Three pivotal trends that may shape the growth prospects of Liquid Crystal Polymers Market by 2024
The liquid crystal polymers market is projected to grow substantially by 2024 credited to increasing per capita income and sales of consumer goods. Liquid crystal polymers (LCPs) are high performing engineering plastics that are extensively used in consumer goods and packaging industries on account of their processability and superior mechanical and physical properties at high temperature.
Liquid crystal polymers find application in diverse industries. For instance, in the medical sector, LCPs are used for making healthcare equipment and devices, mostly as it acts as an ideal substitute over other materials like polyphthalamide and nylon. They are also used in the making of connectors, sockets, switches, chip carriers, valve liners, pumps, bobbins, meters and dental tools.
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Driven by growing demand across various sectors, LCP manufacturers are developing new products and solutions that meet consumer requirements. In 2015, key market player, Solvay Specialty Polymers launched Xydar MG-850 LCP, its new and specially designed liquid crystal polymer resin which gives dimensional stability, high flow and flatness for next-gen connectors that are designed for tablets and computers.
With such developments, Global Market Insights, Inc., estimates that the liquid crystal polymers market may register over USD 650 million by 2024. This growth can also be attributed to rising demand for consumer goods and ultra-compact electronic devices such as televisions, mobiles, laptops as well as electrical components like stators, motors, PCBs and sockets.
Mentioned below are some of the ongoing trends that may advance liquid crystal polymers market outlook:
Robust product use in the automotive sector
The automotive application segment is expected to exceed by 5.5% over the forecast timeframe owing to rising demand for high-end vehicles and growing preference towards miniaturizing electronic devices. LCPs display outstanding high dielectric strength performance and fatigue resistance over a very wide temperature range, properties make them suitable for automotive ignition system components, lamp sockets, transmission system components, heater plug connectors, pump components, sensors for car safety belts and sunlight sensors.
Adoption of lucrative business strategies
The liquid crystal polymers market is moderately fragmented with contenders like Toray, Zeus Industrial, RTP Co., Solvay, Sumitomo Chemical, and Celanese. These companies are emphasizing on improving their distribution network to boost business presence and setting up manufacturing plants that are located near raw material sources. Adoption of strategies like business mergers, partnerships and acquisitions will help firms increase their production capacity.
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Germany to witness significant product demand
Germany liquid crystal polymers market is projected to grow over USD 20 million in the forthcoming years. The region houses some of the leading global OEMs and automobile companies that are emphasizing on using high-performance and lightweight materials in order to enhance fuel efficiency and comply with emission standards set by environment protection agencies.
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