Surging Demand for Electronic Devices Aiding Growth on Liquid Crystal Polymer Market

The global liquid crystal polymer (LCP) market, valued at $1,037.4 million in 2017, is predicted to generate a revenue of $1,447.9 million by 2023, advancing at a CAGR of 5.7% during the forecast period (2018–2023). The growth of the market is mainly driven by the increasing demand for electronic products, such as laptops, tablets, smartphones, and smart watches, finds P&S Intelligence. LCPs are a special kind of aromatic polymer that perform well in extreme environmental conditions and are highly resistant to electricity, heat, and chemicals. 

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When segmented by type, thermotropic and lyotropic would be the categories of the liquid crystal polymer market. Of these, in 2017, the thermotropic category held more than 85.0% revenue share in the market. During the forecast period, the category is expected to grow at a rapid pace in terms of volume and value due to its high compatibility with the semiconductor production process. Thermotropic LCPs are formed by heating a polymer at a temperature exceeding its melting transition point. It is widely used as a blend additive in optical couplers, displays, and information storage materials. 

On the basis of industry, the LCP market is divided into automotive, medical, consumer goods, and semiconductor and electronics. Out of these, in 2017, the semiconductor and electronics division accounted for 60.0% revenue share in the market. This is attributed to their beneficial properties such as low power dissipation factors and dielectric constants, and notable strength of the materials in mesophase. Furthermore, the rising purchasing power of individuals along with industrialization is predicted to escalate the demand for electronic accessories and consumer appliances, resulting in the growth of LCP usage in semiconductor and electronic components. 

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The surging demand for consumer electronics is accelerating the growth of the liquid crystal polymer market. The increasing population and growing per capita income in developing countries, such as India, China, Brazil, and Indonesia, are boosting the sector. According to the Ericsson Mobility Report 2017, the number of users of consumer electronic devices across the globe is anticipated to rise from 480 million in 2017 to 670 million by 2022. Numerous products including smartphones, iPhones, microwaves, light emitting diode (LED) TVs, and computers are becoming an important part of households. 

LCPs help in the improvement of these electronic goods because of their high mechanical and electrical properties. This has motivated major LCP market players, such as Toray Industries Inc., Celanese Corporation, Sumitomo Chemical Co. Ltd., and Kuraray Co. Ltd., to increase the LCP research and production activities in the forecast period. In the recent years, these companies expanded their manufacturing units across the world. 

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For instance, Kuraray America has raised its production of LCPs at its Pasadena plant in the U.S. to increase its presence in the North American market. Presently, Sumitomo Chemical Co. Ltd. is among the leading liquid crystal polymer market players, with an annual production capacity exceeding 9,200 tons. It sells its LCP products with the brand name, Sumikasuper LCP. Additionally, Celanese is another dominating player in the market with an annual production capacity of more than 13,000 tons; the company sells LCPs under the brand name, Vectra/Zenite. 

Hence, the increasing competition among various players and surging demand for consumer electronic devices are propelling the market toward a bright future.