Liquid Crystalline Polymer Market

Liquid Crystalline Polymers Market Overview

Liquid Crystalline Polymers Market size is forecast to reach US$995.2 million by 2027, after growing at a CAGR of 5.4% during 2022-2027. Liquid Crystalline Polymer is an exclusive group of linear polymers which are capable of lining up in parallel to structure a liquid crystal phase. They are a moderately unique class of crystalline aromatic polyesters based on p-hydroxybenzoic acid. Thermoplastics like Polyethylene (PE), Polyvinyl Chloride (PVC), and others are generally used in the production. Liquid crystalline polymers (LCPs) showcase high flow and very low viscosity which results in the complete filling of small and intricate molds. The growing demand for liquid crystalline polymers (LCPs) in electrical and electronics, pharmaceutical and automotive industry is expected to initiate growth of the market. Zenite liquid crystalline are mostly used in electrical and electronics as it provides high-temperature performance in eco-friendly thin-wall applications. With the rising demand from electrical and electronics sector due to adoption of lightweight and high-performance materials, the growth is anticipated to rise the Liquid Crystalline Polymers market

COVID-19 Impact

The emergence of COVID-19, which is declared a pandemic by the World Health Organization, is having a noticeable impact on global economic growth. Currently, the crystalline market has been affected due to COVID-19 pandemic where most of the industrial activity has been temporarily shut down. According to World Trade Organization (WTO), global trade volumes are declined between 13-32% in 2020. This in turn has restricted the growth in year 2020 and a few months in 2021. However, the pharmaceutical sector has seen a rise in demand due to the pandemic.

Report Coverage

The report: “Liquid Crystalline Polymers Market - Forecast (2022-2027)” covers an in-depth analysis of the following segments of the Liquid Crystalline Polymers Industry.

By Type: Thermotropic and lyotropic

By Polymer: Polyethylene (PE), Polyvinyl Chloride (PVC), Polypropylene (PP), Polytetrafluoroethylene (PTFE), Polystyrene (PS), and Others

By Application: Packaging, Coatings, Additives, Fibers and Cables, Bulletproof Vests, Tennis Strings, Jet Engine, Pharmaceutical, Machinery, and Others

By End-Use Industry: Automotive, Aerospace and Military, Sports and Leisure, Medical, Electrical and Electronics, Industrial, Building and Construction, Food and Beverages, Chemical, Consumer Goods, Textiles, and Others

By Geography: North America (USA, Canada and Mexico), Europe (UK, France, Germany, Italy, Spain, Russia, Netherlands, Belgium, and Rest of Europe), APAC (China, Japan, India, South Korea, Australia and New Zealand, Indonesia, Taiwan, Malaysia and Rest of APAC), South America (Brazil, Argentina, Colombia, Chile, Rest of South America), and Rest of the World (Middle East and Africa).

Key Takeaways

• Asia-Pacific dominates the Liquid Crystalline Polymers Market owing to the rapid increase in Pharmaceutical and Electrical and Electronics. For instance, the Indian government has set a target to US$2.4 billion investments in the electronics manufacturing segment by 2021-22.
• The market drivers and restraints have been assessed to understand their impact over the forecast period.
• The report further identifies the key opportunities for growth while also detailing the key challenges and possible threats.
• The other key areas of focus include the various applications and end use industry in Liquid Crystalline Polymers Market and their specific segmented revenue.
• Rising demand for Liquid Crystalline Polymers coatings in Aerospace industry due to chemical properties and mechanical resistance.

Thermotropic segment held the largest share in the Liquid Crystalline Polymers Market in 2020 and is growing at a CAGR of 5.2% during 2022-2027. Thermotropic is formed by heating a polymer above its melting transition point. They display remarkable and unique combinations of properties like facile flow and processing, precision part fabrication, dimensional stability, low linear coefficient of thermal expansion. Thermotropic Liquid Crystalline Polymers are extensively used as blend additives. Thermotropic LCP is highly compatible with the manufacturing process of semiconductors, thus causing in their dominant share in the market.

Pharmaceutical segment held the largest share in the Liquid Crystalline Polymers Market in 2020 and is growing at a CAGR of 6.8% during 2022-2027. Liquid crystalline polymers are becoming the most preferred choice for Research and Development centers in the formulation development sector. Drug delivery to gain biological targets which can effectively be achieved using liquid crystalline polymers system. The stability and resemblance with skin structure make lamellar phases is suitable for the development of controlled-release drug delivery systems. The Chinese pharmaceutical sales saw a growth of about 6.4% in 2019 compared to the previous year. India’s domestic pharmaceutical market is estimated at US$42 billion in 2021 and likely to reach US$65 billion by 2024. The increasing growth of the pharmaceutical segment will enhance the growth of Liquid Crystalline Polymers market.

Electrical and Electronic segment held the largest share in the Liquid Crystalline Polymers Market in 2020 and is growing at a CAGR of 7.2% during 2022-2027. Increasing usage of liquid crystalline polymers (LCP) in the electronic industry is attributed to the adoption of lightweight and high-performance materials. Devices like cell phones, laptops, or tablet PCs, are increasing at a rapid pace. At the same time, these devices are becoming more powerful and inexpensive from generation to generation, while decreasing in size and weight. LCP is delivering the properties that permit the successful development of the miniaturization of electrical equipment. Electrical and electronics components such as semiconductors has increased the popularity of liquid crystal polymers in the electrical and electronics industry.

Asia-Pacific region held the largest share of 35% in the Liquid Crystalline Polymers Market in 2020 followed by North America and Europe. China and India are leading the market for their extensive electrical and electronics industry as a result low cost and increasing demand for electronics products. With the rising in the disposable incomes of the middle-class population, electronic products such as smartphones, OLED TVs, and tablets have the highest demand rates in the consumer electronics. According to the China Academy of Information and Communications Technology, China’s digital economy reached US$6.06 trillion, accounting growth of 9.7% in 2020. On the other hand, According India Brand Equity Foundation, the Electronics System Design & Manufacturing (ESDM) sector plays an important role in the government’s goal of generating US$1 trillion of economic value from the digital economy by 2025. However, adoption of high-performance and lightweight materials for the automotive industry in North America and Europe is likely to drive the liquid crystal polymers market.

Liquid Crystalline Polymers Market Drivers

Rise in Demand for Liquid Crystalline Polymers in Aerospace Industry

Environmental regulations are urging the advancement of new aerospace coating systems, mostly to exclude chromates and lower volatile organic compound (VOC) emissions. Amongst the several possible choices for new coating materials, liquid crystalline polymers (LCPs) are striking due to their exceptional blend of chemical properties and mechanical resistance. The key distinctive of these coatings seemed to be their low permeability and high chemical resistance. Hence, these coatings are applicable for the protection of surfaces wide-open to aggressive liquids. Examples like gearbox housings, heat exchangers, flooring, hatches, and undercarriage components. However, the production of a coating system that incorporates an active protection would be essential to extend coating durability. Chinese aviation manufacturer Commercial Aircraft Corporation of China Ltd (COMAC) and United States aircraft giant Boeing build a Boeing 737 manufacturing system. On the other hand, India’s aviation industry is expected to witness US$ 4.99 billion investment in 2022-2027 due to the rising working group and widening middleclass demography. This factor is likely to propel the aerospace manufacturing industry, which, in turn, is expected to enhance the demand for liquid crystalline polymers for aerospace industry application.

Demand for Liquid Crystalline Polymers as Packaging Material

Liquid Crystal Polymer (LCP) is an exceptional microwave organic dielectric owing its significant performance and packaging advantages. LCP is a leading material for integration of active circuits in 2-D as well as 3-D packaging alignments. Besides, packages degrade during long periods of storage. Liquid crystalline polymer offers various advantages for high-density packaging and its enormous processing format and compatibility in a printed circuit board foundry admits for a smooth conversion to commercialization of the stuffs. Also, it is reliable for packaging of micro-electromechanical systems (MEMS) devices in military sector, mainly when exposed to high-G shock for example when weapons are fired from cannons. Properties like temperature resistance, low coefficient of thermal, dimensional stability, low moisture permeability, smooth surface, and gas barrier are significantly boosting the liquid crystalline polymers for packaging sector.

Liquid Crystalline Polymers Market Challenges

High Cost and rare product demand may hinder the market

The high capital cost required for the production of Liquid Crystalline Polymers due to requirement of severe stoving before processing, is one of the biggest drawbacks of the market. It is preferred only for highly demanding applications as for it is relatively less suitable for very brightly environments and tend to consumed huge amount of electricity which produce a lot of heat. Besides, from the point of viewing, the color and contrast are not consistent.

Liquid Crystalline Polymers Market Landscape

Technology launches, acquisitions and R&D activities are key strategies adopted by players in the Liquid Crystalline Polymer. Major players in the Liquid Crystalline Polymers Market are Celanese Corporation, Solvay S.A., Ueno Fine Chemicals Industry Ltd., DuPont, Shanghai PRET Composites, Co. Ltd., Polyplastics Co., Ltd., Sumitomo Chemical, Toray International, Inc., and Samsung Fine Chemicals

Acquisitions/Technology Launches/ Product Launches

• In May 2019, Sumitomo Chemical launched liquid crystalline polymers for electronic industry. It is designed to meet the challenging requirements of fine-pitch connectors.

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