Liquid Crystal Polymer (LCP) Market

Liquid crystal polymer market size (2023-2028):

The liquid crystal polymer market is valued at US$ 1.41 billion in 2022 and is anticipated to increase to US$ 2.15 billion by 2028, with a growing CAGR of 7.54% in the next six years 

LCPs (liquid crystal polymers) are polymers with liquid crystal properties and frequently contain aromatic rings as mesogens. LCPs (liquid crystal polymers) are thermoplastic resins with special characteristics. Exceptional mechanical strength, heat tolerance for autoclaving, and chemical inertness are only a few of the desirable characteristics of these materials. Liquid crystallinity in polymers can be achieved by dissolving the polymer in a solvent (lyo tropic liquid-crystal polymers) or heating it above its glass or melting transition point (Thermo tropic liquid-crystal polymers) (Thermo tropic liquid-crystal polymers). Liquid-crystal polymers are available in two forms: melted/liquid and solid.

The industry is also being influenced by the growing use of liquid crystal polymeric films in flexible solar cells due to their superior heat resistance and low water absorption. Furthermore, fast-evolving technologies in the medical sector, such as 5G communication and 3D printing, bode well for the Liquid Crystal Polymer (LCP) Market. Liquid crystal polymers demand more investment because their manufacturing process is more complex than that of other plastics such as PE, PP, and others. Liquid crystal polymers require high-temperature-functioning products as well as a high level of technological competence. As a result, the cost of production, the manufacturing process, and the final liquid crystal polymer goods are higher.

Liquid crystal polymer market Drivers:

Because of their exceptional electrical and thermal qualities, liquid crystal polymers are employed in a variety of automotive applications, including lamp sockets, fog lamp bezels, ignition system components, and car safety belt sensors. With rising production and sales, demand for automobiles is predicted to rise, resulting in increased demand for liquid crystal polymer, which is expected to fuel the global liquid crystal polymer market growth throughout the forecast period.

Liquid crystal polymer demand is being driven by next-generation technologies such as 5G and 3D printing. Liquid crystal polymers are in high demand for a wide range of applications, including electrical and electronics, automotive, consumer goods, sports and recreation, and medical equipment. In addition, the growing use of liquid crystal polymeric films in flexible solar cells, owing to their outstanding heat resistance and low water absorbency, is fueling the market growth. Furthermore, fast-evolving technologies like 5G connectivity and 3D printing represent significant growth potential for the liquid crystal polymer industry. Liquid crystal polymers are being studied on a big scale as a novel material with a positive outlook for mobile phone antennas in the emerging 5G communication.

Liquid crystal polymer market Restraints:

One of the biggest barriers to the growth of the liquid crystal polymer market is the high cost of production. Liquid crystal polymers are more expensive than traditional high-performance polymers. As a result, liquid crystal polymers are less competitive in comparison to low-cost alternatives such as PPA, ABS, and nylon. The cost of generic nylon and ABS is roughly one-fifth that of Liquid crystal polymers, providing a cost advantage in electrical and electronics applications where high-performance polymers are required while filling walls down to 0.25 mm at most. Liquid crystal polymer manufacture requires significantly higher investments than other types of plastics, such as PE, PP, and others, because the process is more sophisticated.

Liquid crystal polymers demand high-temperature products and a high level of technical competence to make. As a result, the production processes, as well as the finished liquid crystal polymer goods, are both costly. Liquid crystal polymers' high price restricts their applicability to high-end application areas, limiting the market growth. The high cost of production also prohibits mid and small-scale market participants from entering the market, reducing the size of the Liquid crystal polymer industry.

LIQUID CRYSTAL POLYMER MARKET REPORT COVERAGE:

Recent developments:

7 September 2021: Poly plastics Co., Ltd. has opted to build a new polymerization plant at Poly plastics Taiwan Co., Ltd. with a production capacity of 5,000 tons per year, according to the firm. LCP is utilized in a wide range of industrial applications as a highly heat-resistant super engineering plastic, primarily electronic components in information and communication devices like as personal computers and cell phones.

Liquid crystal polymer market segmentation: 

Liquid crystal polymer market by type 

• Thermo tropic

• Lyo tropic

The global liquid crystal polymer market has been dominated by thermotropic liquid crystal polymers. Because this type of liquid crystal polymer has good thermal properties and low viscosity, it can be used in a variety of commercial engineering applications.

Thermo-tropic liquid crystal polymers are well-known polymers since they're used in a variety of electronic devices such as tablets, flat-screen televisions, computers, and more. Market manufacturers and research organizations are increasing the thermotropic liquid crystal polymer portfolio due to its numerous features and applications.

To improve the macroscopic properties of the liquid crystalline host, Thermo tropic liquid polymers are doped with solid Nano and microparticles. In the forecast period, such developments toward the use of thermotropic liquid crystal polymer will drive up demand.

Liquid crystal polymer market by application:

• Electrical & Electronics
• Consumer Goods
• Automotive
• Lighting
• Medical
• Others

The increased demand for electronic products is predicted to fuel the increased use of liquid crystal polymer, which will drive the market's growth. Liquid crystal polymers are naturally flame retardant, have excellent chemical resistance, and are extremely strong at high temperatures. Liquid crystal polymers can be found in a wide range of electronic product components and parts, including antenna substrates and housings, chip carriers, flexible printed circuits, and so on, thanks to their high-quality features. The significant development in demand for electronic products globally is driving demand for these electronic applications, which is projected to fuel market growth over the forecast period.

The liquid crystal polymer market Report includes the segmentation of Regions:

• North America 
• Europe 
• Asia Pacific 
• Latin America 
• Middle East and Africa 

The liquid crystal polymer market in Asia-Pacific is projected to grow at the fastest rate. The region's market is being driven by the rising end-user industries. China dominated the regional market, accounting for 70.10 percent of the overall market volume in Asia-Pacific.

In North America, the automotive sector, the adoption of lightweight, high-performance materials has been the larger share in the liquid crystal polymer market.

Impact of COVID-19 on the Liquid crystal polymer market

COVID-19 had a negative influence on sales volume for liquid crystal polymer makers in the first and second quarters of 2020. Due to the COVID-19 outbreak, there was a shortage of men in the plants/industries and there was a shortage in the raw material sector as there was no import export from every country there were a lot of disturbances in the market.

COVID-19 had a favorable impact on the liquid crystal polymer market, as demand for diverse end-use applications skyrocketed. As people followed lockdown rules and worked from home during the epidemic, sales of electronic items such as laptops, tablets, and cell phones soared. Furthermore, the development of online schooling boosted electronic product sales, propelling the market's growth throughout the pandemic. During the predicted period, other applications in medical and automotive led to the increased use of liquid crystal polymers. Because of the rising use of LCP in different electrical and electronic, automobile, and medical applications, the market is expected to rise rapidly in the future.

Liquid crystal polymer market key players:

The key players in the global Liquid crystal polymer market are

• Celanese Corporation

• Polyplastics Co., Ltd.

• Polyone Corporation

• Sumitomo Chemical Company Limited

• Solvay SA

• Shanghai Pret Composites Co., Ltd.

• Toray International, Inc.

• Ueno Fine Chemicals Industry Limited