Liquid Crystal Polymer (LCP) Market is expected to grow at a significant rate by 2025, at an estimated CAGR of 4.88%-BY PMI
Prophecy Market Insights latest research report on the In Liquid Crystal Polymer (LCP) Market provides a comprehensive analysis of the current market scenario, growth opportunities, challenges, and emerging trends. The report offers insights into the market’s size and share, key market players, distribution channels, and consumer preferences. It also examines the impact of the COVID-19 pandemic on the market and provides a detailed analysis of the competitive landscape, including strategic alliances, mergers, and acquisitions.
Covina, Oct. 13, 2023 (GLOBE NEWSWIRE) — Liquid Crystal Polymer (LCP) are class of advanced polymers and are inert & unreactive that retains highly ordered molecular structure in solid and liquid phases. LCP has become an excellent candidate for fiber optic strength members, printed circuit boards and conductor reinforcement.
Growing demand for electronic and durable electrical products coupled with its high-quality in emerging economies is driving the growth of the global liquid crystal polymer (LCP) market. Further, the growth in demand for engineering resins to produce ultra-thin electrical components is projected to remain a key booster for the target market. Furthermore, the growing implementation of lightweight, high-performance materials in the automotive industry is expected to fuel the demand for Liquid Crystal Polymer (LCP) market growth.
- In March 2023, Solvay launched new polymer ‘Xydar LCP G-330 HH’ for high heat EV (electric vehicle) battery module insulation. The new high-heat and flame retardant ‘Xydar liquid crystal polymers’ portfolio are designed to meet critical safety standards in electric vehicle battery components.
LCP is broadly used in the automotive industry owing to its low weight, high strength, and abrasion resistance features. LCPs can replace materials such as metals, ceramics, composites, and other plastics due to resistance to almost all weathering, radiation, chemicals, and fire which is likely to propel market growth.
- By type- the target market is segmented into thermotropic and lyotropic
- By application- electrical and electronics estimated for the largest market share, by volume, in 2017, with an estimated volume of around 40277.92 kilo metric ton, occupying a share of 83.23%. The automotive application segment is expected to have the highest CAGR, of 5.28%, during the forecast period.
- By region- the market in the Asia Pacific is dominating in terms of volume as well as value. China is leading the global market owing to its extensive electronics and electrical industry. Asia Pacific is projected to be the fastest expanding market throughout the forecast period due to the rise in the number of new manufacturing capabilities and an increase in investments in R&D.
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Competitive Landscape & their strategies of Liquid Crystal Polymer (LCP) market:
The prominent player operating in the Liquid Crystal Polymer (LCP) market includes,
- Celanese Corporation
- Polyplastics Co. Ltd.
- Shenzhen Wote Advanced Materials Co. Ltd.
- Solvay SA
- Sumitomo Chemical Co. Ltd.
- Toray Industries Inc.
- Chang Chun Plastics Co. Ltd.
- Shanghai Pret Composites Co. Ltd.
- UENO FINE CHEMICALS INDUSTRY LTD.
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- Miniaturization of Electronics: LCP is known for its exceptional electrical and mechanical properties, making it a preferred material for the miniaturization of electronic components. This includes applications in smartphones, wearables, and IoT devices.
- High-Frequency Applications: LCP is suitable for high-frequency and high-speed applications due to its low dielectric constant and low dissipation factor. This makes it valuable in the telecommunications and data transmission industries.
- Automotive Industry: LCP is increasingly being used in the automotive industry for various applications, including connectors, sensors, and under-the-hood components. The growing demand for electric vehicles and advanced driver assistance systems is driving this trend.
- Medical Devices: LCP is biocompatible and can be used in medical devices and diagnostics. The healthcare sector represents a growing market for LCP due to the development of advanced medical equipment and implantable devices.
- Consumer Electronics: The rising demand for smaller, lighter, and more efficient consumer electronics presents opportunities for LCP. It is used in connectors, antennas, and other critical components.
- Cost: LCP is known to be a relatively expensive material compared to other polymers. This cost factor can limit its adoption in certain price-sensitive applications.
- Processing Complexity: LCPs can be challenging to process due to their high melting temperature and tendency to degrade during processing. This can pose challenges for manufacturers and may require specialized equipment and expertise.
- Limited Supplier Base: The number of suppliers and manufacturers of LCP materials is limited compared to more common plastics. This can lead to supply chain challenges and potential vulnerabilities.
- Environmental Concerns: Like many plastics, LCP materials can raise environmental concerns, especially regarding recycling and disposal. Addressing these concerns and promoting sustainable practices is essential.
- Competition: LCP faces competition from other high-performance polymers like polyetheretherketone (PEEK) and polyimides. The choice of material depends on specific application requirements, and LCP may not always be the best option.
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