Global Liquid Crystal Polymers Market Size by Type (Lyotropic and Thermotropic), Application (Composites, Coatings, Electrical Motor Components, High-Intensity LEDs, Electronic Components, Additives, and Others), End-use Industry (Electronics and Electrical, Automotive and Transportation, Industrial Machinery, Aerospace and Defense, Healthcare, Consumer Goods, and Others), Distribution Channel (Online and Offline) Regions, Segmentation, and Projection till 2028
CAGR: 6.74% Current Market Size: USD 1.66 billionFastest Growing Region: North America
Largest Market: APACProjection Time: 2022-2028Base Year: 2021
Global Liquid Crystal Polymers Market- Market Overview
Global liquid crystal polymers market is expected to reach USD 2.62 billion by 2028, at a CAGR of 6.74% from 2022 to 2028. The exceptional properties of liquid crystal polymers are one of the primary factors for the growth of the market. The emergence of innovative and new-edge technologies is promoting the use of liquid crystal polymers among the end-users. The semiconductor industry is experiencing a shift towards the development of miniatured devices and thus this is propelling the market growth of liquid crystal polymers. Further, the constant research and development activities have led to an upsurge in the use of liquid crystal polymers in many devices.
Liquid crystal polymers are a sub-type of thermoplastic, which has multiple characteristics that makes it favorable to be used in multiple end-users. There have been multiple liquid crystal polymers that are synthesized to date. However, the number of liquid crystal polymer that has been commercialization is limited. The liquid crystal polymers are highly ordered crystalline materials that are solid in the state. There are multiple properties of liquid crystal polymers, such as flexibility, crystallinity, and high strength. These properties can be customized according to the application, with the help of copolymerization along with other such monomers. Further, the addition of different plasticizers and other such fillers enhances the performance of the product and even facilitates the processing.
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Market Dynamics
Drivers:
- Favourable properties
Liquid crystal polymers have exceptional properties which is why they are used in numerous applications. These polymers are resistant to heat and fire, inert and unreactive. Also, liquid crystal polymers can even perform in harsh conditions. Liquid crystal polymers are capable of withstanding extreme conditions. The molecular structure of LC polymers is majorly characterized by a high degree of rigidity and linearity. This particular characteristic allows for the formation of specifically ordered phases with a different temperature range. Apart from this, LC polymers have superior mechanical properties even at high temperatures.
- The emergence of innovative technologies
The emergence of new technologies such as 3D printing, development of miniatured devices, and implementation of 5G technology. Thus, with the growing development of such devices, the use of liquid crystal polymers is also increasing. The demand for liquid crystal polymers is increasing with the expansion of the semiconductor industry. LC polymers are used as a novel material in the development of antennas used in smartphones. Further, these polymers are also used in a flexible solar cells due to their high heat resistance.
Restraints:
- Fluctuating prices of raw materials
The liquid crystal polymers market's expansion is being hampered by the variable cost of raw materials necessary for product development. The total costs are influenced by the raw material prices connected with the development of liquid crystal polymers. The upstream price of raw materials has an impact on the production's final price. As a result, the shifting cost of raw materials has an impact on the market expansion of liquid crystal polymers companies.
Opportunities:
- Expansion of the semiconductor industry
The expansion of the semiconductor industry is providing lucrative opportunities to the liquid crystal polymers market. Thermoplastics are of immense benefit for the manufacturing of semiconductor components. These polymers can be converted to liquid or solid when heated and cooled respectively. The demand for electronic components has increased owing to the rising disposable income of consumers. Consumers are increasingly investing in smart devices due to the growing preference of technology-oriented devices. This factor is providing growth opportunities for the liquid crystal market.
Challenges
- Complex research and development process
The liquid crystal polymers require extensive research and development processes in order to be launched in the market. The technology used for the manufacturing of liquid crystal polymers is rigorous and require the use of high-end equipment. Further, the process is also lengthy and thus this leads to delay in the commercialization of the product.
Segmentation Analysis
The global liquid crystal polymers market has been segmented based on type, application, end-use industry, distribution channel, and regions.
By Type
The type segment includes lyotropic and thermotropic. The thermotropic segment led the liquid crystal polymers market with a market share of around 67.17% in 2021. Thermotropic LC polymer is majorly used in the development of different products for a wide range of applications. Due to the large scope of application, most of the manufacturers are investing in the development of thermotropic liquid crystal polymers. These are sold in large volumes as compared to the other segment.
By Application
The application segment includes composites, coatings, electrical motor components, high-intensity LEDs, electronic components, additives, and others. The electronic components segment led the liquid crystal polymers market with a market share of around 37.93% in 2021. Electrical components require rigidity, high impact resistance, and design flexibility. These attributes can be achieved by the use of liquid crystal polymers during the manufacturing process. Liquid crystal polymers are replacing conventional materials in the manufacturing of electronic components.
By End-use Industry
The end-use industry segment includes electronics and electrical, automotive and transportation, industrial machinery, aerospace and defense, healthcare, consumer goods, and others. The electronics and electrical segment led the liquid crystal polymers market with a market share of around 41.04% in 2021. The electrical and electronics industry is witnessing a shift in the preferences of consumers. Consumers are more inclined towards the adoption of miniatured devices with advanced technology. In order to infuse various qualities in the electrical components, the demand for liquid crystal polymers is increasing.
By Distribution Channel
The distribution channel segment includes online and offline. The offline segment led the liquid crystal polymers market with a market share of around 76.93% in 2021. Liquid crystal polymers are majorly used by the end-users of industrial machinery, marine, electric and electronics, aerospace, and automotive industries. Thus, the end-users usually buy the product in bulk quantity, as it is used in the manufacturing of various equipment and component. Manufacturers would prefer to check the quality in accordance with their requirements.
By Regional Analysis
The regions analyzed for the liquid crystal polymers market include North America, Europe, South America, Asia Pacific, and the Middle East, and Africa. The Asia-Pacific region dominated the liquid crystal polymers market and held the 31.43% share of the market revenue in 2021.
- The Asia-Pacific region has registered the highest value for the year 2021. The increasing production of electric and electronic products has led to rise in demand for liquid crystal polymers. The countries such as China, India, Japan, Malaysia, and Singapore are the major end-users of liquid crystal polymers. The increasing industrialization and urbanization, is providing lucrative opportunities to the market growth of liquid crystal polymers. Further, the presence of multiple manufacturers in the regional countries have increased the supply of product.
- North America is likely to register substantial growth during the Projection period due to the use of liquid crystal polymers in the aerospace industry. The increasing use of private jets, helicopters, etc. and the rise in the number of air passengers has led to the high demand for liquid crystal polymers. Moreover, USA and Canada are some of the key countries for the liquid crystal polymers market in the North American region. Further, the rising defense spending is fueling up the market growth.
Key Industry Players Analysis
To increase their market position in the global liquid crystal polymers business, top companies are focusing on tactics such as adopting new technology, mergers & acquisitions, product developments, collaborations, and partnerships, joint ventures, etc.
- Celanese Corporation
- Solvay S.A.
- Toray Industries Inc.
- Polyplastics Co. Ltd.
- Sumitomo Chemicals Corporation
- Polyone Corporation
- Shenzhen WOTE Advanced Materials Co. Ltd.
- Kingfa Sci and Tech Co. Ltd.
- Kuraray and RTP Co.
Latest Development
In August 2021, a renown company, Sumitomo Chemical, had planned to raise the prices of the liquid crystal polymers portfolio. This has been done as a strategy to maintain the profitability of the company.
In January 2021, a major player, Celanese Corporation, had announced plans for developing multi-phase polymerization of liquid crystal polymer, in China. This was done to increase the production of Zenite LCP and Vectra.
In September 2021, a new facility of polymerization was built in Polyplastics Taiwan Co. Ltd. by Polyplastics Co. Ltd.
Report Metrics
|
Report Attribute |
Details |
|
Study Period |
2018-2028 |
|
Base Year |
2021 |
|
Projection Period |
2022-2028 |
|
Market Share Unit |
USD Billion |
|
Segments Covered |
Type, Application, End-use Industry and Distribution Channel |
|
Regions Covered |
North America, Europe, Asia-Pacific, South America and Middle-East and Africa |
|
Major Players |
Celanese Corporation, Solvay S.A., Toray Industries Inc., Polyplastics Co. Ltd., Sumitomo Chemicals Corporation, Polyone Corporation, Shenzhen WOTE Advanced Materials Co. Ltd., Kingfa Sci and Tech Co. Ltd., Kuraray and RTP Co. |
Scope of the Report
Global Liquid Crystal Polymers Market by Type:
- Lyotropic
- Thermotropic
Global Liquid Crystal Polymers Market by Application:
- Composites
- Coatings
- Electrical Motor Components
- High Intensity LEDs
- Electronic Components
- Additives
- Others
Global Liquid Crystal Polymers Market by End-use Industry:
- Electronics and Electrical
- Automotive and Transportation
- Industrial Machinery
- Aerospace and Defense
- Healthcare
- Consumer Goods
- Others
Global Liquid Crystal Polymers Market by Distribution Channel:
- Online
- Offline
Global Liquid Crystal Polymers Market by Region:
- North America
- USA
- Canada
- Mexico
- Europe
- Germany
- France
- UK
- Italy
- Spain
- Russia
- Asia-Pacific
- Japan
- China
- India
- Korea
- Southeast Asia
- South America
- Brazil
- Peru
- Middle East and Africa
- UAE
- South Africa
- Saudi Arabia
Frequently Asked Questions
What is the market size of the liquid crystal polymers market?
Global liquid crystal polymers market is expected to reach USD 2.62 billion by 2028, at a CAGR of 6.74% from 2022 to 2028.
Which regions have been studied for the regional analysis of the liquid crystal polymers market?
The regions analyzed for the liquid crystal polymers market include North America, Europe, South America, Asia Pacific, and the Middle East and Africa.
What is the segmentation considered for the analysis of liquid crystal polymers market?
The global liquid crystal polymers market has been segmented based on type, application, end-use industry, distribution channel and regions.
Which are the leading market players active in the liquid crystal polymers market?
Leading market players active in the global liquid crystal polymers market are Celanese Corporation, Solvay S.A., Toray Industries Inc., Polyplastics Co. Ltd., Sumitomo Chemicals Corporation, Polyone Corporation, Shenzhen WOTE Advanced Materials Co. Ltd., Kingfa Sci and Tech Co. Ltd., Kuraray and RTP Co., among others.
What are the key drivers of the liquid crystal polymers market?
Rising demand for use of high strength, low weight, and durable products, in the manufacturing of electrical and electronics, automobile, and aerospace components, is primarily driving the growth of the liquid crystal polymers market.
What are the detailed impacts of COVID-19 pandemic on the global market?
The pandemic has significantly affected several industries and has caused a worldwide economic slowdown. Many regions imposed various lockdowns during the fiscal year 2020. These lockdowns led to the closure of the regional industries and all types of manufacturing facilities, which has led to a shortage of supply in the market. Additionally, all the end-users industries were temporarily closed during this period, which in turn has decreased the sales for liquid crystal polymers.
What are the ongoing trends that are projected to influence the market in the upcoming years?
Manufacturers in the liquid crystal polymers market are using advanced production technologies to incorporate better results, and performance of the whole process. In addition, the rising number of investments will contribute to demand for the liquid crystal polymers.
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