CMP slurries and pads: Cycles
Why more memory layers mean more polishing every year
What this tab covers How its prices and margins move: past booms and busts with price levels, the spread or margin that the industry watches, the drivers of the cycle and the metrics to track.CMP consumables track wafer starts and the number of CMP steps, which rise with each node, with 3D NAND layer counts and with hybrid bonding in advanced packaging. Revenue fell in the 2023 memory downturn and recovered with AI chips. Prices are contract-based; the visible cycle is in supplier revenue and in consolidation, such as Entegris buying CMC Materials in 2022 (indicative). Supply risk comes from rare-earth and raw material sourcing.
The spread to watch Not applicable (formulated specialties)Track Entegris, Fujimi and DuPont electronics segment margins instead.
Booms and busts
- 2022
Entegris acquired CMC Materials (formerly Cabot Microelectronics), combining the largest US slurry and pad assets (indicative).
not published
- 2023
Memory downturn cut wafer starts and CMP consumable demand (indicative).
not published
- 2024-2025
Market recovered: 6% growth in 2024 and again in 2025 to about $3.6 billion, with Chinese suppliers reporting record growth.
market $3.6 billion in 2025 (TECHCET)
What drives the cycle
- CMP steps per wafer. More metal levels, 3D NAND layers and hybrid bonding raise slurry and pad use.
- New interconnect metals. Cobalt, molybdenum and ruthenium need new slurries (TECHCET: +94% in five years).
- Raw material sourcing. Ceria, alumina and silica outside China and Russia must be qualified (TECHCET 2024).
- Localisation. China's domestic suppliers and new fabs in the US, Japan and India shift share.
Metrics to track
| Metric | Why it matters | Where to track it |
|---|---|---|
| CMP consumables market size | Demand | TECHCET |
| Wafer starts | Volume driver | SEMI |
| Supplier segment results | Revenue cycle | Entegris, Fujimi, DuPont filings |