Liquid Crystalline Polymers (LCP) Market Size, Share, Growth, Trends, and Forecast 2022-2028

Liquid Crystalline Polymers Industry Perspective:

The global liquid crystalline polymers (LCP) market size was worth USD 1,328.5 million in 2021 and is estimated to grow to USD 2,143.5 million by 2028, with a compound annual growth rate (CAGR) of roughly 8.3 percent over the forecast period. The report analyzes the liquid crystalline polymers (LCP) market's drivers, restraints/challenges, and the effect they have on the demands during the projection period. In addition, the report explores emerging opportunities in the liquid crystalline polymers (LCP) market.

Liquid Crystalline Polymers (LCP) Market: Overview

The term "liquid crystalline polymers" (LCPs) refers to a special group of linear polymers that can arrange a liquid crystal phase by aligning themselves in parallel. The cluster of linear polymers is self-reinforcing in this particular orientation, producing amazing mechanical qualities often connected to a rather high degree of orientation. Liquid crystalline polymers have extremely low viscosity and high flow, which allows them to fill complicated and tiny molds. Due to this characteristic, it is the best option for producing complex components or parts in remarkably fast cycle times. Medical, food packaging, aerospace, automotive, and electronics are just a few industries that use components made from liquid crystalline polymers. The market will be driven by expanding demand from the electrical and electronics industries and the rising need for high-speed networks and communication. The comparatively high cost of the polymers due to expensive feedstock is one of the major obstacles to the growth of the LCP market.

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COVID-19 Impact:

With the government lockdown measures, the COVID-19 epidemic caused the temporary shutdown of production facilities at several electrical and electronic manufacturing enterprises. Additionally, trade restrictions and delays in electrical infrastructure development projects hampered the supply and demand for electrical and electronic components globally in 2020. The pandemic impacted the manufacturing and use of liquid crystalline polymers. However, the rising demand for technological & medical gadgets and the rising requirement for a high-speed network at home to support remote workers have more than compensated the product consumption. Additionally, efforts by the governments to normalize their economies will stabilize the market in a few years.

Key Insights

• As per the analysis shared by our research analyst, the global liquid crystalline polymers (LCP) market value is expected to grow at a CAGR of 8.3% over the forecast period.
• In terms of revenue, the global liquid crystalline polymers (LCP) market size was valued at around USD 1,328.5 million in 2021 and is projected to reach USD 2,143.5 million by 2028.
• Global demand for electronic items, including smartphones, TVs, computers, microwave ovens, and tablets, is rising, which will likely increase the need for flexible printed circuits, chip carriers, and antenna substrates throughout the forecast period.
• By type, the thermotropic category dominated the market in 2021.
• By application, the electrical and electronics category dominated the market in 2021.
• Asia Pacific dominated the global liquid crystalline polymers (LCP) market in 2021.

Liquid Crystalline Polymers (LCP) Market: Growth Drivers

The emergence of new generation technology will drive the market’s growth

The increased demand for liquid crystal polymers is 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 quickly. The industry benefits from increased liquid crystal polymer films in flexible solar cells due to their superior heat resistance and minimal water absorption. Additionally, the market for liquid crystal polymers has a lot riding on developing 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 the developing 5G communication.

Liquid Crystalline Polymers (LCP) Market: Restraints

The costly production of liquid crystal polymers will hamper the growth of the market

One of the main factors limiting the growth of the global liquid crystal polymers (LCP) market is the high cost of production. Liquid crystal polymers are more expensive than conventional high-performance polymers. Due to their lower cost, liquid crystal polymers are less competitive than nylon, PPA, and ABS. Prices for generic nylon and ABS are roughly one-fifth that of liquid crystal polymers, providing a cost advantage in electrical and electronic applications requiring high-performance polymers to fill walls as thin as 0.25 mm. Since the technique for producing liquid crystal polymers is more complicated than that of other groups of plastics, like PE, PP, and others, it necessitates a significant investment. With their high cost, liquid crystal polymers can only be used in high-end applications, which limits market expansion. The market size for liquid crystal polymers is diminished as a result of the high cost of production, which also inhibits the entry of mid and small-scale market competitors.

Liquid Crystalline Polymers (LCP) Market: Opportunity

The demand for thermoplastic polymers is growing, which will create new market opportunities

Thermoplastics are polymers that can change from a solid state to a liquid state when heated and vice versa. Melting and freezing can happen repeatedly. This would make it possible to heat the plastic and reshape it. The primary thermoplastics utilized for extreme temperature applications in numerous end-use industries, including transportation, electrical & electronics, medical, and others, are liquid crystal polymers. They can be used for various things, including packaging & storage materials, machine parts, medical equipment, and consumer items. Due to their advantages over conventional materials like steel, aluminum, and wood, thermoplastic polymers are becoming more popular. Thermoplastics outperform conventional materials in terms of strength-to-weight ratios, chemical and impact resistance, and design flexibility. As a result, it is anticipated that the thermoplastics market will expand quickly over the projection period. Future thermoplastic applications are anticipated to be numerous, further improving the growth prospects for global liquid crystal polymers (LCP) market.

Liquid Crystalline Polymers (LCP) Market: Segmentation

The global liquid crystalline polymers (LCP) market has been segmented into type and application.

Based on type, the worldwide liquid crystalline polymers (LCP) market is segmented into thermotropic and lyotropic. In 2021, the thermotropic type dominated the market. This polymer has outstanding elastic behavior, low viscosity, and excellent thermal characteristics. Due to their use in several electronic goods, such as tablets, flat-screen televisions, laptops, and many others, thermotropic liquid crystal polymers are well-known polymers. Market participants and research institutions are diversifying the uses and properties of thermotropic liquid crystal polymer as a result.

Based on application, the worldwide liquid crystalline polymers (LCP) market is segmented into electrical & electronics, industrial machinery, consumer goods, lighting, medical, and others. The electrical & electronics application of LCP dominated the market in 2021. The LCP market in electronics and electrical applications are anticipated to be driven by components including connectors with high pin densities. Computers, NASA satellite electronics, high-density circuit boards for weapons & missiles, light-emitting diodes (LEDs), chip carriers, coil bobbins, sensors, switches, and high-speed digital circuit board packaging are some of the other major applications for manufacturing electronics and electrical components.

Global Liquid Crystalline Polymers Market: Report Scope:

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Recent Developments

• In January 2021, Celanese Corporation intended to construct a multi-phase Liquid Crystal Polymer (LCP) polymerization plant in China to support the expansion of its high-value Vectra and Zenite LCP product lines. After the project's first phase is finished in 2024, the business plans to generate around 20 kilotons of LCP annually. Celanese will be able to innovate with its clients and supply China with the goods that are in demand for liquid crystalline polymers.

Liquid Crystalline Polymers (LCP) Market: Regional Landscape

Asia Pacific dominated the global liquid crystalline polymers (LCP) market in 2021

The fast growth of the electrical and electronics industry is what is driving the liquid crystal polymers market in the Asia Pacific. It is anticipated that the demand for liquid crystal polymers from various applications in the Asia Pacific will continue to be driven by rising local demand and reasonably priced manufacturing facilities. This area is expected to be a suitable location for the liquid crystal polymers market to flourish due to the rising population, demand, and initiatives for new technologies & goods. Demand for liquid crystal polymers in the area is driven by the expanding electrical & electronics, automotive, and consumer goods industries. A third of the economic output of Japan is made up of consumer electronics. Because of their quality and durability, Japanese consumer electronics have seen a steady rise in demand over the years. Thus, it is anticipated that the Asia-Pacific region will control the global market.

Liquid Crystalline Polymers (LCP) Market: Competitive Landscape

Some of the main competitors dominating the global liquid crystalline polymers (LCP) market include- Asia International Enterprise (HK) Limited, Celanese Corporation, Kuraray Co. Ltd, PolyOne Corporation, Polyplastics Co. Ltd., RTP Company, Rogers Corporation, Solvay SA, Sumitomo Chemicals Co. Ltd., Shanghai Pret Composites Co. Ltd., Ueno Fine Chemicals Industry Limited, and Toray Industries Inc.

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Global Liquid Crystalline Polymers (LCP) Market is segmented as follows:

By Type

• Thermotropic
• Lyotropic

By Application

• Electrical and Electronics
• Industrial Machinery
• Consumer goods
• Lighting
• Medical
• Others

By Region

• North America
  • The U.S.
  • Canada
• Europe
  • France 
  • The UK
  • Spain
  • Germany
  • Italy
  • Rest of Europe
• Asia Pacific
  • China
  • Japan
  • India
  • South Korea
  • Southeast Asia
  • Rest of Asia Pacific
• Latin America
  • Brazil
  • Mexico
  • Rest of Latin America
• Middle East & Africa
  • GCC
  • South Africa
  • Rest of Middle East & Africa