Photoresist Market

Rising need for electronics is driving the market growth

One of the main factors propelling the worldwide photoresist market's expansion is the rising need for electronics. There is a growing need for quicker, smaller, and more affordable electronics due to developments in the electronic sector, including 3D printing, drones, aerogel, claytronics, and conductive polymers. The quality and functionality of consumer electronics have improved as a result of recent technological developments and improvements made to the machinery already in use for producing photoresist materials. Furthermore, newer devices are being adopted more frequently as a result of falling production costs.

In order to satisfy the increasing need for electronic improvements, vendors are formulating methods. The use of flat-panel displays is growing, including LCD, LED, and plasma screens. Computers, smartphones, and other gadgets use these screens. These displays need to be made and processed using various materials and chemicals. Therefore, throughout the projected period, the market for photoresist is anticipated to develop as a result of the rising adoption of these displays. Throughout the forecast period, new uses for polymers in electrical and electronic applications are anticipated to fuel the expansion of the Photoresist Market, particularly in North America and Europe.

The market for photoresist, which is used in automotive applications like display panels, will be driven by the auto sector. OICA reports that South African passenger car production increased by 8.6% from 2018 to 2019, totaling 3,42,665 units. In 2018, the country produced 3,21,097 vehicles. Furthermore, as to OICA, Malaysia's manufacturing of passenger automobiles increased to 5, 34,115 units in 2019 from 5, 20,526 units in 2018, a 2.6% increase over 2018. Therefore, increased in-vehicle applications would be required due to expanding automobile manufacturing, which would drive the photoresist market forward throughout the projected time.

The expansion of the photoresist market worldwide will be fueled by developments in material technology. Utilizing the "direct-wire" technique, direct incident beam lithography is a novel process that produces three-dimensional (3D) lithographic patterns on a range of nanoparticle materials, such as semiconductors, metals, insulators, and magnetic materials. Numerous fields, such as magnetics, photonics/plasmonics, 3D electronic structures, and MEMS/NEMS, can benefit from this technology. Direct incident beam lithography has many benefits, including a fast and simple patterning procedure, numerous writing modes, a broad range of applications, and considerable flexibility and utility in nano/microfabrication.

Technological developments in materials have brought about changes in the manufacturing process for semiconductors and electrical devices. Innovative materials for patterning with photoresist and photoresist ancillaries are being developed as a result of the shift from MEMS to bio-NEMS/MEMS. As such materials and technologies become commercially available, the market for photoresists and related products will have endless opportunities. Thus, driving the photoresist market revenue.

Sustainability trends are increasingly shaping the Global Photoresist Market Industry, as manufacturers seek to reduce their environmental impact. The growing emphasis on eco-friendly materials and processes is prompting companies to innovate in the development of sustainable photoresist solutions. This shift not only aligns with global environmental goals but also meets the demands of environmentally conscious consumers. As regulations become stricter and sustainability becomes a priority, the Global Photoresist Market Industry is likely to adapt, fostering the development of greener alternatives that could redefine industry standards.

The Global Photoresist Market Industry is projected to experience substantial growth over the next decade. With an estimated market value of 5.28 USD Billion in 2024, the industry is expected to expand to 9.53 USD Billion by 2035. This growth trajectory suggests a compound annual growth rate of 5.51% from 2025 to 2035. Such projections indicate a robust demand for photoresist materials, driven by advancements in technology and increasing applications in various sectors. The market's expansion reflects the critical role that photoresists play in the semiconductor manufacturing process, underscoring their importance in the evolving technological landscape.

The expansion of emerging markets is a crucial factor driving the Global Photoresist Market Industry. Countries in Asia-Pacific, particularly China and India, are witnessing rapid industrialization and urbanization, leading to increased investments in semiconductor manufacturing. As these nations strive to enhance their technological capabilities, the demand for photoresists is expected to rise. This trend is indicative of a broader shift in the global supply chain, where emerging markets are becoming key players. The Global Photoresist Market Industry is likely to benefit from this expansion, potentially leading to a compound annual growth rate of 5.51% from 2025 to 2035.

The Global Photoresist Market Industry is experiencing a surge in demand driven by rapid technological advancements in semiconductor manufacturing. Innovations in photolithography techniques and materials are enhancing the performance and efficiency of photoresists. For instance, the introduction of extreme ultraviolet lithography is enabling the production of smaller and more complex semiconductor devices. This trend is projected to contribute to the market's growth, with the industry expected to reach 5.28 USD Billion in 2024. As manufacturers adopt these advanced technologies, the Global Photoresist Market Industry is likely to witness a significant transformation, fostering a competitive landscape.

The increasing global demand for consumer electronics is a pivotal driver for the Global Photoresist Market Industry. As the proliferation of smartphones, tablets, and wearable devices continues, the need for advanced semiconductor components rises correspondingly. This demand is anticipated to propel the market, with projections indicating a growth to 9.53 USD Billion by 2035. The integration of photoresists in the manufacturing of these electronic devices is crucial, as they play a vital role in defining circuit patterns. Consequently, the Global Photoresist Market Industry is positioned to benefit from this ongoing trend, suggesting a robust growth trajectory.

Government initiatives aimed at bolstering the semiconductor industry are significantly influencing the Global Photoresist Market Industry. Various countries are implementing policies and providing financial support to enhance domestic semiconductor manufacturing capabilities. For example, initiatives in regions like North America and Asia are focused on reducing reliance on foreign semiconductor supply chains. These efforts are likely to stimulate growth in the photoresist sector, as increased production capacity will necessitate higher volumes of photoresist materials. The Global Photoresist Market Industry stands to gain from these investments, which may lead to a more resilient and self-sufficient semiconductor ecosystem.

By region, the study provides the market insights into North America, Europe, Asia-Pacific and Rest of the World. The North American photoresist market area will dominate this market. This is explained by a number of causes, including the widespread use of cutting-edge technology, the quickly expanding electronics and electrical industries, the growing desire for the newest technological innovations, the need for semiconductors across a wide range of industrial sectors, and the need for tiny electronic devices.

Moreover, rising production of electric and passenger cars, rising demand for anti-reflective coatings, and government programs to support the use of electric vehicles are anticipated to drive market expansion in North America during the projected period.

Further, the major countries studied in the market report are The US, Canada, German, France, the UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil.

Figure 2: PHOTORESIST MARKET SHARE BY REGION 2022 (USD Billion)

Source: Secondary Research, Primary Research, MRFR Database and Analyst Review

Europe photoresist market accounts for the second-largest market share. The market in the area will expand as a result of factors like the popularity of consumer electronics and smart gadgets. Additionally, as the working class population's disposable income rises over the projection period, their interest in electronic products will rise steadily as well, propelling the market. Further, the German photoresist market held the largest market share, and the UK photoresist market was the fastest growing market in the European region

The Asia-Pacific Photoresist Market is expected to grow at the fastest CAGR from 2023 to 2032 because the electrical and electronics industries are expanding quickly, there is a strong demand for Integrated Circuits (ICs) and semiconductor chips, the population in the area is growing, and there is a growing need for a variety of electronic devices, including computers, cellphones, tablets, and other gadgets. Moreover, China’s photoresist market held the largest market share, and the Indian photoresist market was the fastest growing market in the Asia-Pacific region.

Leading market players are investing heavily in research and development in order to expand their product lines, which will help the photoresist market, grow even more. Market participants are also undertaking a variety of strategic activities to expand their global footprint, with important market developments including new product launches, contractual agreements, mergers and acquisitions, higher investments, and collaboration with other organizations. To expand and survive in a more competitive and rising market climate, photoresist industry must offer cost-effective items.

Manufacturing locally to minimize operational costs is one of the key business tactics used by manufacturers in the global photoresist industry to benefit clients and increase the market sector. In recent years, the photoresist industry has offered some of the most significant advantages to medicine. Major players in the photoresist market are attempting to increase market demand by investing in research and development operations includes JSR Corporation (Japan), Tokyo Ohka Kogyo Co., Ltd. (Japan), Shin-Etsu Chemical Co., Ltd. (Japan), Fujifilm Corporation (Japan), and Sumitomo Chemical Co., Ltd. (Japan).

A corporation that manufactures chemicals is called Shin-Etsu Chemical Co Ltd (Shin-Etsu). It produces and distributes electronics components, functional materials, and organic and inorganic chemicals. The company offers a range of products such as rare earth magnets, semiconductor silicon, silicones, cellulose derivatives, epoxy molding compounds, synthetic quartz, and polyvinyl chloride (PVC). Products from the company are used in mobile phones, everyday items, electrical cables, digital home appliances, agricultural equipment, and infrastructural components.

Chemical company Sumitomo Chemical Co Ltd (SCCL) provides a wide range of chemical goods in the following areas: medicines, IT-related chemicals and materials, health and crop scientific products, petrochemicals, energy and functional materials, and health. Industrial chemicals, both organic and inorganic, alumina products, polymer alloys, thermoplastic elastomers, dyestuffs, polymer additives, agricultural pesticides, and petrochemical products are among the company's product offerings.