Semiconductor Grade Nitric Acid Market
Global Industry Analysis and Forecast 2023-2030
Market Value (2022)
USD 71.7 Million
Forecasted Value (2030)
USD 110.9 Million
CAGR (2023 - 2030)
Fastest Growing Region (2023 - 2030)
EL Grade, VL Grade, UL Grade, SL Grade
LCD Panel, Solar Energy, Semiconductor, Others
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.
Ammonia and nitric acid play a vital role in the production of nitrogen fertilizers, which are in high demand in the agricultural sector. Notable advancements in the farming industry have led to an increased demand for innovative solutions in the global market, creating new opportunities for the growth of nitrogen fertilizers. This is projected to boost the consumption of nitrogen fertilizers globally. However, the market is sensitive to fluctuations in the prices of raw materials. The prices of key raw materials such as ammonia and nitric oxide directly impact the cost of production. In case the prices of raw materials increase significantly, the prices of semiconductor grade nitric acid products may also rise.
Analyst’s Review on Semiconductor Grade Nitric Acid Market
The semiconductor grade nitric acid market is driven by the growing demand for semiconductors in various applications such as electronics, automotive, and healthcare. Additionally, the increasing adoption of the Internet of Things (IoT) technology and the rising demand for smartphones and other electronic devices are fueling the growth of the semiconductor industry, which, in turn, drives the demand for semiconductor grade nitric acid. Furthermore, the rising number of manufacturing facilities in the Asia Pacific region and the prevalent trend of electric vehicles offer significant growth opportunities for the market.
Semiconductor grade nitric acid is a high-purity nitric acid that is used in the semiconductor and electronics industries for cleaning and etching silicon wafers during the manufacturing process. The use of high-purity nitric acid is critical for maintaining high-quality standards in the production of semiconductor chips and other electronic components.
The market for semiconductor grade nitric acid is expected to see steady growth over the next decade, driven by increasing demand for electronic devices and advancements in semiconductor manufacturing technologies. Moreover, other grades of nitric acid are used in different industries, such as fuming nitric acid and electronic grade nitric acid, which is a high-purity grade used for manufacturing electronic components.
Semiconductor grade nitric acid has a variety of applications in the electronics industry, including the production of semiconductors, solar energy panels, and LCD panels, among others. The high purity of this type of nitric acid is essential for ensuring the quality and performance of electronic components. Semiconductor grade nitric acid is also used for cleaning and etching surfaces in the production processes of electronic devices. Additionally, it is utilized in the manufacture of other materials such as ceramic capacitors and microelectronic devices. The high demand for electronic products and advancements in semiconductor technology are expected to continue to drive the growth of the semiconductor grade nitric acid market.
Efficient production processes, such as the mono-high pressure process, mono-medium pressure process, and dual pressure process, are notable trends in the development of advanced technologies. Additionally, the increasing demand for the product from the nylon production sector provides new growth opportunities in the global market. Moreover, the semiconductor grade nitric acid market is a highly competitive industry, with multinational companies constantly innovating to expand their market share. Major players in the industry include BASF SE and CF Industries. These companies have a strong global presence and offer a wide range of products for various applications.
Semiconductor grade nitric acid is subject to stringent regulations due to its potential negative impact on health and the environment. The manufacturing process involves the use of hazardous chemicals such as nitric oxide and may result in the emission of harmful toxins. As a result, the industry is heavily regulated, with strict rules and guidelines governing the production, transportation, and disposal of nitric acid. However, these regulations can increase production costs and limit the availability of the product, creating challenges for businesses operating in this market. Companies must carefully manage their supply chain and production processes to ensure compliance with regulatory requirements while maintaining their competitiveness.
The global semiconductor grade nitric acid market is segmented based on product, application, and geography.
Based on type, the semiconductor grade nitric acid market is bifurcated into EL grade, VL grade, UL grade, and SL grade. The EL grade segment held the largest market share of 51.70% in 2022. EL Grade stands for the Electronic Grade of nitric acid and refers to the highest purity grade available, with minimal contamination of metallic ions. EL grade nitric acid is typically used in the most sensitive electronic applications where even trace amounts of impurities can cause issues in performance or reliability. The use of EL Grade nitric acid ensures the highest quality and performance of electronic components.
Based on application, the semiconductor grade nitric acid market is categorized into LCD panel, solar energy, semiconductor, and others. The solar energy segment accumulated the largest market share of 48.31% in 2022. Nitric acid is used in the production of the conductive layer of solar cells, where its precise etching properties are essential. The use of high-purity semiconductor grade nitric acid ensures consistent and reliable performance in solar energy generation. The growth of the solar energy market is expected to continue to increase the demand for high-purity nitric acid, providing growth opportunities for companies operating in this market.
By region, the global semiconductor grade nitric acid market is classified into North America, Europe, Asia Pacific, MEA, and Latin America.
Asia Pacific dominated the semiconductor grade nitric acid market with a 38.64% share in 2022 due to the high demand for electronic products and advancements in semiconductor technology, the demand for high-purity semiconductor grade nitric acid continues to grow in countries such as Japan, South Korea, India, and Australia. Market players such as BASF SE, Dow Chemicals, and Nutrien are expected to benefit from the growth opportunities in the region. Companies operating in this market must carefully manage their supply chains and production processes to ensure compliance with regulatory requirements while maintaining their competitiveness.
The global semiconductor grade nitric acid industry study report will provide valuable insights with an emphasis on the fragmented nature of the global market. Prominent players are focusing on several key business strategies such as partnerships, mergers and acquisitions, product innovations, and joint ventures to expand their product portfolio and increase their respective market shares across different regions. Expansion & investments involve a range of strategic initiatives including investments in R&D activities, new manufacturing facilities, and supply chain optimization. The major players in the semiconductor grade nitric acid market are
- Dow Chemicals
- Nutrien Ltd.
- CF Industries
- Honeywell International Inc
- Central Drug House
- Columbus Chemicals
- UBE Corporation
- RCI Labscan Limited
- BASF SE
- July 2022 (Expansion): UBE Corporation announced plans to construct an additional high-purity nitric acid plant at the Ube Chemical Factory in Ube City, Yamaguchi Prefecture. The expansion was intended to accommodate a projected rise in demand for the product in the near future.
The global Semiconductor Grade Nitric Acid Market is segmented as:
- EL Grade
- VL Grade
- UL Grade
- SL Grade
- LCD Panel
- Solar Energy
- North America
- Rest of Europe
- Asia Pacific
- South Korea
- Rest of Asia Pacific
- Middle East & Africa
- North Africa
- South Africa
- Rest of Middle East & Africa
- Latin America
- Rest of Latin America