New York, Aug. 03, 2023 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Liquid Crystal Polymers Global Market Report 2023" - https://www.reportlinker.com/p06479839/?utm_source=GNW
Ltd., Rogers Corporation, RTP Company Inc., Kuraray Co. Ltd., Zeus Company Inc., Chang Chun Group, Shenzhen WOTE Advanced Materials Co Ltd., Henan DaKen Chemical CO LTD., Avient Corporation, and DuPont de Nemours Inc.
The global liquid crystal polymers market is expected to grow from $1.63 billion in 2022 to $1.75 billion in 2023 at a compound annual growth rate (CAGR) of 7.37%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The liquid crystal polymers market is expected to reach $2.39 billion in 2027 at a CAGR of 8.05%.
The liquid crystal polymer market consists of sales of semi-aromatic polyesters, polyamides, and polyester-co-amides.Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers.
The value of goods in this market includes related services sold by the creators of the goods.
Liquid crystal polymers (LCPs) refer to a class of high-performance engineering thermoplastics that possess a unique combination of properties, including high strength, stiffness, chemical resistance, and thermal stability. LCPs are used in a variety of high-performance applications in different industries wear and degradation concerns encountered with existing fiber materials are addressed by temperature and chemical conditions.
Asia-Pacific was the largest region in the liquid crystal polymer market in 2022.Asia-Pacific is expected to be the fastest-growing region in the forecast period.
The regions covered in this report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
The main types of liquid crystal polymers are LC polymers and thermotropic LC polymers.Lyotropic LC (Liquid Crystal) polymers refer to a class of polymers that exhibit liquid crystalline behavior in solution and are used in various applications, such as drug delivery systems, templating materials, and sensors.
Major categories are main chain LC polymers and side chain LC polymers in various forms such as LCP resins and compounds, liquid crystal polymer films, and liquid crystal polymer fibers that are applied in various industries such as electrical and electronics, industrial machinery, consumer goods, lighting, medical, and others.
The development of lightweight materials for automobile components is driving the liquid crystal polymer market going forward.Lightweight automotive components refer to parts and materials used in vehicles that are designed to be lighter in weight compared to traditional automotive components.
These components are in demand due to their added benefits.Liquid crystal polymers are used for making lightweight automotive components that are used in electric vehicles and combustion vehicles.
For instance, according to the US Office of Energy Efficiency and Renewable Energy, a US-based government organization working to build a clean energy economy, a 10% reduction in the weight of automobiles can increase fuel efficiency by 6%-8% and use of lightweight materials in one-quarter of the U.S. fleet could save about 5 billion gallons of fuel annually by 2030. Therefore, the growth of lightweight automotive components is propelling the liquid crystal polymer market.
Product innovations are a key trend gaining popularity in the liquid crystal polymer market.Major companies in the market are introducing innovative products such as SUMIKASUPER liquid crystal polymers to sustain their position in the market.
For instance, in July 2022, Sumitomo Chemical Advanced Technologies, a US-based manufacturer of industrial chemicals and materials, launched the SUMIKASUPER long-fiber thermoplastic (LFT) compound family.The new product has high-performance liquid crystal polymer (LCP) matrices reinforced with 13-mm chopped carbon fiber or fiberglass that provides high structural stability to the material.
The uniqueness of the product is that it has a 30-50% fiber-weight fraction of E-glass and high-modulus carbon fiber that significantly improvises thermal and mechanical performance of the material.
In October 2020, Daicel Co., Ltd. a Japan-based chemicals and chemical goods manufacturer, acquired Polyplastics Co., Ltd. for $1.57 billion. The acquisition enriched the Daicel’s product portfolio and helps it acquire a larger customer base in newer geographies. Polyplastics Co., Ltd. is a China-based manufacturer of liquid crystal polymer and other industrial plastics.
The countries covered in the liquid crystal polymer market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resale along the supply chain, either further along the supply chain or as part of other products.
The liquid crystal polymers market research report is one of a series of new reports that provides liquid crystal polymers market statistics, including liquid crystal polymers industry global market size, regional shares, competitors with a liquid crystal polymers market share, detailed liquid crystal polymers market segments, market trends and opportunities, and any further data you may need to thrive in the liquid crystal polymers industry. This liquid crystal polymers market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
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