Report Code : CVMI2501251 | Published Date : March 3, 2025
1 | Market Overview
Photoacid generators (PAGs) are light-sensitive compounds that release protons (acid) when exposed to UV or EUV radiation, playing a crucial role in photolithography, photoresist systems, and nano-patterning. Widely utilized in semiconductor fabrication, microelectronics, MEMS, and printed electronics, PAGs facilitate high-resolution pattern transfer in photoresist films.
The market for PAGs is expanding due to the evolution of extreme ultraviolet (EUV) lithography, increased adoption of advanced packaging techniques, and the growth of flexible displays and photopolymer-based manufacturing. Additionally, research applications in 3D microfabrication, photoinduced polymerization, and smart coatings are driving demand for next-generation PAGs.
2 | Market Size and Forecast
Year |
Market Value (USD Million) |
Notes |
2019 |
465 |
Growth tied to DUV and i-line lithography |
2024 |
635 |
CAGR 6.4% (2019–2024) |
2031 |
1,180 |
Projected CAGR 9.3% (2024–2031) |
3 | Primary Market Drivers
- Scaling semiconductor nodes to 5nm and below requires EUV-capable PAGs.
- Rapid development in OLED displays, AR/VR optics, and MEMS
- Growth of 3D printing using photoresins in healthcare and electronics
- Need for advanced packaging techniques like fan-out wafer-level packaging (FOWLP)
- Rising photopolymer adoption in coatings, sensors, and smart textiles
4 | Market Challenges
- PAG stability and shelf life under ambient light exposure
- High cost of EUV-grade photoacid generators
- Material compatibility and leaching issues in biomedical resins
- Regulatory scrutiny over residual acid and toxicological profiles
5 | Competitive Landscape
Company |
Est. 2024 Share |
Competitive Strengths |
Recent Move |
TOK (Tokyo Ohka Kogyo) |
22% |
Leader in DUV/EUV PAGs for photoresists |
Released EUV-optimized PAG for 3nm logic node |
Fujifilm |
18% |
Broad lithography materials portfolio |
Expanded presence in advanced resist developer chemicals |
IGM Resins |
14% |
Dominant in UV-curing and photopolymer PAGs |
Launched dual-cure PAG blends for hybrid 3D printing |
San-Apro |
11% |
EUV-targeted sulfonium and iodonium salts |
Focused on low-bleedout PAG formulations for nanoscale ICs |
Others |
35% |
Regional and research suppliers |
Custom formulations for OLEDs, coatings, and bioresists |
6 | Market Segmentation
By Chemical Type
- Iodonium Salts
- Sulfonium Salts
- Imide Derivatives
- Aryldiazonium Salts
- Others
By Application
- Semiconductor Lithography – XX%
- Advanced Packaging – 21%
- Printed Electronics & Displays – XX%
- 3D Printing & Microfabrication – XX%
- Smart Coatings & Bioapplications – XX%
By End Use Industry
- Semiconductors – 42%
- Electronics & Optoelectronics – XX%
- Healthcare & Dental – XX%
- Research & Academia – XX%
- Others – XX%
7 | Regional Analysis
- Asia-Pacific (46%) – Major semiconductor fabs in Taiwan, Japan, South Korea, and China
- North America (XX%) – R&D and photolithography innovation in the US and Canada
- Europe (XX%) – MEMS, EUV R&D, and photoresist R&D in Germany, Netherlands
- Latin America (XX%) – Limited R&D adoption in diagnostics and microfluidics
- Middle East & Africa (XX%) – Minor but growing interest in smart coatings and polymers
8 | Technology and Innovation
- EUV-stable PAGs with low volatility and high quantum yield
- Hybrid cationic-radical initiator systems for high-throughput printing
- Photoacid generators for deep-UV and visible-light cure applications
- Encapsulation of PAGs for controlled release in biomedical systems
- Fluorinated PAGs for improved etch resistance and resolution
9 | Regulatory Environment
Governing bodies include REACH (EU), TSCA (US), and GHS. EUV PAGs used in semiconductor fabs must comply with ISO cleanroom and electronic chemical standards. PAGs in bioresins and coatings may be subject to FDA and ISO 10993 (biocompatibility) evaluations.
10 | Recent Developments (Q4 2023 – Q2 2025)
- Q4 2023 – TOK launched Gen3 EUV PAG for sub-3nm node at leading fabs
- Q1 2024 – IGM released hybrid visible-light activated PAGs for 3D bioprinting
- Q4 2024 – San-Apro developed encapsulated low-bleedout PAGs for flexible ICs
- Q1 2025 – Fujifilm expanded EUV resist plant for global customer fulfillment
11 | Strategic Outlook
PAG suppliers must align innovation with the next wave of semiconductor scaling, biofabrication, and smart manufacturing. Demand for dual-function PAGs and biocompatible solutions presents opportunities in new verticals. Strong IP, supply purity, and fab qualification are key differentiators.
12 | Methodology
Data compiled from semiconductor materials procurement surveys, photoinitiator databases, interviews with 70+ lithography engineers and polymer chemists, and CAPEX projections from major fabs. Forecasts adjusted for EUV node adoption and bio-printing trends.
Reasons To Buy

Scope

Key Players
- The Dow Chemical Company
- Merck KGaA
- Tokyo Chemical Industry Co. (TCI)
- Jiangsu Jiamai Chemical Co., Ltd.
- Shin‑Etsu Chemical Co., Ltd.
- Fujifilm Corporation (FUJIFILM Wako Pure Chemical)
- Arkema Group
- UBE Industries, Ltd.
- Toyo Gosei Co., Ltd.
- San‑Apro Ltd.
- Heraeus Holding GmbH
- BASF SE
- Nippon Carbide Industries Co., Ltd.
- Changzhou Tronly New Electronic Materials
- Chembridge International Corp
Global Photoacid Generator (PAGs) Market Report
- 1. Global Photoacid Generator (PAGs) Market Research Report
- 1.1 Study Objectives
- 1.2 Global Photoacid Generator (PAGs) Market - Overview
- 1.3 Reason to Read This Report
- 1.4 Methodology and Forecast Analysis
- 2.1 Global Photoacid Generator (PAGs) Market Research Report – Detailed Scope and Definitions
- 2.1.1 By Type
- 2.1.2 By Application
- 2.1.3 By End-user Industry
- 2.1.4 By Region
- 3.1. Drivers - Macro-Economic Based, Supply Side, and Demand Side Drivers
- 3.2. Restraints – By Type, By Application, By End-user Industry, By Country
- 3.3. Opportunities – By Type, By Application, By End-user Industry, By Country
- 3.4. Trends – By Type, By Application, By End-user Industry, By Country
- 3.5. PEST Analysis
- 3.6. Porters Five Rule Analysis
- 3.7. Company’s Share Analysis (CSA) by Region or By Country
- 3.8. Global Photoacid Generator (PAGs) Market Research Report – DROTs Impact Analysis
- 4.1. Market Performance Review & Future Outlook: Assessing 2019 - 2023 and Predicting 2024 - 2031 Trends (USD Millions)
- 4.2. Annual Market Trend Assessment – Year-on-Year (YoY) Growth Analysis (%)
- 4.3. Incremental Market Value/Volume Opportunity between 2019 - 2023 and 2024 - 2031
- 4.4. Market Shares Analysis in Years - 2019, 2023, 2024 and 2031
- 5.1 Organic PAGs
- 5.1.1 Market Performance Review & Future Outlook: Assessing 2019 - 2023 and Predicting 2024 - 2031 Trends (USD Millions)
- 5.1.2 Annual Market Trend Assessment – Yearly Growth Observation (Y-O-Y)(%)
- 5.1.3 Incremental Market Value/Volume Opportunity between 2019 - 2023 and From 2024 to 2031
- 5.1.4 Market Shares Analysis in Years - 2019, 2023, 2024 and 2031
- 5.2 Inorganic PAGs
- 5.2.1 Market Performance Review & Future Outlook: Assessing 2019 - 2023 and Predicting 2024 - 2031 Trends (USD Millions)
- 5.2.2 Annual Market Trend Assessment – Yearly Growth Observation (Y-O-Y)(%)
- 5.2.3 Incremental Market Value/Volume Opportunity between 2019 - 2023 and From 2024 to 2031
- 5.2.4 Market Shares Analysis in Years - 2019, 2023, 2024 and 2031
- 6.1 Photolithography
- 6.1.1 Market Performance Review & Future Outlook: Assessing 2019 - 2023 and Predicting 2024 - 2031 Trends (USD Millions)
- 6.1.2 Annual Market Trend Assessment – Yearly Growth Observation (Y-O-Y)(%)
- 6.1.3 Incremental Market Value/Volume Opportunity between 2019 - 2023 and From 2024 to 2031
- 6.1.4 Market Shares Analysis in Years - 2019, 2023, 2024 and 2031
- 6.2 Photopolymerization
- 6.2.1 Market Performance Review & Future Outlook: Assessing 2019 - 2023 and Predicting 2024 - 2031 Trends (USD Millions)
- 6.2.2 Annual Market Trend Assessment – Yearly Growth Observation (Y-O-Y)(%)
- 6.2.3 Incremental Market Value/Volume Opportunity between 2019 - 2023 and From 2024 to 2031
- 6.2.4 Market Shares Analysis in Years - 2019, 2023, 2024 and 2031
- 6.3 Others
- 6.3.1 Market Performance Review & Future Outlook: Assessing 2019 - 2023 and Predicting 2024 - 2031 Trends (USD Millions)
- 6.3.2 Annual Market Trend Assessment – Yearly Growth Observation (Y-O-Y)(%)
- 6.3.3 Incremental Market Value/Volume Opportunity between 2019 - 2023 and From 2024 to 2031
- 6.3.4 Market Shares Analysis in Years - 2019, 2023, 2024 and 2031
- 7.1 Electronics
- 7.1.1 Market Performance Review & Future Outlook: Assessing 2019 - 2023 and Predicting 2024 - 2031 Trends (USD Millions)
- 7.1.2 Annual Market Trend Assessment – Yearly Growth Observation (Y-O-Y)(%)
- 7.1.3 Incremental Market Value/Volume Opportunity between 2019 - 2023 and From 2024 to 2031
- 7.1.4 Market Shares Analysis in Years - 2019, 2023, 2024 and 2031
- 7.2 Semiconductor
- 7.2.1 Market Performance Review & Future Outlook: Assessing 2019 - 2023 and Predicting 2024 - 2031 Trends (USD Millions)
- 7.2.2 Annual Market Trend Assessment – Yearly Growth Observation (Y-O-Y)(%)
- 7.2.3 Incremental Market Value/Volume Opportunity between 2019 - 2023 and From 2024 to 2031
- 7.2.4 Market Shares Analysis in Years - 2019, 2023, 2024 and 2031
- 7.3 Printing
- 7.3.1 Market Performance Review & Future Outlook: Assessing 2019 - 2023 and Predicting 2024 - 2031 Trends (USD Millions)
- 7.3.2 Annual Market Trend Assessment – Yearly Growth Observation (Y-O-Y)(%)
- 7.3.3 Incremental Market Value/Volume Opportunity between 2019 - 2023 and From 2024 to 2031
- 7.3.4 Market Shares Analysis in Years - 2019, 2023, 2024 and 2031
- 7.4 Others.
- 7.4.1 Market Performance Review & Future Outlook: Assessing 2019 - 2023 and Predicting 2024 - 2031 Trends (USD Millions)
- 7.4.2 Annual Market Trend Assessment – Yearly Growth Observation (Y-O-Y)(%)
- 7.4.3 Incremental Market Value/Volume Opportunity between 2019 - 2023 and From 2024 to 2031
- 7.4.4 Market Shares Analysis in Years - 2019, 2023, 2024 and 2031
- 8.1 North America
- 8.1.1 Market Performance Review & Future Outlook: Assessing 2019 - 2023 and Predicting 2024 - 2031 Trends (USD Millions)
- 8.1.2 Annual Market Trend Assessment – Yearly Growth Observation (Y-O-Y)(%)
- 8.1.3 Incremental Market Value/Volume Opportunity between 2019 - 2023 and From 2024 to 2031
- 8.1.4 Market Shares Analysis in Years - 2019, 2023, 2024 and 2031
- 8.2 Europe
- 8.2.1 Market Performance Review & Future Outlook: Assessing 2019 - 2023 and Predicting 2024 - 2031 Trends (USD Millions)
- 8.2.2 Annual Market Trend Assessment – Yearly Growth Observation (Y-O-Y)(%)
- 8.2.3 Incremental Market Value/Volume Opportunity between 2019 - 2023 and From 2024 to 2031
- 8.2.4 Market Shares Analysis in Years - 2019, 2023, 2024 and 2031
- 8.3 Asia-Pacific
- 8.3.1 Market Performance Review & Future Outlook: Assessing 2019 - 2023 and Predicting 2024 - 2031 Trends (USD Millions)
- 8.3.2 Annual Market Trend Assessment – Yearly Growth Observation (Y-O-Y)(%)
- 8.3.3 Incremental Market Value/Volume Opportunity between 2019 - 2023 and From 2024 to 2031
- 8.3.4 Market Shares Analysis in Years - 2019, 2023, 2024 and 2031
- 8.4 Latin America
- 8.4.1 Market Performance Review & Future Outlook: Assessing 2019 - 2023 and Predicting 2024 - 2031 Trends (USD Millions)
- 8.4.2 Annual Market Trend Assessment – Yearly Growth Observation (Y-O-Y)(%)
- 8.4.3 Incremental Market Value/Volume Opportunity between 2019 - 2023 and From 2024 to 2031
- 8.4.4 Market Shares Analysis in Years - 2019, 2023, 2024 and 2031
- 8.5 Middle East & Africa
- 8.5.1 Market Performance Review & Future Outlook: Assessing 2019 - 2023 and Predicting 2024 - 2031 Trends (USD Millions)
- 8.5.2 Annual Market Trend Assessment – Yearly Growth Observation (Y-O-Y)(%)
- 8.5.3 Incremental Market Value/Volume Opportunity between 2019 - 2023 and From 2024 to 2031
- 8.5.4 Market Shares Analysis in Years - 2019, 2023, 2024 and 2031
- 8.6 Global Photoacid Generator (PAGs) Market - Opportunity Analysis Index, By Type, By Application, By End-user Industry, and Region, 2024 - 2031
- 9.1 By Type Analysis 2019 - 2023 and Forecast, 2024 - 2031 by Market Assessment (USD Mn), Yearly Growth Rate (%), and Market Presence (%)
- 9.1.1 Organic PAGs
- 9.1.2 Inorganic PAGs
- 9.2.1 Photolithography
- 9.2.2 Photopolymerization
- 9.2.3 Others
- 9.3.1 Electronics
- 9.3.2 Semiconductor
- 9.3.3 Printing
- 9.3.4 Others.
- 9.4.1 United States
- 9.4.2 Canada
9.6 Regional Trends Analysis
9.7 North America Global Photoacid Generator (PAGs) Market Research Report - Company Profiles- 9.7.1 Company 1 (United States)
- 9.7.2 Company 2 (Canada)
- 9.7.3 Company 3 (Canada)
- 10.1 By Type Analysis 2019 - 2023 and Forecast, 2024 - 2031 by Market Assessment (USD Mn), Yearly Growth Rate (%), and Market Presence (%)
- 10.1.1 Organic PAGs
- 10.1.2 Inorganic PAGs
- 10.2.1 Photolithography
- 10.2.2 Photopolymerization
- 10.2.3 Others
- 10.3.1 Electronics
- 10.3.2 Semiconductor
- 10.3.3 Printing
- 10.3.4 Others.
- 10.4.1 Germany
- 10.4.2 United Kingdom
- 10.4.3 France
- 10.4.4 Spain
- 10.4.5 Italy
- 10.4.6 Russia
- 10.4.7 Netherlands
- 10.4.8 Poland
- 10.4.9 Rest of Europe
10.6 Regional Trends Analysis
10.7 Europe Global Photoacid Generator (PAGs) Market Research Report - Company Profiles- 10.7.1 Company 1 (Germany)
- 10.7.2 Company 2 (United Kingdom)
- 10.7.3 Company 3 (United Kingdom)
- 11.1 By Type Analysis 2019 - 2023 and Forecast, 2024 - 2031 by Market Assessment (USD Mn), Yearly Growth Rate (%), and Market Presence (%)
- 11.1.1 Organic PAGs
- 11.1.2 Inorganic PAGs
- 11.2.1 Photolithography
- 11.2.2 Photopolymerization
- 11.2.3 Others
- 11.3.1 Electronics
- 11.3.2 Semiconductor
- 11.3.3 Printing
- 11.3.4 Others.
- 11.4.1 China
- 11.4.2 Japan
- 11.4.3 India
- 11.4.4 South Korea
- 11.4.5 Australia & NZ
- 11.4.6 ASEAN
- 11.4.7 Rest of Asia-Pacific
11.6 Regional Trends Analysis
11.7 Asia-Pacific Global Photoacid Generator (PAGs) Market Research Report - Company Profiles- 11.7.1 Company 1 (China)
- 11.7.2 Company 2 (Japan)
- 11.7.3 Company 3 (Japan)
- 12.1 By Type Analysis 2019 - 2023 and Forecast, 2024 - 2031 by Market Assessment (USD Mn), Yearly Growth Rate (%), and Market Presence (%)
- 12.1.1 Organic PAGs
- 12.1.2 Inorganic PAGs
- 12.2.1 Photolithography
- 12.2.2 Photopolymerization
- 12.2.3 Others
- 12.3.1 Electronics
- 12.3.2 Semiconductor
- 12.3.3 Printing
- 12.3.4 Others.
- 12.4.1 Brazil
- 12.4.2 Mexico
- 12.4.3 Argentina
- 12.4.4 Peru
- 12.4.5 Colombia
- 12.4.6 Rest of Latin America
12.6 Regional Trends Analysis
12.7 Latin America Global Photoacid Generator (PAGs) Market Research Report - Company Profiles- 12.7.1 Company 1 (Brazil)
- 12.7.2 Company 2 (Mexico)
- 12.7.3 Company 3 (Mexico)
- 13.1 By Type Analysis 2019 - 2023 and Forecast, 2024 - 2031 by Market Assessment (USD Mn), Yearly Growth Rate (%), and Market Presence (%)
- 13.1.1 Organic PAGs
- 13.1.2 Inorganic PAGs
- 13.2.1 Photolithography
- 13.2.2 Photopolymerization
- 13.2.3 Others
- 13.3.1 Electronics
- 13.3.2 Semiconductor
- 13.3.3 Printing
- 13.3.4 Others.
- 13.4.1 Saudi Arabia
- 13.4.2 UAE
- 13.4.3 South Africa
- 13.4.4 Egypt
- 13.4.5 Israel
- 13.4.6 Rest of Middle East and Africa
13.6 Regional Trends Analysis
13.7 Middle East & Africa Global Photoacid Generator (PAGs) Market Research Report - Company Profiles- 13.7.1 Company 1 (Saudi Arabia)
- 13.7.2 Company 2 (UAE)
- 13.7.3 Company 3 (UAE)
- 14.1 Strategic Dashboard of Top Market Players
14.2 Company Profiles (Introduction, Financial Assessments, Portfolio of Offerings, Milestones and Achievements, Strategic Initiative, and SWOT Analysis)- 14.2.1 Tokyo Ohka Kogyo Co.
- 14.2.2 Ltd.
- 14.2.3 JSR Corporation
- 14.2.4 DowDuPont Inc.
- 14.2.5 Fujifilm Electronic Materials
- 14.2.6 Inc.
- 14.2.7 Shin-Etsu Chemical Co.
- 14.2.8 Ltd.
16. Principal Presumptions and Acronyms