Liquid crystal polymer market has unrefutably carved a lucrative growth map in recent years, essentially pertaining to the extensive product deployment in the manufacturing of electronic appliances, food containers, automotive and aerospace parts. The rising demand among consumers for compact and durable electrical and electronic devices has indeed contributed majorly toward liquid crystal polymer market expansion. Liquid crystal polymers (LCP) are also witnessing widespread usage in the automotive industry as they are increasingly replacing metal, composites and ceramics due to their heat, flame, and chemical resistance properties. Having registered a valuation of USD 375 million in 2016, liquid crystal polymer market size is expected to soar tremendously in the forecast period of 2017-2024.
Germany Liquid Crystal Polymer Market Size, By Application, 2016 & 2024 (USD Million)
It is imperative to mention that liquid crystal polymer market gained major momentum in the last decade as the product’s usage in electronic circuitry packaging came into focus. Consequently, liquid crystal polymer industry is estimated to witness a 6% CAGR over 2017-2024, driven by its application in the electrical and electronics industry. LCP properties such as air impenetrability, lack of thermal expansion and relative toughness makes them perfect to be used as encasing materials for high frequency circuitry, especially when they replace ceramic, and instead of injection molding, are manufactured in the form of film and deposited on the electric circuitry. With the massive surge in demand for compact and durable electronic items, the growth graph of liquid crystal polymer market is likely to remain exponential.
The liquid crystal polymer industry has also been stimulated by the increasing demand of LCP in the automotive industry. In Germany alone, automotive sales surpassed 3.5 million units in 2015 and 3.7 million units in 2016. As LCP has been increasingly used in high-end vehicles for its light weight and abrasion resistant qualities, this 5.7% rise in car sales annually is a direct indicator of the fact that the liquid crystal polymer market will continue to witness excellent growth over 2017-2024. In fact, LCP market size from the automotive sector is estimated to surpass USD 80 million by 2024.
Liquid crystal polymer industry has also received major impetus through the healthcare domain as the advancement of technology has made it possible to manufacture various medical equipment and devices with the help of LCPs. An instance of the same has been was validated through a study conducted by the Korea Institute of Advanced Sciences in 2013. In the study, an LCP encased radio frequency chip was implanted inside the body of a rat for 6 weeks, post which it was unearthed that the LCP encased chip was highly flexible and helped in conserving the electrical properties of the chip without causing any harm to the rat. In consequence, it has been proved that such a chip can be fitted under the curved surface of the eye to serve as an artificial retina. Increased R&D programs with respect to the usage of LCP in microelectronic and biotechnological aspects of healthcare has thus stimulated the liquid crystal polymer market. Considering that countries like the US set aside a substantial section of their national budget for the development of medical devices, it is estimated that the liquid crystal polymer industry will witness significant growth in the healthcare sector across developed economies.
Global liquid crystal polymer market has witnessed the steadiest growth in Asia Pacific where countries like China, India, South Korea and Japan lead the electrical and electronics market, which surpassed USD 2.5 trillion in 2015. Due to the shift in consumer trends towards miniaturization and the increasing demand of product flexibility, liquid crystal polymer industry is witnessing an expansion not only in Asia Pacific but also in Europe and North America. While Asia Pacific has been witnessing heavy developments in liquid crystal polymer market subject to technological innovations and novel product differentiation, U.S. and European countries like UK, France and Germany are providing stimulus to the liquid crystal polymer industry with the extensive use of LCP in healthcare equipment and automotive parts manufacturing.
Market trends predict that the liquid crystal polymer industry will continue to expand significantly in the forecast period with an estimated 65 kilo tons of consumption by 2024. LCP’s properties of flexibility, chemical resistance and weatherability coupled with its low maintenance cost and eco-friendly nature, are certain to propel liquid crystal polymer market, which is expected to witness phenomenal growth in the ensuing years.