Liquid Crystal Polymers Market size worth over $650 million by 2024
Published Date: December 4, 2017 Authors: Kunal Ahuja, Kritika Mamtani
According to a new research report by Global Market Insights, Inc., the Liquid Crystal Polymers Market size is set to exceed USD 650 million by 2024. Rising per capita income along with growing living standards should complement the market demand.
Increasing consumer goods demand & strong application outlook in ultra-compact electronic devices like mobiles, laptops & televisions and electrical devices like motors, stators, sockets & PCB’s should drive liquid crystal polymers market growth
LCP’s are high performance engineering plastics based on p-hydroxy phthalic acid (HPA) and related monomers. It has wide application outlook in packaging and consumer goods industry owing to its mechanical & physical properties and processability. It also offers excellent mechanical properties at high temperature, chemical resistance and weatherability.
Automotive application should grow at over 5.5% during projected period. This growth in liquid crystal polymers market can be ascribed to consumer demand for high-end vehicles and inclination towards miniaturizing electronic devices. LCP’s can be melt processed on any conventional equipment into thin as well as heavy wall components at fast speed propelling industry growth.
U.S. LCP will witness steady gains in revenue generation surpassing $90 million by 2024. This regional growth can be attributed to strong R&D investments for product enhancements. Growing demand for non-petroleum based and environment friendly materials in like automobiles, electronics and consumer goods industries will further bolster liquid crystal polymers market.
Key feedstock materials required for liquid crystal polymer production include p-hydroxy benzoic acid and p-hydroxy phthalic acid. Application of these raw materials in numerous end-use industries may restrain supply-demand dynamics and high production cost of the end-product might hinder industry growth. Recent surge in application in packaging microelectromechanical systems (MEMS) should drive liquid crystal polymers (LCP) market share.
Browse key industry insights spread across 110 pages with 99 market data tables & 9 figures & charts from the report, “Liquid Crystal Polymers (LCP) Market Size By Application (Electrical & Electronics, Automotive, Consumer Goods, Lighting, Medical), Regional Outlook (U.S., Canada, Mexico, Germany, UK, France, Italy, Russia, China, Japan, India, South Korea, Australia, Malaysia, Thailand, Brazil, Saudi Arabia, UAE, South Africa) Competitive Market Share & Forecast, 2017 – 2024” in detail along with the table of contents:
Medical applications may witness gains at over 4.5% during forecast period owing to strong application scope in medical devices & equipment sector. Product ability to substitute other materials like polyphenylene sulfide, nylon and polyphthalamide in medical device industry should strengthen the liquid crystal polymers industry growth.
LCP also has wide application in production of sockets, bobbins, connectors, switches, chip carriers, dental tools, pumps, meters and valve liners. These materials emit low viscosity and high flowability filling intricate molds completely making liquid crystal polymers a good choice for manufacturing ultrathin and miniature parts of thickness less than 0.1 mm and shorter cycle times.
Consumer goods application will grow significantly by 2024 due to good microwave frequency conductivity with low dissipation factors, commercial availability and relatively low dielectric constant. It is widely used in manufacturing microwave friendly utensils, containers and packaging.
Germany market is likely to surpass $20 million by 2024. These gains can be attributed to increasing number of automobile and OEM industry participants who focus on using lightweight and high-performance materials to comply emission standards set forth by environment protection agencies and improve fuel efficiency.
Global liquid crystal polymers market is competitive & moderately fragmented with industry participants including Toray, RTP Co., Zeus Industrial, Sumitomo Chemical, Solvay and Celanese. Companies concentrate on improving their distribution network towards other regions and set up manufacturing plants near raw material sources. They adopt strategies including mergers, acquisitions and partnerships to increase their production capacity and expand regional presence.
Explore More on Related Topics: