Dublin, May 10, 2019 (GLOBE NEWSWIRE) -- The "Liquid Crystal Polymer (LCP) Market - Growth, Trends, and Forecast (2019 - 2024)" report has been added to ResearchAndMarkets.com's offering.
The market for liquid crystal polymers (LCP) is expected to record a CAGR of 4.64% during the forecast period 2019 and 2024.
One of the major factors driving the growth of the market studied is the strong demand for smaller and thinner electrical components that must withstand higher temperatures and wear. Many of the customers engaged in the manufacture of electronics components are establishing manufacturing operations in China, and therefore, the greatest demand for LCP, used for such components, is coming from China.
The high cost of liquid crystal polymers, in comparison to natural graphite, is expected to hinder the market's growth
The increasing potential in the fields of medical and home appliances is expected to offer vast opportunities for the growth of the market.
Increasing Demand for Miniaturization of Electrical and Electronic Components
Liquid crystal polymer (LCP) is a super engineering plastic, with a combination of high strength, modulus and impact properties, flame retardance, resistance to a wide range of aggressive chemicals, very low and tailor-able coefficients of thermal expansion (CTE), excellent dimensional stability, thin-wall flow-ability, and unique processability.
With the miniaturization trend of many electronic products, manufacturers are streamlining devices to pack more features into smaller packages. For instance, the pitch (spacing) between contacts in electrical connectors is narrower than ever before and as small as 0.2 mm, when compared to older-style power connectors, with pitches exceeding 12.0 mm.
For the same reasons, LCPs are also injection molded into an integrated circuit (IC) sockets, high-frequency (HF) network switches, power modules for wind and solar inverters and converters, custom high-power electrical connectors, and many other precision devices.
Daily use of electronic equipment, like cell phones, laptops, or tablet PCs, is increasing at a rapid pace. At the same time, these devices are becoming more powerful and inexpensive from generation to generation, while decreasing in size and weight. LCP is delivering the properties that permit the successful development of the miniaturization of electrical equipment. Such factors are expected to drive global LCP during the forecast period.
Asia-Pacific Region to Dominate the Market
The Asia-Pacific region dominated the global market share in 2017. China is the world's largest electronics production base and offers tough competition to existing upstream producers, like South Korea, Singapore, and Taiwan. Electronic products, such as smartphones, OLED TVs, tablets, and so on, have the highest growth in the market in the consumer electronics segment.
The electronics manufacturing industry is constantly moving to China, as a result of low cost and increasing demand for electronics products. With the increase in the disposable income of the middle-class population, the demand for electronic products is projected to grow in the near future, thereby, driving the liquid crystalline polymers market.
Additionally, the US aircraft giant Boeing and Chinese aviation manufacturer Commercial Aircraft Corporation of China Ltd (COMAC), are together planning to build a Boeing 737 production system, with a capacity of 100 planes in Zhoushan area of China, which will start its operation by 2018. This factor is likely to drive the aerospace manufacturing industry, which, in turn, is expected to boost the demand for liquid crystalline polymers, for aerospace and aviation applications. Hence, such factors are expected to drive the demand for LCP in the region.
Competitive Landscape
The global liquid crystalline polymers market is consolidated, with the top five companies accounting for over 85% of the global production. Key players in the global LCP market include Polyplastics, Celanese Corporation, Sumitomo Chemical, Solvay and other prominent players include Toray, Shanghai Pret Composites Co. Ltd, Chang Chun, and Ueno Fine Chemicals Industry Ltd among others.
Key Topics Covered
1 Introduction
2 Research Methodology
3 Executive Summary
4 Market Dynamics
4.1 Drivers
4.1.1 Increasing Demand for Miniaturization of Electrical and Electronic Components
4.1.2 Development of Lightweight Materials for Automobile Components
4.2 Restraints
4.2.1 High Costs Compared to Natural Graphite
4.3 Industry Value-Chain Analysis
4.4 Porters 5 Force Analysis
4.5 Technological Snapshot
4.5.1 Production Process
4.6 Regulatory Policies Analysis
4.7 IP Snapshot/Overview
5 Market Segmentation
5.1 Type
5.1.1 Thermotropic
5.1.2 Lyotropic
5.2 Application
5.2.1 Electrical and Electronics
5.2.2 Industrial Machinery
5.2.3 Automotive
5.2.4 Other Applications (Medical and Aerospace)
5.3 Geography
5.3.1 Asia-Pacific
5.3.2 North America
5.3.3 Europe
5.3.4 Rest of the World
6 Competitive Landscape
6.1 Mergers & Acquisitions, Joint Ventures, Collaborations and Agreements
6.2 Market Share Analysis
6.3 Strategies Adopted by Leading Players
6.4 Company Profiles
6.4.1 Celanese Corporation
6.4.2 Polyplastics Co. Ltd.
6.4.3 Sumitomo Chemical Company
6.4.4 Shenzhen Wote Advanced Materials Co. Ltd.
6.4.5 Solvay
6.4.6 Toray Industries Inc.
6.4.7 Chang Chun Plastics Co. Ltd.
6.4.8 Shanghai Pret Composites Co. Ltd.
6.4.9 Ueno Fine Chemicals Industry Ltd.
7 Market Opportunities and Future Trends
7.1 Potential in the Medical and Home Appliances Market
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