Liquid Crystal Polymer Market: Current Analysis and Forecast (2021-2027)

Over the decades a surge in demand of vehicles has been observed due to increasing industrialization across the globe and growing consumer purchasing power resulting in higher sales of automobiles. LCPs are also utilized in making automotive ignition system components and sensors for car safety belts. Thus, with increase in sales of automobiles demand for LCP's would rise thereby propelling the liquid crystal polymer market. For instance, production of automobiles increased to 91.7 million in 2019 compared to 89.7 million in 2014. However, in 2020 production decreased to 77.6 million due to manufacturing shutdown in order to curtail the spread of COVID-19. Further, increasing digitalization has helped electronics industry grow at a rapid rate and rose the demand for computers and laptops. LCP is one of the most suitable material for computer fans due to their large tensile strength and rigidity. Therefore, with growing demand of computers and laptop would escalate the demand for LCP.

Based on type, the liquid crystal polymer market is segmented into thermotropic and lyotropic. Lyotropic are the main chain LCPs having rigid mesogen cores in the backbones. This kind of LCPs forms liquid crystals due to their rigid chain conformation but not only the aggregation of mesogen cores. Lyotropic main chain LCPs are mainly used to generate high-strength fibers such as Kevlar which further is used to manufacture bullet proof jackets and workwear. Thermotropic are type of LCPs that can only be processable when the melting temperature is far below the decomposition temperature.

Based on application, the liquid crystal polymer market is divided into electrical & electronics, consumer goods, automotive, lighting, medical, and others. Among all, electrical & electronics category held lucrative market share due to wide usage of electrical & electronics goods in several sectors like construction and daily use goods which is helping electrical & electronics industry grow. For instance, according to India Brand Equity Foundation (IBEF), the demand for electronic products will rise to USD 400 billion by 2025 from USD 33 billion in FY20.

For a better understanding of the market adoption of Liquid Crystal Polymer, the market is analyzed based on its worldwide presence in the countries such as North America (United States, Canada, Rest of North America), Europe (Germany, UK, France, Spain, and Rest of Europe), Asia-Pacific (China, India, Australia, Japan, Rest of APAC), and Rest of World. APAC accounts for 60 percent of the world's population. Many of the countries in the region, including China and India, make up some of the fastest-growing nations in terms of population size. Asia pacific held prominent market share of liquid crystal polymers market owing to rising end use industries like medical, automotive, consumer goods, and electronics in the region.

Some of the major players operating in the market include Polyplastics Co. Ltd, Solvay S.A., Celanese Corporation, Toray Industries Inc., Kuraray Co. Ltd, Shanghai Pret Composites Co. Ltd., Ueno Fine Chemicals Industry Ltd., RTP Company, Zeus Industrial Products Inc., Chang Chun Plastics Co. Ltd. Several M&A's along with partnerships have been undertaken by these players to boost their presence in different regions.