Global Liquid Crystal Polymer Market is anticipated to grow at a CAGR of around 6% during the forecast period (2021-2027). Over the decades, a surge in demand of vehicles has been observed due to increasing industrialization across the globe and growing consumer purchasing power resulting in higher sales of automobiles. LCPs are utilized in making automotive ignition system components and sensors for car safety belts. Thus, with increase in sales of automobiles demand for LCP’s would rise. For instance, production of automobiles increased to 91.7 million in 2019 compared to 89.7 million in 2014.
Based on application, market is categorized into electrical & electronics, consumer goods, automotive, lighting, medical, and others. Among all, electrical & electronics held prominent market share owing to rising digitalization, disposable income of population and affordable internet leading to high penetration of electrical & electronics product among consumers. LCP is extensively used for printed circuit boards, fiber optic strength members and conductor reinforcements as it provides outstanding moisture resistance and high dielectric strength couples with increased temperature resistance. Therefore, this combination with excellent stability along with low coefficient of linear thermal expansion makes LCP unique fiber for specialized electronic uses.
Further, LCP has medical applications as well. LCP monofilament fibers are used for the production of catheters which are fully compatible with MRI. Using both MRI and catheterization usually require sedation or general anesthesia. With the help of LCP more technical advancements have been made by combining them into a single procedure that reduces the sedation requirement and associated risk to the patient, as well as the overall cost.
Some of the major players operating in the market include: Polyplastics Co. Ltd, Solvay S.A., Celanese Corporation, Toray Industries Inc., Kuraray Co. Ltd, Shanghai Pret Composites Co. Ltd., Ueno Fine Chemicals Industry Ltd., RTP Company, Zeus Industrial Products Inc., Chang Chun Plastics Co. Ltd. Several M&A’s along with partnerships have been undertaken by these players to boost their presence in different regions.