ASMI also raised its third quarter order intake guidance to over 600 million euro, compared to previous guidance of 510 million – 530 million, boosted by a strong demand in the logic and foundry sector.

Chief Executive Benjamin Loh said that next generation semiconductor devices such as complex 3D architectures and new materials, are expected to drive double digit growth in ASM’s key markets.

Companies like ASMI and peers ASML and BESI are benefiting from the global demand for semiconductors used in products ranging from cars to computers and smartphones.

ASMI, which anticipates its revenue in the range of 2.8 billion euro to 3.4 billion euro by 2025, also said it would expand its manufacturing facility in Singapore with an aim to make it production-ready by early 2023.

The firm has said it expected further revenue growth this year on the back of strong chip demand despite pandemic related supply chain challenges.