Luton, Bedfordshire, United Kingdom, July 30, 2024 (GLOBE NEWSWIRE) -- Exactitude Consultancy, the market research and consulting wing of Ameliorate Digital Consultancy Private Limited has completed and published the final copy of the detailed research report on the Liquid Crystal Polymer Market.
The Liquid Crystal Polymers (LCP) Market size is estimated at 0.93 billion USD in 2024, and is expected to reach 1.58 billion USD by 2033, growing at a CAGR of 6.28% during the forecast period (2023-2033).
The global market for Liquid Crystal Polymers (LCPs) is expected to experience significant growth due to their superior properties, including temperature resistance, chemical stability, and high weight-to-strength ratio. However, the COVID-19 pandemic has disrupted global manufacturing and industrial operations, leading to a near halt in production across sectors like automotive and electronics. The lockdowns and supply chain disruptions have also led to increased LCP prices, as seen by Sumitomo Chemical raising its prices in August 2021 due to increased logistics and raw material costs. This has contributed to a slow economic recovery, with aftermarket demand potentially taking years to return to pre-2019 levels. Despite these challenges, industry players are implementing strategic measures to navigate the crisis and strengthen their market positions, which are expected to support the recovery and growth of the liquid crystal polymer industry in the forecast period.
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Technological Advancements Fueling Growth in the Liquid Crystal Polymers Market
- Liquid Crystal Polymers (LCPs) are experiencing increased demand due to their exceptional properties, including resistance to creep, chemicals, impact, and abrasion, along with high dielectric and mechanical strength. These characteristics make LCPs highly suitable for use in electronics, aerospace, and industrial machinery. In 2022, the LCP market represented 0.65% of global engineering plastics revenue.
- Electronics Industry: In 2022, the electrical and electronics sector was the leading consumer of LCP resins. The ongoing shift towards high-strength, lightweight materials in consumer electronics is expected to drive further demand for LCP resins. The global consumer electronics market is projected to reach USD 1,103 billion by the end of 2023, with an annual growth rate of 2.17% through 2027.
- Industrial Machinery: The industrial machinery sector was the second-largest consumer of LCP resins in 2022. The resurgence in urbanization and the revival of offshore exports for machine tools and structural equipment post-pandemic contributed to a notable increase in industrial machinery production. As a result, the consumption of LCP resins surged, with the industrial machinery segment of the global LCP market growing by 19.20% in value compared to the previous year.
- Aerospace Industry: The aerospace sector is the fastest-growing end-user segment, with a forecasted Compound Annual Growth Rate (CAGR) of 9.11% by value from 2023 to 2029. This growth is driven by the rising demand for lighter and more fuel-efficient aircraft components. Aerospace production revenue is anticipated to grow from USD 466 billion in 2022 to USD 723 billion by 2029, further boosting the demand for LCPs.
Asia-Pacific Set to Lead Global Liquid Crystal Polymer Market Growth
- Liquid Crystal Polymers (LCPs) are utilized across various high-precision and high-heat applications, with notable usage in automotive, electronics, and industrial machinery sectors. In 2022, LCPs represented 0.65% of the global engineering plastics market by revenue.
- Asia-Pacific: This region is anticipated to dominate the global LCP market in the coming years. This growth is primarily driven by the electrical and electronics industry, which accounted for 75.96% of the global LCP demand, and the automotive sector, which contributed 69.59%. The surge in demand for technology, gaming consoles, and home office equipment, spurred by remote work trends, is expected to further boost LCP market growth in the region.
- North America: The region's significant consumption is due to its high number of end-user applications in sectors such as automotive and electronics. Notably, North America accounted for 10.09% of global vehicle production and 9.92% of electronic component production in 2022.
- Africa: This growth is driven by the electrical and electronics sector, bolstered by strong South Korean investments. Samsung, a major player in the African market, holds a 35% share of the smartphone market and is a leading investor in the manufacturing and assembly of electronic goods in Ethiopia and Sudan.
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Global Liquid Crystal Polymers (LCP) Market Trends
Technological Advancements Driving Growth
- The global Liquid Crystal Polymers (LCP) market is poised for growth, fueled by rapid technological advancements in the electronics industry. The increasing demand for cutting-edge electrical and electronic products underscores the need for high-performance materials like LCPs.
- Market Overview: In 2022, the global electrical and electronics sector generated USD 5,807 billion in revenue. The Asia-Pacific region led with a dominant 74% market share, while Europe held 13%. The global electrical and electronics market is projected to grow at a Compound Annual Growth Rate (CAGR) of 6.61% over the forecast period.
- Regional Dynamics: The Asia-Pacific region experienced substantial economic growth in 2018, driven by rapid industrialization in China, South Korea, Japan, India, and ASEAN countries. However, the COVID-19 pandemic caused a slowdown in global electrical and electronics production in 2020, due to chip shortages and supply chain disruptions, resulting in a modest growth rate of 0.1% compared to the previous year. This period saw a surge in demand for consumer electronics for remote work and home entertainment as people adapted to indoor lifestyles.
- Future Prospects: The demand for advanced technologies such as digitalization, robotics, virtual reality, augmented reality, IoT (Internet of Things), and 5G connectivity is expected to drive significant growth during the forecast period. Global electrical and electronics production is anticipated to grow at a rate of 5.9% by 2027. The global consumer electronics market is projected to reach approximately USD 904.6 billion by 2027, up from USD 719.1 billion in 2023. These advancements will likely accelerate the demand for high-performance materials like LCPs, reinforcing their role in next-generation electronics.
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Liquid Crystal Polymers (LCP) Market News
| Company | Development | Impact |
| Solvay | Solvay announced the opening of a new production facility in Shanghai, China, aimed at increasing its LCP production capacity by 10 kilotons annually. This expansion is designed to meet growing demand in the automotive and electronics industries. | High |
| RTP Company | RTP Company revealed plans to invest USD 25 million in expanding its LCP manufacturing operations in its headquarters in Winona, Minnesota. The expansion is expected to double its LCP output by the end of 2025. | Moderate |
| Ticona Engineering Polymers | Ticona Engineering Polymers launched a new high-performance LCP grade specifically tailored for advanced aerospace applications. The new grade is designed to enhance material strength and heat resistance for critical aerospace components. | Low |
| Kyocera Corporation | Kyocera Corporation began construction of a new LCP production line at its manufacturing plant in Kyoto, Japan. This expansion is part of Kyocera’s strategy to increase its global LCP production capacity by 8 kilotons annually. | Moderate |
| Ensinger | Ensinger launched a new line of LCP-based composites at its facility in Neunkirchen, Germany. These composites are designed for high-performance applications in the electronics and industrial sectors, offering enhanced thermal and mechanical properties. | Low |
| DSM Engineering Plastics | DSM Engineering Plastics announced the acquisition of a majority stake in Polyplastics Co., Ltd., strengthening its position in the LCP market. The acquisition includes Polyplastics’ LCP production facilities and intellectual property. | High |
Key Players:
- Sumitomo Chemical Co., Ltd.
- Celanese Corporation
- RTP Company
- Solvay S.A.
- Ticona Engineering Polymers
- Polyplastics Co., Ltd.
- Ensinger GmbH
- Kingfa Sci. & Tech. Co., Ltd.
- Shin-Etsu Chemical Co., Ltd.
- DSM Engineering Plastics
- Toray Industries, Inc.
- HGST, Inc.
- Kureha Corporation
- Shanghai PRET Composite Material Co., Ltd.
- SABIC (Saudi Basic Industries Corporation)
Market Segmentation:
By Type
- Thermotropic
- Lyotropic
By Application
- Electrical and Electronics
- Industrial Machinery
- Consumer goods
- Lighting
- Medical
- Others
By Region
- North America (U.S., Canada)
- Europe (France, Germany, UK, Italy, Spain, Netherlands, Austria)
- Asia Pacific (Japan, China, India, Malaysia, Indonesia. South Korea)
- Latin America (Brazil, Mexico, Argentina)
- Middle East & Africa (Saudi Arabia, UAE, Israel, South Africa)
Quantitative Analysis -
- Market size, estimates, and forecasts from 2023 - 2030
- Market size and revenue estimates for products up to 2030
- Market revenue estimates for application up to 2030
- Market revenue estimates for type up to 2030
- Regional market size and forecast up to 2030
For More Findings: https://bulletin.exactitudeconsultancy.com/
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