The global liquid crystal polymer market size was US$ 1.25 billion in 2021. The global liquid crystal polymer market size is forecast to reach US$ 2.49 billion by 2030, growing at a compound annual growth rate (CAGR) of 8.0% during the forecast period from 2022 to 2030.
A class of aromatic polymers is known as liquid-crystal polymers. They are inert and nonreactive, resistant to fire, and perform well in harsh environments. In addition to their high resistance to heat, electricity, and chemicals, LCPs are also resistant to abrasion. The properties that these components possess enable them to perform well even in harsh environments, allowing them to withstand extreme heat conditions as well as chemical resistance. Due to their resistance to virtually all chemicals, weathering, radiation, and fire, LCPs can replace materials such as ceramics, metals, composites, and other plastics.
Factors Influencing Market Growth
Impact Analysis of COVID-19
COVID-19 has negatively affected the liquid crystal polymer market. As a result of the pandemic spread, the manufacturing and industrial segments were operating under unfamiliar conditions. Moreover, the enactment of lockdowns worldwide has severely impacted the liquid crystal polymer industry. Various end-user industries, such as automotive, electrical & electronics, and others, have almost ceased producing liquid crystals. The disruptions in the global supply chain have also had a significant impact on the production output. It has led to an increase in the price of LCP.
Regional Insights
In 2021, Asia Pacific had the largest share of the global liquid crystal polymer industry and is forecast to remain dominant during the forecast period. An important factor contributing to the market's considerable size is the growing demand from end-user industries throughout the developing world, such as India, China, and Japan. China is one of the world's largest producers of electronic goods, making it a strong competitor for industry giants. Moreover, the increasing disposable incomes will boost the demand for electronic products, further boosting the market. Hence, the increase in domestic demand and the availability of affordable manufacturing facilities will drive the market.
North America is forecast to grow steadily over the forecast period. Increasing initiatives for new products and technologies are likely to drive market growth. The region is one of the early adopters of technologies like 5G and 3D printing. Innovative technologies of the next generation are likely to provide tremendous growth opportunities for the market. Moreover, the development of the automobile industry in the region combined with the growing demand for lightweight, high-performance materials is forecast to drive the demand for LCP in the region.
Leading Competitors
The leading prominent companies profiled in the global liquid crystal polymer market are:
Scope of the Report
The global liquid crystal polymer market segmentation focuses on Type, Application, and Region.
Segmentation based on Type
Segmentation based on Application
Segmentation based on Region
