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Photoresist market was valued at $3.01 Billion in 2016 and is projected to reach $4.15 Billion by 2022, at a CAGR of 5.5% from 2017 to 2022.
The market is driven by increase in demand for photoresist from various application segments, such as semiconductors & ICs, LCDs, printed circuit boards, and for other applications, such as, MEMs, NEMs, and sensors.
Semiconductors & ICs is estimated to be the largest application segment of the global photoresist market
Among applications, the semiconductors & ICs segment is estimated to lead the global photoresist market during the forecast period. Photoresist is used in the electronics industry, particularly in semiconductors & ICs, and printed circuit board designs. ICs are used in a large number of electronics devices, including smartphones, mobile devices, PCs & laptops, tablets, and advanced gaming devices. Photoresist is a thin layer used to transfer a circuit pattern to the semiconductor substrate, which it is deposited upon. The increase in demand for wearable devices and consumer electronics act as key growth drivers for photoresist market.
Based on type, the ArF immersion is projected to be the fastest-growing segment of the global photoresist market
The ArF immersion technology is widely used in Large Scale Integration (LSI) circuits. The narrow wavelength of ArF light source and increased refractive index due to immersion assist photoresist users in meeting their needs of miniaturizing products with improved performance. The demand for ArF immersion photoresist is growing due to its unique properties, such as narrow wavelength, which prevents spreading of light.
Asia-Pacific accounted for the largest share of the global photoresist market in 2016. Currently, Taiwan is the largest market for photoresist in the Asia-Pacific region and is expected to continue its dominance during the forecast period. In China and Japan, the demand for photoresist is expected to increase due to the growing electronics industry and rapid economic expansion. In addition, population growth in these countries serves as a huge customer base for the manufacturers of photoresist.
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