Liquid Crystal Polymers (LCPs) are part of a family of thermoplastics with inimitable set of properties such as high electrical resistance, high heat resistance and tolerance, and high chemical resistance. They demonstrate a high degree of anisotropy in both liquid & solid crystal phases, which significantly increases their stiffness, strength, and thermal expansion in one direction, not same in every direction unlike other polymers such as nylon or ABS (Acrylonitrile butadiene styrene).
Global liquid crystal polymers market was valued at US$ 1.2 Billion in 2021 in terms of revenue, exhibiting a CAGR of 7.9% during the forecast period (2022 to 2030).
Drivers
LCP possesses properties such as low viscosity and high flow resulting in high-temperature resistance enhanced excellent mechanical strength and dimensional stability these factors make LCP the best-suited material to be used in the miniaturization of components in information technology, telecommunications and diagnostic instruments. Increasing engineering resin substitutes for ultra-thin components is also expected to drive LCP market growth over the forecast period.
Among region, Asia Pacific accounted for the largest market share in 2021. Growth in the Asia Pacific region will be driven by rapid urbanization and growing industrialization in countries such as China, India, Vietnam, Thailand, Singapore, and Taiwan. China is one of the largest smartphone users and manufacturers in the world due to which it achieved significant market share in this region. Transitioning lifestyles coupled with changing preferences for advancing telecommunication technologies and IT infrastructure are expected to drive the demand for LCP films & laminates.
Figure 1. Global Liquid Crystal Polymers Market Value Share (%), By Region, 2021
To learn more about this report, request a free sample copy
Market Restraints
High production cost of liquid crystal polymers is one of the major restraints that affect growth of the global liquid crystal polymers market. The cost of liquid crystal polymers is higher than traditional high-performance polymers. This makes liquid crystal polymers less competitive in with their inexpensive rivals such nylon, PPA, ABS. ABS and Generic nylon prices are approximately one-fifth of the price of liquid crystal polymers, which gives cost advantage in electrical & electronics of the applications where high performance polymers require while filling walls down to 0.25 mm at most.
Liquid Crystal Polymers Market Report Coverage
Report Coverage | Details | ||
---|---|---|---|
Base Year: | 2021 | Market Size in 2021: | US$ 1.2 Bn |
Historical Data for: | 2017-2021 | Estimated Year: | 2022 |
Forecast Period 2022 to 2030 CAGR: | 7.9% | Forecast Period: | 2022-2030 |
Geographies covered: |
|
||
Segments covered: |
|
||
Companies covered: |
Celanese Corporation, Polyplastics Co Ltd., Sumitomo Chemical Co., Ltd., Toray Industries Inc., Solvay S.A., Ueno Fine Chemicals Industry, Ltd., and Shanghai PRET Composites Co., Ltd. |
||
Growth Drivers: |
|
||
Restraints & Challenges: |
|
Market Trends
Rapid miniaturization of electronic components such as connectors and surface mount devices is expected to remain a key driving factor for the global LCP market over the forecast period. Denser component packaging coupled with higher fabrication temperature offered by LCP is also expected to have a positive influence on market growth.
Figure 2. Global Liquid Crystal Polymers Market Value Share (%), By Application, 2021
To learn more about this report, request a free sample copy
Among applications, electrical & electronics segment accounted for largest market volume share of 73.9% in 2021, in the global liquid crystal polymers (LCP) market. LCP is majorly adopted in electrical & electronics industries, owing to its optimal physical & chemical properties. Therefore, the segment is expected to retain its dominance over the forecast period. For instance, according to survey conducted by the Japan Electronics and Information Technology Industries Association (JEITIA), production by global electronics and information technology industries increased 8% year-on-year in 2018, to reach US$ 2,934.5 billion, and is expected to increase by 4% year-on-year in 2019, to reach US$ 3,045.8 billion.
Recent Developments
Competitive Section
Major players operating in the global liquid crystal polymers market include Celanese Corporation, Polyplastics Co Ltd., Sumitomo Chemical Co., Ltd., Toray Industries Inc., Solvay S.A., Ueno Fine Chemicals Industry, Ltd., and Shanghai PRET Composites Co., Ltd.
Frequently Asked Questions
Joining thousands of companies around the world committed to making the Excellent Business Solutions.
View All Our Clients