Increasing consumer inclination towards compact devices to bolster liquid crystal polymer (LCP) market trends
Liquid crystal polymers find wide range of application outlook across ultra-compact electronic devices, televisions, laptops, mobile phones and electrical components like stators, sockets & PCBs and motors. LCPs offers excellent mechanical properties, chemical resistance and weatherability at high temperature.
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In the current technology landscape, consumers are inclined towards sleek and compact electronic. Rising technological innovations and new product development is also resulting in a variety of options to choose from. Moreover, enhanced living standards, rising per capita income and spending capacities may complement LCP business in the coming years. Global liquid crystal polymer (LCP) market share is forecast to surpass USD 650 million by 2024.
LCPs can be melt processed on any conventional equipment into heavy as well as thin wall components. From automotive application, liquid crystal polymers industry share is expected to grow at 5.5% over the analysis period. Such high product demand from automotive sector can be attributed to consumer preference for high-end vehicles.
Growing application scope in packaging MEMS (microelectromechanical systems) will boost liquid crystal polymer market forecast. However, key materials required for the production of LCPs include p-hydroxy phthalic acid and p-hydroxy benzoic acid, which are expensive. High production cost of the end-product and application of the raw materials in various end-use industries is likely to restrain supply-demand, which may in turn hinder industry growth.
Germany liquid crystal polymer (LCP) market is forecast to account for USD 20 million by 2024. This expansion can be attributed to increasing demand from automobile and OEM industry participants that are focused focus on using high-performance, lightweight materials to improve fuel efficiency and comply with emission standards set forth by environment protection agencies.
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Growing demand for non-petroleum based and environment friendly materials in electronics consumer goods and automobile sector across the U.S. will bolster the demand for LCPs. U.S. is expected to evolve as a major regional ground for liquid crystal polymer (LCP) market and is expected to observe steady gains with revenue crossing the USD 90 million mark by 2024. The regional growth can be credited to strong R&D investments for product enhancements.
Global liquid crystal polymer (LCP) market share is notably competitive and moderately fragmented with industry participants including RTP Co., Toray, Zeus Industrial, Solvay, Celanese and Sumitomo Chemical, among others. These players are adopting strategies including partnerships and mergers or even acquisitions for boosting their production capacity and expand regional footprint.
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