The global liquid crystal polymers (LCPs) market size was worth around USD 1298 million in 2022 and is predicted to grow to around USD 2432 million by 2030 with a compound annual growth rate (CAGR) of roughly 8.15% between 2023 and 2030.
An significant component of the chemical industry, liquid crystal polymers (LCPs) are a sophisticated class of polymers. The ability to maintain a regularly ordered molecular structure in both liquid and solid phases is their main characteristic. The order to disorder transition in LCP melts at a temperature higher than the melting point at which the material loses all of its crystalline structure.
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Market Overview for Liquid Crystal Polymers (LCPs)
This indicates that LCPs have two distinct melting temperatures, or more accurately, two-phase transitions, wherein the compound first undergoes a transition from solid to liquid crystal and then again from liquid crystal to full liquid. Two major categories are used by the chemical industry to classify LCPs. The first is known as the lyotropic system, which develops when a solvent is added and turns into a thermotropic system when it is heated. The higher mechanical strength and high-temperature resistance offered by LCPs make plastic made with them more customizable and valuable in the commercial sectors. Over the projected period, the LCP industry is expected to increase at a high rate.
• The global market for liquid crystal polymers (LCPs) is anticipated to expand at a compound annual growth rate (CAGR) of roughly 8.15% during the projected period of 2023–2030, according to the data supplied by our research analyst.
• The global market for liquid crystal polymers, or LCPs, was estimated to be worth USD 1298 million in 2022 and is expected to reach USD 2432 million by 2030.
• The market for liquid crystal polymers is anticipated to expand significantly because of its growing use in the manufacturing of medical devices.
➤ Growing use in the manufacturing of medical gadgets will propel market expansion
Due to the growing use of polymers in the manufacturing of medical devices, the global market for liquid crystal polymers (LCPs) is anticipated to rise at a rapid pace. Compared to steel or ceramic, which are more frequently utilized as medical device raw materials, LCPs have a lower coefficient of thermal expansion. The medical community is becoming more interested in employing LCPs in place of steel since these sophisticated polymers are naturally flame retardant and may be utilized to create high-precision, thin-walled parts that are subjected to intense heat on a regular basis. This trend is further supported by LCPs’ resilience to gamma radiation.
➤ LCP’s potential for use in biomedicine to develop more lucrative business models
Because LCPs have shown to be biocompatible, new opportunities for the application of these polymers in the sector that is developing as a material science and biomedicine integration have been made possible. One of the most popular applications is creating LCPs to act as medication delivery systems. Liquid crystal polymers permit a great degree of customisation. This implies that they can be made to distribute medications in a targeted and regulated manner. Depending on the forms and needs of the body, they can also be utilized in sophisticated medical operations like the regeneration of injured neurons and as basic raw materials for the production of implantable devices. A comprehensive analysis of LCPs for the creation of neurological prosthetic devices was part of a 2016 study. According to the study, the polymers are theoretically perfect for prostheses because they have significant and desirable properties like performance and dependability. Further research and innovation could propel LCPs into an unbeatable position in the polymer industry, which would benefit the world market.
➤ manufacturing facilities being expanded to help satisfy the growing demand
Sumitomo Chemical declared in January 2022 that it was constructing a second production facility for its LCP brand, SUMIKASUPERTM. Kingfa SCI. & TECH. Co. Ltd. announced in April of that same year that it planned to increase its yearly production of LCP by 6 kilotons by the end of 2023. These advancements demonstrate the industry participants’ growing confidence and interest in the polymer category.
➤ High production costs of LCPs limit the expansion of the market
The high production or manufacturing cost of liquid crystal polymers (LCPs) is one of the main factors affecting the industry’s global sales volume. For example, the production of LCP is more expensive and takes longer than that of nylon, polyphthalamide (PPA), and acrylonitrile butadiene styrene (ABS), which restricts the number of suppliers and manufacturers. Additionally, the cost of production as a whole is increased by the significant initial investment required to set up the LCP production line and the requirement for skilled personnel to oversee the production process. The erratic state of the market at the moment could make new players even more hesitant to enter the LCP sector.
➤ Increasing spending on cutting-edge technology like 5G to generate expansion
Players in the global liquid crystal polymers market can anticipate more growth prospects as cutting-edge technologies like 5G become available in the electronics and telecommunications industries. An incredibly intricate network of routers, transmission lines, antennas, and other parts is needed for these systems. Because of the polymer’s high performance index and ability to meet extremely high requirements for mechanical and electrical strength, LCPs can be very helpful in the fabrication of these components. A €315 million loan was approved in July 2023 by Cellnex and the European Investment Bank (EIB) to fund 5G rollout initiatives in the area. This action will probably change Europe’s digital infrastructure. Furthermore, MUGLER, a German telecommunications contractor, chose Ericsson in February 2023 to supply a private 5G cellular network within its own nation. These kinds of alliances and partnerships are commonplace throughout the world, particularly in developing nations where they will help spread the use of LCPs.
➤ Increased focus should be placed on educating end-user verticals about LCPs
One of the main issues facing the companies in the liquid crystal polymers market is the lack of knowledge among end-user verticals. If we compare the idea behind LCPs to other, more widely utilized polymers and replacements, it is quite new. For this polymer to realize its full potential, additional attention from the scientific community and end users are required. As there are several substitutes for liquid crystal polymers (LCP) that might not perform as well but are more widely adopted because of a greater awareness rate, it is essential that all parties involved have a common knowledge of LCP.
The Global Liquid Crystal Polymers (LCPs) Market is segmented based on product, application and region
Global Liquid Crystal Polymers (LCPs) Market: Product Segment Analysis
● Vascular Catheters Reinforcement Braiding
● Electrical Connectors
● Cookware Coatings
● Automotive Lamps
● Fiber Optics
Global Liquid Crystal Polymers (LCPs) Market: Application Segment Analysis
● Consumer Goods
● Electrical & Electronics
● Industrial Machinery
● Aerospace industry
The global liquid crystal polymers (LCPs) market is led by players like:
● Shenzhen WOTE Advanced Materials Co. Ltd.
● Celanese Corporation
● Daicel Corporation
● Sumitomo Chemical Co. Ltd.
● RTP Company
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➤ Over the course of the forecast period, Asia-Pacific held the greatest market share
Asia-Pacific had the top spot in the global market for liquid crystal polymers (LCPs) in 2022. The overall market share in the region grew by more than 3% in comparison to 2021 because of the outstanding performance seen in the electrical and electronics industries in South Korea, China, India, and other countries. The automobile sector in the region was a major contribution to the worldwide market. The growing middle-class population, easy access to credit, and growing interest in electric cars among consumers are all factors that could spur additional expansion in the Asia-Pacific region.
With a total market share of 14.5%, North America ranked as the second-largest shareholder. The existence of major players in the electronics sector and a greater consumer base with a good standard of life are factors boosting revenue streams. With a CAGR of 8.71%, the Middle East is predicted to develop at the fastest rate throughout the projection period. This is because the countries in the Middle East are investigating alternative sources of income other than oil refineries, which is driving the region’s industrial sector. In light of the increased emphasis on environmental sustainability, Middle Eastern enterprises may choose to use LCPs in the near future.
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