Liquid Crystal Polymers Market Size was valued at USD 1.50 Billion in 2023. The Liquid Crystal Polymers industry is projected to grow from USD 1.63 Billion in 2024 to USD 2.90 Billion by 2032, exhibiting a compound annual growth rate (CAGR) of 7.49% during the forecast period (2024 - 2032). Increasing demand for lightweight and high-performance materials, as well as a boom in automotive applications are the key market drivers enhancing the market growth.
Source: Secondary Research, Primary Research, MRFR Database and Analyst Review
Market CAGR for liquid crystal polymers is being driven by the growing automotive application Because of their exceptional electrical and thermal qualities, liquid crystal polymers are employed in a variety of automotive applications, including lamp sockets, fog lamp bezels, ignition system components, and car safety belt sensors. With increased production and sales, the demand for liquid crystal polymer is likely to rise, driving the market's growth throughout the forecast period.
According to India Brand Equity Foundation data, passenger vehicles topped the Indian automotive market in fiscal year 2020, accounting for 12.9% of nearly 20.1 million autos sold. Similarly, according to the European Automobile Manufacturers Association's July 2021 statistics, passenger car registrations increased in June 2021, with Germany experiencing the highest demand in the passenger car market with a 24.5% increase, followed by Spain (+17.1%). Such an increase in automobile demand is expected to increase the use of automotive applications such as lamp sockets, ignition system components, and car safety belt sensors, which in turn is expected to increase the use of liquid crystal polymers, driving the market's growth during the forecast period.
Moreover, rising infrastructure development, technological advances, and rising consumer disposable income are key factors driving the electronics sector forward. This, in turn, raises product demand. LPs have vibration damping, high strength, and low moisture absorption qualities, making them a good choice for connections, electrical motor components, composites, and circuit boards. Furthermore, as a result of the miniaturization trend in many electrical devices, numerous manufacturers are streamlining gadgets to fit more functionality into smaller containers.
The pitch (gap) between joints in electrical connectors is shorter than ever before when compared to older-style power connections with pitches surpassing 12.0 mm. As a result, the use of LPs to inject mould into High-frequency (HF) network switches, Integrated Circuit_(IC) sockets, and special high-power electrical connectors is expanding. As a result, such factors will drive the expansion of the liquid crystalline polymer market.
The increasing demand for lightweight and high-performance materials in the automobile industry is another driver of the Liquid Crystal Polymers (LCP) market. LCPs have a unique mix of qualities that make them ideal for usage in a range of automotive applications, including high strength, high stiffness, and low weight. As an example, LCPs are widely utilized in the manufacture of automotive components including gears, bearings, and sensors, where their high strength and stiffness help to assure dependable performance under a wide range of operating situations. LCPs are also utilized to make lightweight structural components, which can help increase fuel efficiency and cut emissions.
Demand for LCPs is likely to increase dramatically in future years as the automotive sector continues to focus on lowering weight and enhancing performance.
The Liquid Crystal Polymers Market segmentation, based on type includes Thermotropic, Lyotropic. In 2022, the thermotropic category dominated the market. This polymer has high elasticity, low viscosity, and excellent thermal characteristics. Because of their extensive application in electronic products such as tablets, flat-screen televisions, and laptop computers, thermotropic liquid crystal polymers are well-known polymers. As a result, market actors and research organizations are broadening the uses and properties of thermotropic liquid crystal polymer.
Figure1: Liquid Crystal Polymers Market, by Type, 2022 & 2032 (USD Billion)
Source: Secondary Research, Primary Research, MRFR Database and Analyst Review
The Liquid Crystal Polymers Market segmentation, based on Application, includes Electronic & Electrical, Automotive, Consumer Goods, Surgical Device And Others. In 2022, the electrical and electronics segment had the highest revenue share in the liquid crystal polymer industry, due to the expanding demand for LCP from the growing electrical & electronics sector internationally. The growing demand for miniaturization in the electronics industry is expected to fuel segment expansion. Among the advantages of LCP are thin wall flowability, unique processability, and exceptional dimensional stability, which make them suited for the current downsizing trend. Furthermore, the category is expected to benefit significantly from the expansion of the electrical and electronics industry.
By region, the study provides the market insights into North America, Europe, Asia-Pacific and Rest of the World. The North American Liquid Crystal Polymers Market area will dominate this market, Due to rising endeavours for new items and technology are expected to boost market expansion. The region is a forerunner in the adoption of cutting-edge technology like 5G and 3D printing. It is expected that the adoption of these next-generation revolutionary technologies would generate enormous market growth prospects. Furthermore, the region's vehicle industry's rise, as well as increased need for high-performance, lightweight materials, is expected to fuel demand for LCP in the region.
Further, the major countries studied in the market report are The US, Canada, German, France, the UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil.
Figure2: LIQUID CRYSTAL POLYMERS MARKET SHARE BY REGION 2022 (USD Billion)
Source: Secondary Research, Primary Research, MRFR Database and Analyst Review
Europe Liquid Crystal Polymers Market accounts for the second-largest market share due to rising domestic demand and low-cost manufacturing facilities are expected to drive the market. Further, the German Liquid Crystal Polymers Market held the largest market share, and the UK Liquid Crystal Polymers Market was the fastest growing market in the European region
The Asia-Pacific Liquid Crystal Polymers Market is expected to grow at the fastest CAGR from 2023 to 2032. This is due to the increased disposable income of the populace throughout the emerging economies such as China and India. Moreover, China’s Liquid Crystal Polymers Market held the largest market share, and the Indian Liquid Crystal Polymers Market was the fastest growing market in the Asia-Pacific region.
Leading market players are investing heavily in research and development in order to expand their product lines, which will help the Liquid Crystal Polymers Market grow even more. Market participants are also undertaking a variety of strategic activities to expand their footprint, with important market developments including new product launches, contractual agreements, mergers and acquisitions, higher investments, and collaboration with other organizations. To expand and survive in a more competitive and rising market climate, Liquid Crystal Polymersindustry must offer cost-effective items.
Manufacturing locally to minimize operational costs is one of the key business tactics used by manufacturers in the Liquid Crystal Polymers industry to benefit clients and increase the market sector. In recent years, the Liquid Crystal Polymers industry has offered some of the most significant advantages to medicine. Major players in the Liquid Crystal Polymers Market, including Ueno Fine Chemicals Industry Ltd., Toray International, Inc., SAMSUNG FINE CHEMICALS CO. LTD., Shanghai PRET Composites Co., Ltd, Vectra/Zenite LCP and Polyone Corporation and others, are attempting to increase market demand by investing in research and development operations.
Celanese Corporation, previously Hoechst Celanese, is a technology and speciality materials corporation based in Irving, Texas. The Fortune 500 firm is the world's top producer of acetic acid, generating around 1.95 million tonnes per year, accounting for approximately 25% of production.[4] Celanese is also the largest manufacturer of vinyl acetate monomer (VAM) in the world. In January 2021, The new Multiphase LCP plant has been opened by Celanese Corporation. The corporation established this facility in China.
Sumitomo Chemical Co., Ltd. is a prominent chemical corporation in Japan. The company is traded on the Tokyo Stock Exchange's first division and is a component of the Nikkei 225 stock index. It is a Sumitomo group company that was created in 1913 as a fertilizer producing business. In July 2019, SumikaSuper E6205L, SumikaSuper SR1205L, and SumikaSuper SZ6911EM are three novel LCPs produced by Sumitomo Chemical. These LCPs are intended for high-speed connectors such as backplanes and vehicle infotainment connectors. SumikaSuper SZ6911EM is purpose-built to enable high-speed digital and wireless devices in environments where electromagnetic interference (EMI) is a concern.
September 2021, Polyplastics Co. Ltd announced the construction of a new polymerization facility with a 5,000-tonne-per-year capacity at Polyplastics Taiwan Co. Ltd. This new polymerization equipment for PTW enables the whole fabrication of LCP goods, from polymerization through compounding. With the expansion of PTW's LCP polymerization facility, the Polyplastics Group will eventually attain a production capacity of 25,000 tons/y of LCP polymerization.
September 2021, Polyplastics Corporation announced the release of a new product. In addition, this corporation is constructing a new polymer facility in Taiwan. As a result of this, market production is likely to increase. The company will produce around 5,000 tons of polymer crystals.
March 2020, Solvay, a renowned provider of specialty polymers, announced the development of a new LCP grade specifically tailored for use in high-voltage automotive applications. The new Ryton R-4-240NA LCP grade has good electrical qualities such as high dielectric strength and low dissipation factor, making it perfect for use in electric vehicle components such as connections, sensors, and battery management systems.
| Report Attribute/Metric | Details |
| Market Size2023 | USD 1.50 Billion |
| Market Size 2024 | USD 1.63 Billion |
| Market Size2032 | USD 2.90 Billion |
| Compound Annual Growth Rate (CAGR) | 7.49% (2024-2032) |
| Base Year | 2023 |
| Market Forecast Period | 2024-2032 |
| Historical Data | 2018- 2022 |
| Market Forecast Units | Value (USD Billion) |
| Report Coverage | Revenue Forecast, Market Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | Type, Application, and Region |
| Geographies Covered | North America, Europe, AsiaPacific, and the Rest of the World |
| Countries Covered | The US, Canada, German, France, UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil |
| Key Companies Profiled | Sumitomo Chemical Co., Ltd., Celanese Corporation, Solvay S.A., Ueno Fine Chemicals Industry Ltd., Toray International, Inc., SAMSUNG FINE CHEMICALS CO. LTD., Shanghai PRET Composites Co., Ltd, Vectra/Zenite LCP and Polyone Corporation |
| Key Market Opportunities | Applications such as high pin density connectors have been generating significant growth. |
| Key Market Dynamics | New product breakthroughs, significant technological advancements, and increased demand for ultra-thin electrical components are driving market expansion. |
Liquid Crystal Polymers Market Highlights:
Frequently Asked Questions (FAQ) :
The Liquid Crystal Polymers Market size was valued at USD 1.50 Billion in 2023.
The Liquid Crystal Polymers market is projected to grow at a CAGR of 7.49% during the forecast period, 2024-2032.
North America had the largest share in the Liquid Crystal Polymers market
The key players in the Liquid Crystal Polymers market are Ueno Fine Chemicals Industry Ltd., Toray International, Inc., SAMSUNG FINE CHEMICALS CO. LTD., Shanghai PRET Composites Co., Ltd, Vectra/Zenite LCP and Polyone Corporation.
The thermotropic category dominated the Liquid Crystal Polymers market in 2023.
The electrical and electronics had the largest share in the Liquid Crystal Polymers market.
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