The global liquid crystal polymer market size is expected to reach USD 2.43 billion by 2030 according to a new study by Polaris Market Research. The report “Liquid Crystal Polymer Market Share, Size, Trends, Industry Analysis Report, By Type (Thermotropic, Lyotropic), By Application (Electrical and Electronics, Industrial Machinery, Consumer goods, Lighting, Medical, Others); By Region; Segment Forecast, 2022 - 2030” gives a detailed insight into current market dynamics and provides analysis on future market growth.
The increasing application scope across various industries and shifting consumer preference for the miniaturization of electronic components like surface mount devices and connectors are the major impelling factors that boost the industry demand. Additionally, several factors such as low maintenance cost, environment-friendliness, improvised performance characteristics like minimal moisture absorption, low coefficient of thermal expansion, abrasion resistance, high strength of modulus, and flexibility are attributed to the industry growth.
Moreover, the rising number of product innovations and R&D programs in the liquid crystal space are also some of the significant catalyzing factors for the industry demand over the forecast period. Based on application, the electrical and electronics segment is dominating the global industry due to its unique processability, thin-wall flowability, and exceptional dimensional stability. Thereby, these factors lead the segment growth around the world.
In contrast, the medical segment shows the highest CAGR rate that leads to industry demand. This is due to the heavy investment in R&D activities to develop the LCP, which emerge as the most appropriate substitute for traditional plastics and metals in medical devices and equipment.
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Emergence of 5G and 3D printing amplifies the industry growth, and penetration of liquid crystal is increasing at high speed across various industries such as electrical & electronics, medical devices, consumer goods, sports, automotive, leisure, etc. Moreover, the rising application of these films in flexible solar cells because of their unique low water absorbency and heat resistance characteristic is also gaining massive popularity in the industry.
Besides, rapid growing technologies like 3D printing and 5G communication is propels the need for liquid crystal polymers as a novel material with an optimistic outlook for mobile phone antennas. Hence, these factors are paving various opportunities for industry development in the forthcoming years.
Industry participants include Celanese Corporation, Asia International Enterprise (HK) Limited, Toray Industries, Inc., Kuraray Co. Ltd, Polyplastics Co. Ltd., PolyOne Corporation, Rogers Corporation, RTP Company, Solvay SA, Shanghai Pret Composites Co., Ltd., Sumitomo Chemicals Co. Ltd., and Ueno Fine Chemicals Industry Limited are some of the key players operating in the global industry.
Various industry players are launching new products and taking many tactical movements in the global market for strengthening their market position. For instance, in September 2021, Polyplastic Ltd. announced the development of a new polymerization facility with over 5,000 tons/year production capacity. Likewise, in January 2021, Celanese Corporation launched its plan to extend an LCP polymerization plant across China to boost its Vectra & Zenite LCP product range considerably.
Polaris Market Research has segmented the liquid crystal polymer market report on the basis of type, application, and region:
Liquid Crystal Polymer, Type Outlook (Revenue - USD Billion, 2018 - 2030)
Liquid Crystal Polymer, Application Outlook (Revenue - USD Billion, 2018 - 2030)
Liquid Crystal Polymer, Regional Outlook (Revenue - USD Billion, 2018 - 2030)