The historical period, accounting for more than 60.0% market share in terms of value in 2017
NEW YORK, Nov. 26, 2019 /PRNewswire/ --
Liquid Crystal Polymer (LCP) Market by Type (Thermotropic, Lyotropic), by Industry (Semiconductor & Electronics, Automotive, Medical, Consumer Goods), by Geography (U.S., Canada, Germany, U.K., France, Italy, Spain, Netherlands, Belgium, China, Japan, South Korea, Taiwan, India, Thailand, Australia, Mexico, Brazil, South Africa, Saudi Arabia, U.A.E.) - Global Market Size, Share, Development, Growth, and Demand Forecast, 2013-2023
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Liquid crystal polymer (LCP) market is projected to reach $1,447.9 million by 2023, the market growth is driven by the increasing demand of LCPs in the manufacturing of consumer electronics products, medical equipment, and automotive components.
Based on type, the liquid crystal polymer market is bifurcated into thermotropic and lyotropic. Thermotropic LCPs accounted for a dominant share in the market during the historical period, accounting for more than 85.0% share in terms of value in 2017. Thermotropic LCPs are processed from anisotropic phases to form liquid-crystal phases.
This affects orientation and structure of these molecules. Furthermore, the end-polymer has fiber content that gives rise to high mechanical properties as a consequence of self-reinforcing properties derived from macromolecular orientation in the mesophase.
The above-mentioned properties of thermotropic LCPs make them ideal for manufacturing various components in electronic devices. The high demand for the LCPs in electrotropic displays such as LCDs, temperature sensors, and selective reflecting pigments will continue to aid the growth of the liquid crystal polymer market during the forecast period.
Based on industry, the liquid crystal polymer market is classified into semiconductor and electronics, automotive, medical, consumer goods, and others (power generation and heavy engineering). The demand for LCPs in semiconductor and electronics industry remained the highest during the historical period, accounting for more than 60.0% market share in terms of value in 2017.
The demand for LCPs in semiconductor and electronics industry is in coherence to the perquisite trend of trimming and downsizing of electrical components. Moreover, the application of LCPs in the industry is favored due to their properties such as low dielectric constants, low power dissipation factors, and significant strength of the materials in mesophase. Industrialization and surge in purchasing power of individuals are expected to generate demand for consumer appliances and electronic accessories, which in turn, is expected to boost the liquid crystal polymer market in the coming years.
Geographically, the liquid crystal polymer market is categorized into North America, Europe, APAC, LATAM, and MEA. Globally, APAC held the largest share in the market during the historical period. Presence of semiconductor manufacturing hubs in countries such as Taiwan, Japan, and China, along with rapidly advancing consumer electronics industry in countries such as India and Vietnam are the prime factors driving the demand for LCPs in the APAC region.
The investments made by major players in research and facility expansions are the major opportunity identified in the liquid crystal polymer market. In the recent years, major companies in the market like Celanese Corporation, Toray Industries Inc., Kuraray Co. Ltd., and Sumitomo Chemical Co. Ltd. have been expanding their facilities and investing in projects across various countries. For instance, Toray Industries Inc. invested $140.2 million in Sri City in Andhra Pradesh, India in 2018, for the manufacturing of textiles, which will boost the growth of LCP fiber and textile market. Hence, it can be said that there is increase in opportunities due to increase in investments and facility expansions.
Globally, the consolidated liquid crystal polymer market is characterized by market players having large scale operations. Celanese Corporation, Polyplastics Co. Ltd., Solvay SA, Sumitomo Chemical Co. Ltd., and Toray Industries Inc. are the leading players in the market. Among all the companies engaged in the production of LCPs, Polyplastics Co. Ltd. is a well-established player that commercially develops the product and is venturing into new markets in a bid to boost its business.
Most of the players in the global liquid crystal polymer market are multinational corporations and have presence in more than five countries. Owing to advanced technology needed for manufacturing LCPs, the number of companies remained less during the historical period. Moreover, majority of these companies are based in technologically advanced countries including Japan, the U.S., China, and Germany.
Ueno Fine Chemicals Industry Ltd., Kuraray Co. Ltd., Shanghai PRET Composites Co. Ltd., RTP Company, and Polyone Corporation are other key players accounting for a significant share in the liquid crystal polymer market.
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