Photoresist Market Industry Leaders & New Revenue Pockets

The photoresist market including photoresist ancillaries is projected to reach USD 4.15 billion by 2022, at a CAGR of 5.5% from 2017 to 2022. Photoresist is a photosensitive material, which is applied to a substrate during the photolithography process to enable a desired pattern to be imaged. Photoresist ancillaries are supporting materials used to improve the efficiency and resolution of the photolithography process. The growing demand for wearable devices, smartphones, tablets, and other smart appliances are expected to drive the photoresist market.

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New product launches and expansions were the key strategies adopted by major players to grow in the photoresist market between 2013 and 2017. Some of the major players in the photoresist market are The Dow Chemical Company (U.S.), TOKYO OHKA KOGYO CO., LTD.  (Japan), Fujifilm Electronics Material Co., Ltd. (Japan), E.I. du Pont de Nemours and Company (U.S.), JSR Corporation (Japan), Shin-Etsu Chemical Co., Ltd. (Japan), and Sumitomo Chemicals Co., LTD. (Japan). Besides expansions and new product launches, companies also adopted the strategies of mergers & acquisitions, and joint ventures to expand their product portfolios, strengthen their distribution networks, and increase their reach to customers.

The Fujifilm Electronics Materials Co., Ltd. (Japan) is one the leading manufacturers of photoresist. It offers a wide range of photoresist products for different applications. It caters to a broad array of products and services used throughout the semiconductors & ICs manufacturing process. The company has fully integrated facilities that cater to photoresist materials, and state-of-the-art manufacturing facilities in the U.S., Europe, and Asia, along with local sales offices throughout the world. Mergers & acquisitions, and expansion are the two main strategies adopted by the company to increase its market share. For example, in September 2015, the company acquired Ultra Pure Solutions, Inc. a U.S.-based solvent manufacturer to meet the needs of its customers, which include major semiconductor and other chemical manufacturers. The company also expanded its production by building a new plant in Taiwan in August 2016 for the manufacturing of advanced semiconductor materials, including the photoresist products.

The JSR Corporation (Japan) has a comprehensive photoresist product portfolio that caters to the demand of major end users. The company has several patents with respect to photoresist, and there is further scope for enhancing its product portfolio. Core competencies of the company are advanced manufacturing and quality-control systems, superior regulatory expertise, in-depth market knowledge, extensive technical customer support, and R&D capabilities. The company adopted expansions and joint ventures as its main strategies to increase production and cater to the rising demand for photoresist. In March 2017, the JSR Corporation set up a new manufacturing facility in Belgium to enable the manufacturing and quality control of EUV photoresist for the semiconductors industry. In February 2016, the company entered into a joint venture with IMEC, Belgium, a leading nanoelectronics R&D center to start the manufacturing of EUV lithography materials for the semiconductor industry. Through this joint venture, the company aims to utilize IMEC’s advanced process flow and equipment for delivering photoresist solutions.

The photoresist including photoresist ancillaries market is projected to reach USD 4.15 billion by 2022, at a CAGR of 5.5% from 2017 to 2022. Photoresist are used in various applications, such as semiconductors & ICs, LCDs, printed circuit boards, and others. Photoresist finds major application in semiconductors and ICs, which is further used in consumer electronics, such as smartphones & tablets, game devices, high-speed servers, and laptops.

Technological advancements is leading to a shift towards the use of nanodevices. The acceptance of nanotechnology has contributed to the growth of the market for MEMS & NEMS devices. Small size, lightweight, low power consumption, and cheap fabrication cost associated with nanodevices, have increased their demand at the global level. The recent commercialization of nanodevices has boosted the market potential of photoresist with various technological advancements.

Based on type, the ArF immersion segment is estimated to account for the largest share of the photoresist market in 2017. This segment is projected to grow at the highest CAGR during the forecast period. ArF immersion is widely used, as it provides superior resolution with low defect levels, owing to its narrow wavelength and ability to break through 10 nm level. The ArF dry photoresist possesses properties, such as high accuracy and high resolution, and is used in high-end semiconductors & ICs applications. The growing demand for miniaturized semiconductor devices, high-performance compact consumer electronics products, such as smartphones & tablets, game devices, and high-speed servers are expected to drive the market for ArF photoresist in the coming years. The KrF photoresist is the second most widely used type of photoresist, catering to the rapidly growing 3D-NAND flash memory device manufacturing. The G-line and I-line produce broader line-width due to their larger wavelength of light source.

The Asia-Pacific is estimated to lead the photoresist market during the forecast period. The growth of this market in Asia-Pacific can be attributed to the rising demand of photoresist to be used in applications, such as semiconductors & ICs, LCDs, and printed circuit boards. The photoresist market in Asia-Pacific is projected to witness the highest growth from 2017 to 2022, due to increasing developmental activities, such as expansions or establishing new manufacturing facilities by photoresist manufacturers.

Major players in the photoresist market employed organic as well as inorganic growth strategies, such as expansions, joint ventures, mergers & acquisitions, agreements, and new product developments to expand their businesses. The key companies operating in this market are enhancing their presence in emerging markets and strengthening their distribution networks globally. The growth strategies adopted by the players are expected to lead to significant growth of the photoresist market in the future.

The Dow Chemical Company (U.S.), TOKYO OHKA KOGYO CO., LTD. (Japan), Fujifilm Electronics Material Co., Ltd. (Japan), E.I. du Pont de Nemours and Company (U.S.), JSR Corporation (Japan), Shin-Etsu Chemical Co., Ltd. (Japan), and Sumitomo Chemicals Co., LTD. (Japan) are the leading players in the photoresist market.

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