Global Liquid Crystal Polymers Market to Reach 66.4 KT by 2027 - Coherent Market Insights

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20 Nov, 2019, 15:28 GMT

SEATTLE, Nov. 20, 2019 /PRNewswire/ -- The global liquid crystal polymers market is estimated to reach 66.4 KT by 2027 from 40.2 KT in 2018, and is estimated to exhibit a CAGR of 5.8% over the forecast period (2019–2027).

Key Trends and Analysis of the Liquid Crystal Polymers Market:

Liquid crystal polymers finds application in electrical and electronics industry for manufacturing of surface mounted devices and printed circuit boards. Growth of electrical and electronics industry is expected to drive demand for liquid crystal polymer over the forecast period. For instance, according to the National Council on Electronics and Hardware (ASSOCHAM), National Statistical Offices, and German Electrical and Electronic Manufacturers' Association (ZVEI), electronics industry is the fastest growing industry in the world, which was valued at US$ 1.75 trillion in 2017, and it is expected to reach US$ 5.45 trillion by 2020.

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Among product type, thermotropic LC polymers segment is expected to witness significant market growth over the forecast period, owing to various benefits offered by LC polymers such as high tensile strength, low thermal extension coefficient, and high working temperatures. Thermotropic LC polymers are used as blend additives and finds application in information storage materials, display materials, and optical couplers.

Major players in the liquid crystal polymer industry are focusing on new product launches, in order to strengthen their position in global market. For instance, in 2017, Toray Industries, Inc. launched liquid crystal polymer fiber, Siveras. The product was made using Siveras liquid crystal polymer resin and possess high strength, high dimensional stability, high underwater strength retention, and high modulus. The product has application in ship & marine ropes, fishing nets, and other industrial applications.

Key Market Takeaways:

Among regions, Asia Pacific is expected to account for a significant market share during the forecast period, owing to increasing use of liquid crystal polymers in various end-use industries such as electrical & electronics, consumer appliances, and others in the region. Liquid crystal polymers are used in manufacturing of semiconductors, owing to their electrical insulating properties. Significant growth in the electrical & electronics industry in emerging economies of the region such as China and India is expected to fuel demand for liquid crystal polymers in the region. For instance, according to the Invest India, India's electronics sector is expected to grow at a CAGR of 17% during 2014-2020. According to the same source, India's electronics market was valued at US$ 100 billion in 2016, and is expected to reach US$ 400 billion by 2025.
Furthermore, LCP is mainly used in the automotive applications where high heat deflection is required. Significant growth in the automotive industry in emerging economies of the Asia Pacific such as China and India is expected to fuel demand for LCP over the forecast period. For instance, according to Japan Automobile Manufacturers Association, in 2017, 51,98,166 units of vehicles were sold in Japan which increased by 1.2% to reach 52,72,068 units in 2018. According to the same source, 43,50,377 units of cars were sold in Japan in 2017 which reached to 43,91,159 units by 2018.

Some of the major players operating in the global liquid crystal polymer market includes:

Celanese Corporation, Polyplastics Co Ltd., Sumitomo Chemical Co., Ltd., Toray Industries Inc., Solvay S.A., Ueno Fine Chemicals Industry, Ltd., and Shanghai PRET Composites Co., Ltd.

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Market Segmentation: