The global market is projected to grow at a consistent CAGR of 5% from 2021 to 2031, reaching a valuation of US$ 2 billion.
Liquid crystal polymers (LCPs) possess excellent properties – they are fire-resistant at high temperatures and chemically-resistant in very thin-walled applications. As a result, they have a huge amount of potential for a wide range of applications that rely on an optical or mechanical response to outside stimuli.
Over the past few years, liquid crystal polymers have gained popularity in both the medical and electrical and electronics sectors. Over the forecast period, these industries are anticipated to grow their markets.
Which Key Factors are Likely to Contribute to Growth of LCPs Over Next Ten Years?
The use of liquid crystal polymers is projected to increase further in the next years, particularly in the electrical and electronics industry, the automotive industry, and the potentially profitable field of medical applications.
Although high-priced, low-volume polymer high-performance thermoplastics (HPTPs) continue to be widely used in specialised applications that call for a mix of exceptional qualities, the outlook for their uptake is expected to be favourable in the short term. Likewise, as industries turn their attention to different types of plastics as lightweight materials for a variety of uses, liquid crystal polymers are increasingly gaining attention as a potential alternative for metal parts.
In the upcoming years, it is anticipated that the electrical and electronics industry will continue to increase its demand for liquid crystal polymers.
Which Segment of Liquid Crystal Polymers Dominates the Market?
Further anticipated growth in demand for liquid crystal polymers is that of the electrical and electronics sector. By 2031, the market for liquid crystal films and laminates is anticipated to reach US$ 175 Mn, growing at a CAGR of 7.2% over the forecast period. The market’s primary driver is anticipated to be the demand for lightweight and miniature components due to the quickly expanding automotive, electronics, and transportation sectors in emerging regions.
A number of advancements in the LCP sector have also been influenced by the growing consumer awareness of energy and resource conservation as a result of the global energy crisis and rising pollution levels. In order to control light, privacy, sound, and insulation in residential and commercial buildings, this has resulted in the development of “smart windows.”
Unfortunately, because of the extremely specialised and expensive raw materials and production techniques, liquid crystal films & laminates have only been able to serve niche applications.
Liquid Crystal Polymer Market Regional Analysis:
Both in terms of volume and value, Asia Pacific dominates the market for liquid crystal polymers, with China dominating it thanks to its sizable electrical and electronics sector.
Due to increased R&D spending, analysts predict that the Asia Pacific region would have the quickest market growth over the projection period. Also, it is projected that the expansion of new production capacities would allow Asia Pacific to become a key driver of growth for the market for liquid crystal polymers.
During the analysed period, North America and Europe are expected to have significant growth. Market expansion is anticipated to be fueled by the use of lightweight, high-performance materials in the automotive sector in North America and Europe.
Key Companies Profiled
- Celanese Corporation,
- Polyplastics Co Ltd.
- Sumitomo Chemical Co., Ltd.
- Toray Industries Inc.
- Solvay S.A.
- Ueno Fine Chemicals Industry, Ltd.
- Shanghai PRET Composites Co