As per Fact.MR – a market research and competitive intelligence provider, the global market for liquid crystal polymers (LCPs) is expected to grow 1.6X in value by 2031.
Growing penetration of the miniaturization trend in the electronics & electrical industry has attained all the limelight of stakeholders that are looking forward to expand their product applications. As the automotive industry continues to embrace the trend of lightweight vehicles, in line with growing demand for better performing motors and efficient fuel consumption, LCPs are emerging as a viable substitute for heavy metal components.
In a thriving automotive industry, LCPs are primarily witnessing traction for use in fuel contact components and battery components. Moreover, favourable properties of liquid crystal polymers, namely, high chemical resistance, thermal resistance, and good mechanical strength, along with benefits of light weight, continue to make them the material of choice for a wide range of applications.
Key Takeaways from Market Study
- LCP market anticipated to expand at CAGR of 5% across analysis period of 2021 to 2031.
- Liquid crystal polymer films and fibres combined market to expand at CAGR of 7.5% over next ten years.
- Demand for liquid crystal polymers from electronics & electrical industry to remain high.
- Market in China accounts for around 70% of total revenue share in Asia Pacific region.
- Global LCP market expected to top US$ 2 Bn by 2031-end.
- Demand for liquid crystal polymer resins to remain high in electronics & electrical industry.
“Increasing application of liquid crystal polymers in the automotive & electronics industry to nudge market growth over coming years,” says a Fact.MR analyst.
Several companies are investing in R&D to eliminate the risk factor associated with prevailing substitutes in the market. In light of the growing lucrativeness of the market in Asia Pacific, a number of companies have shifted their focus towards the region to squeeze higher gains.
- In January 2019, Celanese Corporation acquired Indian firm Next Polymers Ltd., which deals in engineered plastics compounding, such as liquid crystal polymers, to expand its market presence in Asia Pacific. In February 2019, the company also purchased leading India polymer manufacturer OmniPlastics to extend its geographical reach, increase its product portfolio, and appeal to a wider pool of customers.
More Valuable Insights
Fact.MR, in its new offering, presents an unbiased analysis of the liquid crystal polymer market, presenting historical market data (2016-2020) and forecast statistics for the period of 2021-2031.
The study reveals essential insights on the basis of form (resins & compounds, films, and fibers) and application (electrical & electronics, automotive, aerospace & defence, consumer goods, sports & leisure, and industrial), across major regions of the world (North America, Europe, Asia Pacific, Central & South America, and the Middle East & Africa).