The global liquid crystalline polymers market size is predicted to reach USD 2.31 billion by 2029 and exhibit a CAGR of 8.0% during the forecast period. The increasing vehicle electrification and the swift expansion of the electrical and electronics industry are likely to foster growth for the market. Fortune Business InsightsTMhas presented this information in its report titled, “Liquid Crystalline Polymers Market, 2022-2029”. The market size stood at USD 1.29 billion in 2021 and USD 1.34 billion in 2022.
Liquid crystalline polymers or LCPs offer exemplary electrical properties, oil, gas, chemical resistance and high heat tolerance, which augments their usage in the automotive and electronics industries.
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Decreased Electrical & Electronics Production Due to COVID-19
The electrical and electronics industry suffered temporary shutdowns of manufacturing plants, which has affected the demand for LCPs. The global trade bans and supply chain disruptions to curb the virus spread aggravated the situation. However, the market is stabilizing due to growing vehicle sales and increasing demand for electronic devices. Hence, the market is projected to gain substantial development in the coming years.
On the basis of type, the market is bifurcated into extrusion molding and injection molding. On the basis of application, the market is divided into aerospace & defense, automotive, electrical & electronics, and others. Geographically, the market is classified into Europe, Asia Pacific, North America, and the Rest of the World.
- It provides a thorough breakdown of the market’s competitive landscape.
- It highlights the latest developments occurred in the most recent years.
- It covers regional analysis across various geographies.
- It highlights various market segments- type, application, and others.
- It covers a thorough analysis of the COVID-19 pandemic’s impact on the market.
Drivers & Restraints-
Expansion of Electrical & Electronics Industry to Propel Market Growth
LCPs offer low moisture absorption, high strength, and vibration damping properties. These properties make them ideal for application in various electronic components, including circuit boards, composites, and electrical motor parts. The swift infrastructure development, improving consumer disposable income levels, and technological advancements fuel the expansion of the global electronics industry, which in turn fosters the global liquid crystalline polymers market growth.
The development and growing adoption of 5G communication is anticipated to augment market growth. LCPs are ideal for millimeter-wave high-frequency substrates, and the rising development in smartphone technologies is anticipated to amplify the market’s growth in the coming years.
However, the high price of liquid crystalline polymers may restrain the market growth.
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Asia Pacific to Lead Market due to Expanding Electronics & Automotive Industries
Asia Pacific is projected to attain a major liquid crystalline polymers market share. The high electronics production and the escalating consumer inclination for electronic products are expected to boost growth in Asia Pacific. Additionally, favorable government norms for magnifying production capacities of automotive and electronics manufacturers are estimated to bolster growth in the region.
North America is predicted to gain remarkable growth due to the expanding automotive and electronics industries. The growing adoption of liquid crystalline polymers to upgrade 5G communication technology is likely to offer lucrative growth for the market.
Europe is anticipated to expand due to rising product usage in the medical, aerospace, and automotive industries.
The Rest of the World will gain significant growth due to swift infrastructure development, technological advancements, and the soaring electric vehicle demand.
Key Players Take on Innovative Strategies to Acquire Growth
Currently, Sumitomo Chemical, Polyplastics, and Celanese Corporation occupy more than 63% of the market share. The major players operating in the market emphasize collaborations, acquisitions, mergers, product innovations, and capacity improvements to fortify their global presence. For instance, Polyplastics Co. Ltd., in September 2021, unveiled its plans to build a polymerization plant to expand liquid crystalline polymers polymerization capacity to 25,000 tons per year.
List of Key Market Players-
- Celanese (U.S.)
- Polyplastics Co. Ltd (Japan)
- Sumitomo Chemical Company (Japan)
- ENEOS LC Co., Ltd. (Japan)
- Solvay (Belgium)
- Shenzhen Wote Advanced Materials Co. Ltd (China)
- Kingfa Sci. & Tec. Co., Ltd. (China)
- Ueno Fine Chemicals Industry (Japan)
- Shanghai PRET (China)
- TORAY (Japan)
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