Chlorine Trifluoride Market Size, Share & Trends Analysis Report By Application (Nuclear Fuel Processing, Semiconductor Manufacturing), By Region (APAC, North America), And Segment Forecasts, 2021 - 2028
New York, March 11, 2021 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Chlorine Trifluoride Market Size, Share & Trends Analysis Report By Application, By Region And Segment Forecasts, 2021 - 2028" - https://www.reportlinker.com/p06034138/?utm_source=GNW
Chlorine Trifluoride Market Growth & Trends
The global chlorine trifluoride market size is expected to reach USD 62.98 million by 2028 registering a CAGR of 4.2% over the forecast period. The demand for the product is expected to be driven by the rapidly growing semiconductor industry. The industry dynamics of chlorine trifluoride (CIF3) are largely influenced by application markets, such as nuclear fuel processing and semiconductor production. Rapid digitalization and automated industrial manufacturing solutions have led to high penetration of electronic gadgets and components on a global scale, which requires various chemicals for constant maintenance and cleaning purposes. In the semiconductor industry, CIF3 is extensively utilized to clean chambers of chemical vapor deposition.
The major advantage is that the process of cleaning can be carried out without dismantling the chamber walls as ClF3 doesn’t require activation by plasma.The substance also finds application as a fluorinating agent in nuclear reactor fuel processing.
Germany’s ClF3 gas market is majorly driven by a high concentration of major semiconductor manufacturers across the country.The country is the largest producer of electronics products globally and is one of the largest exporters of semiconductor equipment.
Production of industrial electronics accounted for about 50% of the total Europe CIF3 market share in 2020, which indicates noteworthy growth prospects for ClF3. Increasing demand for the gas, which results in a substantial decrease in emissions, longer chamber lifespan, and quicker cleaning rates, is expected to boost the market growth over the forecast period.
Chlorine Trifluoride Market Report Highlights
• The semiconductor manufacturing application segment is expected to witness the fastest CAGR, both in terms of volume and revenue, from 2021 to 2028 due to the increasing demand for electronic and chamber cleaning products
• The rocket propellant systems application segment accounted for a revenue share of 22.3% in 2020 owing to the constant technological advancements and high investments in space exploration activities
• In the Asia Pacific region, India is anticipated to register the fastest growth rate of 4.6%, in terms of volume, from 2021 to 2028
• This growth can be attributed to the entry of semiconductor manufacturing companies and significant government investments in space exploration activities
• South Korea accounted for a market share of 4.7% in the Asia Pacific regional market on account of the thriving semiconductor industry in the country
Read the full report: https://www.reportlinker.com/p06034138/?utm_source=GNW
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