The electronics cleaning solvents market is set to reach $1.7Bn by 2029, driven by eco-friendly and cost-effective solutions, with APEJ and Japan leading.
Electronics cleaning solvents add to the functional quality and longevity of electronic components and products; hence, these have been gaining higher importance in the electronics industry. Certain solvents also impart high insulation resistance characteristics to components and devices, which boots their demand for electronics cleaning. The electronics cleaning solvents market is constantly advancing, and superior methods and products are being developed to concur with advancements in the electronics field.
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The introduction of low-cost electronics cleaning solvents, such as hydrofluoroethers (HFEs), which are designed to effectively remove solder flux residue from printed circuit boards, along with their environmental and safety advantages over chlorinated solvents and ozone-depleting hydro-chlorofluorocarbons (HCFCs), is expected to drive the demand for electronics cleaning solvents further. The global electronics cleaning solvent market is projected to exhibit a value CAGR of 5.8% during the forecast period of 2019-2029.
Key Takeaways of Electronic Cleaning Solvents Study
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Market Landscape Moving towards Fragmentation
The electronics cleaning solvents market is partially consolidated, with the presence of a large number of market players in both, tier I and II brackets. However, as the electronics industry is becoming highly competitive and fragmented year-by-year, the electronics cleaning solvents market is also anticipated to move towards fragmentation. As the number of tier II and III players in the end-use sectors increases, the market is bound to witness an increase in tier II & III manufacturers to cope up with the increase in demand at variable prices.
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3M, Albemarle Corporation, Asahi Glass Co. Ltd., LyondellBasell Industries Holdings B.V, Honeywell International Inc., Dow Chemical Company, Chemours Company, and Solvay SA, BASF SE are some of the established manufacturers in the electronics cleaning solvents market. Tier I participants are anticipated to face strong competition from tier II & III players over the foreseeable future.
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The article discusses the growth of the electronics cleaning solvents market, projected to reach $1.7Bn by 2029, driven by eco-friendly solutions.
The introduction of low-cost and eco-friendly solvents, such as hydrofluoroethers, is a key driver of market growth.
APEJ and Japan hold over 70% of the electronics cleaning solvents market share.
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