Global liquid crystal polymers (LCP) market demand was 42.8-kilo tons in 2012. Rapid miniaturization of electronic components such as connectors and surface mount devices is expected to remain a key driving factor for the global LCP market over the forecast period. Denser component packaging coupled with higher fabrication temperature offered by LCP is also expected to have a positive influence on market growth.
LCP possesses properties such as low viscosity and high flow resulting in high-temperature resistance enhanced dimensional stability and excellent mechanical strength. These factors make LCP the best-suited material to be used in the miniaturization of components in telecommunications, information technology, and diagnostic instruments. Increasing engineering resin substitutes for ultra-thin components is also expected to drive LCP market growth over the forecast period.
LCPs efficiently manufacture ultra-thin components up to 0.1 mm thickness with less turn-around time. In comparison to LCPs, other engineering resins such as nylon 46, polyphenylene sulfide (PPS), polycyclohexylenedimethylene terephthalate (PCT), and polyphthalamide (PPA), take longer production cycles and manufacture components up to 0.25 mm thick. Major LCP brand in the global market includes Vectra, Zenite, SumikaSuper, Xydar, and Siveras. Growing demand for lightweight, high performance materials from the automotive industry to improve fuel efficiency is also expected to drive LCP demand over the forecast period.
Its mechanical strength and lightweight properties allow the automobile industry to use in small parts requiring high tolerances. Chemical resistance and high dimensional stability are key requirements for LCP resin to be used in an automobile's motor oil dispensing pump. Increasing demand for halogen-free materials in flame retardant applications has helped in LCP market development. Factor such as warpage and low weld strength attributed in LCP is expected to hinder the market growth. Increasing investment to develop products for niche applications is expected to yield key opportunities for industry participants.
Furthermore, the growing demand for compact and lightweight electrical devices that are manufactured to withstand high and wide ranges of temperatures along with having high wear resistance would boost the LCP demand. Emerging economies in the Asia Pacific regions like China and South Korea have tremendous potential in terms of the global small electrical market as the usage for such devices is increasing the abovementioned countries hence surging the demand for LCP in the region.
Development in the medical industry is boosting the LCP market demand due to its high tensile strength and stability at high temperatures. The cost of medical equipment is declining due to low processing costs, and it offers high performance in terms of design, better stiffness, and thinness. The developments in end-use industries are expected to cater to the LCP market growth across the world.
The overall cost of LCP is quite high due to various processing as per the applications. Natural graphite is a quite cheap raw material for manufacturing nanocomposites compared to LCP, which is expected to challenge the overall market growth during the forecast period.
Electronics & electrical was the major application over the past few years accounting for half of global LCP market demand. Electronics and electrical applications are expected to continue their dominance over the forecast period. Components such as connectors with pin high density are expected to drive LCP market in electronics and electrical applications. Other major applications for manufacturing electronics and electrical components include computers, NASA satellite electronic components, high-density circuit boards for weaponry & missiles, light-emitting diodes (LEDs), chip carriers, coil bobbins sensors, switches, and high-speed digital circuit board packaging. Increasing demand for micro injection molding coupled with high-temperature resistance & flow properties is expected to drive LCP market growth for electronics and electrical applications.
Industrial machinery was followed by electronics and electrical applications. Industrial machinery applications include chemical mass transfer tower packaging materials and brittle ceramic material replacement owing to their toughness and chemical inertness. Automotive was followed by industrial machinery applications. Major LCP automotive applications include the manufacturing of ignition components, lamp sockets, bezels, lighting reflectors, and transmission powertrain. Other major LCP applications include the manufacturing of medical and aerospace components.
China was the leading regional market regarding consumption and accounts for just below half of the total LCP market volume. China is expected to continue its dominance over the forecast period on account of the rapid growth of the domestic electrical and electronics industry. Rapid industrialization is another factor contributing to LCP market growth in machinery. Other Asian countries such as India and Indonesia are also expected to witness significant growth owing to the growth of major end-use industries. Another major demand is expected from key regions of North America and Europe. Countries in these regions such as the U.S. and UK are expected to witness steady growth rates.
The global LCP market is highly consolidated and is dominated by top multinational corporations that are present across the value chain. Key industry participants compete on the basis of price and quality of service offered by establishing effective distribution channels across the globe. LCP manufacturers are also increasing their production capacity to counter the supply-demand gap globally. Key industry participants include Polyplastics Co., Ltd, Celanese Corporation, Sumitomo Chemical, and Solvay S.A. Other major manufacturers include Toray International, Inc., Ueno Fine Chemicals Industry Ltd, Samsung Fine Chemicals, and Shanghai PRET Composites, Co. Ltd.
Attribute |
Details |
Base year for estimation |
2014 |
Actual estimates/Historical data |
2012 - 2014 |
Forecast period |
2015 - 2020 |
Market representation |
Revenue in USD Million & CAGR from 2015 to 2020 |
Regional scope |
North America, Europe, China, Rest of Asia Pacific |
Report coverage |
Revenue forecast, competitive landscape, growth factors and trends |
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Halted manufacturing activities across various end-use industries has led to weakened demand for specialty polymers. The prevailing macroenvironment due to the pandemic shall register indications of recovery depending on the course of COVID-19's prevalence and subsequent resuming of manufacturing activities. The report will account for Covid19 as a key market contributor.
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