Liquid Crystal Polymers (LCP) Demand-Supply Analysis, By Processing Method, By Application, By End Use (Volume, Value) and Forecast Analysis

Liquid Crystal Polymers (LCP) Market

The global Liquid Crystal Polymers (LCP) market is projected to exhibit strong growth from 2023 to 2032, with a CAGR of 6.4% during this period. This growth can be attributed to increasing demand from Electrical & Electronics industry.

LCP demand from Electrical & Electronics industry

Introduction

Liquid Crystal Polymers (LCP) are aromatic polyesters by composition that exist in liquid crystal state. They exhibit a partially crystalline structure and their molecules are largely aligned. They have remarkable physical properties and chemical inertness by the virtue of which are capable of replacing metals, ceramics and several other engineering plastics in high-end applications. LCPs finds use in electronic components like printed circuit boards and surface mounted devices to name a few. 

Electrical & Electronics and Consumer Electronics are so far the largest consumers of LCP and will continue being the major consumers in the long term forecast. Other applications for LCPs include Automotives (power trains of hybrid cars), Industrial, Medical and other applications like Aerospace and Bakeware.

LCPs were first commercialized in 1980s. Currently, the major players into manufacturing of neat LCP resins are: Polyplastics, Ticona, Toray, Solvay, Sumitomo and Ueno. Polyplastics is identified to be the largest producer with a manufacturing facility in Fuji, Japan. LCP resins manufacturing facilities are largely restricted to Japan, China and USA. The global demand is expected to grow at a CAGR of 5.0 - 5.2% in the next 5-6 years.

Global LCP Demand Analysis, By End Use Until 2032 (thousand tons)

 

Liquid Crystal Polymers Market-Global LCP Demand Analysis, By Application - 2016-2032 (Kilo Tons)

 

Source: Secondary & Primary Research and Prismane Consulting estimates

LCP Demand By Region

In 2023, Asia-Pacific was estimated to be the largest consumer accounting for over 75% of the global LCP demand. China accounted for the major LCP demand with strong demand from its electrical & electronics industry. Other Asian countries including Taiwan, Japan, India, Singapore and South Korea account for a decent share of global demand.

Europe currently accounts for around 10% of global semiconductor sales. However, Europe is planning to increase its share of semiconductor production from 10% to 30% in the span of 10 years. To support this objective, the European Union has implemented the EU Chips Act, which aims to increase semiconductor chip production in the EU. The act seeks to attract private investments of more than €43 billion to bolster the semiconductor industry in Europe by providing manufacturing tools and establishing connections between European R&D facilities and manufacturing infrastructure. With these targets and initiatives in place, the LCP demand in Europe s electrical and electronic industries is expected to experience strong growth in the coming years.

Global LCP Demand Analysis, By Region -  Unti 2032 (thousand tons)

 

 

Source: Secondary & Primary Research and Prismane Consulting estimates

LCP Demand by End Use

The demand of Liquid Crystal Polymers (LCP) is driven by development of electrical & electronics infrastructure requirements. Miniaturization of electronic parts owing to the need of ultra-thin components and lead free soldering techniques are the major growth driving factor for LCPs in the electronics industry. Upsurge in LCP demand especially from Automotive Electrification, Internet of Things (IoT) and 5G are supporting the demand growth of Liquid Crystal Polymers. 

Global LCP manufacturers are expanding their manufacturing capabilities to cater the growing demand from Electrical & Electronics industry. Growing population, increasing disposable income, and per capita consumption of plastics are some of the key factors supporting the growth in demand of plastics in the electronics industry. Its high prices compared to other commodity plastics put it to some disadvantage. However, its outstanding properties outweigh this and the market for LCP is likely to expand over the years.

Global LCP Demand Analysis, By End Use - 2022 (thousand tons)

 

Source: Secondary & Primary Research and Prismane Consulting estimates

Liquid Crystal Polymer (LCP) Manufacturers:

Recent Developments in LCP Market 

In January 2021, Celanese Corporation announced a new greenfield LCP manufacturing facility to cater the fast growing LCP demand in China. The first phase of the project is anticipated to be completed by 2024 with installed capacity of 20 thousand tons/year.

Furthermore, Polyplastics Co., Ltd has also committed to construct a new Liquid Crystal Polymers (LCP) polymerization unit at its facility in Kaohsiung, Taiwan with production capacity of 5 thousand tons/year, making it an integrated LCP compounds manufacturing facility. The new capacity is expected to start commercial operations by H1-2024. The company also plans to double the polymerization capacity in the long term forecast, taking the overall capacity of Polyplastics Group to 25 thousand tons per annum.

Sumitomo Chemicals has announced capacity additions in Japan where the company plans to add 30% new capacity. The company has two LCP resin manufacturing facilities, one at Ehime Plant and the other one in Osaka. Operations are expected to start by Q3-2023 which would take the company’s global LCP polymer capacity to around 11,500 tons as per Prismane Consulting’s LCP resin capacity database.

 

Scope of Report 

The Liquid Crystal Polymer report describes the global Liquid Crystal Polymer market, with focus on the country, applications and other end-use scenarios. The study provides

Market Data & Forecast (Short-term and Long-term)
•  Demand-Supply Analysis
•  Demand Composition, by Processing Method, Application and End-Use
•  Capacity & Production
•  Net Trade
•  Sales & Revenue
•  Pricing Analysis
•  Market Dynamics

Country Summaries & Product Review
•  Supply Demand Balance 
•  Liquid Crystal Polymer Market data in terms of volume and value for each end-use 
   at regional and country level
•  Liquid Crystal Polymer Market analysis for Production, Capacity and Demand, at regional and country level
•  Historical, Current & Market Forecast
•  Macro-economic factors like GDP, Population and World Economic integration
•  Economic & Energy Outlook
•  Industry & Policy Developments 
•  End-use Industry / Applications Market 
•  Reasoning & Analysis
•  Insightful Commentary
•  Market Review
•  Comparative Analysis
•  Latest Trends and market developments
•  Key players
•  Strategic Issues and Recommendations
•  Business Opportunity Assessment

1.  Introduction
      •  Scope
      •  Market Coverage
          -  Processing Method
          -  Applications
          -  End Use
          -  Regions
          -  Countries
      •  Years Considered
          -  Historical - 2016 – 2021
          -  Base - 2022
          -  Forecast Period - 2023 – 2032
      •  Research Methodology
          -  Approach
          -  Research Methodology
          -  Prismane Consulting Market Models
          -  Assumptions & Limitations
          -  Abbreviations & Definitions
          -  Conversion Factors
          -  Data Sources
2.  Market Synopsis 
      •  Market Evolution
      •  Demand-Supply Overview
      •  Industry Structure
      •  Strategic Issues
      •  End-use Trends
      •  Growth Forecast
3.  Economic & Energy Outlook
      •  GDP and Demographics
      •  Monetary & Fiscal Policies
      •  Crude Oil Production and prices
      •  Natural Gas
      •  Electricity Prices
4.  End-use Sector Performance
      •  Electrical & Electronics
      •  Agriculture
      •  Industrial
      •  Consumer Electronics
      •  Automotive
      •  Medical
      •  Others
5.  Plants & Projects Analysis
      •  Liquid Crystal Polymers Production Capacity, by Company
      •  Liquid Crystal Polymers Production Capacity, by Country and by region
      •  Capacity Overview
6.  Introduction to Liquid Crystal Polymers and Market Overview 
      •  Product Description
      •  Grades & Properties
      •  Raw Material
      •  Manufacturing Process
      •  Environmental Issues
      •  Value Chain
      •  Applications
7.  Market Dynamics and Industry Trends 
      •  Market Dynamics 
          -  Drivers
          -  Restraints
          -  Opportunities
          -  Challenges
8.  Global Liquid Crystal Polymers Demand-Supply Analysis, By Processing Method, By Application and By End Use (Volume, Value) (2016–2032)
      •  Strategic Issues
      •  Demand-Supply Analysis and Forecast (2016 – 2032)
          -  Capacity
          -  Capacity Utilization (%)
          -  Production
          -  Net Trade
          -  Demand
          -  Demand Growth Rate (%)
          -  Driving Force Analysis
      •  Global Liquid Crystal Polymers Market, By Processing Method
          -  Injection Molding
          -  Extrusion & Co-extrusion
          -  Thermoforming
      •  Global Liquid Crystal Polymers Market, By Application
          -  Compounds
          -  Films & Sheets
          -  Fibers
      •  Global Liquid Crystal Polymers Market, By End Use
          -  Electrical & Electronics
             -  Connectors
             -  Flexible Circuits
             -  Printed Circuit Boards
             -  Others
          -  Industrial
          -  Consumer Electronics
          -  Automotive
          -  Medical
          -  Others
9.  Demand-Supply Analysis and Market Review, By Region, By Country (Volume, Value), (2016– 2032)
      •  Strategic Issues
      •  Capacity
      •  Capacity Utilization (%)
      •  Production
      •  Net Exports
      •  Demand
      •  Demand Growth Rate (%)
      •  Liquid Crystal Polymers Market, By Processing Method
      •  Liquid Crystal Polymers Market, By Applications
      •  Liquid Crystal Polymers Market, By End Use
Note: Demand-Supply Analysis has been provided for all major Regions / Countries as mentioned below. The demand-supply (consumption) split by applications has been provided for each of the countries/regions in Volume (tons) and Value (USD Million).
      •  North America
         -  USA
         -  Canada
         -  Mexico
      •  Western Europe
         -  Germany
         -  France
         -  Italy
         -  United Kingdom
         -  Spain
         -  Rest of Western Europe
      •  Central & Eastern Europe
         -  Russia
         -  Poland
         -  Rest of Central & Eastern Europe
      •  Asia-Pacific
         -  China
         -  Japan
         -  India
         -  South Korea
         -  ASEAN
         -  Rest of Asia-Pacific
      •  Central & South America
      •  Middle East & Africa
Note: CAGR will be calculated for all the applications to arrive at the regional/global demand growth for the forecast period (2023 – 2032)
10.  Pricing Analysis
      •  Average Liquid Crystal Polymers Prices, USD/Kg
      •  Average Liquid Crystal Polymers Prices, by Country 
      •  Average Liquid Crystal Polymers Prices, by Region
      •  Price Forecast
11.  Key Strategic Issues
12.  Business Opportunity Assessment 
      •  Market Attractiveness Assessment
      •  Prospective & Target Market Study
13.  Strategic Recommendation & Suggestions
14.  Company Analysis and Market Share Analysis
      •  Liquid Crystal Polymers Manufacturers Profiles/ Company Analysis
         -  Basic Details
         - Headquarters, Key Markets
         -  Ownership
         -  Company Financial
         -  Manufacturing Bases
         -  Global Turnover
         -  Total Employee
         -  Product Portfolio / Services / Solutions
         -  Recent Developments
         -  Companies Covered
             -  Celanese Corporation
             -  Polyplastics
             -  Toray Industries, Inc.
             -  Sumitomo Chemical
             -  Ueno Fine Chemicals
             -  Solvay SA
             -  Shenzhen Water New Materials Co., Ltd.
             -  Shanghai Pret Composites Co Ltd
             -  Kingfa SCI. & TECH Co.
             -  Ningbo JUJIA New Material Technology C DZT Engineering Plastics Tech. Co., Ltd
             -  Other Manufacturers
Note: This section includes company information, company financials, manufacturing bases, and operating regions. Company financials have been mentioned only for those companies where financials were available in SEC Filings, annual reports, or company websites. All the reported financials in this report are in U.S. Dollars. Financials reported in other currencies have been converted using average currency conversion rates. Company profiles may include manufacturers, suppliers, and distributors.
15.  Appendices
      •  Demand-Supply - Regions
      •  Demand-Supply– Countries
      •  Capacities, 2016-2032

Scope of Report 

The Liquid Crystal Polymer report describes the global Liquid Crystal Polymer market, with focus on the country, applications and other end-use scenarios. The study provides

Market Data & Forecast (Short-term and Long-term)
•  Demand-Supply Analysis
•  Demand Composition, by Processing Method, Application and End-Use
•  Capacity & Production
•  Net Trade
•  Sales & Revenue
•  Pricing Analysis
•  Market Dynamics

Country Summaries & Product Review
•  Supply Demand Balance 
•  Liquid Crystal Polymer Market data in terms of volume and value for each end-use 
   at regional and country level
•  Liquid Crystal Polymer Market analysis for Production, Capacity and Demand, at regional and country level
•  Historical, Current & Market Forecast
•  Macro-economic factors like GDP, Population and World Economic integration
•  Economic & Energy Outlook
•  Industry & Policy Developments 
•  End-use Industry / Applications Market 
•  Reasoning & Analysis
•  Insightful Commentary
•  Market Review
•  Comparative Analysis
•  Latest Trends and market developments
•  Key players
•  Strategic Issues and Recommendations
•  Business Opportunity Assessment


Frequently Asked Questions

What is the current market size of Liquid Crystal Polymers (LCP)?
In 2022, the global LCP market size reached a valuation of USD 1.5 billion, with a growth projected at a CAGR of 6.4% to cross USD 3 billion by 2032. This strong growth can be attributed to the growing LCP demand from electrical & electronics, automotive and industrial applications.
What are the key drivers of the LCP market's demand growth?
The demand of Liquid Crystal Polymers (LCP) is driven by development of electrical & electronics infrastructure requirements. Miniaturization of electronic parts owing to the need of ultra-thin components and lead free soldering techniques are the major growth driving factor for LCPs in the electronics industry. Upsurge in LCP demand especially from Automotive Electrification, Internet of Things (IoT) and 5G are supporting the demand growth of Liquid Crystal Polymers
Which region is expected to dominate the global LCP market during the forecast period?
In 2023, Asia-Pacific was estimated to be the largest consumer, accounting for over 75% of the global LCP demand. China accounted for the major demand with strong demand from its electrical & electronics industry. The LCP market in Asia Pacific is estimated to continue its dominance in the forecast period on the back of strong electrical & electronics industry in the region
Who are the key players in the Global LCP market?
Currently, the major players in the manufacturing of neat LCP resins are Polyplastics, Ticona, Toray, Kingfa, Solvay, Sumitomo, and Ueno. Polyplastics is identified to be the largest producer with an installed capacity of around 17,000 tons as of 2023 closely followed by Sumitomo.