In a press release, SEMI global chief marketing officer Terry Tsao cited a SEMI report that the overall semiconductor materials market could grow by 8.6% in 2022, reaching a record high of $69.8 billion.

The wafer materials market alone will grow 11.5 percent to $45.1 billion, the report said. The packaging materials market will grow 3.9% to $24.8 billion. The semiconductor materials market is expected to be worth more than $70 billion in 2023.