New York, June 21, 2023 (GLOBE NEWSWIRE) -- The Liquid Crystal Polymers Market research report offers a market overview along with current market dynamics, trends, and developments. It also provides market CAGR, revenue value, volume, and forecast. Furthermore, the research study categorizes the market by volume, revenue, and price history to the projected size and trend analysis by identifying the opportunities and gaps. Moreover, the report also offers a regional breakdown covering vital regions like North America, South America, Asia Pacific, Middle East, and Africa. Some of the major players are Solvay, Celanese Corporation, Sumitomo Chemical Company, TORAY INDUSTRIES, INC., UENO FINE CHEMICALS INDUSTRY, LTD., RTP Company, Zeus Company, Inc., Chang Chung Group, Polyplastics Co., and Daken Chem among others.
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The Global Liquid Crystal Polymers Market is expected to reach $2.4 billion by 2030 from $1.9 billion in 2022, registering impressive expansion at a compound annual growth rate (CAGR) of 9.2% from 2023-2030.
The need for liquid crystal polymers is being driven by emerging technologies like 5G and 3D printing. The numerous uses for LCP, including those in the automotive, electrical & electronics, sports, leisure, consumer goods, and medical devices, are driving up demand. Due to its low water absorption and improved heat resistance, liquid crystal polymer is also finding more uses in solar cells, which is assisting the expansion of the LCP market nationwide.
High LCP end-use ion costs are anticipated to be a restraint on the market's expansion. Because nylon, Acrylonitrile Butadiene Styrene (ABS), and Polyphthalamide (PPA) are less expensive than LCP, the latter is less competitive in the market. Due to its intricate production process, producing LCP also requires greater capital. To manufacture LCP, a high level of technological know-how and end-users with high-temperature functionality are needed, which drives up the cost.
Liquid Crystal Polymers Market Overview
2020 saw a decline in the market for LCP as a result of COVID-19 due to the lockdown in some nations and the closure of production facilities. However, it is currently believed that the market has reverted to its pre-pandemic levels.
The market under consideration will grow over the next five to ten years mostly as a result of the increasing need for smaller, thinner electrical components that can withstand higher temperatures and wear. The high cost of producing liquid crystal polymers is expected to limit the industry's expansion. Due to the predicted expansion in the medical and household appliance industries, the market will undoubtedly increase. Seventy-eight percent or thereabouts of the market volume analyzed was in the Asia-Pacific area.
Liquid Crystal Polymers Market Report Scope
| Report Feature | Descriptions |
| Growth Rate | CAGR of 9.2% during the forecasting period, 2023-2030 |
| Historical Data | 2019-2021 |
| Forecast Years | 2023-2030 |
| Base Year | 2022 |
| Units Considered | Revenue in USD billion and CAGR from 2023 to 2030 |
| Report Segmentation | Types of Registry, Pricing model, End-User, and Region. |
| Report Attribute | Market Revenue Sizing (Global, Regional and Country Level) Company Share Analysis, Market Dynamics, Company Profiling |
| Regional Level Scope | North America, Europe, Asia-Pacific, South America, and Middle East and Africa |
| Country Level Scope | U.S., Japan, Germany, U.K., China, India, Brazil, UAE, South Africa (50+ Countries Across the Globe) |
| Companies Profiled | Solvay; Celanese Corporation; Sumitomo Chemical Company; TORAY INDUSTRIES, INC.; UENO FINE CHEMICALS INDUSTRY, LTD.; RTP Company; Zeus Company, Inc.; Chang Chung Group; Polyplastics Co.; and Daken Chem among others. |
| Available Customization | In addition to the market data for the Liquid Crystal Polymers Market, Delvens offers client-centric reports customized according to the company’s specific demand and requirements. |
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Liquid Crystal Polymers Market Segmentation Analysis
Application Insights
With a market share of more than 25.1%, the automotive lighting application dominated the LCP market in terms of revenue in 2022. Connectors, lights, and sensors are just a few of the areas where LCP can function at high temperatures. LPCs are needed for solenoids, connections, and sensors as a result of the rising electrification of automobiles.
End-use Insights
With a market share of more than 26.2%, the end-use category for electrical and electronics dominated the LCP market in terms of revenue. Throughout the projection period, demand for electronic components is anticipated to be driven by their miniaturization and downsizing for use in novel, emerging applications.
Regional Insights
Due to the increased disposable income of the populace in emerging economies like China and India, Asia Pacific maintained the bulk of the market share across all regions at roughly 37%. With companies like Hon Hai Precision Industry Co. Ltd. (Foxconn), Qualcomm Technologies, Inc., SAMSUNG ELECTRONICS CO., LTD., LG Electronics, and numerous others assembling electronic devices in the Asian market, the need for LCP in the region is rising.
Liquid Crystal Polymers Market Outlook
Driver: Emergence of new generation technologies
The increased demand for liquid crystal polymers is being primarily driven by next-generation technologies like 5G and 3D printing. With a wide range of applications, including electrical & electronics, automotive, consumer goods, sports, leisure, and medical equipment, the demand for liquid crystal polymers is expanding very quickly. Additionally, the market for liquid crystal polymers has a lot riding on the development of quickly evolving technologies like 5G communication and 3D printing. Liquid crystal polymers are seen widely as a revolutionary material with a promising future for mobile phone antennas in developing 5G communication.
Restraints: High manufacturing costs of liquid crystal polymers
Liquid crystal polymers are more expensive than conventional high-performance polymers. Prices for generic nylon and ABS are roughly one-fifth that of liquid crystal polymers, providing a cost advantage in electrical and electronic applications that need high-performance polymers to fill walls as thin as 0.25 mm at most. Because of their high cost, liquid crystal polymers can only be used in high-end applications, which limits market expansion.
Opportunities: An emerging market for thermoplastic polymers
The primary thermoplastics are utilized in many end-use industries, including electronics, medical, transportation, and others. The advantages thermoplastic polymers offer over traditional materials like aluminum, steel, and wood are what are causing them to become more and more popular. As a result, it is predicted that the thermoplastics market will expand quickly over the anticipated timeframe.
Key Companies & Market Share Insights
Some of the key players operating in the global Liquid Crystal Polymers market are Solvay; Celanese Corporation; Sumitomo Chemical Company; TORAY INDUSTRIES, INC.; UENO FINE CHEMICALS INDUSTRY, LTD.; RTP Company; Zeus Company, Inc.; Chang Chung Group; Polyplastics Co.; and Daken Chem among others.
Recent Developments
- To be used in more optical fiber applications, Sumitomo Chemical Advanced Technologies has created SUMIKASUPER, a new long-fiber thermoplastic liquid crystal polymer.
- Celanese Corp. inked a legally binding agreement to add DuPont's Mobility & Materials (M&M) business, which currently makes up the majority of the company, to its Engineering Materials (EM) division for the sum of USD 11.0 billion in cash. Celanese EM's size will effectively double as a result of this, and it will become the world leader in almost a dozen different polymers.
- Celanese has sold all of its shares of Polyplastics Co. Ltd. to Polyplastics Co. Ltd.
- To integrate LCP business with Polyplastics Co. Ltd. operations, Polyplastics Co. Ltd. concluded a merger with Wintech Polymer Ltd.
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Global Liquid Crystal Polymers Market Table of Contents
Application Outlook
- Electrical Connectors
- Fiber Optics
- Automotive Lamps
- Vascular Catheters Reinforcement Brainding
- Surgical Instruments
- Cookware Coatings
- Others
End-User Outlook
- Electrical & Electronics
- Automotive
- Medical
- Consumer Goods
- Industrial Machinery
- Others
Regional Outlook
- Europe
-
- Germany
- U.K.
- France
- Italy
- Spain
- Sweden
- Austria
- Finland
- Belgium
- Turkey
- Russia
- Poland
- Hungary
- Czech Republic
- Switzerland
- Netherlands
- Rest of Europe
-
- North America
-
- U.S.
- Canada
- Mexico
-
- Asia-Pacific
-
- Japan
- China
- India
- Australia
- South Korea
- Vietnam
- New Zealand
- Philippines
- Thailand
- Malaysia
- Hong Kong
- Taiwan
- Singapore
- Indonesia
- Sri Lanka
- Rest of Asia-Pacific
-
- South America
-
- Brazil
- Argentina
- Chile
- Colombia
- Rest of South America
-
- Middle East And Africa
-
- South Africa
- U.A.E.
- Saudi Arabia
- Oman
- Qatar
- Iran
- Egypt
- Rest of Middle East and Africa
-
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