How is the Iran conflict reshaping global PGMEA supply chains for semiconductor fabs?

How is the Iran conflict reshaping global PGMEA supply chains for semiconductor fabs?
The Iran conflict has exposed PGMEA's fragile upstream chain. With over 40% of Japan's naphtha imports sourced from the Middle East, six of Japan's twelve naphtha crackers have cut output after Hormuz disruptions. This cascades through propylene oxide to PGME/PGMEA production, with Daicel and Toagosei facing feedstock constraints. Japanese suppliers have formally notified Samsung and SK Hynix of procurement difficulties. Spot PGMEA prices surged to around RMB 14,200/ton in April, up 86.8% from the January low of RMB 7,600/ton. DuPont, Dow and LG Chem have announced 40-50% price hikes. The market has not fully priced in this risk, as the transmission from naphtha shortage to fab-level impact takes months through dozens of intermediate steps.