Demand for semiconductors projected to rise 20%

Global demand for semiconductors is projected to increase by almost 20 percent this year. That places a range of industries under extra pressure as they scramble to secure what's already in scant supply.

The World Semiconductor Trade Statistics organization released an annual forecast.

Its members forecast combined sales of 527.2 billion dollars this calendar year. That's up 19.7 percent from a year earlier.

The organization represents 44 of the world's biggest semiconductor manufacturers.

The coronavirus pandemic is contributing to the hike, driving robust demand for semiconductors used in personal computers and other devices that people are buying to work from home.

Sales of chips used in autos are also on the up as the global economy gains momentum. The market is expected to continue growing as supplies remain tight.