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Global Liquid Crystal Polymers (LCPs) Market InsightJanuary 20, 2022 Comments
The liquid crystal polymers (LCPs) is forecast to crazy over the next few years. According to WK-chem Research，“Global Liquid Crystal Polymers (LCPs) Professional Survey Report 2022, Forecast to 2027”, The LCPs industry is growing rapidly with the growing number of innovations and R&D initiatives in the polymer sector The compound annual growth rate (CAGR) for the 2022-2027 period is projected to be 8.23% base on WK-chem Research regression analysis model.
“Liquid crystal polymers have high temperature resistance, high stiffness and high flow properties, making them particularly suitable for the growing trend of miniaturization in the electrical and electronic industry and the growing popularity of microinjection molding. Applications such as connectors with high pin density have been driving significant growth in liquid crystal polymer consumption”said Eva Joy, Senior analyst,Chemical & Materia Market Research Center in WK-chem Research.
Technologies such as 5G and 3D printing are key drivers for the growth in demand for liquid crystal polymers. The demand for liquid crystal polymers is growing at a very fast rate, with applications ranging from electrical and electronic products, automobiles to consumer goods, sports, leisure and medical devices. Furthermore, the increasing application of liquid crystal polymer films in flexible solar cells due to their excellent heat resistance and low water absorption is also the basis for market growth. Furthermore, rapidly advancing technologies such as 5G communication and 3D printing are crucial to the growth of the liquid crystal polymer market. In the emerging 5G communications, liquid crystal polymers are seen on a large scale as a new material, with promising prospects for mobile phone antennas.
The high production cost of liquid crystal polymers is one of the major restraining factors affecting the growth of the liquid crystal polymers market. The cost of liquid crystal polymers is higher than that of traditional high performance polymers. This makes liquid crystal polymers less competitive with their cheaper competitors such as PPA, ABS and nylon. General-purpose nylon and ABS are about one-fifth the price of liquid crystal polymers, which offers cost advantages in electrical and electronic applications that require high-performance polymers while filling walls up to 0.25mm. The manufacture of liquid crystal polymers requires rather high investment as the process is more complex than other plastic groups such as PE, PP, etc. Manufacturing liquid crystal polymers requires products with high temperature functionality and a high level of technical expertise, so both the manufacturing process and the final liquid crystal polymer product are expensive. The high price of liquid crystal polymers restricts its application in high-end applications, thus restraining the market growth. High production costs have also hindered the entry of small and medium-sized market players, thereby reducing the market size of liquid crystal polymers.
The major players in the liquid crystal polymers market are Polyplastics Co., Ltd (Japan), Celanese Corporation (United States), Solvay SA (Belgium), Toray Industries, Inc. (Japan), and Sumitomo Chemicals Co. Ltd. (Japan). Major players in the market are focusing on strategies such as new product launches, partnerships and agreements, acquisitions and expansions to expand their businesses globally. In October 2020, Polyplastics completed the acquisition of all shares of Polyplastics from Celanese.
Segmentation of Liquid Crystal Polymers (LCPs):
The liquid crystal polymer market is segmented based on application into electrical & electronics, consumer products, automotive, lighting, medical, and others. Electrical and electronic products account for the largest size of the liquid crystal polymer market. Liquid crystal polymers are used in a variety of surface mount technologies such as connectors, small form factor dual in-line memory modules for notebooks and computers, and flexible printed circuits (FPCs) for tablets and smartphones. Materials devices and devices are replacing traditional metal and plastic devices and devices, and the demand for liquid crystal polymers for medical applications is increasing, with devices and COVID-19 having relatively little impact on this segment.
LCPs are classified into LCP resins and compounds, liquid crystal polymer films, and liquid crystal polymer fibers according to their forms. The global liquid crystal thin film market size is expected to grow by 2031. Demand for lightweight and miniaturized components is expected to be a major factor driving the market owing to rapid growth in transportation, electronics, and automotive industries in emerging regions. However, liquid crystal films can only serve niche applications due to highly specialized and expensive raw materials and production processes.
Liquid Crystal Polymers (LCPs): Regional Analysis
The liquid crystal polymers market is segmented into Asia Pacific, North America, Europe, and others based on region.Asia Pacific dominates the liquid crystal polymer market in terms of volume and value, while China leads the market with its extensive electrical and electronics industries. The growth of the liquid crystal polymer market in Asia Pacific is due to the rapid expansion of the electrical and electronics industry. Growing domestic demand coupled with affordable manufacturing facilities is expected to continue to drive the demand for liquid crystal polymers for various applications in Asia Pacific. Rising population and demand along with new technology and product initiatives are expected to make the region a desirable destination for the growth of the liquid crystal polymers market. Growing electrical and electronics, automotive and consumer goods industries are triggering demand for liquid crystal polymers in the region.
North America and Europe are expected to witness significant growth during the analysis period. The adoption of lightweight, high-performance materials in the North American and European automotive industries is expected to drive market expansion.
Region with the largest share: Asia Pacific
Which country has the largest share of the region: China
Product Type (by form): LCP resins and compounds, liquid crystal polymer films, liquid crystal polymer fibers.
Application: Electrical and Electronics, Consumer Goods, Automotive, Lighting, Medical and Others
Leading Companies: Polyplastics Co., Ltd (Japan), Celanese Corporation (USA), Solvay SA (Belgium), Toray Industries, Inc. (Japan) and Sumitomo Chemicals Co. Ltd. (Japan)