Liquid Crystal Polymers Market worth $1.8 billion by 2026 - Exclusive Report by MarketsandMarkets™
CHICAGO, Nov. 22, 2021 /PRNewswire/ -- According to the new market research report "Liquid Crystal Polymers Market with Covid-19 Impact Analysis by Application(Electrical & Electronics, Consumer Goods, Automotive, Lighting, Medical), and Region (APAC, North America, Europe, South America, Middle East & Africa) - Global Forecast to 2026", published by MarketsandMarkets™, the Liquid Crystal Polymers Market is projected to reach USD 1.8 billion by 2026, at a CAGR of 8.2% from USD 1.2 billion in 2021.
Liquid crystal polymers an exceptional combination of high temperature resistance, high stiffness, and high flow makes them particularly well suited to the growing trend of miniaturization in the electrical & electronics industry and the increasing acceptance in microinjection molding. Applications such as connectors with high pin density have been driving the notable growth in liquid crystal polymers consumption. Several factors directly or indirectly affect the liquid crystal polymers market such as high temperature resistance and excellent mechanical strength, chemical resistance, and high dimensional stability, growth of the electrical & electronics industry, increasing engineering resin substitutes for ultra-thin components, increasing demand for lightweight, high-performance materials from the automotive industry, growth potential in consumer goods and medical application, high manufacturing costs.
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Browse in-depth TOC on "Liquid Crystal Polymers Market"
158 – Tables
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Liquid crystal polymers an exceptional combination of high temperature resistance, high stiffness, and high flow makes them particularly well suited to the growing trend of miniaturization in the electrical & electronics industry and the increasing acceptance in microinjection molding. Applications such as connectors with high pin density have been driving the notable growth in Liquid crystal polymers consumption.
Electrical & electronics accounted for the largest size of the liquid crystal polymers market, in terms of value in 2020. The market size was estimated to be USD 1,152 million in 2020 and is projected to register a CAGR of 8.2% between 2021 and 2026, in terms of value. Medical application of liquid crystal polymers is projected to witness the highest CAGR of 9.6% between 2021 and 2026. The demand for liquid crystal polymers in medical application is increasing on account of the replacing traditional metals and plastic devices and equipment with high performance materials devices and equipment and the effect of COVID-19 on this segment is less comparatively.
"Electrical & electronics to hold the largest share in liquid crystal polymers market between 2021 and 2026."
Electrical & electronics accounted for the largest size of the liquid crystal polymers market, in terms of value in 2020. The market size was estimated to be USD 1,152 million in 2020 and is projected to register a CAGR of 8.2% between 2021 and 2026, in terms of value. Medical application of liquid crystal polymers is projected to witness the highest CAGR of 9.6% between 2021 and 2026. The demand for liquid crystal polymers in medical application is increasing on account of the replacing traditional metals and plastic devices and equipment with high performance materials devices and equipment and the effect of COVID-19 on this segment is less comparatively.
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"APAC holds the largest share in liquid crystal polymers market during the forecast period, in terms of value."
APAC was the largest market for liquid crystal polymers in 2020, with a market share of 69.2%, in terms of value, and is projected to register the CAGR of 8.6% during the forecast period. In this study, the APAC region is segmented into China, Japan, South Korea, and the Rest of APAC. The region is estimated to account for the largest share of 72.7%, in terms of volume, of the liquid crystal polymers market in 2020.
The region is estimated to experience a high growth for the liquid crystal polymers market owing to the rise in demand from various applications. China was the leading country and accounted for 69.3% share in the regional market, in terms of value, in 2020. China is expected to continue its dominance during the forecast period owing to the rapid expansion of electrical & electronics industry in the country. Other APAC countries, such as Japan and South Korea, are also projected to witness steady growth during the forecast period. Applications such as consumer goods, automotive, and medical, are estimated to complement the growth of the regional market.
The liquid crystal polymers market has a high degree of competition. The key players in the market are focusing on strategies, such as new product launches, partnerships & agreements, acquisitions, and expansions, to expand their businesses globally. The major players in the Liquid crystal polymers market are and Polyplastics Co., Ltd (Japan), Celanese Corporation (U.S.), Solvay S.A. (Belgium), Toray Industries, Inc. (Japan), and Sumitomo Chemicals Co. Ltd. (Japan).
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