Global Liquid Crystal Polymer Market is valued at USD 1349.5 Million in 2021 and is expected to reach USD 2349.1 Million by 2028 with a CAGR of 8.24% over the forecast period.
Global Liquid Crystal Polymer Market: Global Size, Trends, Competitive, Historical & Forecast Analysis, 2022-2028- Increasing requirement of liquid crystal polymers in three-dimensional printers, growing automotive industry and rising electronics & electrical applications are some of the factors driving the growth of Global Liquid Crystal Polymer Market.
Liquid crystal polymers are synthetic materials that are similar to liquid crystals. They have a cloudy and milky appearance which resembles to colloids. This appearance is due to non-uniformity present in small group of molecules of liquid crystal polymers. Liquid crystal polymers have aromatic rings in its physical structure. Liquid crystal polymers have many useful physical properties. Some of the most important physical properties of liquid crystal polymers are thermal actuation, anisotropic swelling, and soft elasticity. Because of these properties liquid crystal polymers make a perfect base for sensors and actuators. Some other applications of liquid crystal polymers are electrical and mechanical parts, food containers. One of the most popular examples of liquid crystal polymers is Kevlar. Due to its high robustness Kevlar is used to make bullet proof clothing. Liquid crystal polymers were invented in 1888 by Friedrich Reinitzer.
The Covid-19 pandemic has shown a significant impact on the growth of the global liquid crystal polymer market. The sales of electronic items like tablets, laptops, and cell phones flooded during the pandemic as individuals followed lockdown conditions and worked from home. Besides, the introduction of online education additionally enhanced the sales of electronic items which push the market's development in the midst of the pandemic. However, the lockdown in different nations and the closure of assembling plants affected the market growth. Furthermore, the disturbing supply of raw materials was one of the central points that impacted the electronics industry during the pandemic. Liquid crystal polymers have applications in various sectors like aerospace, electronic industry, the automobile also affected due to pandemic.
The global liquid crystal polymer market is segmented on the basis of application and region & country level. Based upon application, the liquid crystal polymer market is divided into industrial machinery, electrical & electronics, automotive, consumer goods, lightning, medical and others.
The regions covered in this global liquid crystal polymer market report are North America, Europe, Asia-Pacific and Rest of the World. On the basis of country level, the market of global liquid crystal polymer is sub divided into U.S., Mexico, Canada, U.K., France, Germany, Italy, China, Japan, India, South East Asia, Middle East Asia (UAE, Saudi Arabia, Egypt) GCC, Africa, etc.
Some of the key players for the global Liquid crystal polymer market are
On January 25th, 2022; Sumitomo Chemical decided to manufacture another production line for its liquid crystal polymer (LCP) which is a super engineering plastic, at Ehime Works (Niihama city, Ehime, Japan). In the Sumitomo Chemical Group, LCP is produced at Sumitomo Chemical’s Ehime Works and the Harima Works of the Company’s subsidiary Taoka Chemical Co., Ltd. (Harima, Kako-gun, and Hyogo, Japan). This expansion leads to increase in manufacturing by around 30%. The new production lines will be launched in 2023.
On September 6th, 2021; Polyplastics Co. ltd. started a new plant which focuses on liquid crystal polymerization production at Taiwan. Due to the different applications of liquid crystal polymers like industrial fields, mainly electronic components used in information and communication equipment such as personal computers and smartphones and also smartphone industry to support the new 5G technology, this plant is being built to curb this liquid crystal polymer demand.
On January 12th, 2021; Celanese Corporation reported its goal to construct a world-scale, multi-stage Liquid Crystal Polymer (LCP) polymerization plant in China to help the critical development in its high-esteem Vectra and Zenite LCP product offerings. Site determination is in progress, and Celanese is considering both existing and Greenfield areas to put its new LCP office. The complete extent of the investment is planned to help around 20 kilotons of LCP creation each year with the main phase of the project expected to come on-line in 2024. 5G, 'Web of Things' and vehicle electrification are only a couple of the full scale patterns driving demand for materials that help device miniaturization, worked on signal integrity and circuit densification.
One of the major factors driving the growth of the global liquid crystal polymer market is its rising usage in three-dimensional printers. A 3D printer is a machine that gives a three-dimensional physical representation of a digitally depicted object. Due to the emergence of various applications of 3D printing like education, art, and jewelry, medicine, construction, aerospace, fashion, optic industry in the recent decade, there has been an exponential rise in the number of 3 D printer manufacturing units. And, liquid crystal polymers are used as an input which is modeled into the desired product. As liquid crystal polymers have a lower cost and more strength compared to conventional plastics along with being water-resistant, they are ideal inputs for 3D printers. For instance, NematX, a Swiss company that makes 3D printer filaments using liquid crystal polymers, and these filaments are 10 times stronger compared to conventional filaments and can withstand temperatures around 250 degrees Celsius. Therefore the increase in 3D printer usage has to lead to supplementing the demand for liquid crystal polymer as well.
In addition, another important factor fostering the growth of the global liquid crystal polymer market is its growing demand from automotive industry. Liquid crystal polymers are utilized in numerous automobile applications like fog lamp bezels, lamp sockets, car safety belt sensors, and ignition system components attributable to their predominant electrical and thermal properties. The demand for cars is expanding with rising production and deals and this is projected to build the demand for liquid crystal polymer. For instance; according to the insights by the European Automobile Manufacturers Association; in June 2021, passenger car enrollments bounced, with Germany seeing greatest interest in the passenger car section with a 24.5% flood, trailed by Spain.
Furthermore, its rising electronics & electrical applications also drives the global liquid crystal polymer market. Liquid crystal polymers are used to make liquid crystal displays which are used in every small scale and large scale marketing units. Due to properties like thermal actuation and soft elasticity liquid crystal polymers are also used in the mechatronics industry for sensor and actuator manufacturing. Similarly, as per the Consumer Technology Association (CTA), in October 2020, smartphone sales will surge in 2022 where 76% of all smartphones will have 5G capabilities. However, high cost of manufacturing may hamper the global liquid crystal polymer market growth. In spite of that, increasing emergence of thermoplastic polymers can provide various opportunities for the further growth of the global liquid crystal polymer market.
Asia Pacific is expected to show a fastest growth in the global liquid crystal polymer market over the forecast period due to the huge presence of electronics industry, increasing demand from automotive sector and rising adoption of 3D printers in the region. The electronics manufacturing industry is continually extending in China. Electronic products, such as smartphones, OLED TVs, and tablets, among others, have witnessed the highest growth rates in the consumer electronics segment of the market, in terms of demand. For instance; according to the report of Mobile Economy China 2021, before the finish of 2020, there are about 1.22 billion individuals bought into mobile services in China, identical to 83% of the region’s populace. This places China among the world's most developed business sectors. In addition, growing demand from automotive sector also drives the market in this region. For example; according to the India Brand Equity Foundation (IBEF), traveler vehicles dominated the Indian automotive market with a portion of the overall industry of 12.9% of over 20.1 million cars in the monetary year 2020.
North America is projected to capture the largest revenue share in the global liquid crystal polymer market due to the rising adoption of developed technologies, the presence of key players, and the rising number of EVs in this region. For instance; in January 2021, Celanese Corporation reported its arrangement to fabricate a top-notch liquid crystal polymer (LCP) plant in China. Through this new LCP office, the organization will actually want to extend its high-esteem Zenite and Vectra LCP item lines.
On Special Requirement Liquid Crystal Polymer Market Report is also available for below Regions and Country:
Middle East and Africa
|Historical data||2015 - 2020|
|Forecast Period||2021 - 2028|
|Market Size in 2021:||USD 1349.5 Million|
|Base year considered||2020|
|Forecast Period CAGR %:||
|Market Size Expected in 2028:||USD 2349.1 Million|
|Tables, Charts & Figures:||175|
|Liquid Crystal Polymer (LCP) Manufacturers||Celanese Corporation, Polyplastics Co. Ltd, Kingfa Sci. & Tech. Co. Ltd, Shenzhen Wote Advanced Materials Co. Ltd, Sumitomo Chemical Company, Toray Industries, Inc., Solvay S.A., others|
|Segments Covered||By Application|
|Regional Analysis||North America, U.S., Mexico, Canada, Europe, UK, France, Germany, Italy, Asia Pacific, China, Japan, India, Southeast Asia, South America, Brazil, Argentina, Columbia, The Middle East and Africa, GCC, Africa, Rest of the Middle East and Africa|
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