Thick Film Photoresist Market Size, Share, Industry Trends and Forecast 2030

Thick Film Photoresist Industry Prospective:

The global thick film photoresist market size was worth around USD 124 million in 2022 and is predicted to grow to around USD 176 million by 2030 with a compound annual growth rate (CAGR) of roughly 4.5% between 2023 and 2030.       

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Thick Film Photoresist Market: Overview

A photoresist, often referred to as a resist, is a substance that reacts to light and is employed in several techniques, including photolithography and photoengraving, to create patterned coatings on surfaces. In the electronics sector, this procedure is essential. A substrate is first coated with a light-sensitive organic substance in the procedure. The surface is then covered with a pattern mask to filter light, exposing just the areas of the material that are not covered. The surface is subsequently treated with a developer, a kind of solvent. The developer will dissolve away the areas that were exposed to light in the event of a positive photoresist, leaving behind a coating where the mask was applied. Light degrades the photo-sensitive material in this scenario. In the case of a negative photoresist, the photosensitive substance is reinforced (either polymerized or cross-linked) by light, and the developer will only remove the parts that were not exposed to light, leaving a coating in the places where the mask was not applied.

Key Insights

• As per the analysis shared by our research analyst, the global Thick Film Photoresist market is estimated to grow annually at a CAGR of around 4.5% over the forecast period (2023-2030).
• In terms of revenue, the global Thick Film Photoresist market size was valued at around USD 124 million in 2022 and is projected to reach USD 176 million, by 2030.
• The global Thick Film Photoresist market is expected to be driven by several factors such as the increasing automotive electronics and rising consumer electronics industry.
• Based on the type, the thick film positive photoresist is expected to dominate the market during the forecast period.
• Based on the application, the wafer-level packaging segment is expected to hold a significant market share over the forecast period.
• Based on region, the Asia Pacific is expected to hold the largest market share over the forecast period.

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Thick Film Photoresist Market: Growth Drivers

Increasing automotive industry drives market growth

Autonomous driving technology, radar systems, and other electronic components are continuously being incorporated into the automobile industry. High-performance automobile electronics may be produced using thick film photoresists. Thus, the growing automotive industry is expected to drive the global thick film photoresist market growth over the forecast period. For instance, according to a report by ACEA, the number of new cars registered worldwide in 2022 increased to 66.2 million units as sales increased in the final three months of the year. The trend in demand, nevertheless, is still significantly below pre-pandemic 2019 levels. Thereby, driving the revenue growth of the market.

Thick Film Photoresist Market: Restraints

Availability of substitutes hamper the market growth

One of the key barriers for the thick film photoresist industry is competition from developing non-photolithographic methods like direct laser writing and thin film photoresists. Adoption of thick film photoresists in particular applications may be hampered by the availability of alternatives that have better resolution, economic viability, or environmental sustainability. Thus, this is expected to act as a major restraining factor to the market growth during the forecast period.

Thick Film Photoresist Market: Opportunities

The rapid expansion of 5G networks offers an attractive opportunity for market growth

Thick film photoresists have an opportunity to be used in the manufacturing of RF (Radio Frequency) components, including filters, amplifiers, and switches, which are crucial for 5G infrastructure due to the worldwide deployment and expansion of 5G networks. For instance, according to the report published by Ericsson, by the end of 2022, 4G population coverage had reached over 85% worldwide, and by 2028, it was expected to have reached over 95%. Currently, 816 4G networks are operating globally, 336 of which have been upgraded to LTE-Advanced, and 62 of which provide gigabit speeds. Additionally, there have been about 240 networks launched globally as part of the ongoing 5G rollout. By the end of 2022, around 35 percent of the world's population will have access to 5G; by 2028, that number is expected to rise to almost 85 percent. Therefore, the aforementioned stats are expected to offer a lucrative opportunity for thick film photoresist market growth over the forecast period.

Thick Film Photoresist Market: Challenges

Environmental and regulatory concern poses a challenge to market growth

Stricter compliance requirements and higher manufacturing costs may result from environmental restrictions and worries about the potentially harmful chemicals used in particular photoresist materials. Alternatives that are greener and more sustainable may be needed by businesses; nevertheless, these can be expensive and influence profit margins. Thus, this is expected to pose a major challenge to the market growth during the forecast period.

Thick Film Photoresist Market: Segmentation

The global Thick Film Photoresist industry is segmented based on type, application, and region.

Based on the type, the global thick film photoresist market is bifurcated into thick film positive photoresists and thick film negative photoresists. The thick film positive photoresist is expected to dominate the market during the forecast period. Thick film positive photoresists are a type of photosensitive material used in microfabrication and semiconductor manufacturing processes. Unlike thick film negative photoresists, which become less soluble when exposed to light, positive photoresists become more soluble in the areas exposed to light. Thick film positive photoresists are commonly used in the production of printed circuit boards (PCBs), thick film hybrid integrated circuits (HICs), and other microelectronics applications. They are suitable for applications where individuals want to create patterns or features by selectively removing photoresist material from a substrate. Thus, this is expected to drive the segment growth.

Based on the application, the global Thick Film Photoresist industry is bifurcated into wafer-level packaging, flip chip, and others. The wafer-level packaging segment is expected to hold a significant market share over the forecast period. To construct the redistribution layers (RDLs) on the wafer, thick film photoresists are employed. RDLs are metal interconnects that move electrical connections away from the bond pads of the IC and toward fresh spots on the chip's surface. These connections make it possible to create the package and to include other components. Thus, driving the segment growth.

Thick Film Photoresist Market: Report Scope

Thick Film Photoresist Market: Regional Analysis

Asia Pacific is expected to hold the largest market share over the forecast period

The Asia Pacific is expected to hold the largest thick film photoresist market share over the forecast period. The market growth is attributed to the rapidly growing automotive industry. Some of the biggest automakers in the world are based in the region, including those from Japan, South Korea, China, and India. Thick Film Photoresist is in high demand in the area due to the huge development in vehicle sales and manufacturing. For instance, the Society of Indian Automobile Manufacturers reports that overall passenger car sales increased from 30,69,523 to 38,90,114. Sales of passenger cars increased from 14,67,039 to 17,47,376, utility vehicles from 14,89,219 to 20,03,718, and vans from 1,13,265 to 1,39,020 units in FY-2022-23 compared to the previous year.

Moreover, the growing electronics sector is also an important factor that propels the market growth in the region. Some of the biggest semiconductor and electronics firms in the world are headquartered in APAC, which includes nations like China, Taiwan, South Korea, Japan, and Singapore. There is a significant need for thick film photoresists as a result of this concentration of production facilities. Thus, this is expected to drive the market growth in the region.

Thick Film Photoresist Market: Competitive Analysis

The global Thick Film Photoresist market is dominated by players like:

• DuPont
• JSR
• TOKYO OHKA KOGYO CO.LTD. (TOK)
• Merck KGaA (AZ)
• Shin-Etsu
• Allresist
• Futurrex
• KemLab⢠Inc
• Youngchang Chemical
• Everlight Chemical
• Crystal Clear Electronic Material
• Kempur Microelectronics Inc.
• Xuzhou B and C Chemical

The global Thick Film Photoresist market is segmented as follows:

By Type

• Thick Film Positive Photoresists
• Thick Film Negative Photoresists

By Application

• Wafer-Level Packaging
• Flip Chip
• Others

By Region

• North America
  • The U.S.
  • Canada
• Europe
  • France 
  • The UK
  • Spain
  • Germany
  • Italy
  • Rest of Europe
• Asia Pacific
  • China
  • Japan
  • India
  • South Korea
  • Southeast Asia
  • Rest of Asia Pacific
• Latin America
  • Brazil
  • Mexico
  • Rest of Latin America
• Middle East & Africa
  • GCC
  • South Africa
  • Rest of Middle East & Africa