Liquid Crystal Polymer (LCP) Market Analysis

Liquid Crystal Polymer Market Analysis

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.