Liquid Crystal Polymer Market size was over USD 375 million in 2016 and consumption is likely to exceed 65 kilo tons by 2024. The increasing number of innovations and R&D programs across the polymer space have had a huge impact on the market share.
Shift of consumer preference towards miniaturization of electronic components which include connectors and surface mount device should drive the global liquid crystal polymer market share. LCP has wide application scope in electronic components which includes personal computers and mobiles characterized by its lightweight, durability, high performance and efficiency influencing product demand.
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Electrical & electronics sector in Asia Pacific, led by China, Japan, India and South Korea, witnessed steady growth and surpassed USD 2.5 trillion in 2015 owing to strong technological innovations and new product development initiations undertaken by industry players. Excellent flow properties improving moldability along with outstanding mechanical properties at high temperatures, inherent flame retardancy, excellent chemical resistance and good weatherability should propel the liquid crystal polymer market.
Technological innovations along with widening application scope automotive, packaging and electronics industries should drive liquid crystal polymer market growth. This growth in product demand can be attributed to environment-friendliness, low maintenance cost, enhanced performance characteristics such as low coefficient of thermal expansion, minimal moisture absorption, high strength of modulus, abrasion resistance and flexibility.
LCP’s are widely used as a substitute to polyamide films in packaging sector owing to its exceptional chemical & mechanical properties. LCP’s are also favored over other materials including EVOH films because their low maintenance cost and lower viscosity over a longer production run.
|Liquid Crystal Polymer Market Size in 2016:
|375 Million (USD)
|2017 to 2024
|2024 Value Projection:
|650 Million (USD)
|Historical Data for:
|2013 to 2016
|No. of Pages:
|Tables, Charts & Figures:
|Application, and Region
|Pitfalls & Challenges:
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Benzoic acid and p-hydroxy naphthoic acid are key raw materials used in LCP synthesis process. LCP films & laminates are produced from thermoplastic LCP resins in the form of granules and pellets. Global market supply constraints due to limited bi-phenol manufacturers can create a supply demand gap and affect liquid crystal polymer market value.
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Electrical & electronic applications segment should witness gains at over 6% during forecast timeframe. This growth in product demand can be attributed to growing automation and consumer inclination towards ultra-compact electronic parts, equipment and devices. U.S. smartphone sales surpassed 190 million units generating revenue over USD 55 billion in 2016, complementing growth in LCP market demand.
Automotive applications should generate revenues surpassing USD 80 million by 2024. Germany automobiles sales in 2016 surpassed 3.7 million units compared to that of 3.5 million in 2015, growing at a rate of 5.7% annually. Rising automotive sales and production rate along with consumer preference of high end-electronic devices in car interiors should drive liquid crystal polymer (LCP) market demand.
Medical application segment should grow significantly during the projected timeframe. Recent upsurge in medical device sector focusing on microelectronics and biotechnology along with rising numbers of medical device & equipment manufacturers should propel the business growth. R&D spending in U.S. medical device industry averages at over 6% of their total revenue, increasing adoption of LCP in medical devices owing to lowered production cost.
Europe led by Germany, UK and France is projected to grow at over 4.5% during forecast period owing to strong regional automotive industry. Presence of major automotive OEM’s along with consumer inclination towards high-end automobiles should bolster product demand. Recent advancements in vehicular electronic devices complementing compact design and impact resistance should have positive liquid crystal polymer market outlook.
China should witness significant gains at over 7% through 2024. China also boasts to be a leading regional market accounting for a major share of total industry in 2016 in Asia Pacific. This demand growth can be attributed to rapid expansion of electronics & electrical industry. Increasing industrial machinery application substituting ceramic materials and mass transfer packaging in chemical industries should complement the liquid crystal polymer market trends.
U.S. will have strong gains during forecast period owing to shifting trends of adopting lightweight, durable and high-performance materials in medical industry. Increasing research spending on new product development harnessing exceptional traits like mechanical strength, heat tolerance and chemical inertness should bolster the regional market trends.
Global liquid crystal polymer industry share is moderately concentrated with industry players including
These industry participants focus on strengthening their production capacity along with expanding their distribution network and regional presence. Companies adopt various strategies like mergers, acquisition and partnerships to gain technological know-how along with expanding liquid crystal polymer market.
Liquid crystal polymers are a class of crystalline aromatic polyesters based upon p-hydroxybenzoic acid and other monomers which are extremely inert and unreactive. It can be produced by dissolving a polymer in solvent or by heating a polymer above its melting point. These products are fire & chemical resistant and have a highly crystalline molecular chain in comparison to other common polymers like ABS and nylon. They exhibit a semi rigid, stacked orientation of linear molecules. LCP’s have melted temperature range of 2800C to 3300C and mold temperature range of 700C to 1300C.
Liquid crystal polymer market report includes in-depth coverage of the industry, with estimates & forecast in terms of volume in Tons and revenue in USD from 2013 to 2024, for the following segments:
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The above information is provided on a regional and country basis for the following: