Future Market Insights (FMI) has published a new research report titled “Electronic Cleaning Solvents Market: Global Industry Analysis (2012–2016) and Opportunity Assessment (2017–2027).” The report states that the growing use of electrical equipment has surged the demand for related products across the globe. One of these products are electronic cleaning solvents as it is a necessary item for the cleaning of several electronic equipment. Several electronic equipment require daily cleaning for proper functioning, thus triggering the demand for electronic cleaning solvents.
According to FMI, the global market for electronic cleaning solvents is expected to rise at a CAGR of 6.2% from 2017 to 2027. The market is expected to be valued at around US$ 1,608 Mn by the end of the forecast period.
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Use of Electronic Cleaning Solvents to be Driven by Their Superior Cleaning Characteristics
In case of electronic cleaning, these solvents are specially engineered to dependably dissolve common manufacturing greases, oils and fluxes from a range of electronic substrates much more easily than aqueous detergent fluids. Aqueous fluids also display a comparative disadvantage regarding electronics cleaning solvents due to the fact that the former does not dissolve oils from substrate surfaces easily. Moreover, the latter display significant advantages over aqueous fluids, such as superior penetration of tight spaces, minimal residue, shorter cycle times, lesser energy consumption, reduced fluid usage, smaller equipment footprint (lesser space than aqueous cleaning equipment). These factors have been significantly driving the growth of the electronic cleaning solvent market globally, with rising demand owing to the above advantages.
There has been a rapid growth in the electronics industry in recent times on account of the swiftly rising demand for industrial as well as consumer electronic products. This, in turn, has been fueling the demand for electronics cleaning solvents, required for the manufacturing and maintenance of electronic components, thereby driving the market for electronics cleaning solvents at a global level. At present, as the functional quality & longevity of electronic components & products has been gaining paramount importance, the maintenance aspects of these represent a strong reliability on the imparting of high insulation resistance characteristics to these components & products, a purpose which is largely served by the application of electronics cleaning solvents.
Asia Pacific Excluding Japan to Lead the Global Market in Terms of Adoption
Asia Pacific is expected to lead the global electronic cleaning solvents market in the long run. It has been further projected that the region will maintain its reign by the end of the forecast period and also rise efficiently on the backdrop of numerous factors. Some of the factors that can be credited with the growth of the region are the rise in the disposable income of the consumers in the region and high usage of electronic equipment in the region. This trend is expected to gain traction in the forthcoming years, thus benefitting the market for electronic cleaning solvents as well.
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Market Players Striving for Product Differentiation
Players operating in the market are striving to differentiate their products from their competitors and also expand their consumer base. The companies operating in the market are 3M, Albemarle Corporation, LyondellBasell Industries Holdings B.V., Honeywell International, Inc., BASF SE, and The Dow Chemical Company.