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Liquid Crystal Polymers Market Size to Expand Significantly by the End of 2025
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Demand for high-quality and durable electrical and electronic products in emerging economies is fueling the liquid-crystal polymers market. LCP is extensively used in the automotive industry due to its high strength, low weight, and abrasion resistance properties. LCPs can replace materials such as ceramics, metals, composites, and other plastics owing resistance to virtually all chemicals, weathering, radiation, and fire. Increase in demand for engineering resins to manufacture ultra-thin electrical components is expected to remain a key driver for the liquid-crystal polymers market. Rise in demand for high-performance and lightweight materials from the automobile industry to manufacture fuel-efficient vehicles and reduce carbon emissions is expected to positively impact on the market. These acts as the major drivers for the market. However, relatively high cost of LCPs is a major restraint of the market.
Based on the type, the global liquid crystal polymers market has been bifurcated into thermotropic and lyotropic. Thermotropic liquid crystal polymer is used in various applications; therefore, it holds the largest share of the LCP market. Currently, most of the popular LCP brands are made from thermotropic liquid crystal polymer and is anticipated to have a large share with respect to volume in the forecasted period.
Based on brands, the global liquid crystal polymers market can be divided into Laperos LCP Vectra/Zenite, Xydar, Sumikasuper, and others. Increase in demand for thinner electronic components and preference for vibration absorbing property among end users boosts the demand for the usage of Laperos LCP. Laperos LCP holds the largest share of the market.
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In terms of end-use industry, the liquid crystal polymers market can be divided into electrical & electronics, automotive, aerospace, healthcare, and industrial machinery. Rise in demand for developing electrical and electronics components such as semiconductors has increased the popularity of liquid crystal polymers in the electrical and electronics industry. Increasing usage of LCP in the automotive industry is attributed to adoption of lightweight and high performance materials. Furthermore, growth possibility in automotive and medical might is anticipated to increase during the forecasted period.
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