According to the research report titled ‘Nitrogen Trifluoride (NF3) Market Size By Application (Semiconductor, Flat Panel Display, LED, Solar PV Cells), Regional Outlook (U.S., Canada, Mexico, Germany, UK, Netherlands, Switzerland, China, Japan, South Korea, Singapore, Thailand, Malaysia), Application Potential, Price Trends, Competitive Market Share & Forecast, 2019 – 2025’, available at MarketStudyReport.com, the global nitrogen trifluoride (NF3) market is expected to cross USD 2 billion by the year 2025.
 

According to the report, NF3 market is expected to grow with a CAGR of 12% during the period of 2019-2025. Surging adoption of tablets and smart phones has led to the expansion of flat panel display manufacturing industry which in turn is driving the NF3 market growth. Technological advancements in tandem with escalating disposable income are further aiding market growth. Moreover, declining prices and increasing sales of smart phones are stimulating the industry outlook.
 

Based on application spectrum, the report cites that semiconductor segment will hold 70% share of NF3 market by the year 2025. Growing demand for high-quality semiconductors is a major factor fueling the segmental growth.
 

Meanwhile, solar PV cells application segment is expected to grow at a rate of 11.5% between 2019 and 2025 owing to developing thin film Si technology in solar industry. Wide range of wet chemicals and specialty gases are used during manufacturing of solar cells in order to provide anti-reflective coating deposition, doping and texturization properties, thereby propelling the growth of the segment.
 

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Considering the geographical landscape, the report states that Asia-Pacific NF3 market will exhibit a CAGR of 11% during the forecast period. Robust growth of electronics manufacturing industry especially in countries such as Japan, South Korea, Taiwan, and China are contributing towards the popularity of the product across the region. Moreover, there has been an upsurge in investments in electronics manufacturing industry in Malaysia, Thailand, and Singapore. This factor in tandem with high presence of major LED fabrication, flat panel display, and semiconductor manufacturing facilities are facilitating the growth of the segment.
 

Navin Fluorine International, Linde AG, Hyosung Co., Foosung Co., Air Products & Chemicals Inc., OCI Materials, Air Liquid, Praxair, and Mitsui Chemicals are some of the prominent companies operating in nitrogen trifluoride market.