Liquid Crystal Polymer (LCP) Market size worth $ 2.1 Billion, Globally, by 2028 at 8.54% CAGR: Verified Market Research®

JERSEY CITY, N.J., Jan. 26, 2022 /PRNewswire/ — Verified Market Research recently published a report, “Liquid Crystal Polymer (LCP) Market” Type (Thermotropic, Lyotropic), By Application (Electrical and Electronics, Automotive,...

JERSEY CITY, N.J., Jan. 26, 2022 /PRNewswire/ — Verified Market Research recently published a report, “Liquid Crystal Polymer (LCP) Market” Type (Thermotropic, Lyotropic), By Application (Electrical and Electronics, Automotive, Aerospace), and By Geography. According to Verified Market Research, the Global Liquid Crystal Polymer (LCP) Market size was valued at USD 1.09 Billion in 2020 and is projected to reach USD 2.1 Billion by 2028, growing at a CAGR of 8.54 % from 2021 to 2028.

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Global Liquid Crystal Polymer (LCP) Market Overview

The increasing application of liquid crystal polymers films in flexible solar cells due to its exceptional heat resistance and low water absorbency, which is also impacting the market. Moreover, fast-growing technologies such as 5G communication and 3D printing in the medical sector hold higher chances of growth for the Liquid Crystal Polymer (LCP) Market.

In the emerging 5G communication market, liquid crystal polymers are used on a large scale as a novel material with an optimistic outlook for mobile phones and antennas. The high production cost of liquid crystal polymers is one of the main restraints that may affect the growth of this market. The costs of Liquid crystal polymers are higher than traditional high-performance polymers. It makes Liquid crystal polymers less competitive with their less expensive rivals such as PPA, ABS, nylon, and others. Generic nylon and ABS prices are approximately one-fifth of the price of Liquid crystal polymers, which further gives a cost advantage in electrical & electronics. The applications where high-performance polymers are required while filling walls down to 0.25 mm at most.

The manufacturing of Liquid crystal polymers requires higher investments, as the process is complex than that of another group of plastics like PE, PP, and others. Products with high-temperature function and a high level of technical expertise are needed for the production of Liquid crystal polymers. Therefore, the production, manufacturing process, and final liquid crystal polymer products are more expensive. The high costs of Liquid crystal polymers limit their usage for the most used application areas that are restricting the overall market expansion. Thermoplastics are the type of polymers that consists of the property to become liquid when heated and return to the solid-state when cooled. The cycle of melting and freezing can be recurrent, this will enable the plastic to reshape by heating it.

Liquid crystal polymers are the thermoplastics that are used in extreme temperature applications in various end-use industries, such as transportation, electrical & electronics, medical, and others. They are used for several applications, such as consumer goods, machine parts, medical equipment, and packaging and storage materials. Due to their properties, thermoplastic polymers are gaining importance as an alternative for traditional materials such as steel, aluminum, and wood. In comparison to other traditional materials, thermoplastics have higher chemical and impact resistance, higher strength-to-weight ratios, and greater flexibility of designs. Therefore, the thermoplastics market will grow rapidly during the forecast period.

Key Developments

  • September 2021: Polyplastics Co. Ltd decided to build a new polymerization facility at Polyplastics Taiwan Co. Ltd with a production capacity of 5,000 tons per year.
  • August 2021: Sumitomo Chemical planned to raise the price of its liquid crystal polymer (LCP), as a result of rising raw material and logistics costs.
  • January 2021: Celanese Corporation announced plans to develop a multi-phase LCP polymerization plant in China to enable a substantial increase in its high-value Vectra and Zenith LCP product lines.

Key Players

The major players in the market are Polyplastics Co. Ltd, Celanese Corporation, Sumitomo Chemical Company, Shenzhen Wote Advanced Materials Co. Ltd, Kingfa Sci. & Tech. Co. Ltd.

Verified Market Research has segmented the Global Liquid Crystal Polymer (LCP) Market On the basis of Type, Application, and Geography.

  • Liquid Crystal Polymer (LCP) Market, By Type
    • Thermotropic
    • Lyotropic
  • Liquid Crystal Polymer (LCP) Market, By Application
    • Electrical and Electronics
    • Automotive
    • Aerospace
    • Others
  • Liquid Crystal Polymer (LCP) Market by Geography
    • North America
      • U.S
      • Canada
      • Mexico
    • Europe
      • Germany
      • France
      • U.K
      • Rest of Europe
    • Asia Pacific
      • China
      • Japan
      • India
      • Rest of Asia Pacific
    • ROW
      • Middle East & Africa
      • Latin America

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