Photoresist Market - Global Industry Size, Share, Trends, Opportunity, and Forecast, 2018-2028 Segmented By Type (ARF Immersion Photoresist, ARF Dry Photoresist, KRF Photoresist, G-Line & I-Line Photoresist), By Application (Semiconductors & ICs, LCDs, Printed Circuit Boards, Others), By Region and Competition

Market Overview

Global Photoresist Market has valued at USD3.76 billion in 2022 and is anticipated to project robust growth in the forecast period with a CAGR of 4.26% through 2028. Photoresists and lithographic processes have become indispensable in a wide range of advanced technological disciplines, from cutting-edge research to high-volume manufacturing. These include ICs, MEMS, microelectronics, microfluidics, data storage technologies, biotechnology, and many more. The field of lithography has witnessed remarkable advancements, with polymer-based lithographic procedures being widely employed. Among these procedures, e-beam and optical lithography stand out as the most commonly used techniques in both academic and industrial settings. Particularly, optical lithography has revolutionized micro and nanofabrication activities, enabling the production of sub-100 nm polymeric structures in large quantities. This incredible progress has been fueled by the relentless efforts of numerous scientists and engineers who have developed resist designs, polymers, material production methods, and other associated technologies, ultimately shaping the evolution of lithographic processes over the last five decades.

The widespread usage of nanotechnology has paved the way for the rapid adoption of MEMS and NEMS devices. Nanodevices are gaining popularity due to their compact size, lightweight nature, low power consumption, and cost-effectiveness. With continuous technical breakthroughs, the commercialization of these devices has significantly expanded the market prospects for photoresist and its ancillaries. One prominent example of this trend is Intel's shift from 28nm to new technologies based on 20nm, which is expected to drive the demand for photoresist and its ancillaries in the semiconductor industry.

Photopolymer photoresist, photo decomposing photoresist, and photo crosslinking photoresist are all examples of the chemical structures used in photoresist. The global demand for semiconductors has witnessed a substantial increase, leading to a surge in the demand for photoresists. Additionally, the electrical and electronics industry is experiencing a boom in demand for photoresists, driven by the rising popularity of LCDs and OLEDs. Moreover, the growing automotive sector, where photoresist is utilized in various in-vehicle applications, is expected to further fuel the market's expansion. These factors collectively contribute to the continuous growth of the photoresist market.

However, the cost of photoresist materials in the lithography process remains a significant barrier to market growth for photoresist and its ancillaries. The cost varies based on the logic complexity of ICs and the occurrence of layout and edge placement errors. For instance, NAND logic is particularly cost-sensitive, leading suppliers to adopt pitch division techniques across generations. Furthermore, it is important to note that patterning encompasses more than just lithography; it involves the engineering of a large amount of precise material, making it a complex and critical aspect of the overall manufacturing process.

Key Market Drivers

Rise in Demand of MEMS and Sensors

Photoresists are light-sensitive materials used in various microfabrication processes, including the production of Microelectromechanical Systems (MEMS) and sensors. These components play a critical role in a wide range of devices, ranging from smartphones and wearable technology to automotive systems and industrial equipment. As these markets continue to expand and evolve, the demand for MEMS and sensors, and subsequently the photoresists used in their manufacturing, is expected to grow exponentially.

Given the crucial role of photoresists in the manufacturing of MEMS and sensors, the growth of these markets directly influences the global photoresist market. The increasing demand for wearable and small devices, such as fitness trackers and smartwatches, is acting as a key driver for the consumption of photoresists. Additionally, advancements in medical devices and Internet of Things (IoT) technology are further fueling the demand for MEMS and sensors, thereby contributing to the growth of the photoresist market.

In conclusion, the rise in demand for MEMS and sensors worldwide is driving the growth of the global photoresist market. As technology continues to advance, and the integration of MEMS and sensors into various devices becomes more prevalent, the demand for photoresists is set to increase accordingly. Thus, the future of the photoresist market looks promising, with the rising demand for MEMS and sensors playing a pivotal role in its sustained growth and development.

Advancements in Semiconductor Technology

The global photoresist market is currently experiencing a substantial surge, and one of the key factors driving this growth is the continuous advancements in semiconductor technology. As the world progresses towards increasingly sophisticated electronic devices, there is a growing demand for smaller and more efficient semiconductors. This demand, in turn, indirectly fuels the need for photoresists.

Photoresists are light-sensitive materials that play a crucial role in photolithography and photoengraving processes by forming patterned coatings on various surfaces. These techniques are of utmost importance in the manufacturing of semiconductors, where intricate patterns are essential for the creation of integrated circuits (ICs) and other microelectronic components.

Semiconductor technology has been advancing at an incredible pace, driven by the relentless pursuit of Moore's Law. This well-known principle predicts the doubling of transistors on a chip approximately every two years. As a result of this rapid progression, we have witnessed the development of ever smaller and more efficient semiconductors, enabling the creation of powerful and compact electronic devices.

Moreover, emerging technologies such as 5G, Internet of Things (IoT), artificial intelligence (AI), and machine learning are pushing the boundaries of semiconductor technology even further. These innovations necessitate the development of advanced semiconductors that can handle the computational demands of these cutting-edge technologies.

The advancements in semiconductor technology have a direct impact on the global photoresist market. To create smaller and more complex semiconductors, manufacturers require advanced photoresists capable of producing finer patterns with higher precision. Consequently, there has been a notable increase in the demand for high-performance photoresists, further contributing to the growth of the photoresist market.

In conclusion, the advancements in semiconductor technology are playing a significant role in driving the global photoresist market. As semiconductor technology continues to advance, the demand for high-performance photoresists is expected to increase, thereby bolstering the growth of the photoresist market. This ongoing trend underscores the crucial role of photoresists in shaping the future of semiconductor technology and the electronics industry as a whole.

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Key Market Challenges

Disruptions in Supply Chain

Supply chain disruptions have become a significant and persistent challenge for the global economy since the start of the pandemic. The widespread shutdowns of factories, coupled with logistical and regulatory obstacles, have created a complex web of difficulties that have made it incredibly difficult for markets to recover from the disruption. This situation is especially true for the photoresist market, where these disruptions can cause substantial delays in production, leading to increased costs and reduced competitiveness.

The impact of a disrupted supply chain goes beyond the immediate challenges faced by individual industries. It can have cascading effects that ripple through various sectors, exacerbating the global shortage of chips – the very hearts and brains of electronic devices. This shortage is a cause for concern, particularly within the photoresist market, as photoresists play a vital role in the intricate manufacturing process of these chips. The reliance on photoresists makes their availability and seamless integration into the supply chain crucial for meeting the growing demand for electronic devices worldwide.

Key Market Trends

Environmental and Regulatory Compliance

Environmental and regulatory compliance in the photoresist market is of paramount importance. Photoresists, which are light-sensitive materials used in the manufacturing of semiconductors, play a crucial role in our modern digital economy. However, the manufacturing process of photoresists involves the use of chemicals that may have potential environmental impacts. As a result, managing and mitigating these impacts, as well as adhering to stringent environmental regulations, have become critical aspects of the photoresist market.

Compliance with environmental regulations not only ensures the protection of the environment but also has a significant impact on the cost of production and the choice of chemical formulations. Stricter regulations have led to an increased focus on research and development to find environmentally friendly alternatives that meet regulatory requirements. Many companies are now actively developing advanced photoresist strippers that are not only effective but also environmentally friendly.

The challenge posed by stricter compliance measures in the photoresist market has driven manufacturers to explore new avenues and innovative approaches to meet these requirements without compromising on product quality or profitability. Adapting to this trend involves a multi-pronged approach. Companies are investing in and adopting green technologies and sustainable practices to reduce their environmental footprint. Additionally, close collaboration with regulatory bodies is crucial to ensure compliance with evolving environmental regulations.

The shift towards environmental and regulatory compliance has also driven significant innovation in the photoresist market. Companies are being compelled to develop new products that comply with environmental regulations, leading to the emergence of new technologies and sustainable solutions. This trend not only addresses environmental concerns but also provides opportunities for market growth and differentiation.

In conclusion, environmental and regulatory compliance is a significant and ongoing trend in the global photoresist market. While it presents challenges, it also opens up opportunities for innovation, growth, and sustainability. As the market continues to evolve, companies that successfully navigate this trend and embrace environmentally friendly practices will be well-positioned to thrive and lead in the future.

Segmental Insights

Type Insights

Based on the category of type, the ARF Immersion Photoresist segment emerged as the dominant player in the global market for Photoresist in 2022. ArF photoresists are widely utilized in various industries to meet the advanced requirements of new technologies. These photoresists leverage the shortest wavelength of the light source, enabling the achievement of extremely high resolution. As semiconductor manufacturers continue to reduce the size of their products, there is a growing demand for ArF photoresists.

In the field of semiconductors, ARF immersion photoresists play a crucial role, particularly in circuits for Large Scale Integration (LSI). The utilization of ARF immersion photoresist, with its limited frequency of the light source and higher refraction index, allows photoresist users to meet their needs for downsizing products with enhanced performance. Additionally, there is an increasing demand for ARF dry photoresists, further driving the growth of this component.

Application Insights

The Semiconductors & ICs segment is projected to experience rapid growth during the forecast period. Semiconductors, also known as electronic gadgets, are produced using materials that exhibit specific electrical properties under certain conditions. Integrated circuits (ICs) are a smaller version of circuit boards, consisting of numerous tiny electronic components such as resistors, capacitors, and semiconductors. These ICs are widely used in various electronic devices, and the growing demand for such devices contributes to the market's growth.

In the manufacturing process, a photoresist is used to create a protective layer on the outer surface of a silicon wafer, which serves as the base for the semiconductor. Additionally, spin coating is a commonly employed technique to make the photoresist layer thin, typically around 1 micrometer in thickness. This ensures the uniformity of the thin films on the semiconductor. Both the silicon wafer and spin coating play crucial roles in the semiconductor manufacturing process.

The rising demand for semiconductors drives the growth of the photoresist market, as these materials are essential components in semiconductor production. With the continuous advancement in electronic technology, the need for efficient and high-performance semiconductors continues to expand, fueling the market's progress and development.

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Regional Insights

Asia Pacific emerged as the dominant player in the Global Photoresist Market in 2022, holding the largest market share in terms of value. The Asia Pacific locale stands out as the largest and fastest-growing market for the electronics industry. This growth can be attributed to several factors, including the widespread adoption of smart devices and the increasing demand for consumer electronics. Countries in the Asia-Pacific region such as South Korea, China, Taiwan, India, and Japan have established themselves as leaders in the regional market for photoresist chemicals due to the growing demand from the thriving electronics industry, which in turn fuels the overall market development.

China, in particular, boasts the world's largest electronics manufacturing base and poses fierce competition to existing upstream manufacturers like South Korea, Singapore, and Taiwan. Among the various consumer electronics segments, electronic products such as smartphones, OLED TVs, and tablets exhibit the highest growth rates, reflecting the strong demand in the market. With the rising disposable income of the middle-class population, the demand for electronic products is expected to steadily increase throughout the forecast period, further driving the market growth. Moreover, China's electronics manufacturing industry is experiencing significant expansion due to its low production costs and the growing demand for electronic goods.

Recent Developments

• In December 2022, DuPont made headlines with the launch of CYCLOTENE advanced electronics resins. This groundbreaking photo-imageable dielectric (PID) dry film material is set to revolutionize advanced semiconductor packaging applications. With the promise of higher levels of integration, shorter interconnect paths, and more I/Os, these new packaging technologies demand reliable dielectric materials that offer not only high functionality and performance but also exceptional reliability. CYCLOTENE delivers on all fronts, boasting excellent resolution, low moisture uptake, and superior thermal stability.
• October 2022 witnessed an important development in the semiconductor materials industry as JSR Corporation acquired the entire equity of JSR Electronic Materials Korea. This move solidifies the partnership that was established in 2014 between the Japanese company and Peri Corp., a South Korean chemical material distributor. The change in equity ratio is expected to propel semiconductor material production and research and development in South Korea, paving the way for further advancements in the field.
• In August 2022, JSR Corporation took a significant step towards expanding its presence in China by signing an investment agreement with the Lingang Special Area Government. The agreement sets the stage for the establishment of a subsidiary in Shanghai, which is poised to enhance the business that JSR Group conducts in China, particularly in the realm of semiconductor materials. This strategic move positions JSR Corporation to tap into the burgeoning semiconductor market in China and contribute to its growth and development.

Key Market Players

• ALLRESIST GmbH
• Asahi Kasei Corporation
• DJ MicroLaminates, Inc.
• DuPont de Nemours Inc
• FUJIFILM Holdings America Corporation
• JSR Corporation.
• KOLON Industries, Inc
• Microchemicals GmbH
• Sumitomo Chemical Co., Ltd.
• Shin-Etsu Chemical Co., Ltd.

Report Scope:

In this report, the Global Photoresist Market has been segmented into the following categories, in addition to the industry trends which have also been detailed below:

• Photoresist Market, By Type:

o   ARF Immersion Photoresist

o   ARF Dry Photoresist

o   KRF Photoresist

o   G-Line & I-Line Photoresist

• Photoresist Market, By Application:

o   Semiconductors & ICs

o   LCDs

o   Printed Circuit Boards

o   Others

• Photoresist Market, By Region:

o   North America

§  United States

§  Canada

§  Mexico

o   Europe

§  France

§  United Kingdom

§  Italy

§  Germany

§  Spain

o   Asia-Pacific

§  China

§  India

§  Japan

§  Australia

§  South Korea

o   South America

§  Brazil

§  Argentina

§  Colombia

o   Middle East & Africa

§  South Africa

§  Saudi Arabia

§  UAE

§  Kuwait

§  Turkey

§  Egypt

Competitive Landscape

Company Profiles: Detailed analysis of the major companies present in the Global Photoresist Market.

Available Customizations:

Global Photoresist Market report with the given market data, Tech Sci Research offers customizations according to a company's specific needs. The following customization options are available for the report:

Company Information

• Detailed analysis and profiling of additional market players (up to five).

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