Market Overview

  • The Global Photoresists and Photoresist Ancillaries Market is expected to grow at a high CAGR during the forecasting period (2020-2027).
  • Photoresists are the light-sensitive polymeric resins used in the production of printing plates, printed circuit boards, flat-panel liquid crystal displays, magnetic recording heads, and microelectromechanical systems (MEMS). They serve as masking materials for the transferal of images into an underlying substrate via etching processes. Photoresist ancillaries are associated with materials such as anti-reflective coatings, photoresist strippers, developers, and edge bead removers used along with Photoresist.

 

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Market Dynamics:

  • The market growth is driven by the rising demand for photoresists and photoresist ancillaries in wiring configuration in multi-layered semiconductors for manufacturing computers, laptops, music players, phones, servers, and household appliances. According to Semi Organization, the global sales of semiconductor was USD 57.6 in 2019 and is expected to increase in coming years. Thus, the growth of semiconductors is expected to boost the demand for photoresists and photoresist ancillaries over the forecasted period.
  • Photoresists and photoresist ancillaries are widely used in manufacturing flat-panel displays due to their characteristics such as lighter, thinner, and more energy-efficient. Moreover, the advancement in display technology is expected to stimulate market growth. For instance, Canon uses a flat panel display (FPD) lithography equipment for producing the large televisions and smartphones by using photolithography. This process involves the use of FPD lithography equipment to illuminate a photomask onto which a circuit pattern has been written and then transferred to the ultra-fine circuit pattern from the photomask by exposing it onto the photoresist film applied to the glass substrate. The availability of customizing products as per the changing consumer needs shall further accelerate the market growth.
  • There is a shift from usage of Microelectromechanical Systems (MEMSs) to Nanoelectromechanical Systems in manufacturing force sensors, chemical sensors, biological sensors, and ultrahigh-frequency resonators due to their characteristics such as ultralow energy dissipation, frequencies in the microwave range, force sensitivity at the attonewton level and heat capacities below a yoctocalorie shall have a positive impact on the market.
  • However, occupational and health disorders are caused by photoresists and photoresist ancillaries could hinder the market growth. For instance, photoresists and photoresist ancillaries solutions consist of electronic-grade solvents, polymer resins, stabilizers, surfactants, photosensitive chemicals, and cross-linking agents which release volatile carcinogenic organic compounds, leads to the formation of air pollutants and are hazardous to human health and environment. Several organizations such as Environmental Protection Agency (EPA) and Registration, Evaluation, Authorization, and Restriction of Chemicals (REACH) have imposed restrictions regarding the storage, transport, and use of these solvents. Hence, these factors are expected to harm the market.

 

Market Segmentation Analysis

  • Global photoresists market is segmented based on product type as g-line and i-line photoresists, KrF photoresists, ArF dry photoresists, and ArF immersion photoresists. Among these segments, ArF immersion photoresists account for the highest market share due to increased use of ArF immersion photoresists in manufacturing micro and nano-scale electronics component because of its characteristics such as greater flexibility, and supreme resolution. Rising adoption of smaller electronic devices such as mobile phones, computers, and others with extensive functions.
  • KrF photoresists account for the significant market share due to their rising demand in manufacturing microelectronics such as transistors, capacitors, inductors, resistors, diodes. KrF photoresists possess the following properties such as high thermal stability, superior resistance, and long-term stability. It is widely used in high-resolution photo-patterning and photolithography processes.
  • Global photoresist ancillaries are segmented based on product type as anti-reflective coatings, photoresist developers, edge bead removers, and others. Antireflective coatings dominate the market share due to increased demand for using antireflective coatings in microelectronics for reducing the image distortions associated with reflections off the surface of the substrate. These coatings are effective in reducing the standing waves, thin-film interference, and specular reflections.
  • Edge bead removers are widely used in photolithography processes for removing the edge bead build-ups in the spring coating process. Several industrial facilities have integrated edge-bead removal processes within the spin stations. These removers measure multiples of the nominal resist thickness. Edge bead removers are more effective multi-layer products in comparison to the single-layer devices.
  • The global photoresists and photoresist ancillaries market is classified based on application into semiconductors and integrated circuits (ICs), printed circuit boards, and others. Semiconductors and integrated circuits segment account for the highest market share due to the rising demand for semiconductors for smaller devices due to its low cost and rising improvement in resolutions. Photoresists and photoresist ancillaries are also effective in improving the fabrication of integrated circuit (IC) devices due to its ability to shrink the size of the circuits.
  • Printed circuit boards (PCBs) segment is expected to have a prominent market share due to the rising use of printed circuit boards in various industries such as automobile, healthcare, lighting, and defense, etc. Printed circuit boards (PCBs) are used to mount electronic parts in a rigid manner suitable for packaging. Dry film photoresists are widely used for manufacturing reliable PCBs with increased circuit density.

 

Market Geographical Analysis

  • By region, the global photoresists and photoresist ancillaries market is segmented into North America, South America, Europe, Asia-Pacific, Middle-East, and Africa. Among all of the regions, Asia-Pacific dominates the market due to the high growth of the electronics industry which is increasing the demand for photoresists and photoresist ancillaries. According to the Indian Brand Equity Foundation, the Indian appliance and consumer electronics market was USD 31.48 billion in 2017 and expected to reach USD 48.37 billion by 2022. The demand for electronics hardware would reach USD 400 by 2024. Moreover, the Government of India's policies and regulatory frameworks such as relaxation of license rules and approval of 51% foreign direct investment (FDI) in multi-brand and 100 percent in single-brand retail are stimulating the appliance and consumer electronics market. There is an increase in the outsourcing of electronics manufacturing activities from the United States and Europe to India, China, and South Korea. There is rising usage of photoresists and photoresist ancillaries in manufacturing a printed circuit board. Hence, the Asia Pacific region is expected to remain dominant over the forecasted period.
  • North America is expected to have positive market growth due to the increased demand for photoresists and photoresist ancillaries for manufacturing the semiconductors. According to Semi Organization, the market size of semiconductors was USD 5.82 billion in 2018 and it is expected to reach USD 7.15 billion by 2021. There is a high usage of antireflective coating in microelectronics. High demand for electronic gadgets and appliances shall boost the market growth over the forecasted period.

 

Market Competitive Analysis

  • The global photoresists and photoresist ancillaries market is witnessing the heightened competition as there are several local and international players with competitive prices. Tokyo Ohka Kogyo Co., Ltd., The Dow Chemical Company, AZ Electronic Materials SA., and JSR Corporation are the leading market players with a prominent market share.
  • Companies are using product diversification, product innovation, new product launches strategies for holding their position in the market. For instance, Orthogonal plans to commercialize organic photodetectors under the display fingerprint sensors which comprises the photoresist for the fingerprint sensing by late 2020.
  • The companies are entering into the collaborations, mergers, strategic partnerships, and acquisitions to increase the demand for Photoresists and Photoresist Ancillaries and their expansion across the globe. For instance, in February 2016 JSR Corporation had entered into the Joint Venture Agreement with imec for manufacturing and quality control of EUV lithography materials for the semiconductor industry. This collaboration would allow both companies to leverage their strengths when delivering photoresist solutions for the semiconductor industry to manufacture the most advanced devices.
  • Players are also investing to increase its production capabilities and expansion around the globe. For instance, in July 2017, Inpria had secured $23.5 million in Series B funding from leading players. This funding was led by Samsung Ventures, Air Liquide Venture Capital (ALIAD), Intel Capital, and JSR Corporation. The company used this funding to support and accelerate the adoption of EUV lithography in manufacturing. In March 2016, Tokyo Ohka Kogyo Co., Ltd. had invested USD 1.5 million U.S. in Inpria Corporation for commercializing Extreme Ultraviolet (EUV) resists.

 

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