Chemical Mechanical Planarization (CMP) Slurry Market - Size, Industry Share, Growth Trends and Forecasts (2023 - 2030)

Chemical Mechanical Planarization (CMP) Slurry Market Dynamics - (DRO) :

Key Drivers :

The rise in semiconductors application is supplementing the market growth

Chemical mechanical planarization (CMP) slurry is employed in the manufacturing process of semiconductors to create a smoother surface. The key trends such as public-private partnerships, incentive plans, attracting foreign players to set up manufacturing plants in their countries, tax rebates, and others are boosting the production growth of semiconductors. For instance, in 2022, the European Commission adopted the European Chips Act as part of the EU's effective set of measures to achieve the security of supply, resilience, and Europe's technological leadership in the semiconductor industry. The European Chips Act is expected to bring EURO 43 billion (USS 49.2 billion) of public and private funding for the European semiconductor industry by 2030. As a result of new government initiatives, the production activities related to semiconductors are increasing. Thus, the increasing application of semiconductors is fuelling the demand for chemical mechanical planarization (CMP) slurry to efficiently eliminate excess materials. This, in turn, is driving the growth of the market.

Increasing adoption of chemical mechanical planarization (CMP) slurry in integrated circuits

Chemical mechanical planarization (CMP) slurry is frequently deployed in integrated circuits to achieve the desired planarity of the substrate and the deposited layers. The development of new manufacturing facilities, the technological advancements associated with electronics & assembly, and others are the prominent aspects driving integrated circuits production. For instance, according to the recent data published by the Japan Electronics and Information Technology Industries Association (JEITA), in 2020, global electronics production, including integrated circuits was USD 30,337 hundred million, and in 2021, it was USD 33,602 hundred million, year-on-year growth rate of 10.8%. Therefore, the rise in the production of integrated circuits is driving the demand for chemical mechanical planarization (CMP) slurry to flatten uneven areas. This prime factor is amplifying market growth.

Key Restraints :

Performance limitations associated with chemical mechanical planarization (CMP) slurry are restraining the market growth

The chemical mechanical planarization (CMP) slurry undergoes rigorous physical conditions. As a result, chemical mechanical planarization (CMP) slurry can produce significant contaminants on the wafer surface as compared with the other semiconductor manufacturing processing steps. For illustration, chemical mechanical planarization (CMP) slurry can produce several defects, including corrosion, scratches, erosion, and dishing. Thus, the above performance limitations associated with the chemical mechanical planarization (CMP) slurry is posing a major bottleneck for the market growth at the global level during the projected forecast period.

Future Opportunities :

The ongoing development of solar energy projects will create a potential for the market growth

Chemical mechanical planarization (CMP) slurry is an ideal choice for photovoltaic panels as it is deployed in rotary buffing equipment to eliminate small volumes of surface material from crystalline workpieces. The shifting focus on the production of electricity through renewable energy is a prominent aspect spurring the development of new solar projects. For instance, as of July 2023, various solar energy projects are under the construction phase, including USD 100 million 119-MW solar park in Saudi Arabia (project completion year 2025), USD 1,000 million 1,00 MW Smoky Valley Solar Project in the United States (project completion year 2025), and others. Henceforth, the development of new solar power projects at the global level is accelerating the demand for photovoltaic panels. This will drive the demand for chemical mechanical planarization (CMP) slurry as it is utilized in the manufacturing of photovoltaic panels, thereby creating a lucrative opportunity for market growth in the forecast years.

Top Key Players & Market Share Insights:

The chemical mechanical planarization (CMP) slurry market is highly competitive, with several large players and numerous small and medium-sized enterprises. These companies have strong research and development capabilities and a strong presence in the market through their extensive product portfolios and distribution networks. The market is characterized by intense competition, with companies focusing on expanding their product offerings and increasing their market share through mergers, acquisitions, and partnerships. The key players in the market include -