• Dec 02, 2019
  • Published By : Prismane Consulting - Chemicals & Energy

The global LCP demanding2016 was estimated to be around 33,817 tons. According to PrismaneConsulting, global demand is expected to grow to nearly 49,051 tons by 2025, at a growth rate of 4.2%.

Global demand for LCP is driven in large part by the development of the electrical& electronics industry and to a smaller degree by the medical, automotive and consumer electronics. Of the 33817 tons of LCP consumed in 2016, about 73%were used in electrical & electronics.

It is expected to remain the largest end-use industry for LCP globally, with a growth rate of around 4.2% in the long-term forecast till 2025. The industrial sector accounts for 7.1% of the global demand and is expected to grow at a rate of of3.6% by 2025. Consumer electronics account for about 7% of the total global demand is estimated to grow at a rate of 4.8%. The automotive sector makes up around 6.3% of the global demand for LCP. LCP demands from automotive applications are likely to grow at a higher rate of 5.1% by 2025. Medical applications which constitute about 3.7% of the global LCP demand in 2016 is expected to witness a CAGR of around 3.6% during the forecast period. Other end-use sectors of LCP including aerospace are also likely to grow at a rate of of4%.In 2016, they made up about 2.9% of the global demand. 

Asia-Pacific recorded the largest demand for LCP in 2016 on account of the spur in electrical &electronics in the region. The region accounted for almost accounted for around 79% of LCP demand and is likely to increase its market share to around 82% till 2025 to reach about 40210 tons. The demand in Asia-Pacific is estimated to grow at a rate of 4.7%followed by North America at2.5% and western Europe at 1.9% amongst the major regions for LCP consumption.

North America accounted for 11.6% of the totalLCP demand in 2016. It is expected to slightly decline its market share to around 10% in the forecast period till 2025, with a CAGR of 2.5%. Automotive and medical applications are expected to be the fastest growing end-uses for LCP in the region. The Western European region is expected to see a decline in its LCP demand share of 8.1% in 2016 to around 6.6% in the long-term forecast till 2025growing at a rate of 1.8% till 2025. Central & Eastern Europe accounting for 0.9% of the LCP global demand is estimated to grow at a rate of3.2%, while South America and Middle East & Africa are expected to grow at a CAGR of3.7% and 3.0% respectively. All three regions Central & Eastern Europe, South America and the Middle East & Africa combined together account for around1.6% of the total LCP demand with a total consumption of around 537 tons in2016.

Key demand drivers for LCP have been their application in electrical &electronics, industrial, consumer electronics, automotive, medical and other applications.

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