Liquid Crystal Polymers (LCPs) Market Size, Share, Growth, Forecast 2030

Liquid Crystal Polymers (LCPs) Industry Prospective:

The global liquid crystal polymers (LCPs) market size was worth around USD 1298 million in 2022 and is predicted to grow to around USD 2432 million by 2030 with a compound annual growth rate (CAGR) of roughly 8.15% between 2023 and 2030.

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Liquid Crystal Polymers (LCPs) Market: Overview

Liquid crystal polymers (LCPs) are an advanced group of polymers and an important unit of the chemical industry. Their primary attribute is the ability to retain a systematically organized molecular structure in liquid and solid phases. When LCP is melted, the order to disorder transition occurs at a temperature above the point at which its completely crystallized structure is lost. This means that LCPs have 2 different melting points or what can be stated as two-phase changes in which the first phase includes changing the compound from solid to liquid crystal and the second phase involves the change from liquid crystal to complete liquid. The chemical sector divides LCPs into two main categories. The first one is called the lyotropic system appearing when a solvent is added and a thermotropic system is achieved upon heating. Plastic made out of LCPs can be customized and is extremely useful in the commercial world due to the superior mechanical strength imparted by LCPs along with high-temperature resistance. The industry for LCPs is likely to grow at a significant rate during the projection period.

Key Insights:

• As per the analysis shared by our research analyst, the global liquid crystal polymers (LCPs) market is estimated to grow annually at a CAGR of around 8.15% over the forecast period (2023-2030)
• In terms of revenue, the global liquid crystal polymers (LCPs) market size was valued at around USD 1298 million in 2022 and is predicted to grow to around USD 2432 million, by 2030.
• The liquid crystal polymers market is projected to grow at a significant rate due to the rising application in the production of medical devices
• Based on end-user industry segmentation, electricals & electronics were predicted to show maximum market share in the year 2022
• Based on application segmentation, automotive lamps segment was the leading application in 2022
• On the basis of region, Asia-Pacific was the leading revenue generator in 2022

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Liquid Crystal Polymers (LCPs) Market: Growth Drivers

Rising application in the production of medical devices to drive market growth

The global liquid crystal polymers (LCPs) market is expected to witness a high growth rate driven by the increasing application of polymers during the production of medical devices. LCPs exhibit a reduced coefficient of thermal expansion when compared to the more traditionally used raw material for medical devices which are steel or ceramics. Moreover, these advanced polymers are inherently flame retardant which means that they can be used to manufacture high-precision thin-walled parts that are constantly exposed to high heat resulting in the growing interest of the medical community in using LCPs as a replacement for steel. This trend is further pushed by the gamma radiation resistance exhibited by LCPs.

Biomedical application possibility of LCP to create higher revenue schemes

LCPs have proven to be biocompatible which has opened new doors allowing the polymers to be used in the field emerging as an integration of biomedicine and material science. Some of the most common uses include designing LCPs as drug delivery agents. Liquid crystal polymers offer high customization capabilities. This means they can be designed for controlled and targeted delivery of drugs. They can also be used during advanced medical procedures such as the regeneration of damaged nerves and acting as basic raw materials for manufacturing implantable devices depending on the body’s shapes and requirements. A 2016 research included an extensive study of LCPs for the production of neural prosthetic devices. The study claimed that the polymers exhibit important and desirable qualities such as reliability and performance making them theoretically ideal for prosthetics. With more research and innovations, LCPs have the capability to achieve an irreplaceable position in the polymer sector thus positively affecting the global market.

Expansion of production facilities to assist in meeting rising demand

In January 2022, Sumitomo Chemical announced that it was building an additional production unit for its LCP brand SUMIKASUPERTM. In April of the same year, Kingfa SCI. & TECH. Co. Ltd stated that it intends to expand its LCP annual production by 6 kilotons by 2023 end. These developments indicate the surging interest and confidence of the industry players in the polymer group.

Liquid Crystal Polymers (LCPs) Market: Restraints

High production cost of LCPs to restrict the market growth

One of the key restraints impacting the global sales volume of the liquid crystal polymers industry is the high production or manufacturing cost of LCPs. For instance, when compared to nylon, Polyphthalamide (PPA), and Acrylonitrile Butadiene Styrene (ABS), LCP production is higher and more expensive, limiting the number of producers and suppliers. Moreover, the initial investment for setting up the LCP production line is high along with the need for expert professionals to handle the production process thus subsequently adding to the overall production cost. The current volatile market may further add to the doubts that new players may have regarding making an entry into the LCP industry.

Liquid Crystal Polymers (LCPs) Market: Opportunities

Rising investments in novel technologies such as 5G to create growth opportunities

The global liquid crystal polymers market players can expect better growth opportunities with the emergence of novel and advanced technologies such as 5G in the electronics and telecommunication sectors. These systems require an extremely complex network of routers, transmission lines, antennas, and other components. LCPs can prove to be highly beneficial in the production of these units due to the high-performance index of the polymer and their characteristic to fulfill extreme electrical and mechanical strength demands. In July 2023, Cellnex and the European Investment Bank (EIB) sanctioned a loan of €315 million to support 5G rollout projects in the region. This move is likely to transform Europe’s digital infrastructure. Additionally, in February 2023, Ericsson was selected by MUGLER, a German telecommunications contractor, for providing a private 5G cellular network in its home country. Such collaborations and partnerships are observed globally, especially in emerging economies which will promote the adoption of LCPs.

Liquid Crystal Polymers (LCPs) Market: Challenges

Higher attention should be paid to generate awareness about LCPs among end-user verticals

The lack or absence of sufficient awareness among end-user verticals is a key challenge faced by the liquid crystal polymers industry players. The concept of LCPs is relatively new when compared to other more commonly used polymers and substitutes. This polymer needs more attention from the research community along with end consumers to reach its true potential. Since LCP has multiple alternatives that may not be as efficient as liquid crystal polymers in terms of performance but enjoy the benefit of large-scale adoption due to a higher awareness rate, it is crucial to develop the same understanding of LCP among these players.

Liquid Crystal Polymers (LCPs) Market: Segmentation

The global liquid crystal polymers (LCPs) market is segmented based on end-user industry, application, and region.

Based on the end-user industry, the global market segments are consumer goods, medical, electrical & electronics, industrial machinery, aerospace industry, and others. In 2022, the highest growth was observed in the electrical & electronics segment driven by factors such as rising demand for lightweight but strong materials for the production of consumer electronics. Industrial machinery was the second largest segment and observed an increment of 19.21% in terms of sales in the LCP industry as compared to 2021. The surging sales of industrial machinery in the domestic and international markets was a major segmental growth propeller. During the forecast period, the aerospace industry may emerge as the fastest-growing segment.

Based on application, the liquid crystal polymers industry divisions are vascular catheters, reinforcement braiding, electrical connectors, cookware coatings, automotive lamps, fiber optics, and others. In 2022, automotive lamps held dominance in terms of sales. It contributed to around 24.1% of the total market share. Growing innovation in automotive lighting techniques is excellently backed by the thermal and electrical properties of LCP making which is projected to help in segmental expansion.

Liquid Crystal Polymers (LCPs) Market: Report Scope

Liquid Crystal Polymers (LCPs) Market: Regional Analysis

Asia-Pacific was the largest market share holder during the forecast period

The global liquid crystal polymers (LCPs) market was led by Asia-Pacific in 2022. The total regional market share increased by over 3% as compared to 2021 due to the excellent response recorded in the electronics and electrical sectors of India, China, South Korea, and other nations. The regional automotive industry was one of the largest contributors to the global market. With the rising number of middle-income groups and access to financial assistance along with a surging consumer group focused on electrical vehicles are reasons that could propel further growth in Asia-Pacific.

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North America was the second-largest shareholder standing at a total of 14.5% of the market share. Factors driving revenue streams include the presence of key players operating in the electronics industry along with a larger consumer base with a high standard of living. The Middle East is expected to rise as the fastest growing region during the forecast period with a CAGR of 8.71% due to the booming industrial sector as Middle Eastern countries are exploring revenue means not dependent solely on oil refineries. With the growing push toward environmental sustainability, companies in the Middle East may move toward LCPs in the coming years.

Liquid Crystal Polymers (LCPs) Market: Competitive Analysis

The global liquid crystal polymers (LCPs) market is led by players like:

• Shenzhen WOTE Advanced Materials Co. Ltd.
• Celanese Corporation
• Solvay
• Daicel Corporation
• Sumitomo Chemical Co. Ltd.
• SABIC
• RTP Company

The global liquid crystal polymers (LCPs) market is segmented as follows:

By End-User Industry

• Consumer Goods
• Medical
• Electrical & Electronics
• Industrial Machinery
• Aerospace industry
• Others

By Application

• Vascular Catheters Reinforcement Braiding
• Electrical Connectors
• Cookware Coatings
• Automotive Lamps
• Fiber Optics
• 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