Liquid Crystal Polymer Market Overview
The liquid crystal polymer market globally is forecast to reach US$ 3.6 million by 2027 growing at a CAGR of 6.5% during 2022-2027. Liquid crystal polymers are a class of unique aromatic polymers based on 4-hydroxybenzoic acid and related monomers. These polymers exhibit superior strength at high temperatures, and are chemically inert. Owing to such diverse properties, liquid crystal polymers find their uses in a wide range of applications. The combination of polyphenylene sulfide (PPS) and liquid crystal polymer (LCP) in polymer blend is a potential way of creating new polymer properties. Liquid crystal polymers are used extensively in various electrical and electronic components such as flexible printed circuits, housings, and antenna substrates which are an integral part of various electronic products. The demand for electronic products like smartphones, TVs, PCs, microwave ovens, and tablets are surging globally, increasing the requirement for flexible printed circuits, chip carriers, and antenna substrates and in turn, this is expected to drive the market’s growth in the forecast period. For instance, according to the July 2021 stats by China.org.cn, consumer electronics export witnessed a growth trajectory for 12 months in a row. Furthermore, liquid crystal polymers have a long history of use in various automotive applications such as lamp sockets, fog lamp bezels, connectors, and sensors. The demand for automobiles is booming globally with increasing automobile production and sales and this is projected to drive the market’s growth in the forecast period. For instance, according to the August 2020 stats by the China Association of Automobile Manufacturers, the Chinese passenger vehicle segment is anticipated to touch 30 million units by 2029 which was 21.44 million units in 2019. The cost of liquid crystal polymer is quite high compared to traditional polymers such as polyphthalamide and acrylonitrile butadiene styrene and this cost factor might affect the market’s growth in the forecast period.
COVID-19 Impact
The liquid crystal polymer market was positively impacted due to COVID-19 as the demand for various end-use applications catapulted. The sales of electronic products such as laptops, tablets, and smartphones surged during the pandemic as people followed lockdown protocols and worked from home. Moreover, the introduction of online education further amplified the sales of electronic products which propel the market’s growth amid the pandemic. Other applications in medical and automobile contributed to the higher uses of liquid crystal polymers during the forecast period. Going forward, the market is projected to witness robust growth owing to the increasing use of LCP in various electrical and electronics, automobile, and medical applications.
Liquid Crystal Polymer Market – By Type
Thermotropic liquid crystal polymer dominated the liquid crystal polymer market in 2021 and is growing at a CAGR of 5.4% during the forecast period. This type of polymer possesses excellent thermal properties, low viscosity, and exhibits superior elastic behavior. Thermotropic liquid crystal polymers are widely recognized polymers due to their application in various electronic products including tablets, flat-screen televisions, laptops, and many more. Owing to such diverse properties and uses, market players and research organizations are expanding the portfolio of thermotropic liquid crystal polymer. For instance, as per the February 2021 article by IOPscience, thermotropic liquid polymers are doped with solid nano and microparticles for enhancing the macroscopic qualities of the liquid crystalline host. Such developments with the utilization of thermotropic liquid crystal polymer will increase its demand in the forecast period.
Liquid Crystal Polymer Market – By Application
The electrical and electronic application segment dominated the liquid crystal polymer market in 2021 and is growing at a CAGR of 6% in the forecast period. Liquid crystal polymers display inherent flame retardance, exceptional chemical resistance, and outstanding strength at extreme temperatures. These high-quality properties enable the massive use of liquid crystal polymers in various electronic product components and parts such as antenna substrates and housings, chip carriers, flexible printed circuits, etc. The demand for these electronic applications is increasing due to the massive growth in the demand for electronic products globally and this is expected to drive the market’s growth in the forecast period. For instance, according to the stats by India Brand Equity Foundation, in 2020, the shipment of 5G smartphones crossed 4 million units due to higher consumer demand post-lockdown. Similarly, according to the September 2020 stats by the American Customer Satisfaction Index, laptop demand surged in 2020 as Americans spent more time at home. This high boost in the demand for electronic product is projected to stimulate the higher uses of liquid crystal polymer and in turn, this is expected to drive the market’s growth during the forecast period.
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Liquid Crystal Polymer Market – By Geography
The Asia-Pacific region held the largest market share in the liquid crystal polymer market in 2021 up to 48%. The high demand for these aromatic polymers is attributed to the region’s booming electrical and electronics sector. Liquid crystal polymers are extensively used in various electronic components that include chip carriers, flexible printed circuits, antenna substrates, among others. These electrical components are vital in various electronic products ranging from laptops to smartphones and microwave ovens. The demand for electronic products is increasing in the region and this is projected to increase the demand for liquid crystal polymer in the forecast period. For instance, as per the reports by India Brand Equity Foundation, the consumer electronics and appliance sector will grow twice the current market size and is expected to become a market value of USD 21.18 billion by 2025. Similarly, as per the May 2021 stats by China.org.cn, Huawei became the second-largest manufacturer in the notebook segment in China with a market share of 16.9% in 2020. Such massive demand for electronic products is projected to increase the demand for liquid crystal polymer during the forecast period.
Liquid Crystal Polymer Market Drivers
Booming automotive application will drive the market’s growth
Liquid crystal polymers are used in several automobile applications such as lamp sockets, fog lamp bezels, ignition system components, and car safety belt sensors owing to their superior electrical and thermal properties. The demand for automobiles is increasing with increasing production and sales and this is projected to increase the demand for liquid crystal polymer which in turn is expected to drive the market’s growth during the forecast period. For instance, as per the statistics by India Brand Equity Foundation, passenger cars dominated the Indian automotive market with a market share of 12.9% of over 20.1 million automobiles in the fiscal year 2020. Similarly, according to the July 2021 statistics by the European Automobile Manufacturers Association, in June 2021, passenger car registrations jumped, with Germany witnessing maximum demand in the passenger car segment with a 24.5% surge, followed by Spain (+17.1%). Such a boost in the demand for automobiles will increase the utilization of automotive applications such as lamp sockets, ignition system components, and car safety belt sensors and this, in turn is expected to increase the use of liquid crystal polymers, driving the market’s growth during the forecast period.
Increasing electrical and electronics application will drive the market’s growth
Liquid crystal polymers are unique aromatic polymers that find their extensive uses in electrical and electronics applications where they are utilized in various electronic components such as chip carriers, flexible printed circuits, and antenna substrates. These electronic components are important elements in various electronic products. The demand for electronic products globally is rising and this is expected to drive the market’s growth in the forecast period. For instance, as per the Global Electric Market Outlook 2022 report by the German Electro and Digital Industry Association, the electronic market in South Korea reached a volume of US$ 218.01 billion in 2020, picking up by 4%. Similarly, as per the October 2020 data by Consumer Technology Association (CTA), smartphone sales will surge in 2022 where 76% of all smartphones will have 5G capabilities. This increase in demand for electronic products is projected to increase the requirement of liquid crystal polymers and this is expected to drive the market’s growth in the forecast period.
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Liquid Crystal Polymer Market Challenges
The high cost associated with liquid crystal polymer might hinder the market’s growth
The cost of liquid crystal polymers is usually high compared to traditional polymers such as polyphthalamide and acrylonitrile butadiene styrene which is a key challenge and this might affect the market’s growth during the forecast period. The manufacturing process of liquid crystal polymers is an energy-intensive and complex process, resulting in high-cost prices. As per the August 2019 journal by LIDSEN Publishing Inc., due to the high price of liquid crystal polymer, the uses of LCP are limited. Such high-cost nature of liquid crystal polymers might affect the market’s growth during the forecast period.
Liquid Crystal Polymer Industry Outlook
Investment in R&D activities, acquisitions, product and technology launches are key strategies adopted by players in the liquid crystal polymer market. Major players in the liquid crystal polymer market are:
1. Polyplastics Co. Ltd.
2. Celanese CorporationSolvay S.A.
3. Toray Industries, Inc.
4. Sumitomo Chemicals Co. Ltd.
5. RTP Comapany
6. Ueno Fine Chemicals Industry, Ltd.
7. Others
Recent Developments
In January 2021, Celanese Corporation announced its plan to build a world-class liquid crystal polymer (LCP) plant in China. Through this new LCP facility, the company will be able to expand its high-value Zenite and Vectra LCP product lines.
Key Takeaways:
Thermotropic liquid crystal polymer dominated the market in 2021. This type of liquid crystal polymer has robust thermal properties and low viscosity, allowing their wide use as commercial engineering polymers.
The automobile application is expected to influence the market’s growth in the forecast period. For instance, according to the July 2021 data by the European Automobile Manufacturers Association, registrations in the passenger car segment surged by 25.2% in the first half of 2021 in the European region.
The Asia-Pacific region is projected to witness the highest demand for liquid crystal polymer owing to the increasing demand for electronic products in the region. For instance, as per the Global Electric Market Outlook 2022 report by the German Electro and Digital Industry Association, China displayed decent growth in the electrical and electronics products sector despite the pandemic.
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