Liquid Crystal Polymer (LCP) Market - Growth, Trends, and Forecast (2020 - 2025)
NEW YORK, March 24, 2020 /PRNewswire/ -- The liquid crystal polymer (LCP) market is expected to record a CAGR of over 4% during the forecast period. One of the major factors driving the growth of the market studied is the strong demand for smaller and thinner electrical components that must withstand higher temperatures and wear. Many of the customers engaged in the manufacture of electronics components are establishing manufacturing operations in China, and therefore, the greatest demand for LCP, used for such components, is coming from China.
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- By application, the electrical and electronics segment accounted for the largest share and is also expected to witness the highest CAGR.
- The increasing potential in the fields of medical and home appliances is expected to offer vast opportunities for the growth of the market.
- Asia-Pacific accounted for the largest share, with about 75% of the total volume of the market studied.
Key Market Trends
Increasing Demand for Miniaturization of Electrical and Electronic Components
- Liquid crystal polymer (LCP) is a super engineering plastic, with a combination of high strength, modulus and impact properties, flame retardance, resistance to a wide range of aggressive chemicals, very low and tailor-able coefficients of thermal expansion (CTE), excellent dimensional stability, thin-wall flow-ability, and unique processability.
- With the miniaturization trend of many electronic products, manufacturers are streamlining devices to pack more features into smaller packages. For instance, the pitch (spacing) between contacts in electrical connectors is narrower than ever before and as small as 0.2 mm, when compared to older-style power connectors, with pitches exceeding 12.0 mm.
- For the same reasons, LCPs are also injection molded into an integrated circuit (IC) sockets, high-frequency (HF) network switches, power modules for wind and solar inverters and converters, custom high-power electrical connectors, and many other precision devices.
- Daily use of electronic equipment, like cell phones, laptops, or tablet PCs, is increasing at a rapid pace. At the same time, these devices are becoming more powerful and inexpensive from generation to generation, while decreasing in size and weight. LCP is delivering the properties that permit the successful development of the miniaturization of electrical equipment.
- Such factors are expected to drive the global liquid crystal polymer market during the forecast period.
Asia-Pacific Region to Dominate the Market
- The Asia-Pacific region dominated the global market. It is also expected to witness the fastest growth owing to the growing demand from various end-user industries in the countries such as China, India, Japan, and South Korea.
- China is the world's largest electronics production base and offers a tough competition to the existing upstream producers, such as South Korea, Singapore, and Taiwan. Electronic products, such as smartphones, OLED TVs, and tablets, among others, have the highest growth rates in the consumer electronics segment of the market, in terms of demand. With the increase in the disposable incomes of the middle-class population, the demand for electronic products is projected to increase steadily in the future, thereby, driving the market studied.
- The electronics manufacturing industry is constantly expanding in China, as a result of the low cost of and increasing demand for electronics products. With the increase in the disposable incomes of the middle-class population, the demand for electronic products is projected to grow in the near future, thereby, driving the Chinese liquid crystalline polymer market.
- The Chinese automotive manufacturing industry is the largest in the world. The "Made in China 2025" initiative is expected to support the upgrade of the existing low-cost mass production to higher value-added advanced manufacturing.
- The 3D printing sector in China is expected to witness a tremendous growth, and it is projected to witness a CAGR of more than 20% during the forecast period. Developments are being witnessed in the fields of industrial manufacturing and construction, with manufacturers trying out new materials in the form of feedstock. LCPs have the potential to stand out as suitable alternatives to feedstocks, in the field of 3D printing.
- Such factors are expected to support the growth of LCPs in the region in the coming years.
Competitive Landscape
The global liquid crystalline polymers market is consolidated, with the top five companies accounting for over 80% of the global production. Key players in the global LCP market include Polyplastics Co. Ltd, Celanese Corporation, Sumitomo Chemical Company, Solvay and other prominent players include Toray Industries Inc, and Ueno Fine Chemicals Industry Ltd among others.
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