Liquid Crystal Polymer Market To Generate $2,360 Million Revenue by 2030
- Published: January 2023
The liquid crystal polymer market size is expected to advance at a CAGR of 7.60% during 2022–2030, to reach USD 2,360 million by 2030. This can be ascribed to its excellent mechanical strength, stability, fire resistance, and chemical resistance.
There has been high growth in the manufacturing industry throughout the world, especially in China, India, and other parts of the APAC region. The industry requires the use of modern utilities and equipment. This has led to an increase in demand for electrical devices like panels, transformers, coils, motors, generators, transformers, and circuit boards. These devices are manufactured using industrial laminates, which are structurally strong materials and are resistant to heat and chemicals. Liquid crystal polymers (LCPs) help in the development of laminates and films that are used in manufacturing electrical equipment.
Europe Is a Key Emerging Market
The European market is expected to grow at a CAGR of 7.4% during the forecast period. This can be ascribed to the integration of LCPs in the electrical and electronics industry, due to their inherent ability to supplement high yet economical mass production, relative ease in processing via conventional methods (such as injection molding and extrusion), and low rejection rates. These have led to the widespread application of these polymers in antennas, connectors, and flexible printed circuit boards.
Automobile production and assembly lines are one of the major economic engines of Europe. According to the European Automobile Manufacturing Association, vehicle manufacturing is a strategic industry in the EU. Automobile manufacturers operate nearly 304 vehicle production and assembly plants in 27 countries across Europe. They require LCPs in sensors and ignition systems of automobiles. Henceforth, applications of LCPs in the industry are expected to contribute to the high demand for these polymers in the region, which, in turn, will contribute to the market growth in the coming years.
Germany is leading the European market in 2022. This is because it is accounted for over 30% of all passenger car manufacturing and 20% of net new registrations. The country market is also boasted by the large concentration of original equipment manufacturer (OEM) plants (40 in number) and suppliers (totaling nearly 945 in number).
The move toward sustainable mobility solutions with the integration of improved engine control, the adoption of lightweight products, and the reduction in carbon emissions are further expected to necessitate the adoption of LCPs in production lines. These products can prove crucial to improving the industry’s strength and experiencing technological advancement in conventional product lines.
Rising Demand for Organic Polymers Drives the Market
The uses of synthetic polymers, which are synthesized from petrochemicals, cause environmental problems as they do not decompose. Thus, there is rising demand for organic polymers that are necessary during the manufacturing of medical devices and packaging, according to stringent regulations in European countries. The demand for polymers like LCP is likely to be driven by the rise in such a scenario of regulations. The LCPs can be successfully produced from a large number of natural sources, such as castor and cardanol oils, and can be derived from biopolymers, including cellulose, proteins, and deoxyribonucleic acid (DNA).
The most significant liquid crystal polymer market players are Celanese Corporation, Sumitomo Chemical, Polyplastics Co. Ltd., Kuraray CO. LTD., UENO FINE CHEMICALS INDUSTRY LTD., Solvay, Toray Industries Inc., Avient Corporation, and RTP Company.