Zion Market Research has published a new report titled “Liquid Crystal Polymer (LCP) Market for Electrical & Electronics, Consumer Goods, Lightning, Automotive, Medical and Other Applications – Global Industry Perspective, Comprehensive Analysis and Forecast, 2016 – 2022”. According to the report, global liquid crystal polymer market was valued at USD 951.4 million in 2016, is expected to reach USD 1,339.1 million in 2022 and is anticipated to grow at a CAGR of 6.0% between 2016 and 2022.
Liquid crystal polymers are known for their high-temperature resistance, excellent mechanical properties, good solvent resistance and low water absorption compared to other heat resistant polymers. LCPs have good electrical insulation properties, low flammability and a low coefficient of thermal expansion. It exhibits a very low viscosity and high flow to making LCPs the preferred choice for making miniature and ultrathin parts down to 0.1mm thickness with extremely short cycle times. LCPs are used in electrical, automotive, chemical processing, medical, and household applications. They are also used for oven and microwave cookery. The global liquid crystal polymer market is driven by the increased demand from the end user industries such as electrical & electronics, consumer goods, automotive, lighting, and medical among others. However, the high cost of LCPs may restrain the market in the near future.
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The market is segmented by application and region. On the basis of the application, the market is classified into electrical & electronics, consumer goods, automotive, lighting, medical, and others. Electrical & electronics emerged as the leading application segment and accounted for around 69% of total market volume in 2016. Rising engineering resins demand manufacturing ultra-thin electrical components is expected to remain a key driving factor for this segment. Furthermore, applications such as connectors with high pin density have been driving the notable growth in LCPs consumption.
Geographically, Asia-Pacific was the largest market for liquid crystal polymers in 2016. It accounted for more than 55% share of the total volume of liquid crystal polymers market. Growth in Asia Pacific is led by the growing demand from end-use industries like electrical & electronics, consumer goods, automotive, and medical sectors. Major LCP’s brands in Japan like Polyplastics, Sumikasuper LCP by Sumitomo Chemical and SIVERAS LCP by Toray International are the major players which dominate this market. The demand is expected to grow at a comparatively slower pace in North America and Europe as LCPs market has nearly saturated in this regions. Vectra/Zenite by Celanese Corporation and XYDAR LCP by Solvay S.A. are the major brands which cater to the European and the North American region respectively.
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Global LCP market is highly consolidated with top four players accounting for over three-fourth of the total market. Some major companies operating in the global LCP market include Polyplastics Co., Ltd, Celanese Corporation, Ueno Fine Chemicals Industry Ltd, Sumitomo Chemical and Solvay S.A., Samsung Fine Chemicals and Shanghai PRET Composites, Co. Ltd., and Toray International, Inc. among others.
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