Liquid Crystal Polymer Market to Cross $650 mn by 2024
LCP’s are high performance engineering plastics based on p-hydroxy phthalic acid (HPA) and related monomers. It has wide application outlook in packaging and consumer goods industry owing to its mechanical & physical properties and processability. It also offers excellent mechanical properties at high temperature, chemical resistance and weatherability.
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Liquid crystal polymers market size from automotive application should grow at over 5.5% during projected period. This growth in product demand can be ascribed to consumer demand for high-end vehicles and inclination towards miniaturizing electronic devices. LCP’s can be melt processed on any conventional equipment into thin as well as heavy wall components at fast speed propelling industry growth.
U.S. liquid crystal polymer industry size will witness steady gains in revenue generation surpassing USD 90 million by 2024. This regional industry growth can be attributed to strong R&D investments for product enhancements. Growing demand for non-petroleum based and environment friendly materials in like automobiles, electronics and consumer goods industries will further bolster product demand.
Key feedstock materials required for liquid crystal polymer production include p-hydroxy benzoic acid and p-hydroxy phthalic acid. Application of these raw materials in numerous end-use industries may restrain supply-demand dynamics and high production cost of the end-product might hinder industry growth. Recent surge in application in packaging microelectromechanical systems (MEMS) should drive LCP market size.
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Liquid crystal polymer market size from medical application should witness gains at over 4.5% during forecast period owing to strong application scope in medical devices & equipment industry. Product ability to substitute other materials like polyphenylene sulfide, nylon and polyphthalamide in medical device industry should strengthen industry growth.
Liquid crystal polymer are also wide application in production of sockets, bobbins, connectors, switches, chip carriers, dental tools, pumps, meters and valve liners. These materials emit low viscosity and high flowability filling intricate molds completely making liquid crystal polymers a good choice for manufacturing ultrathin and miniature parts of thickness less than 0.1 mm and shorter cycle times.
Liquid crystal polymer market size from consumer goods application will grow significantly by 2024 due to good microwave frequency conductivity with low dissipation factors, commercial availability and relatively low dielectric constant. It is widely used in manufacturing microwave friendly utensils, containers and packaging.
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Germany LCP market size should signify steady growth and surpass USD 20 million by 2024. These gains can be attributed to increasing number of automobile and OEM industry participants who focus on using lightweight and high-performance materials to comply emission standards set forth by environment protection agencies and improve fuel efficiency.
Global liquid crystal polymers market share is competitive & moderately fragmented with industry participants including Toray, RTP Co., Zeus Industrial, Sumitomo Chemical, Solvay and Celanese. Companies concentrate on improving their distribution network towards other regions and set up manufacturing plants near raw material sources. They adopt strategies including mergers, acquisitions and partnerships to increase their production capacity and expand regional presence.
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