High Purity Chemicals Market - Forecast(2023 - 2028)

Report Code: CMR 1217 Report Format: PDF + Excel

High Purity Chemicals Market Overview

The High Purity Chemicals Market size is estimated to reach US$20.6 million by 2027, after growing at a CAGR of 9.5% during the forecast period 2022-2027. The growing transportation sector is driving the growth of the High Purity Chemicals Market. The high purity chemicals are utilized in the manufacturing of microelectronic devices for efficient technology drive, communications, efficient lighting and other applications. The increasing requirement for high purity chemicals such as nitric acid, sulfuric acid, acetic acid, hydrochloric acid and others in the electrical & electronics industry for semiconductor fabrication is anticipated to upsurge the growth of the high purity chemicals industry during the forecast period. According to Invest India, domestic production of electronics hardware reached US$76 billion in 2019-2020, with a CAGR of around 23% and production-linked incentives of US$5544 million, funded over a period of 5 years.

High Purity Chemicals Market Report Coverage

The “High Purity Chemicals Market Report – Forecast (2022-2027)” by IndustryARC, covers an in-depth analysis of the following segments in the High Purity Chemicals Industry.

By Type: Acetone, Acetonitrile, Dimethyl Sulfoxide and Others.
By Category: Acids, Bases, Salts, Biological Buffer Salts, pH Buffers, Fuming Acids, Solvents, Mixed Acid Etchants, BOE Etchants and Others.
By Application: Semiconductors, Liquid Crystals, Lithium-Ion Batteries, Electroplating, Resins, Catalysts, Paints & Coatings and Others.
By End-use Industry: Pharmaceutical & Healthcare, Chemical & Petrochemical, Personal Care & Cosmetics, Food & Beverages, Agriculture, Biotechnology, Electrical & Electronics, Building & Construction (Residential, Commercial, Industrial and Infrastructure), Military & Defense, Transportation (Aerospace, Marine, Automotive and Locomotive) and Others.
By Geography: North America (the USA, Canada and Mexico), Europe (the UK, Germany, France, Italy, the Netherlands, Spain, Belgium and the Rest of Europe), Asia-Pacific (China, Japan, India, South Korea, Australia and New Zealand, Indonesia, Taiwan, Malaysia and the Rest of APAC), South America (Brazil, Argentina, Colombia, Chile and the Rest of South America) and the Rest of the World ( the Middle East and Africa).

Key Takeaways

  • The Asia-Pacific region dominates the High Purity Chemicals Market owing to the rising growth in the building and construction industry. According to Invest India, by 2025, the building and construction industry is estimated to reach US$1.4 trillion.
  • Rapidly rising demand for High Purity Chemicals in the electrical & electronics industry for semiconductor fabrication to be utilized in the manufacturing of electrical and electronic devices has driven the growth of the High Purity Chemicals Market.
  • The increasing demand for High Purity Chemicals in the transportation sector, due to their usage in the manufacturing of microelectronic devices for efficient drive technology, communications, efficient lighting and other applications, has been a critical factor driving the growth of the market.
  • The health and environmental issues associated with High Purity Chemicals such as the toxic effects on human health including heart attack, kidney damage and other effects can hinder the growth of the High Purity Chemicals Market.

Figure: High Purity Chemicals Market Revenue Share by Geography, 2021 (%)

High Purity Chemicals Market

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High Purity Chemicals Market Segment Analysis – by Application

The paints & coatings segment held the largest share of the High Purity Chemicals Market in 2021 and is estimated to grow at a CAGR of 10.2% during the forecast period 2022-2027. High purity chemicals that are utilized in paints & coatings, provide longevity and durability and are non-flammable. These chemicals such as acetone, acetonitrile and others are utilized in paints and coatings to increase adhesion. The market for the paints and coatings segment is anticipated to rise, owing to rapidly rising residential construction activities. According to the India Brand Equity Foundation, in 2021, the federal government has invested to build 20 million affordable houses in metropolitan areas across the country, under the Union Ministry of Housing and Urban Affairs' ambitious Pradhan Mantri Awas Yojana (PMAY) scheme. Therefore, the residential building sector is set to expand dramatically. Thus, the rising construction activities require more paints & coatings, which is driving the growth of the High Purity Chemicals Market.

High Purity Chemicals Market Segment Analysis – by End-use Industry

The building & construction industry held the largest share of the High Purity Chemicals Market in 2021 and is estimated to grow at a CAGR of 9.0% during the forecast period 2022-2027. In the building & construction industry, high purity chemicals such as nitric acid, sulfuric acid, acetic acid, hydrochloric acid and others are utilized in adhesives & sealants as well as paints and coatings to increase the bonding between polymer matrix and fiber surfaces and other applications. They are also used to significantly reduce porosity in renders, concrete and plasters, making them water-repellent. According to Statistics of Japan, the number of construction contract orders went from 6,00,46,960 units in 2020 to 6,36,10,223 in 2021. Thus, the growing building and construction industry would require more high purity chemicals for paints and coatings due to their exhibit characteristics, which would drive the demand for the High Purity Chemicals during the forecast period.

High Purity Chemicals Market Segment Analysis – by Geography

Asia-Pacific region dominated the High Purity Chemicals Market with a 39% share in 2021, due to the increasing requirement for high purity chemicals in developing countries such as China, Japan, India and South Korea. China is expected to continue its dominance in the High Purity Chemicals Market during the forecast period, due to the growth of the building & construction industry in the country. According to International Trade Administration (ITA), China is the world’s largest construction market and is estimated to grow at an annual average growth rate of 8.6% between 2022 and 2030. Moreover, the building and construction sector remains healthy in Singapore, with strong government spending on public infrastructure of about S$2 billion (US$1.43 billion) in contracts being awarded each month. Such increasing building & construction activities in the APAC countries are anticipated to increase the demand for high purity chemicals applications in the forecast period. This is also proving to be a market booster for the High Purity Chemicals Market size in this region.

High Purity Chemicals Market Drivers

Flourishing Electrical & Electronics Industry:

The electrical and electronics industry uses High Purity Chemicals such as nitric acid, sulfuric acid, acetic acid, hydrochloric acid and others for semiconductor fabrication, which is utilized in the manufacturing of tablets, monitors, mobile phones, televisions and other electrical and electronic devices. According to the Indian Brand Equity Foundation (IBEF), the Indian electronics manufacturing industry is projected to reach US$520 billion by 2025. Moreover, according to the Government of Canada, in 2022, the government announced the Semiconductor Challenge Callout, a fund of US$150 million through the Strategic Innovation Fund. Moreover, according to the Indian Brand Equity Foundation (IBEF), the Indian electronics manufacturing industry is projected to reach US$520 billion by 2025. Thus, increasing electrical and electronic device production would require more high-purity chemicals. This factor is expected to increase the growth of the High Purity Chemicals industry.

Growing Transportation Industry:

High Purity Chemicals are essential in manufacturing microelectronic devices in the transportation industry. Those devices improve work, drive technology, communications, efficient lighting and other applications. According to the European Automobile Manufacturers' Association (ACEA), in 2021, 79.1 million motor vehicles were produced around the world, registering an increase of 1.3% compared to 2020. Moreover, China reached about 4,603 merchant ships in 2020 from 4,504 merchant ships in 2019, with a growth rate of about 2.2%, according to the United Nations Conference on Trade and Development (UNCTD). With the increasing production of automobiles and the growing marine sector, it is estimated that the requirement for high purity chemicals in the transportation industry would rise in the upcoming years, enhancing the growth of the High Purity Chemicals Market

High Purity Chemicals Market Challenges

Health and Environmental Issues Associated with High Purity Chemicals:

High Purity Chemicals exhibit various advantages and applications in different end-use industries. However, there is a potential danger to health from the use of these chemicals on humans and the environment. The toxic effects on human health include heart attack, kidney damage and increased risk of high blood pressure, while also being carcinogenic. Environmental rules and regulations continue to implement limitations on the utilization and disposal of toxic chemicals and force the industrial sector to search for an environment-friendly and safer substitute. High purity chemicals are flammable. Therefore, their transporting is strenuous in the industries. Thus, the health and environmental issues associated with High Purity Chemicals would create hurdles for the market's growth.

Key Market Players

Technology launches, acquisitions and R&D activities are key strategies players adopt in the High Purity Chemicals Markets. The top 10 companies in the High Purity Chemicals Market are:

  1. BASF SE
  2. The Dow Chemical Company
  3. DuPont
  4. ExxonMobil
  5. Akzo Nobel N.V.
  6. Evonik Industries AG
  7. Asahi Kasei Corp
  8. Bayer
  9. Linde AG
  10. Mitsubishi Chemical Holdings

Recent Developments

  • In April 2022, High Purity New England (HPNE), a supplier of single-use solutions for the biopharmaceutical industry, launched its third facility.
  • In January 2022, Hyundai Engineering launched a high-purity hydrogen production system using Ammonia.
  • In August 2021, Sumitomo Chemical expanded its production capacity for High Purity Chemicals for semiconductors. The Company installed its new production lines to double the capacity for high purity sulfuric acid at its Ehime Works, Niihama city, Ehime, Japan.

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1. High Purity Chemicals Market - Market Overview
    1.1 Definitions and Scope
2. High Purity Chemicals Market - Executive Summary
    2.1 Key Trends by Type
    2.2 Key Trends by Category
    2.3 Key Trends by Application
    2.4 Key Trends by End-use Industry
    2.5 Key Trends by Geography
3. High Purity Chemicals Market – Comparative analysis
    3.1 Market Share Analysis - Major Companies
    3.2 Product Benchmarking - Major Companies
    3.3 Top 5 Financials Analysis
    3.4 Patent Analysis - Major Companies
    3.5 Pricing Analysis (ASPs will be provided)
4. High Purity Chemicals Market - Startup Companies Scenario Premium
    4.1 Major startup company analysis:
        4.1.1 Investment
        4.1.2 Revenue
        4.1.3 Product portfolio
        4.1.4 Venture Capital and Funding Scenario
5. High Purity Chemicals Market – Market Entry Scenario Premium Premium
    5.1 Regulatory Framework Overview
    5.2 New Business and Ease of Doing Business Index
    5.3 Successful Venture Profiles
    5.4 Customer Analysis – Major companies
6. High Purity Chemicals Market - Market Forces
    6.1 Market Drivers
    6.2 Market Constraints
    6.3 Porter's Five Force Model
        6.3.1 Bargaining Power of Suppliers
        6.3.2 Bargaining Powers of Buyers
        6.3.3 Threat of New Entrants
        6.3.4 Competitive Rivalry
        6.3.5 Threat of Substitutes
7. High Purity Chemicals Market – Strategic Analysis
    7.1 Value/Supply Chain Analysis
    7.2 Opportunity Analysis
    7.3 Product/Market Life Cycle
    7.4 Distributor Analysis – Major Companies
8. High Purity Chemicals Market – by Type (Market Size - US$ Million/Billion)
    8.1 Acetone
    8.2 Acetonitrile
    8.3 Dimethyl Sulfoxide
    8.4 Others
9. High Purity Chemicals Market – by Category (Market Size - US$ Million/Billion)
    9.1 Acids
    9.2 Bases
    9.3 Salts
    9.4 Biological Buffer Salts
    9.5 pH Buffers
    9.6 Fuming Acids
    9.7 Solvents
    9.8 Mixed Acid Etchants
    9.9 BOE Etchants
    9.10 Others
10. High Purity Chemicals Market – by Application (Market Size - US$ Million/Billion)
    10.1 Semiconductors
    10.2 Liquid Crystals
    10.3 Lithium-Ion Batteries
    10.4 Electroplating
    10.5 Resins
    10.6 Catalysts
    10.7 Paints & Coatings
    10.8 Others
11. High Purity Chemicals Market – by End-use Industry (Market Size - US$ Million/Billion)
    11.1 Pharmaceutical & Healthcare
    11.2 Chemical & Petrochemical
    11.3 Personal Care & Cosmetics
    11.4 Food & Beverage
    11.5 Agriculture
    11.6 Biotechnology
    11.7 Electrical & Electronics
    11.8 Building & Construction
        11.8.1 Residential
            11.8.1.1 Private Dwellings
            11.8.1.2 Row Houses
            11.8.1.3 Apartments
        11.8.2 Commercial
            11.8.2.1 Healthcare Facilities
            11.8.2.2 Educational Institutes
            11.8.2.3 Hotels and Restaurants
            11.8.2.4 Airports
            11.8.2.5 Shopping Malls
            11.8.2.6 Others
        11.8.3 Industrial
        11.8.4 Infrastructure
    11.9 Military & Defense
    11.10 Transportation
        11.10.1 Aerospace
            11.10.1.1 Commercial Aircrafts
            11.10.1.2 Military Aircrafts
            11.10.1.3 Helicopters
            11.10.1.4 Others
        11.10.2 Marine
        11.10.3 Automotive
            11.10.3.1 Passenger Vehicles (PV)
            11.10.3.2 Light Commercial Vehicles (LCV)
            11.10.3.3 Heavy commercial Vehicle (HCV)
            11.10.4 Locomotive
    11.11 Others
12. High Purity Chemicals Market - by Geography (Market Size - US$ Million/Billion)
    12.1 North America
        12.1.1 The USA
        12.1.2 Canada
        12.1.3 Mexico
    12.2 Europe
        12.2.1 The UK
        12.2.2 Germany
        12.2.3 France
        12.2.4 Italy
        12.2.5 The Netherlands
        12.2.6 Spain
        12.2.7 Belgium
        12.2.8 The Rest of Europe
    12.3 Asia-Pacific
        12.3.1 China
        12.3.2 Japan
        12.3.3 India
        12.3.4 South Korea
        12.3.5 Australia and New Zealand
        12.3.6 Indonesia
        12.3.7 Taiwan
        12.3.8 Malaysia
        12.3.9 The Rest of APAC
    12.4 South America
        12.4.1 Brazil
        12.4.2 Argentina
        12.4.3 Colombia
        12.4.4 Chile
        12.4.5 The Rest of South America
    12.5 The Rest of the World
        12.5.1 The Middle East
            12.5.1.1 Saudi Arabia
            12.5.1.2 The UAE
            12.5.1.3 Israel
            12.5.1.4 The Rest of the Middle East
        12.5.2 Africa
            12.5.2.1 South Africa
            12.5.2.2 Nigeria
            12.5.2.3 The Rest of Africa
13. High Purity Chemicals Market – Entropy
    13.1 New Product Launches
    13.2 M&As, Collaborations, JVs and Partnerships
14. High Purity Chemicals Market – Industry/Segment Competition Landscape Premium
    14.1 Company Benchmarking Matrix – Major Companies
    14.2 Market Share at Global Level - Major companies
    14.3 Market Share at Country Level - Major companies
    14.4 Market Share by Key Geography - Major companies
    14.5 Market Share by Key Application - Major companies
    14.6 Market Share by Key Product - Major companies
15. High Purity Chemicals Market – Key Company List by Country Premium Premium
16. High Purity Chemicals Market Company Analysis - Business Overview, Product Portfolio, Financials and Developments
    16.1 Company 1
    16.2 Company 2
    16.3 Company 3
    16.4 Company 4
    16.5 Company 5
    16.6 Company 6
    16.7 Company 7
    16.8 Company 8
    16.9 Company 9
    16.10 Company 10 and more
* "Financials would be provided to private companies on best-efforts basis."
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