulate growth strategies to expedite their growth process.

This report offers high-quality insights and is the outcome of a detailed research methodology comprising extensive secondary research, rigorous primary interviews with industry stakeholders, and validation and triangulation with Stratview Research’s internal database and statistical tools.

More than 1,000 authenticated secondary sources, such as company annual reports, fact books, press releases, journals, investor presentations, white papers, patents, and articles, have been leveraged to gather the data.

We conducted more than 15 detailed primary interviews with market players across the value chain in all four regions and industry experts to obtain both qualitative and quantitative insights.

Report Features

This report provides market intelligence in the most comprehensive way. The report structure has been kept such that it offers maximum business value. It provides critical insights into market dynamics and will enable strategic decision-making for existing market players as well as those willing to enter the market.

What Deliverables Will You Get in this Report?

Report Customization Options

With this detailed report, Stratview Research offers one of the following free customization options to our respectable clients:

Company Profiling

• Detailed profiling of additional market players (up to three players)
• SWOT analysis of key players (up to three players)

Competitive Benchmarking

• Benchmarking of key players on the following parameters: Product portfolio, geographical reach, regional presence, and strategic alliances.

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