Pune India, April 26, 2022 (GLOBE NEWSWIRE) -- The market has been studied for the below mentioned-segmentation and regional analysis for North America, Europe, Asia, South America, and Middle East and Africa. These are the key regions where the Liquid Crystal Polymers market is operating currently and is predicted to expand in the near future. The manufacturers and suppliers involved in the liquid crystal polymers market is present across various countries in the above-mentioned regions.
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The report provides detailed understanding of the market segments which have been formed by combining different prospects such as the product category, application, technology, end-users and others. Apart from this, the key driving factors, restraints, potential growth opportunities and market challenges are also discussed in the below paragraphs.
Global Liquid Crystal Polymers Market Size by Type (Lyotropic and Thermotropic), Application (Polymers, Coatings, Electrical Motor Components, High Intensity LEDs, Electronic Components, Additives and Others), End-use Industry (Electronics and Electrical, Automotive and Transportation, Industrial Machinery, Aerospace and Defense, Healthcare, Consumer Goods, and Others), Distribution Channel (Online and Offline) Regions, Segmentation, and forecast till 2028.
The significant players operating in the global liquid crystal polymers market are Celanese Corporation, Solvay S.A., Toray Industries Inc., Polyplastics Co. Ltd., Sumitomo Chemicals Corporation, Polyone Corporation, Shenzhen WOTE Advanced Materials Co. Ltd., Kingfa Sci and Tech Co. Ltd., Kuraray and RTP Co. and others. To achieve a substantial market share in the worldwide liquid crystal polymers market and strengthen their position, manufacturers are pursuing expansion methods such as current developments, mergers and acquisitions, product innovations, collaborations, and partnerships, joint ventures. Among these, Toray Industries and Celanese Corporation are one of the most significant manufacturers and distributors present in the global liquid crystal polymers market.
Liquid crystal polymers have high molecular mass and thus they exhibit a mesomorphic between crystalline compounds and ordinary liquids. The synthesisation of liquid crystal polymers, infuses various unique properties which makes it favourable to be used in automobile and aerospace industry. The liquid crystal polymers are available in various forms, and thus the manufacturers involved in end-user industry, can choose upon from these types depending on their requirements. Liquid crystal polymers are inert in nature and they resist cracking of material due to the presence of chemicals. These polymers come with an inherent flame retardancy and high molecular strength.
The increasing demand for lightweight and durable raw material in applications such as automobile, aerospace and defense, construction, etc. is one of the most promising drivers of the liquid crystal polymers market. The semiconductor industry is inclined towards the adoption of thermoplastics which are suitable for the manufacturing of electrical and electronic components. Thermoplastics are considered superior materials especially in comparison to the conventional materials. Further, the use of such polymers is also required in automobile and aerospace and defense applications, as it provides mechanical strength to the components. With the use of such polymers, the weight of components can be significantly reduced and thus it helps to lower the overall weight of electrical devices and aircrafts.
The developing regions are adopting the high strength and low-cost materials for use in different end-users. The expansion of semiconductor industry especially in developing regions is providing lucrative opportunity to the market growth. Also, the uprise trend of automotive and transportation industry, is providing lucrative opportunities to the liquid crystal polymers market. The commercialization of newly launched liquid crystal polymers portfolio is attracting many end-user industries. However, the fluctuating in prices of raw materials is a major restraint to the market. Further, various issues regarding the complex research and development processing are a challenge for the market growth.
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Segmentation Analysis
Lyotropic segment is expected to be the fastest growing segment in 2021.
The type segment includes lyotropic and thermotropic. Among these, lyotropic is expected to be the fastest growing type segment. Lyotropic is a liquid crystal mesophase polymer exhibits unique characteristics even in extreme conditions. Lyotropic liquid crystals are manufactured using amphiphilic compounds, of two hydrophobic and hydrophilic parts that are immiscible.
The electronic components segment led the liquid crystal polymers market with a market share of around 37.93% in 2021.
The application segment includes composites, coatings, electrical motor components, high intensity LEDs, electronic components, additives and others. Among these, electronic components are the most dominant segment in the application category. Electrical and electronics manufacturers are increasingly deploying liquid crystal polymer in the manufacturing process. Electrical and electronics are required to be resistant to chemicals and heat. The weight of such components can also be reduced with the help of liquid crystal polymers.
Aerospace and defense segment is expected to be the fastest growing segment in 2021.
The end-user industry segment includes electronics and electrical, automotive and transportation, industrial machinery, aerospace and defense, healthcare, consumer goods, and others. Out of aerospace and defense segment is expected to be the fastest growing application segment in 2021. Aerospace and defense sector is booming in most of the countries, in both developing and developed regions. The structural components such as rockets, missiles, airplanes, etc. are manufactured using liquid crystal polymers to reduce the weight of them. The liquid crystal polymers are majorly used for development of such components due to higher resistance against heat and chemicals.
The offline segment led the liquid crystal polymers market with a market share of around 76.93% in 2021.
The distribution channel segment includes online and offline. The offline segment is the dominant distribution channel segment. Offline distribution channel includes retail shops, specialized shops and hardware stores. The liquid crystal polymers market operates in a B2B setting. Thus, the end-users mostly buy in large quantities for the manufacturing of different products.
Regional Analysis
The regional analysis provides a detailed perception about the key regions and the countries. Some of the key countries analyzed for the liquid crystal polymers include US, Canada, Mexico, Germany, France, U.K., Italy, Spain, Russia, China, Japan India, Brazil, Peru, UAE, South Africa and Saudi Arabia.
Asia-Pacific region dominated the liquid crystal polymers market and held the 34.13% share of the market revenue in 2021. The growth of the market in the region can be attributed to various factors, such as presence of many global and regional manufacturers, availability of the required technology and abundance of raw materials. The higher pace of industrialization and urbanization has brought tremendous growth in end-user sectors such as electronics and electrical, marine, automobile, aerospace and defense. However, North America is projected to register higher growth rate during the forecast period of 2022-2028. The rising investment in aerospace and defense industry along with technological developments is the significant factor behind the growing market.
Covid-19 Impact
Covid-19 had a major impact on almost all of the industries such as construction, manufacturing, oil and gas, automobile, etc. The demand for liquid crystal polymers has decreased during the period owing to the regulations on social distancing and increasing focus on safety and hygiene. In most of the regions, the manufacturing facilities of liquid crystal polymers were closed in the second and third quarters of fiscal year 2020. The major end-users were also temporarily closed during this period and thus the demand for liquid crystal polymers significantly decreased.
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