Liquid Crystal Polymer Market - Forecast (2024 - 2030)
Liquid Crystal Polymer Market - Overview
The Liquid Crystal Polymer market size is forecast to reach $2,563 million by 2030, after growing at a CAGR of 7% during the forecast period 2024-2030. Numerous electrical and electronic components, including flexible printed circuits, housings, and antenna substrates that are essential to many electronic goods, employ liquid crystal polymers extensively. Global demand for electronic products including smartphones, TVs, computers, microwave ovens, and tablets is rising, which is likely to increase the need for flexible printed circuits, chip carriers, and antenna substrates throughout the forecast period. Additionally with rising automotive production and sales, the demand for autos is surging internationally, and this is expected to fuel market expansion over the next years. For instance, the Chinese passenger vehicle market is projected to reach 30 million units by 2029, according to statistics provided by the China Association of Automobile Manufacturers in August 2020. Compared to conventional polymers like polyphthalamide and acrylonitrile butadiene styrene, the cost of liquid crystal polymers is fairly expensive, and this pricing element could have an impact on the market's growth over the projection period.
Report Coverage
The report :“Liquid Crystal Polymer Market – Forecast (2024-2030)”, by IndustryARC, covers an in-depth analysis of the following segments of the Liquid Crystal Polymer market.
By Type: Thermotropic, Lyotropic.
By Application: Electrical and Electronics, Food and Beverage Containers, Automotive, Medical, Industrial, Chemical Processing and Others.
By Geography: North America, South America, Europe, APAC, and RoW.
Key Takeaways
? APAC held the largest market share with 45% in 2023. The high demand for these polymers is attributed to the region’s booming electrical and electronics sector. Liquid crystal polymers are extensively used in various electronic components that include chip carriers, flexible printed circuits, antenna substrates, among others.
? The liquid crystal polymer market is anticipated to experience substantial growth during the forecast period. Growing demand from end-use industries such as electrical and electronics and automotive is projected to boost the LCP market.
? For instance, in 2022, the South Korean government-funded KRW 95 trillion ($74 billion) to the automobile industry over the next five years to strengthen the automobile industry and to increase competition globally to the maximum possible level. The rise of government funds is also anticipated to drive the liquid crystal polymers market during the forecast period.
By Type - Segment Analysis
Thermotropic dominated the Liquid Crystal Polymer market in 2023. This type of polymer possesses excellent thermal properties, low viscosity, and exhibits superior elastic behavior. Thermotropic liquid crystal polymers are widely recognized polymers due to their application in various electronic products including tablets, flat-screen televisions, laptops, and many more. Owing to such diverse properties and uses, market players and research organizations are expanding the portfolio of thermotropic liquid crystal polymer. The widespread usage of TLCPs in high-performance fibers, engineering plastics, and polymer composites is driving market expansion due to their high strength and elasticity, excellent heat and chemical resistance, low molding shrinkage, and a small coefficient of linear expansion during processing.
By Application - Segment Analysis
Electrical and Electronics dominated the Liquid Crystal Polymer market in 2023. Liquid crystal polymers display inherent flame retardance, exceptional chemical resistance, and outstanding strength at extreme temperatures. These high-quality properties enable the massive use of liquid crystal polymers in various electronic product components and parts such as antenna substrates and housings, chip carriers, flexible printed circuits, etc. The demand for these electronic applications is increasing due to the massive growth in the demand for electronic products globally and this is expected to drive the market’s growth in the forecast period. For instance, according to the stats by India Brand Equity Foundation, The Indian electronics industry is one of the most rapidly growing industries worldwide. Electronic products have continuously impacted and shaped our lifestyles in the current digital era. The advent of technology has led to seamless activities and accelerated the digital revolution to the next level. Furthermore, demand for electronic devices is anticipated to rise steadily and continue to be a key economic driver worldwide. According to the ‘A call to action for broadening and deepening electronics manufacturing’ report by the Ministry of Electronics and IT, India aims to achieve electronics manufacturing worth US$ 300 billion by 2026.
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By Geography - Segment Analysis
APAC Liquid Crystal Polymer market valued $708 million in 2023 and is projected to reach a value of $1,221 million by 2030 growing at a CAGR of 7.6% during 2023-2030. The APAC Liquid Crystal Polymer market is projected to experience significant growth during the forecast period. The high demand for these aromatic polymers is attributed to the region’s booming electrical and electronics sector. Liquid crystal polymers are extensively used in various electronic components that include chip carriers, flexible printed circuits, antenna substrates, among others. These electrical components are vital in various electronic products ranging from laptops to smartphones and microwave ovens. The demand for electronic products is increasing in the region and this is projected to increase the demand for liquid crystal polymer in the forecast period. For instance, as per the reports by India Brand Equity Foundation, the consumer electronics and appliance sector will grow twice the current market size and is expected to become a market value of $21.18 billion by 2025. According to the reports from the Telecom Ministry, India's spectrum harmonization process would be finished in August 2022 owing to the 5G spectrum auctions. The GSM Association (GSMA) estimates that by 2025, India might have 1.1 billion 5G connections, or around 12% of all mobile connections. India's electronics and telecommunications sectors and focus on technology and innovation contribute to the demand for LCPs in the APAC region.
Drivers – Liquid Crystal Polymer Market
? Liquid crystal polymers get a boost from high-speed signals
New liquid crystal polymer materials used in connections, PCBs, and other interconnects have been developed in response to RF and high-speed digital transmissions. For instance, A 3D molded interconnect device (MID), made by Cicor Group with SABIC’s LNP THERMOCOMP compounds is one of many components made possible with liquid crystal polymers. Others include connectors and PCB materials. The global adoption of 5G and other technologies has created new prospects for LCPs, as well as accelerating the development of higher-performing grades of these LCP materials.? Globally, 5G continues to make great development and has a huge influence on the mobile sector and its customers. 5G is predicted to create waves in the era of connection as connectivity becomes more flexible and fluid. According to the GSMA, 5G networks will cover one-third of the world's population by 2025. This expansion is also attributable to the increased use of the Internet of Things (IoT) and its promise in both the commercial and industrial sectors.
? Growth in the automobile and semiconductor industries propels the LCP market
The usage of liquid crystal polymers in the expanding automobile industry is driving the increase in demand for liquid crystal polymers. Both the manufacture and sales of cars have grown significantly in countries including the United States, India, China, and Japan. Vehicles that meet increasingly strict fuel economy regulations are becoming the industry's global trend. Creating lightweight cars is one of the primary answers to this problem. For example, normally, a 10% decrease in vehicle weight might result in an 8.0% increase in fuel efficiency. According to ACEA - European Automobile Manufacturers' Association, EU car sales surged by almost 17% in the first three quarters of 2023, with 12% growth forecast for the full year. Additionally, LCP has been utilized in car parts including combustion systems, insulation components, and electrical components. It is resistant to chemicals, weathering, and radiation and can be used to replace materials such as ceramics, metals, and composites. As a result, using these compounds in the automobile sector is expected to replace bulky components in vehicle design with lightweight materials to improve fuel efficiency and lowers carbon emissions.
Challenges – Liquid Crystal Polymer Market
The high cost associated with liquid crystal polymer
The cost of liquid crystal polymers is typically higher than that of standard polymers such as polyphthalamide and acrylonitrile butadiene styrene, which is a significant hurdle that may limit market growth over the projection period. The production of liquid crystal polymers is an energy-intensive and complex process that results in expensive pricing. Because the process is more sophisticated than that of other groups of plastics, such as PE, PP, and others, the manufacturing of liquid crystal polymers necessitates much higher investments. Products with high-temperature functions and a high level of technical skill are required for the production of liquid crystal polymers. As a result, both the production process and the finished liquid crystal polymer goods are costly. The expensive cost of liquid crystal polymers restricts their applicability to high-end application areas, limiting the market growth. The high cost of production also hinders mid and small-scale market participants from entering the market, reducing the market size of liquid crystal polymers.
Market Landscape
Technology launches, acquisitions, and R&D activities are key strategies adopted by players in the Liquid Crystal Polymer market. in 2023, The major players in the Liquid Crystal Polymer market are Polyplastics Co Ltd, Celanese Corporation, Solvay S.A, Toray Industries Inc. Sumitomo Chemicals Co Ltd, Kuraray Co Ltd, Others.
Developments:
? In January 2022, Sumitomo Chemical to expand additional production lines for its liquid crystal polymer (LCP) SUMIKASUPERTM, which is a super engineering plastic, at its 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. This expansion will increase the Group’s production capacity by approximately 30%.
? In March 2023, With the goal to fulfill stringent safety requirements in EV battery components, Solvay, a pioneer in the specialized materials industry, has announced the addition of a new high-heat and flame-retardant grade to its portfolio of Xydar? liquid crystal polymers (LCP).