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2024 Liquid Crystal Polymers Market Report : Market Size, Growth Drivers, And Key Trends | Celanese Corporation, Sumitomo Chemical Co. Ltd., Toray Industries Inc., Solvay S.A., Ueno Fine Chemicals Industry Ltd., Shanghai PRET Composites Co. Ltd
Liquid Crystal Polymers Global Market Report 2024
The liquid crystal polymers market size is expected to see strong growth in the next few years. It will grow to $2.62 billion in 2028 at a compound annual growth rate (CAGR) of 8.5%. The growth in the forecast period can be attributed to smart cities development, autonomous vehicles, telemedicine growth, evolving security requirements, security concerns and hardware-based solutions. Major trends in the forecast period include ai and machine learning workloads, customized and application-specific solutions, open compute project (ocp) , heterogeneous computing architectures, blockchain technology.
Market Overview -
Liquid crystal polymers (LCPs) refer to a class of high-performance engineering thermoplastics that possess a unique combination of properties, including high strength, stiffness, chemical resistance, and thermal stability. LCPs are used in a variety of high-performance applications in different industries wear and degradation concerns encountered with existing fiber materials are addressed by temperature and chemical conditions.
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Lightweight Automotive Components Propel Growth In The Liquid Crystal Polymer Market
The development of lightweight materials for automobile components is driving the liquid crystal polymer market going forward. Lightweight automotive components refer to parts and materials used in vehicles that are designed to be lighter in weight compared to traditional automotive components. These components are in demand due to their added benefits. Liquid crystal polymers are used for making lightweight automotive components that are used in electric vehicles and combustion vehicles. For instance, according to the US Office of Energy Efficiency and Renewable Energy, a US-based government organization working to build a clean energy economy, a 10% reduction in the weight of automobiles can increase fuel efficiency by 6%-8% and use of lightweight materials in one-quarter of the U.S. fleet could save about 5 billion gallons of fuel annually by 2030. Therefore, the growth of lightweight automotive components is propelling the liquid crystal polymer market.
Competitive Landscape -
Major companies operating in the liquid crystal polymers market report are Celanese Corporation, Sumitomo Chemical Co. Ltd., Toray Industries Inc., Solvay S.A., Ueno Fine Chemicals Industry Ltd., Shanghai PRET Composites Co. Ltd., Rogers Corporation, RTP Company Inc., Kuraray Co. Ltd., Zeus Company Inc., Chang Chun Group, Henan DaKen Chemical Co. Ltd., Avient Corporation, DuPont de Nemours Inc., Polyplastics Co. Ltd., ENEOS LC Co.Ltd., Daicel Corporation, Kingfa Sci.&Tech. Co.Ltd., Ningbo Jujia New Material Technology Co. Ltd., Samsung Chemicals Co.Ltd., Shanghai Kumho Sunny Plastics Co.Ltd., Saudi Basic Industries Corporation, PolyOne Corporation, Mitsubishi Chemical Corporation, LG Chem Ltd., Covestro AG, BASF SE, Arkema S.A., Asahi Kasei Corporation, DSM Engineering Plastics, Evonik Industries AG, Eastman Chemical Company
Advanced Technologies Compound For Enhanced Thermal And Mechanical Performance
Product innovations are a key trend gaining popularity in the liquid crystal polymer market. Major companies in the market are introducing innovative products such as SUMIKASUPER liquid crystal polymers to sustain their position in the market. For instance, in July 2022, Sumitomo Chemical Advanced Technologies, a US-based manufacturer of industrial chemicals and materials, launched the SUMIKASUPER long-fiber thermoplastic (LFT) compound family. The new product has high-performance liquid crystal polymer (LCP) matrices reinforced with 13-mm chopped carbon fiber or fiberglass that provides high structural stability to the material. The uniqueness of the product is that it has a 30-50% fiber-weight fraction of E-glass and high-modulus carbon fiber that significantly improvises thermal and mechanical performance of the material.
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Key Segments -
The liquid crystal polymers market covered in this report is segmented -
1) By Product Type: Lyotropic LC Polymers, Thermotropic LC polymers
2) By Category: Main Chain LC Polymers, Side Chain LC Polymers
3) By Form: LCP Resins And Compounds, Liquid Crystal Polymer Films, Liquid Crystal Polymer Fibers
4) By Application: Electrical And Electronics, Industrial Machinery, Consumer Goods, Lighting, Medical, Others Applications
Key highlights covered in the report -
1. Detailed market size forecast and historical data analysis
2. Key drivers influencing market growth
3. Identification of upcoming trends and potential opportunities in the market
4. Analysis of major players strategies, to understand competitive dynamics and market positioning
5. Evaluation of regional dynamics
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