Update date: Jul 08, 2026 | 298 Pages | Report ID: SFC-005454
High-Purity Argon Fluoride Gas Market
DMA IntelligenceHigh-Purity Argon Fluoride Gas Value Chain Analysis & Forecast Outlook 2033
Segments: Product Type (Ultra-High Purity, High Purity, Standard Purity), Application (Semiconductor Manufacturing, Laser Technology, Electronics, Research & Development, Others), End-Use Industry (Electronics & Semiconductor, Healthcare, Industrial, Others), Distribution Channel (Direct Sales, Distributors, Online Sales, Others), By Region, And Segment Forecasts
$1.8B
Market Size, 2025
$2.0B
Market Estimate, 2026
$3.4B
Market Forecast, 2033
7.9%
CAGR, 2026–2033
Market Definition and Strategic Context
The High-Purity Argon Fluoride Gas Market refers to the global industry involved in the production, distribution, and application of argon fluoride (ArF) and krypton fluoride (KrF) gases, characterized by extremely low impurity levels essential for advanced technological processes. These gases are critical components in excimer lasers, which are extensively used in semiconductor lithography, medical procedures (such as LASIK eye surgery), and various industrial applications requiring precise material processing. The demand for High-Purity Argon Fluoride Gas is intrinsically linked to the rapid advancements in the semiconductor industry, particularly the miniaturization of electronic components and the increasing complexity of integrated circuits. The market is driven by the need for higher resolution and smaller feature sizes in chip manufacturing, where excimer lasers powered by these gases enable the etching of intricate patterns on silicon wafers. This report provides a detailed analysis of the High-Purity Argon Fluoride Gas market size, growth outlook, and market forecast, offering insights into industry expansion and the factors influencing its trajectory. The market's strategic context is defined by its role as a foundational enabler for next-generation electronics and advanced manufacturing. The escalating global demand for smartphones, artificial intelligence hardware, and high-performance computing further fuels the need for these specialized gases. The current market value for High-Purity Argon Fluoride Gas stands at USD 1.84 Billion in 2025, demonstrating its significant economic footprint. The market's growth is also influenced by increasing R&D investments in new laser applications and material science, alongside stringent quality requirements that necessitate high-purity levels to prevent defects and ensure optimal performance in sensitive manufacturing environments. Understanding the dynamics of this market is crucial for stakeholders aiming to capitalize on the ongoing technological revolution and secure their position within the advanced materials supply chain. The intricate balance between supply chain resilience, technological innovation, and evolving end-user demands will shape the future landscape of the High-Purity Argon Fluoride Gas industry.
| Report Attribute | Details |
|---|---|
| Market size value in 2025 | USD 1.84 Billion |
| Revenue forecast in 2033 | USD 3.38 Billion |
| Growth rate | CAGR of 7.9% from 2025 to 2033 |
| Actual data | 2021 - 2024 |
| Forecast period | 2025 - 2033 |
| Quantitative units | Revenue in USD Billion and CAGR from 2025 to 2033 |
| Report coverage | Revenue forecast, company share, competitive landscape, growth factors, and trends |
| Segments covered | Product Type, Application, End-Use Industry, Distribution Channel |
| Regional scope | North America; Europe; APAC; Latin America; MEA |
| Country scope | All; All; All; All; All |
| Key companies profiled | Linde plc; Air Liquide S.A.; Praxair, Inc. (now part of Linde plc); Messer Group GmbH; Taiyo Nippon Sanso Corporation; Air Products and Chemicals, Inc.; Showa Denko K.K.; MATHESON Tri-Gas, Inc.; Coregas Pty Ltd; Iwatani Corporation; Solvay S.A.; Kanto Denka Kogyo Co., Ltd.; Shandong FeiYuan Chemical Group Co., Ltd.; Huate Gas Co., Ltd.; Axcel Gases; Electronic Fluorocarbons LLC; Concorde Specialty Gases, Inc.; Central Glass Co., Ltd.; Hangzhou Weicheng Chemical Co., Ltd.; Shenzhen Kylin Chemicals Co., Ltd. |
| Customization scope | Free report customization (equivalent to 8 analysts working days) with purchase. Addition or alteration to country, regional & segment scope. |
| Pricing and purchase options | Avail customized purchase options to meet your exact research needs. Explore purchase options |
Growth Catalysts & Market Constraints
The High-Purity Argon Fluoride Gas market is experiencing significant dynamism, primarily fueled by the relentless technological advancements in the global semiconductor industry. The continuous push for smaller, more powerful, and energy-efficient electronic devices directly translates into higher demand for excimer lasers and, consequently, high-purity ArF and KrF gases used in their operation. This growth forecast is further supported by expanding applications beyond traditional semiconductor manufacturing, including medical and industrial laser systems. However, the market also faces inherent challenges related to the complexity of gas production, stringent purity requirements, and high operational costs. Understanding these growth catalysts and market constraints is essential for stakeholders navigating the High-Purity Argon Fluoride Gas market, as they dictate the trajectory of its expansion and the strategic imperatives for industry participants. The delicate balance between innovation and cost-efficiency will be crucial in shaping the future High-Purity Argon Fluoride Gas market size and its overall industry landscape.
Growth Drivers
- The surging demand for advanced semiconductors, driven by emerging technologies like AI, 5G, IoT, and high-performance computing, is a primary driver. High-purity argon fluoride gases are indispensable for deep ultraviolet (DUV) lithography, enabling the production of smaller feature sizes and more complex integrated circuits, thereby directly boosting market growth.
- Expansion of excimer laser applications beyond semiconductor manufacturing into medical fields such as ophthalmology (LASIK) and industrial sectors for precision material processing and micromachining. These diverse applications create new revenue streams and broaden the addressable market for high-purity argon fluoride gas suppliers, supporting sustained growth.
Restraints
- The extremely high cost associated with the production, purification, and safe handling of high-purity argon fluoride gases poses a significant restraint. Specialized infrastructure, stringent safety protocols, and complex supply chain logistics contribute to elevated operational expenses, which can impact end-product pricing and limit adoption in cost-sensitive applications.
- Intense regulatory scrutiny and environmental compliance requirements for handling hazardous gases like argon fluoride can impede market expansion. The need for specialized permits, waste management, and adherence to strict safety standards adds layers of complexity and cost for manufacturers and users, potentially slowing down market growth.
Opportunities
- Investment in advanced R&D for next-generation lithography technologies, such as Extreme Ultraviolet (EUV) light sources and novel excimer laser designs, presents significant opportunities. Developing gases optimized for these evolving technologies could unlock new market segments and reinforce the critical role of high-purity argon fluoride in future semiconductor manufacturing.
- Geographic expansion into emerging semiconductor manufacturing hubs, particularly in Southeast Asia and parts of Europe, offers substantial growth avenues. Establishing local production and distribution networks in these regions can reduce logistical costs, improve supply chain resilience, and cater to burgeoning demand from new fabrication plants.
Challenges
- Maintaining consistent ultra-high purity levels throughout the production and supply chain is a persistent technical challenge. Even trace impurities can severely impact the performance and yield of sensitive semiconductor processes, necessitating continuous investment in advanced purification technologies and rigorous quality control measures.
- The high capital expenditure required for setting up and operating specialized gas production facilities, coupled with the cyclical nature of the semiconductor industry, poses a financial challenge. Market players must manage significant upfront investments against fluctuating demand, requiring robust financial planning and risk mitigation strategies.
Market Level Breakdown
The High-Purity Argon Fluoride Gas market is segmented by Product Type into Argon Fluoride (ArF), Krypton Fluoride (KrF), and Others. Argon Fluoride (ArF) gas typically holds the largest share, primarily due to its critical role in deep ultraviolet (DUV) lithography for producing advanced semiconductor devices with feature sizes down to 7nm and 5nm. KrF gas is also significant, predominantly used for slightly larger feature sizes (e.g., 90nm to 248nm processes) and in certain industrial laser applications. The 'Others' category includes specialized mixtures or experimental gases used in niche research and development applications.
Segmentation by Application includes Semiconductor Manufacturing, Excimer Lasers, Medical, Research & Development, and Other Industrial Applications. Semiconductor manufacturing represents the dominant application segment, consuming the majority of high-purity argon fluoride gases for lithography processes in chip fabrication. Excimer lasers, while a technology, also represent a distinct application segment where these gases are used as the active medium. Medical applications include ophthalmic surgeries and dermatological treatments, while Research & Development encompasses experimental studies in optics and material science. Other industrial applications involve precision cutting, drilling, and surface treatment.
By End-Use Industry, the market is categorized into Electronics, Healthcare, Aerospace & Defense, and Others. The Electronics industry is the largest end-user, driven by the pervasive use of semiconductors in consumer electronics, automotive, and industrial control systems. The Healthcare sector utilizes these gases for medical laser systems, particularly in eye surgery. Aerospace & Defense applications involve high-precision manufacturing and specialized laser systems, while 'Others' includes various industrial and scientific sectors requiring high-energy, short-wavelength lasers.
The market is also segmented by Distribution Channel into Direct Sales, Distributors, Online Retail, and Specialty Gas Suppliers. Direct Sales are common for large-volume customers like major semiconductor manufacturers, ensuring customized supply agreements and technical support. Distributors play a crucial role in reaching smaller and medium-sized enterprises. Online Retail is emerging for certain standardized products, while Specialty Gas Suppliers cater to niche demands, offering tailored gas mixtures and purity levels for specific applications. Each channel plays a vital role in the High-Purity Argon Fluoride Gas industry's growth and market reach.
High-Purity Argon Fluoride Gas Segmentation Breakdown
- Product Type
- Ultra-High Purity
- High Purity
- Standard Purity
- Application
- Semiconductor Manufacturing
- Laser Technology
- Electronics
- Research & Development
- Others
- End-Use Industry
- Electronics & Semiconductor
- Healthcare
- Industrial
- Others
- Distribution Channel
- Direct Sales
- Distributors
- Online Sales
- Others
Geographic Performance & Regional Trends
The global High-Purity Argon Fluoride Gas market demonstrates distinct regional trends, with Asia Pacific emerging as both the largest and fastest-growing market. This dominance is primarily driven by the region's robust semiconductor manufacturing ecosystem, particularly in countries like China, South Korea, and Taiwan, which are global leaders in chip production. Significant government investments, coupled with the presence of major foundries and increasing demand for advanced electronics, propel the High-Purity Argon Fluoride Gas market growth in APAC. North America and Europe also represent substantial markets, characterized by established technology industries and continuous innovation in laser and medical applications. Latin America and the Middle East & Africa, while smaller, are witnessing gradual growth due to developing industrial bases and increasing technological adoption.
Regional Growth Drivers
- North America: The region benefits from a strong aerospace and defense sector, alongside a mature semiconductor industry and significant R&D investments in advanced laser technologies. Innovations in United States-based research institutions and a growing medical device market further drive demand for high-purity argon fluoride gases.
- Europe: Driven by stringent environmental regulations promoting high-efficiency manufacturing processes and a robust automotive industry that increasingly incorporates advanced electronics. Key markets like Germany and France also invest heavily in scientific research and industrial laser applications, bolstering the regional market.
- Asia Pacific: The unparalleled expansion of semiconductor fabrication plants and consumer electronics manufacturing in China, Japan, and South Korea is the primary driver. Government initiatives supporting domestic chip production and a large, tech-savvy consumer base fuel massive demand for high-purity argon fluoride gas.
- Latin America: Industrial modernization efforts and burgeoning electronics assembly industries in countries like Brazil and Mexico are fostering demand. Growing investments in medical infrastructure and local manufacturing capabilities are gradually increasing the regional consumption of high-purity argon fluoride gases.
- Middle East & Africa: Emerging industrial sectors, particularly in Saudi Arabia and South Africa, are driving initial demand for high-precision manufacturing. Diversification from oil-dependent economies towards technology and manufacturing, though nascent, is expected to create new opportunities for high-purity argon fluoride gas.
The regional forecast indicates a sustained shift in market gravity towards Asia Pacific, which will continue to outpace mature markets in growth rate due to ongoing investments in advanced manufacturing capabilities. While North America and Europe will remain significant contributors, their growth will be more incremental, driven by technological upgrades and niche applications rather than sheer volume expansion. Emerging markets in Latin America and MEA offer long-term potential, contingent on industrial development and the adoption of advanced manufacturing techniques. Strategic suppliers must prioritize localization and robust supply chain networks in Asia Pacific, while focusing on high-value, specialized solutions for developed economies.
Competitive Insights & Leading Companies
The High-Purity Argon Fluoride Gas competitive landscape is characterized by a moderately consolidated structure, with a few global giants dominating the market alongside several specialized regional players. Key players like Linde plc, Air Liquide S.A., and Air Products and Chemicals, Inc. leverage their extensive global infrastructure, diverse product portfolios, and strong R&D capabilities to maintain a significant market share. The competitive intensity is driven by factors such as stringent purity requirements, high capital investment for production facilities, and complex supply chain logistics. Companies compete primarily on product quality, reliability of supply, technical support, and the ability to offer customized gas mixtures. Pricing strategies are influenced by raw material costs, energy expenses, and the long-term contracts typically established with major semiconductor manufacturers. The market sees a mix of global players with comprehensive offerings and regional specialists focusing on specific geographic markets or niche applications, particularly in Asia Pacific where local suppliers are gaining traction due to proximity to manufacturing hubs. Distribution channels are critical, with direct sales to large industrial clients being prominent, complemented by a network of distributors for smaller volume or specialized needs. Regulatory approvals and certifications, especially for semiconductor and medical applications, also serve as significant competitive barriers, favoring established players with proven compliance records in the High-Purity Argon Fluoride Gas market.
Strategic differentiation in the High-Purity Argon Fluoride Gas market revolves around technological innovation, service excellence, and supply chain resilience. Leading companies are investing heavily in R&D to develop ultra-high purity gases and advanced gas handling systems that meet the evolving demands of next-generation lithography and laser technologies. This includes optimizing gas compositions for Extreme Ultraviolet (EUV) light sources and enhancing purification processes to achieve even lower impurity levels. Mergers and acquisitions, such as the integration of Praxair into Linde plc, are common strategies to expand market reach, consolidate technological expertise, and achieve economies of scale. Partnerships with equipment manufacturers and end-users are also vital for co-developing tailored solutions and ensuring seamless integration into complex manufacturing processes. Localization of production and distribution facilities, particularly in rapidly growing regions like Asia Pacific, is a key strategy to mitigate supply chain risks and respond quickly to regional demand fluctuations. Companies differentiate themselves through their ability to provide consistent, high-quality products globally, coupled with comprehensive technical support and gas management services. However, the industry faces challenges such as margin pressure due to high operational costs and the cyclical nature of the semiconductor industry. Furthermore, ensuring a resilient supply chain amid geopolitical tensions and raw material scarcity remains a critical challenge, requiring continuous strategic planning and investment in robust logistics and inventory management to maintain a competitive edge and ensure steady supply in the High-Purity Argon Fluoride Gas market.
High-Purity Argon Fluoride Gas Key Companies
- Linde plc
- Air Liquide S.A.
- Praxair, Inc. (now part of Linde plc)
- Messer Group GmbH
- Taiyo Nippon Sanso Corporation
- Air Products and Chemicals, Inc.
- Showa Denko K.K.
- MATHESON Tri-Gas, Inc.
- Coregas Pty Ltd
- Iwatani Corporation
- Solvay S.A.
- Kanto Denka Kogyo Co., Ltd.
- Shandong FeiYuan Chemical Group Co., Ltd.
- Huate Gas Co., Ltd.
- Axcel Gases
- Electronic Fluorocarbons LLC
- Concorde Specialty Gases, Inc.
- Central Glass Co., Ltd.
- Hangzhou Weicheng Chemical Co., Ltd.
- Shenzhen Kylin Chemicals Co., Ltd.
High-Purity Argon Fluoride Gas Market Ecosystem
Ecosystem Participants
- Raw Material Suppliers — Provide essential precursor chemicals and noble gases such as high-purity argon and fluorine, which are fundamental for the synthesis of argon fluoride and krypton fluoride gases. Their role is critical in ensuring the foundational quality and availability of input materials for gas manufacturers.
- These suppliers must adhere to strict purity standards themselves, as impurities at this stage can propagate through the entire production chain, impacting the final product quality and increasing purification costs for gas manufacturers. Long-term supply contracts are common.
- Gas Manufacturers/Producers — Specialize in the synthesis, purification, and packaging of high-purity argon fluoride and krypton fluoride gases. They employ advanced chemical processes and rigorous quality control measures to achieve the ultra-high purity levels demanded by end-use applications, particularly in semiconductor lithography.
- These companies invest heavily in R&D for purification technologies and robust production facilities, ensuring consistent product quality and reliable supply to critical industries. Their operational responsibilities include managing hazardous materials safely and efficiently.
- Equipment Manufacturers (Excimer Lasers) — Design and produce excimer laser systems that utilize argon fluoride and krypton fluoride gases as their active medium. These manufacturers collaborate closely with gas producers to ensure optimal laser performance, gas compatibility, and system efficiency for various applications.
- Their role is vital in developing the technology that consumes these gases, requiring continuous innovation in optics, gas handling, and laser cavity design. Interoperability and system integration are key considerations for these participants.
- Semiconductor Manufacturers (Foundries) — Are the primary end-users of high-purity argon fluoride gases, utilizing excimer lasers in deep ultraviolet (DUV) lithography for etching intricate patterns on silicon wafers. Their demand dictates the market volume and purity specifications.
- These foundries require extremely high reliability and consistency of gas supply to prevent costly production disruptions and yield losses. They often engage in long-term supply agreements and partnerships with gas manufacturers to secure their critical material needs.
- Medical Device Manufacturers — Integrate excimer lasers into medical equipment, particularly for ophthalmic surgeries (e.g., LASIK) and dermatological treatments. They require high-purity gases for precise and safe laser operation in human applications.
- Compliance with medical device regulations and patient safety standards is paramount for these manufacturers, influencing their selection of gas suppliers and the purity requirements for the argon fluoride gases used.
- Research & Development Institutions — Universities, national laboratories, and corporate R&D centers that explore new applications for excimer lasers and conduct fundamental research into gas chemistry and laser physics. They often require small volumes of highly specialized or experimental gas mixtures.
- These institutions drive future innovation and identify potential new markets for high-purity argon fluoride gases, acting as a crucial bridge between fundamental science and industrial application development.
- Distributors & Logistics Providers — Manage the storage, transportation, and delivery of high-purity argon fluoride gases from manufacturers to various end-users. They specialize in handling hazardous materials and ensuring safe, compliant, and timely delivery.
- Their expertise in specialized logistics, including temperature-controlled and pressure-regulated transport, is essential for maintaining gas integrity and ensuring supply chain continuity across diverse geographic regions.
Report Coverage & Key Deliverables
The report delivers a comprehensive analysis of the High-Purity Argon Fluoride Gas, combining quantitative data with qualitative insights. This study is meticulously crafted to provide stakeholders with an in-depth understanding of market dynamics, competitive landscape, and future growth opportunities. It serves as an invaluable resource for strategic decision-making, offering actionable intelligence for market entry, expansion, product development, and investment strategies. By dissecting the market across various segments, regions, and competitive fronts, the report equips businesses with the foresight needed to navigate the complexities of this specialized industry. The detailed market sizing, forecast projections, and trend analysis are presented in an accessible format, ensuring that both technical experts and business strategists can leverage the information effectively. The inclusion of competitive profiling and strategic recommendations further enhances its utility, enabling companies to benchmark their performance and identify potential partnerships or acquisition targets. Ultimately, this report aims to provide a holistic view of the High-Purity Argon Fluoride Gas market, empowering clients to make informed decisions that drive sustainable growth and profitability in a rapidly evolving technological landscape.
Report Coverage
- Market Size Estimates (historical and forecast)
- This section provides detailed market value estimations in USD Billion, covering the historical period from 2021 to 2025 and offering robust forecasts up to 2033. The methodology incorporates a blend of top-down and bottom-up approaches, triangulating data from primary and secondary sources to ensure accuracy and reliability.
- Detailed Segmentation And Revenue Analysis
- The report offers an exhaustive breakdown of market revenues by Product Type, Application, End-Use Industry, and Distribution Channel. Each segment is analyzed for its current market share, growth trajectory, and future potential, providing a granular view of revenue streams and investment priorities.
- Regional And Country-Level Insights
- A comprehensive analysis of the High-Purity Argon Fluoride Gas market across key regions including North America, Europe, Asia Pacific, Latin America, and Middle East & Africa, with specific country-level data. This section highlights regional market maturity, growth drivers, and regulatory landscapes, contrasting established markets with emerging opportunities.
- Competitive Benchmarking Of Key Players
- This segment profiles leading companies in the High-Purity Argon Fluoride Gas market, evaluating their product portfolios, strategic initiatives, market presence, and financial performance. It includes an assessment of competitive strategies, market concentration, and key differentiating factors that shape the industry's competitive intensity.
- Customization Options Based on Specific Requirements
- Clients can avail up to 20% free customization to tailor the report's scope, data points, or regional focus to their precise business needs. This flexibility allows for a more targeted analysis, addressing specific strategic questions or market segments of particular interest.
Recent Industry Insights
The High-Purity Argon Fluoride Gas industry trends in the last 12-18 months have been marked by a concentrated effort towards enhancing production capabilities and securing supply chains to meet the escalating demand from the semiconductor sector. Major gas manufacturers have announced significant investments in new purification technologies and expanded facility capacities, particularly in Asia, to support the construction of new fabrication plants. Strategic partnerships between gas suppliers and semiconductor equipment manufacturers are becoming more frequent, aimed at co-developing optimized gas delivery systems and improving process efficiency. Furthermore, there's a growing emphasis on sustainable manufacturing practices, with companies exploring methods to reduce the environmental footprint associated with gas production and handling. The geopolitical landscape has also spurred efforts to localize supply chains, reducing reliance on single-source regions and enhancing resilience against potential disruptions, reflecting a proactive approach to market stability and long-term growth.
Key Market Developments
- March 2025: Linde plc announced a significant investment in a new high-purity gas production facility in South Korea to support the burgeoning demand from advanced semiconductor manufacturers in the region.
- January 2025: Air Liquide S.A. partnered with a leading excimer laser manufacturer to develop next-generation gas delivery systems optimized for sub-5nm lithography processes, enhancing performance and purity.
- November 2024: Taiyo Nippon Sanso Corporation expanded its production capacity for specialty gases, including argon fluoride, in Taiwan to cater to the increasing output of local foundries and contract manufacturers.
- September 2024: Air Products and Chemicals, Inc. introduced an innovative gas purification technology designed to achieve even higher purity levels for excimer laser gases, targeting zero-defect manufacturing in critical applications.
- July 2024: Messer Group GmbH acquired a regional specialty gas distributor in Europe to strengthen its distribution network and improve responsiveness to localized demands from industrial and medical sectors.
Analyst Opinion
The High-Purity Argon Fluoride Gas market outlook remains highly attractive, primarily driven by the foundational role these gases play in the rapidly evolving semiconductor industry. The relentless pursuit of miniaturization and increased computational power in electronics ensures a sustained and growing demand for advanced lithography techniques, where ArF and KrF excimer lasers are indispensable. The market exhibits a moderately consolidated competitive intensity, with a few global leaders leveraging their technological expertise, expansive distribution networks, and strong customer relationships. The demand-supply balance is currently tight, particularly for ultra-high purity grades, as the pace of semiconductor fab construction often outstrips the expansion of specialized gas production. This creates opportunities for established players to optimize their production efficiencies and for new entrants or regional specialists to carve out niches by focusing on specific purity requirements or localized supply solutions. The high barriers to entry, including substantial capital investment, stringent safety regulations, and complex purification processes, tend to favor large, established chemical and industrial gas companies, reinforcing their market positions. Strategic partnerships and long-term supply agreements are critical for both gas suppliers and end-users to ensure stability and mitigate supply chain risks in this high-stakes industry.
Looking ahead, the long-term outlook for the High-Purity Argon Fluoride Gas market is positive, underpinned by continuous innovation in semiconductor technology and the diversification of excimer laser applications. While Extreme Ultraviolet (EUV) lithography is gaining traction, DUV lithography using argon fluoride gases will continue to be essential for many critical layers in chip manufacturing for the foreseeable future, ensuring sustained demand. Key risk factors include the cyclical nature of the semiconductor industry, which can lead to periods of oversupply or undersupply, and geopolitical tensions that may disrupt global supply chains for raw materials or finished gases. Furthermore, the development of alternative lithography technologies or significant breakthroughs in chip manufacturing processes could potentially impact the market, although no immediate substitutes for high-purity argon fluoride in DUV lithography are currently viable at scale. Companies must prioritize R&D to stay ahead of technological curves, invest in resilient and localized supply chains, and maintain rigorous quality control to capitalize on growth opportunities. The strategic implication for market players is to focus on innovation, operational excellence, and strong customer partnerships to navigate these complexities and secure long-term profitability in this vital segment of the advanced materials market.