SAN FRANCISCO, U.S., June 16, 2023 (GLOBE NEWSWIRE) -- Zion Market Research has published a new research report titled “Liquid Crystalline Polymers (LCP) Market 2022 – 2028” in its research database. According to the latest research study, the demand of global liquid crystalline polymers (LCP) market size was worth at approximately USD 1328.5 million in 2021. The market is expected to grow above a CAGR of 8.3% and is anticipated to reach over USD 2143.5 million by 2028.
The report analyses the liquid crystalline polymers (LCP) market’s drivers and restraints, as well as the impact they have on-demand throughout the projection period. In addition, the report examines global opportunities in the global market.
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Liquid Crystalline Polymers (LCP) Market Overview:
The family of polymers known as liquid crystal polymers (LCPs) includes elements including highly organized solid crystallinity. They are naturally flexible, weatherproof, and flame resistant. Since they can withstand extreme heat and strong chemicals, they function effectively in tough situations. These characteristics facilitate the use of LCPs in the downsizing of components in diagnostic tools, information technology, and telecommunications.
LCPs are also utilized in several other applications, including food containers, electrical & mechanical parts, and more. They can be used in heaters and components of automotive ignition systems thanks to their exceptional features, which include low relative dielectric constants and low dissipation factors. These applications have driven a considerable increase in the consumption of liquid crystal polymers. It is anticipated that the expanding car and transportation sectors will accelerate the global economy's expansion throughout the anticipated time frame.
Key Insights from Primary Research
- As per the analysis, the liquid crystalline polymers (LCP) market is likely to grow above a CAGR of around 8.3% between 2022 and 2028.
- The liquid crystalline polymers (LCP) market size was worth around US$ 1328.5 million in 2021 and is estimated to hit approximately US$ 2143.5 million by 2028. Due to a variety of driving factors, the market is predicted to rise at a significant rate.
- Global demand for electronic items, including smartphones, TVs, computers, microwave ovens, and tablets, is rising, which will likely increase the need for flexible printed circuits, chip carriers, and antenna substrates throughout the forecast period.
- By type, the thermotropic category dominated the market.
- By application, the electrical and electronics category dominated the market.
- Asia Pacific dominated the global liquid crystalline polymers (LCP) market.
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Market Dynamics:
Throughout the projection period, the rapid downsizing of electronic components like connectors and surface mount devices is anticipated to continue to be a major global liquid crystalline polymers (LCP) market-driving factor. LCP's promise of denser component packaging and greater fabrication temperature is also anticipated to positively impact market expansion. With its low viscosity and high flow, LCP is resistant to high temperatures, improves dimensional stability, and has outstanding mechanical strength.
LCP is the best material to employ in shrinking parts in telecommunications, information technology, and diagnostic tools. Over the forecast period, rising engineering resin alternatives for ultra-thin components are also anticipated to fuel market growth for LCP. One of the main factors limiting the growth of the liquid crystal polymers market is the high cost of production.
Liquid Crystalline Polymers (LCP) Market: COVID-19 Impact Analysis
As a result of government shutdown measures, the COVID-19 epidemic temporarily halted production at a number of electrical and electronic manufacturing companies. In addition, trade restrictions and delays in the development of electrical infrastructure hampered the global supply and demand for electrical and electronic components in 2020. The pandemic had an effect on the production and application of liquid crystalline polymers.
However, the rising demand for technological and medical devices, as well as the need for a high-speed network at home to support remote employees, have more than compensated for the decrease in product consumption. In addition, government initiatives to normalize their respective economies will stabilize the market within a few years.
Competitive Players
The report contains qualitative and quantitative research on the global Liquid Crystalline Polymers (LCP) Market, as well as detailed insights and development strategies employed by the leading competitors. Some of the main players in the global Liquid Crystalline Polymers (LCP) market include;
- Asia International Enterprise (HK) Limited
- Celanese Corporation
- Kuraray Co. Ltd
- PolyOne Corporation
- Polyplastics Co. Ltd.
- RTP Company
- Rogers Corporation
- Solvay SA
- Sumitomo Chemicals Co. Ltd.
- Shanghai Pret Composites Co. Ltd.
- Ueno Fine Chemicals Industry Limited
- and Toray Industries Inc.
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Segmental Overview:
The global liquid crystalline polymers (LCP) market is segregated based on type, application, and region.
By Type
- Thermotropic
- Lyotropic
The global market for liquid crystalline polymers (LCP) is segmented by type into thermotropic and lyotropic segments. The thermotropic type dominated the market in 2021. This polymer exhibits exceptional elasticity, low viscosity, and superior thermal properties. Thermotropic liquid crystal polymers are well-known polymers due to their widespread use in electronic devices such as tablets, flat-screen televisions, and laptops, among others. Consequently, market participants and research institutions are diversifying the applications and characteristics of thermotropic liquid crystal polymer.
By Application
- Electrical and Electronics
- Industrial Machinery
- Consumer goods
- Lighting
- Medical
- Others
The global market for liquid crystalline polymers (LCP) is segmented by application into electrical & electronics, industrial machinery, consumer goods, lighting, medical, and others. In 2021, the electrical & electronics application of LCP led the market. Components including connectors with a high pin density are expected to fuel the LCP market in electronics and electrical applications. Other major applications for manufacturing electronics and electrical components include computers, NASA satellite electronics, high-density circuit boards for weapons and missiles, light-emitting diodes (LEDs), chip carriers, coil bobbins, sensors, switches, and high-speed digital circuit board packaging.
Regional Overview:
The global liquid crystalline polymers (LCP) market is divided into geographic regions: North America, Latin America, Europe, Asia Pacific, Middle East, and Africa.
- North America (The U.S., Canada)
- Europe (France, The UK, Spain, Germany, Italy, Rest of Europe)
- Asia Pacific (China, Japan, India, Southeast Asia, Rest of Southeast Asia)
- The Middle East & Africa (GCC, South Africa, Rest of the Middle East & Africa)
- Latin America (Brazil, Argentina, Rest of Latin America)
The liquid crystal polymer market is anticipated to grow fastest in the Asia-Pacific region over the next few years. With slightly under half of the global LCP market volume, China is the region's largest market in terms of consumption. With the rapidly expanding domestic electrical and electronics industry, China is predicted to maintain its supremacy over the forecast period. Another element fueling LCP market expansion in equipment is rapid industrialization.
With the expansion of key end-use sectors, other Asian nations, including India and Indonesia, are also anticipated to experience considerable growth. The fast-expanding electronics and automotive industries have propelled the North American LCPs industry. The region's product demand will rise further due to the introduction of LCP antennas to improve 5G communication technology. The rise in product utilization in the automobile, aerospace, and medical industries is related to the expansion of the American market. The adoption of LCPs in this region will also be influenced by the increasing demand for electric vehicles and the quick development of infrastructure. Rapid infrastructure development and advancing technology will accelerate the market expansion for LCPs.
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Recent Industry Developments:
- In September 2021, Polyplastics Co. Ltd announced the construction of a new polymerization facility with a manufacturing capacity of 5,000 tonnes per year at Polyplastics Taiwan Co. Ltd. The complete manufacture of LCP goods from polymerization to compounding is made possible by this new polymerization unit for PTW. The Polyplastics Group will eventually reach a production capacity of 25,000 tons/y of LCP polymerization thanks to the expansion of PTW's LCP polymerization unit.
Key questions answered in this report:
- What is the market size and growth rate forecast for Liquid Crystalline Polymers (LCP) industry?
- What are the main driving factors propelling the Liquid Crystalline Polymers (LCP) Market forward?
- What are the leading companies in the Liquid Crystalline Polymers (LCP) Industry?
- What segments does the Liquid Crystalline Polymers (LCP) Market cover?
- How can I receive a free copy of the Liquid Crystalline Polymers (LCP) Market sample report and company profiles?
Report Scope:
| Report Attribute | Report Details |
| Market Size in 2021 | USD 1328.5 Million |
| Market Forecast in 2028 | USD 2143.5 Million |
| Growth Rate | CAGR of 8.3% |
| Base Year | 2021 |
| Forecast Years | 2022- 2028 |
| Key Companies Covered | Asia International Enterprise (HK) Limited, Celanese Corporation, Kuraray Co. Ltd, PolyOne Corporation, Polyplastics Co. Ltd., RTP Company, Rogers Corporation, Solvay SA, Sumitomo Chemicals Co. Ltd., Shanghai Pret Composites Co. Ltd., Ueno Fine Chemicals Industry Limited, and Toray Industries Inc. |
| Segments Covered | By Type, By Application And By Region |
| Regions Covered | North America, Europe, Asia Pacific, Latin America, and the Middle East &, Africa |
| Customization Scope | Avail customized purchase options to meet your exact research needs. |
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Key Offerings:
- Market Size, Trends, & Forecast by Revenue | 2022-2028
- Market Dynamics – Leading Trends, Growth Drivers, Restraints, and Investment Opportunities
- Market Segmentation – A detailed analysis by Segments, and Region
- Competitive Landscape – Top Key Vendors and Other Prominent Vendors
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