Rise in IoT Networking Escalating The Demand For Electronic Materials:Internet of Things (IoT) has gained a commendable place in recent times propelled by the concept of building connected cities and industries worldwide. This makes space for electronics devices such as smartphones, notebooks, PCs, and smart watches to maintain a connected environment of networking and protected data usage. This has paved way for the global [FURL=https://www.industryarc.com/Report/11649/electronic-chemicals-materials-market.html]electronic chemicals and materials market[/FURL] to generate huge revenue owing the surging demand from the electronics industry. Significantly, the growing controlling and management of the IoT devices is possible through these smartphones, tablets, and other smart electronics. Facilitating a healthy growth of these consumer electronics across the world, the impactful IoT revolution is also positively transforming the business outlook of the chemicals and materials used in the production of electronics.
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Semiconductor and integrated circuits (ICs) are anticipated to acquire a larger portion of the chemicals and materials for developing electronic systems. Facilitated by the increasing consumption for IoT devices, the semiconductors and ICs will rely hugely on the niche market to meet the overgrowing demand. The global semiconductor market generated a profit of $430 billion in the year 2018. This is reflective of the resultant growth prospects of the electronic chemicals and materials market. Concurrently, the application of the chemicals and materials by the semiconductors and ICs is estimated to grow at a CAGR of 6.3% through to 2025.
The global electronic chemicals and materials market size stood at $52 billion as of 2018. Induced by the demand hike for electronics in the IoT-driven industrial and commercial sectors, the niche market generates huge revenue. Furthermore, the smart digital trend also contributes equally to the rising demand for chemicals and materials used in electronics. Significantly, the electronic chemicals and materials market is projected to increase at a 6% CAGR during the forecast period of 2019-2025.
Breakthrough Innovations Of Electronic Materials:
There is a rising demand for electronics across the world accompanied by the adoption of new technology such as IoT networking by several manufacturing companies. This aids in coping up with rapid digital transformation and the widespread idea of smart nation development worldwide. Accordingly, the electronic chemicals and materials market is gaining surplus profit and a huge scope of opportunity to expand its business footprint in the global market. However, the constant innovation of newer products is imperative to the growth factor of this market.
About IndustryARC: IndustryARC is a research and consulting firm that publishes more than 500 reports annually, in various industries such as Agriculture, Automotive, Automation & Instrumentation, Chemicals and Materials, Energy and Power, Electronics, Food and Beverages, IT, and Life sciences and Healthcare.