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Liquid Crystalline Polymers Market - Forecast(2023 - 2028)
Liquid Crystalline Polymers Market Overview
Liquid
Crystalline Polymers Market size is forecast to reach US$995.2 million by 2026,
after growing at a CAGR of 5.4% during 2021-2026. 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 (2021-2026)”, by IndustryARC, 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$2.4 billion investments in the electronics
manufacturing segment by 2021-22.
- The market drivers and restraints have been assessed to understand their impact over the forecast period.
- The report further identifies the key opportunities for growth while also detailing the key challenges and possible threats.
- The other key areas of focus include the various applications and end use industry in Liquid Crystalline Polymers Market and their specific segmented revenue.
- Rising demand for Liquid Crystalline Polymers coatings in Aerospace industry due to chemical properties and mechanical resistance.
Figure: Asia-Pacific Liquid Crystalline Polymers Market Revenue, By Geography 2020-2026 (US$ Million)
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Liquid Crystalline Polymers Market Segment Analysis - By Polymer
Thermotropic
segment held the largest share in the Liquid Crystalline Polymers Market in
2020 and is growing at a CAGR of 5.2% during 2021-2026. 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.
Liquid Crystalline Polymers Market Segment
Analysis - By Application
Pharmaceutical segment held the largest share in the Liquid Crystalline Polymers Market in 2020 and is growing at a CAGR of 6.8% during 2021-2026. 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.
Liquid Crystalline Polymers Market Segment Analysis - By End-Use Industry
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 2021-2026. 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.
Liquid Crystalline Polymers Market Segment Analysis - By Geography
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
2021-2026 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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