Market Research Future (MRFR) postulates that the global liquid crystal polymers market is estimated to garner USD 1.28 billion during the forecast period (2014-2022). The market is slated to exhibit high revenue in the coming years owing to the burgeoning demand for ultra-thin electrical components. Liquid crystal polymers (LCP) can be referred to as a unique group of polymers which are highly chemical resistant, inert, and unreactive. Physical and chemical attributes such as high flow, high stiffness, and high-temperature resistance make it ideal for use in product miniaturization in microinjection molding and electrical & electronics industry.
Market Potential and Pitfalls
Liquid crystal polymers are extensively used in several applications focusing on electrical components including laptop, smartphones, tablets, and desktop. LCP is also largely consumed for industrial and automotive applications and in medical and aerospace. Due to their augmenting consumption in several end-use industries, the market is estimated to flourish throughout the appraisal period. With the surging demand for lightweight and high-performance materials from the automobile sector to reduce carbon emissions and manufacture fuel-efficient vehicles, the global market for LCP is predicted to flourish. The market’s course is chiefly directed by the shifting trend towards miniaturization electrical and electronic components like SMT connectors, other microelectronic devices, and surface mounting devices. The liquid crystal polymers market is also driven by factors such as new product development initiated by several industry players and strong technological innovations. Moreover, high demand for thinner and smaller electrical components which can withstand wear and extreme temperatures are contributing to the market growth.
On the contrary, low welding strength of liquid crystal polymers is estimated to deter the market growth in the coming years. Despite such hiccups, efforts are being made in order to enhance the chemical and physical attributes. Besides, the high cost of LCP compared to natural graphite is expected to hinder the market growth.
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The prominent players operating the global liquid crystal polymers market are Vectra/Zenite LCP, Ueno Fine Chemicals Industry Ltd., Polyplastics Co. Ltd., Toray International Inc., SAMSUNG FINE CHEMICALS CO. LTD., Solvay S.A., Sumitomo Chemical Co. Ltd., Polyone Corporation, Shanghai PRET Composites Co. Ltd, and Celanese Corporation.
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Global Liquid Crystal Polymers Market: Segmental Analysis
The global liquid crystal polymers market has been segmented on the basis of type and application.
By mode of type, the global liquid crystal polymers market has been segmented into lyotropic and thermotropic. Among these, the thermotropic LCPs are estimated to dominate the segment as they offer high mechanical properties which makes them ideal for manufacturing several components in electronic devices.
By mode of application, the global liquid crystal polymers market has been segmented into automotive, electronic & electrical, surgical device, consumer goods, and others. Among these, the electronic & electrical application is predicted to dominate the LCP market owing to the expansion of the sector. Moreover, LCP is used in a wide range of end-user industries, mainly electronic components like mobiles and computers. This is likely to trigger the electronic & electrical application in the coming years.
Geographically, the global liquid crystal polymers market span across regions namely, Europe, North America, Asia Pacific, and Rest-of-the-World (RoW).
Considering the global scenario, the Asia Pacific region has emerged as one of the major consumers of LCP and holds the largest share in the global market. The growth in this region is credited to the rapid growth in the electronic & electrical sector. With the surging industry machinery application replacing ceramic materials coupled with mass transfer packaging in the chemical sector, the LCP market is considered to steal the limelight in the APAC region. In this region, China is considered a major consumer, both in terms of region and the overall market. The market growth is attributed to the growing investment and rising number of manufacturing sites in this region.
Regions such as Europe and North America are estimated to showcase a significant growth rate owing to the adoption of high-performance and lightweight materials in the automotive sector.
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