According to Fact.MR, the global chemical mechanical planarization (CMP) slurry market is projected to reach US$ 2.5 Bn by the end of 2031. With ever-expanding semiconductor industry, the overall market is anticipated to expand at a robust CAGR of 7.8% between 2021 and 2031.
Rising demand for electronic products and increasing need to facilitate the fabrication process are some of the major factors driving the growth in CMP slurry market.
Chemical mechanical planarization (CMP) has become an indispensable technique for fabricating integrating circuits and other electronic components. Rising adoption of this technique in semiconductor industry is expected to accelerate the demand for CMP slurries.
Also, CMP slurries are being extensively utilized for removing the surface irregularities in silicon wafers, memory discs, and other electronic products. Hence, they have become ideal agents for planarization of these electronic products.
According to the Semiconductor Industry Association (SIA), the global semiconductor industry sales were US$ 47.2 Bn in the month of August 2021, an increase of 29.7% over the August 2020 total of US$ 36.4 Bn. Hence, expansion of semiconductor industry across the globe is expected to create a plethora of growth opportunities for the CMP slurry manufacturers.
Rising penetration of modern technologies such as internet of thing (IoT) and 5G is anticipated to improve the growth in CMP slurry market during the forecast period.
As per Fact.MR, aluminum oxide CMP slurry will continue to dominate the global CMP slurry market, accounting for around 50% of global demand and share in 2021. Rising sales of aluminum oxide CMP slurry is attributed to its property of high conductivity and performance.
Furthermore, replacement of high resistance metals with more conductive ones such as aluminum in integrated circuits (ICs) will continue to boost the sales of aluminum CMP slurry in the future.
Regionally, Asia Pacific is expected to emerge as one of the most lucrative markets for CMP slurries due to the rising demand for electronic components, presence of leading manufacturers, and expansion of semiconductor industry.
“Amid fierce competition, key manufacturers are leveraging various strategies such as expansions, partnerships and development of advanced and high power products to gain competitive edge in the market. Besides this, they are focusing on developing new CMP slurries for better planarization,” says a Fact.MR analyst