Market Growth Rate for Nitric Acid Used in Electronics Predicted to Reach 5.8% by 2034
The Electronic Grade Nitric Acid (EGNA) Market is a crucial component in modern manufacturing, particularly for advanced electronics, renewable energy, and medical devices. In 2024, the market was worth USD 83.9 million, and it is projected to reach an impressive USD 147.4 million by 2034, growing at a CAGR of 5.8% between 2025 and 2034.
The Asia Pacific region continues to outpace all regions in the EGNA Market, with a 52.9% share in 2024. The market value in the Asia Pacific region reached USD 44.3 Mn in 2024. This dominance is largely due to the region's booming semiconductor industry and the growing photovoltaic sector, particularly in the Asia-Pacific region, which has strengthened EGNA's dominance due to strict purity standards in solar cell production.
The Semiconductor sector's dominance in the By Application segment reflects the sector's reliance on ultra-pure chemicals for precision and defect-free chip fabrication. In 2024, the Semiconductor sector held a 51.2% share in the By Application segment of the EGNA Market. Companies like KMG Electronic Chemicals, Inc. have invested in purification technology and quality assurance systems to meet the evolving purity requirements for advanced semiconductor nodes.
BASF SE has expanded its high-purity chemical capacities, including electronic-grade nitric acid, to support the semiconductor industry's growth in Asia. The company with the largest market share among manufacturers of electronic-grade nitric acid in Asia in 2024 was BASF. Other notable players include UBE Corporation, which has invested in expanding its electronic-grade nitric acid production in Japan, with a new plant operational in Thailand, and T. N. C. Industrial Co., Ltd., which is actively expanding its capacity for high-purity chemicals to serve the dense semiconductor industry in Taiwan.
The Electronic Grade Nitric Acid Market is critical for high-tech industries like semiconductors, solar energy, and consumer electronics due to the rising demand for ultra-pure nitric acid. EL Grade, preferred for advanced semiconductor and precision electronics manufacturing due to its ultra-high purity and reliability, held a 47.9% share in the By Product Type segment of the EGNA Market in 2024. In the United States, companies like Columbus Chemicals focus on securing the domestic supply chain for electronic-grade acids.
In conclusion, the Electronic Grade Nitric Acid Market is poised for significant growth, driven by technological advancements and expanding production capacities. The Asia Pacific region, with its booming semiconductor and photovoltaic sectors, is leading this growth, making it an exciting market to watch in the coming years.
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