Semiconductor Grade Nitric Acid Market is Expected to Reach USD 110.9 Million by 2030
As per the report published by Kings Research, the global Semiconductor Grade Nitric Acid Market was valued at USD 71.7 million in 2022 and is projected to reach USD 110.9 million by 2030, growing at a CAGR of 5.61% from 2023 to 2030.
The increasing investments in semiconductors are projected to aid market expansion. The growing consumption of nitric acid in LED lighting, RAM devices, and other semiconductor applications is anticipated to drive market demand during the forecast period. Moreover, the demand for nitric acid is primarily driven by various industries such as fertilizers, explosives, and the solar energy sector. The rising global food demand and the need for arable land are expected to fuel the uptake of fertilizers, subsequently boosting the demand for nitric acid. Additionally, the increasing adoption of renewable energy and the trend of electrification in the automotive industry are expected to contribute to the demand for nitric acid. Market trends also suggest that Asia-Pacific is likely to emerge as a crucial market for nitric acid owing to the rise of industrial and manufacturing activities in the region.
- On the basis of type, the EL grade segment is projected to register a significant CAGR of 6.13% during the forecast period from 2023 to 2030
- Based on application, the LCD panel segment is anticipated to register a robust CAGR of 5.93% during the forecast period from 2023 to 2030
- On the basis of region, Asia Pacific is anticipated to be the fastest-growing segment, depicting a CAGR of 6.05% during the forecast period from 2023 to 2030
Increasing Demand for Industrial Applications is Driving the Market Growth
Semiconductor-grade nitric acid is a crucial component in the manufacturing processes of silicon wafers as it functions as a chemical solution for cleaning. Its primary attribute is its ability to effectively eliminate particles and impurities from the semiconductor surfaces post the etching process. Additionally, it is utilized across various other industries such as semiconductors and solar energy. The prominent application areas for SL Grade Nitric Acid include LCD panels, glass etching, and silicon wafer cleaning.
Proliferation in the Production of LCD Panels is a Vital Trend
Semiconductor grade nitric acid has extensive use in various industries including the production of LCD panels. Nitric acid is utilized in the manufacturing process of LCD panels and serves as a chemical solution for cleaning silicon wafers to eliminate particles and impurities from the semiconductor surfaces after the etching process. The global demand for electronics, including LCD panels, and the semiconductor industry's growth are driving the demand for nitric acid.
Additionally, nitric acid finds its application in the solar energy industry for the production of conductive layers in solar panels. The increasing adoption of LED lighting and RAM devices is also propelling the demand for nitric acid. As the semiconductor industry witnesses high investments, the market is projected to expand further, driven by the application of nitric acid in the semiconductor and solar energy industries.
North America is Predicted to be the 2nd Fastest Growing Region with a CAGR of 5.54% over the Forecast Period
The presence of major players and increasing R&D investments are driving the region exponentially. The nitrogenous fertilizer is experiencing high demand, primarily driven by the anticipated population growth and increasing income levels. As the population expands and incomes rise, the demand for agricultural commodities is expected to rise concurrently, further fueling the demand for nitrogenous fertilizers.
Players Concentrating on Innovative Product Launches to Drive Market Development
The global semiconductor grade nitric acid market is fragmented with significant players in the market, such as BASF SE, Dow Chemicals, Nutrien Ltd., CF Industries, Honeywell International Inc, Central Drug House, Sasol, Columbus Chemicals, UBE Corporation, RCI Labscan Limited, and others, working on expanding their business through collaboration and partnership strategies.