Hyderabad, Jan. 25, 2023 (GLOBE NEWSWIRE) -- With the miniaturization trend of many electronic products, manufacturers are streamlining devices to pack more features in smaller packages boosting the demand for liquid crystal polymer (LCP). For instance, the pitch (spacing) between contacts in electrical connectors is narrower than ever before and as small as 0.2 mm, compared to older-style power connectors, with pitches exceeding 12.0 mm. This trend will continue to grow at a CAGR of 4.2% during 2022-2027.
In 2021, Asia-Pacific was the largest market and accounted for 75% of the global liquid crystal polymer (LCP) market. China, Japan, Germany, the United States, Brazil, and Germany constitute the largest liquid crystal polymer (LCP) markets. However, markets with more disposable income like India and ASEAN countries will emerge as big opportunities, says Himanshu Vasisht, Senior Research Manager at Mordor Intelligence.
“As we step into the future, existing and new end-user industries are looking for lightweight material for various end-user sectors. The continuous developments in the automotive and aerospace industries have led to an intensive demand for lightweight materials, as it is a well-established strategy for the transportation industry. Furthermore, the focus on minimizing carbon emissions and enhancing fuel economy by reducing vehicle weight has given LCP the impetus as a lightweight material for automotive manufacturing.
Himanshu believes the rise in demand in the downsizing and thinning of electronic components for their utilization in smartphones and emerging applications, such as LEDs, are increasing the popularity of liquid crystal polymers, and encouraging newcomers into the market.
Furthermore, LCP fiber brings unique solutions to industrial applications. Several industrial equipment manufacturers are interested in the increasing emphasis on compaction and weight reduction across several industries. Hence LCPs are a prominent choice for precision machine parts, bobbins, carriages, components in testing equipment, magnetic head bases, and housings.
This will create scope for new factory setups and expansion of existing facilities to grab growth opportunities in bio-based foam, recyclable foam, and other foam materials markets.
The existing players are looking forward to strengthening their market position by manufacturing products that offer better properties than conventionally used polymers. Furthermore, The manufacturers are raising prices and trying to expand their manufacturing facilities to meet the increasing requirements. Celanese Corporation announced plans to develop a multi-phase LCP polymerization plant in China to enable a substantial increase in its high-value Vectra and Zenite LCP product lines.
About Mordor Intelligence -
Mordor Intelligence is a market intelligence and advisory firm. At Mordor Intelligence we believe in predicting butterfly effects that have the potential to change or significantly impact market dynamics. Get a glance at the Liquid Crystal Polymer(LCP) Market Report or ask for a more customised report.
