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China Electronic Grade Sulfuric Acid Market Size Forecast to Reach $96.8 Million by 2026

(Publishing-NewsWire.com, February 05, 2022 ) China electronic grade sulfuric acid market size is forecast to reach US$96.8 million by 2026, after growing at a CAGR of 7.2% during 2021-2026. Electronic grade sulfuric acid is specifically manufactured for electronic industrial applications. The acid primarily finds its usage in semiconductors and ultra-large-scale integrated circuit assembly and processing. The growing demand for electronic devices in China is driving the market growth for electronic sulfuric acid during the forecast period. The growing demand for printed circuit boards and semiconductors among end-use industries such as automotive, telecommunication and home appliances are supporting the market growth for China electronic grade sulfuric acid between 2021-2026. Growing technological advancements in China along with the presence of electronic manufacturers are positively driving the market for electronic grade sulfuric acid in China. However, high energy consumption and the cost of production of electronic grade sulfuric acid are likely to hamper the market growth during the forecast period.



COVID-19 Impact



The COVID-19 pandemic is impacting different industries; one of the few industries that were largely hit to some extent was the electronics industry. The temporary shutdown of electronic manufacturing facilities has negatively impacted the market. The downfall in the production of electronic components, disruption of logistical services, and lack of workforce impacted the market negatively during the covid-19 crises. Travel restrictions have reduced the supply of raw materials required for the manufacturing of China electronic sulfuric acid, which, in turn, has affected negatively the market growth during the pandemic.



China Electronic Grade Sulfuric Acid Market Segment Analysis - By Manufacturing Process



The contact process segment is expected to hold the largest market share in the China electronic grade sulfuric acid market during the forecast period. Contact process is a modern industrial method used for the production of sulfuric acid. In the contact process initially the sulfur dioxide is converted into sulfur trioxide and later it is converted into sulfuric acid. The lead chamber segment is also expected to register moderate growth rate during the forecast period. The lead-chamber process is a method used for the production of sulfur acid by oxidizing sulfur dioxide with moist air, and gaseous nitrogen oxides. The process is used to produce sulfuric acid in large quantities.



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China Electronic Grade Sulfuric Acid Market Segment Analysis – By Application



Electronic grade sulfuric acid is used in the production and development of semiconductors, PCB Panels, and Photovoltaic, among others. The semiconductors segment accounted for approximately 24% of the market share in 2020 and is estimated to grow at a significant CAGR during the forecast period. Sulfuric acid is the most common and widely used specialty chemical for the development of customized electronic components in the semiconductor industry. The growing electronic industry in China is driving the market for the semiconductors segment which is further driving the market for electronic grade sulfuric acid. According to an article published by the World Economic Forum, approximately 90% of China’s electronics are produced in the Shenzhen province of China. Semiconductor finds its application in transistors, microchips, solar cells, and LED displays among others. These products are used in many industries such as IT, telecommunication, and automotive among others. PCB panels segment is expected to register a high CAGR of 7.5% during the forecast period 2021-2026.



China Electronic Grade Sulfuric Acid Market Segment Analysis – By End-Use Industry



The automotive electronics segment accounted for approximately 11% of the market share in 2020 and is estimated to grow at a significant CAGR during the forecast period. Automotive electronics are used in engine management, in-car entertainment systems, telematics, ignition, and carputers among others. The growing production of passenger cars in China is driving the automotive electronics sector. According to the data released by Beijing-headquartered Commercial Vehicle World, approximately 1.6 million heavy trucks are sold in China in 2020. The home appliances segment also expected to hold significant share during the forecast period 2021-2026. The growing sales and production of home appliances such as TVs, washing machines, refrigerators, micro woven, and others are driving the market for electronic grade sulfuric acid in China.



China Electronic Grade Sulfuric Acid Market Drivers:



Growing demand for home appliances



Rapid growth in the electronics sector along with the growing consumer spending in China is driving the market growth of home appliances. Home appliances are also known as domestic appliances used in household functions. Home appliances include washing machines, refrigerators, microwaves, grinders, and others. Rapid Technological advancements have led the manufacturers to develop smart appliances which have further driven the market for home appliances in China. The growing e-commerce channel in China along with the convenience of shopping of the e-commerce sector is supporting home appliances sales in China. According to the data published by the National Bureau of Statistics, the China Home appliance industry generated a revenue of 1.6 trillion Yuan in 2019. The revenue growth is up by 4.31% compared to 2018 and also the industry generated a profit of 133.86 billion Yuan in 2019. According to the China Household Electrical Appliances Association, the Chain home appliances export value reached US$70.92 billion in 2019 and grew by 3.3% year-on-year compared to 2018. The China total retail sales value of home appliances reached 892 billion Yuan in 2019.



Growing usage of PCB panels among end-use industries



PCB panels are used to connect electronic components through signal traces, tracks, and conductive pathways. The rising trend for small, light-weighted, and high-performance printed circuit boards in smart wearables, medical devices, and various portable electronics are driving the demand for PCB panels. Consumer electronics manufacturers are focusing on advanced PCB panels, to deliver high compactness and battery powering of IoT devices. According to the data published by IDC China, China’s wearable device market shipped about 32.93 million units in the third quarter of 2020. They also mentioned Huawei ranked first with 9.414 million unit’s shipments, Xiaomi ranked second, with 7.241 million units and Apple shipped about 5.868 million units in the third quarter of 2020.



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China Electronic Grade Sulfuric Acid Market Challenges:



Strict environmental regulations due to toxicological effects of sulfuric acid



Sulfuric acid is the world's largest volume industrial chemical used in many end-use industries such as agriculture, electronics, automotive, textile, and others. It is used to manufacture explosives, other acids, dyes, glue, electronic components, and automobile batteries among others. Sulfuric acid is very reactive and corrosive and burns any plants, birds, or land animals exposed to it. Industrial emissions of sulfuric acid can produce elevated concentrations in the atmosphere which may lead to acid rain and acid fog. These are the major challenges restraining the market growth during the forecast period 2021-2026.



China Electronic Grade Sulfuric Acid Market Landscape



Technology launches, acquisitions, and R&D activities are key strategies adopted by players in the China Electronic Grade Sulfuric Acid market. Major players in the China Electronic Grade Sulfuric Acid market are:



1. BASF SE

2. INEOS Group Holdings S.A.

3. KMG Chemicals

4. Kanto Chemical Co., Inc.

5. Trident Group

6. The Linde Group

7. PVS Chemicals

8. Reagent Chemicals, and Moses Lake Industries

9. Seastar Chemicals

10. Supraveni Chemicals Pvt. LTD.

11. National Company for Sulphur Products (NCSP)

12. Airedale Chemical

13. TAIWAN FERTILIZER CO., LTD.

14. HENG I CHEMICAL

15. Chung Hwa Chemical Industrial Works, Ltd. and others.



Key Takeaways



Growing consumer spending on electronic goods such as computers, TVs, smartphones, washing machines, and others are driving the market.



Demand and production of electronic devices in China increased with rapid pace due to the adoption of advanced technologies in end-use industries such as automotive, wearable devices, and aerospace & defense among others.



The manufacturers are involved in developing advanced sulfuric acid for the electronics sector. Investments in research and developments to enhance the capabilities of electronic grade sulfuric acid are supporting the market growth.



Related Reports:



A. Sulfuric Acid Market

https://www.industryarc.com/Research/Sulfuric-Acid-Market-Research-510869



B. Organic Acids Market

https://www.industryarc.com/Report/16128/organic-acids-market.html



For more Chemicals and Materials related reports, please click here



About IndustryARC: IndustryARC primarily focuses on Cutting Edge Technologies and Newer Applications market research. Our Custom Research Services are designed to provide insights on the constant flux in the global supply-demand gap of markets. Our strong team of analysts enables us to meet the client research needs at a rapid speed, with a variety of options for your business. Any other custom requirements can be discussed with our team, drop an e-mail to sales@industryarc.com to discuss more about our consulting services.

IndustryARC

Venkat Reddy

(+1) 970-236-3677

venkat@industryarc.com

Source: EmailWire.Com

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