Press release
Liquid Crystal Polymer Market 2024:Solvay, Sumitomo, Polyplastics Co., Toray International, Kuraray and RTP Co.
Increasing demand for high performance and lightweight materials from automotive industry coupled with shift in consumer preference towards miniaturization of electrical components including connectors and surface mount devices should drive liquid crystal polymer market. Superior characteristics such as high abrasion resistance, tensile strength and fire resistant at extreme temperatures accompanied with rise in engineering resins alternatives for ultra-thin electrical parts should boost product demand.
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Liquid crystal polymer market demand from electrical & electronics application should exceed USD 350 million by 2024 owing to excellent electric breakdown and low electric constant should drive LCP market. They are widely used in IC Tray, connectors, semiconductors and switches owing to excellent dielectric strength and dimensional stability. LCP being inert and water resistant, has application in personal computers, electrical pumps and mobile phones.
Liquid crystal polymer market growth from automotive applications may register gains at over 5.5% by the end of forecast period. Automotive manufacturers are focused onto usage of lightweight and high-performance materials owing to improve operational efficiency of the vehicle should propel product demand. Increase in automotive sales along with usage of high end electronic devices in interiors of the vehicle should further drive LCP market.
Positive outlook in healthcare industry owing to recent technological innovations pertaining to microelectronics and biotechnology should stimulate LCP market growth. Medical applications from liquid crystal polymer should surpass USD 19.5 million by 2024. Medical devices manufactured from these products can be sterilized and are of high precision and possesses excellent dimensional stability.
LCP market from lighting application may witness significant growth at over 5% by the end of foreseeable timeframe. Increasing demand for light-emitting diodes (LEDs) should boost product demand. Conventional bulbs emit only 5% of the energy into visible light and rest as heat energy. Significant usage of LEDs in street light, households, offices and cars owing to excellent dielectric strength and low electric constant, should fuel liquid crystal polymer market growth.
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Europe, driven by UK, Poland, Italy, France and Germany liquid crystal polymer market may surpass USD 110 million by 2024. Growth in automotive industries along with increase in production and sales of vehicles should boost product demand. Presence of major automotive giants such as BMW, Mercedes and Audi, whose focus is to enhance the operational efficiency of vehicles and cut down the CO2 emission by using lightweight products, will further propel LCP market demand.
U.S. LCP market demand may witness significant growth at over 5% by the end of projected period due to adoption of high-performance and durable medical devices in healthcare industry. Technological innovation in medical industry along with miniaturization of electrical components and usage of these components in automotive and electronics industry will propel regional industry growth.
Asia Pacific, led by India, Japan and China liquid crystal polymer market is poised to exceed USD 380 million by 2024. Rise in industrial machinery applications including mass transfer packaging along with expansion of automotive and electrical & electronics industries will enhance product demand.
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Global liquid crystal polymer market share is concentrated with major industry participants include Solvay, Polyplastics, Kuraray, Celenese, Sumitomo, Toray International, Zeus Industrial, Ueno Fine Chemicals, RTP, and TCI Chemicals.
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