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Growing preference of consumers towards the adoption of high-end electronic equipment and their rising penetration are dynamics on which the vendors of the related markets are likely to capitalize on. The players in the market are thus looking for ways to differentiate their products from their competitors in order to enhance their market base and also sustain in the competitive market in the long run. The demand for these electronic cleaning solvents is likely to rise in the future owing to the high usage of vulnerable electronics and the need to maintain them properly.
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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Moreover, the manufacturers in the region are focusing on better quality products in order to adhere to the environment regulations which have been laid forward by governments and several organizations. For instance, desirable product characteristics such as minimal ozone depletion and minimal contribution to global warming have been a key focus are of manufacturers during new product development. Electronics Cleaning Solvents such as hydrofluorocarbons (HFCs) are being considered for phasedown under global treaties such as the Montreal Protocol on account of their high global warming potential, as well as being restricted by various national regulatory bodies. Moreover, growth in industrial automation and the growing production of electronic goods will pave way for a growth in the demand for electronic cleaning solvents.
Growth in the European automotive industry to bode well for the electronic cleaning solvents market in the region
Automotive industry plays a crucial role in Europe’s fortune, accounting for around 6.3% of the region’s GDP. Europe is among the world’s primary producers of motor vehicles with clean production. European vehicles are the cleanest, safest and quietest in the world. Vehicle manufacturing is the strategic industry in the Europe, where almost 18.5 Mn vehicles are manufactured annually. Moreover, automotive industry represents one of the largest private investors in research and development in Europe as well.
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Within Europe, Germany is recognized as the economic powerhouse with its world class R&D infrastructure, skilled workforce, and industrial value chain integration from the electronics to automotive industry. These two industries have a turnover of over half a trillion. Over 50% of the electronics chips produced in the Europe are developed in Germany. These factors are expected to drive the demand for electronic components from the automotive industry, which in turn, is anticipated to drive the volume demand for electronics cleaning solvents from the automotive industry in the long run.