The global liquid crystalline polymers market size is projected to hit USD 2.31 billion by 2029 and exhibit a CAGR of 8.0% during the forecast period. Liquid crystalline polymers or LCPs are a type of thermoplastics that offer exemplary electrical properties, oil, gas, & chemical resistance and high heat tolerance. The swift expansion of the electrical and electronics industry is likely to foster growth for the market. Fortune Business InsightsTMhas presented this information in its report titled, “Liquid Crystalline Polymers Market, 2022-2029”. The market size stood at USD 1.29 billion in 2021 and USD 1.34 billion in 2022.
Report Coverage-
- It assimilates the latest market trends influencing the market’s growth.
- It assesses various growth drivers and restraints of the market.
- It includes a comprehensive assessment of the COVID-19 pandemic’s impact on the market.
- It suggests innovative strategies to attain growth in the coming years.
- It highlights the latest industry developments.
Regional Insights-
Asia Pacific is projected to attain the largest liquid crystalline polymers market share. The high production of electronics, coupled with the escalating consumer preference for electronic products, such as smartphones, laptops, and others, are expected to boost growth in Asia Pacific. China’s rapid expansion of production bases for automotive and electronics producers is predicted to magnify the market growth in Asia Pacific. Additionally, the favorable government norms for automotive and electronics manufacturers are estimated to bolster growth in the region.
North America is predicted to gain remarkable growth during the forecast period. The expanding automotive and electronics industries propel the product adoption, thereby fortifying the market growth. The rising adoption of liquid crystalline polymers for upgrading 5G communication technology is expected to create lucrative growth opportunities for the market.
Europe is anticipated to gain immense growth due to growing utilization in the medical, aerospace, and automotive industries.
The swift infrastructure development, technological advancements, and the soaring electric vehicle demand are projected to amplify market growth in the Rest of the World.
Competitive Landscape-
Currently, Sumitomo Chemical, Polyplastics, and Celanese Corporation occupy more than 63% of the market share. The major players operating in the market emphasize collaborations, acquisitions, mergers, product innovations, and capacity improvements to fortify their global presence. For instance, Polyplastics Co. Ltd., in September 2021, unveiled its plans to build a polymerization plant to expand liquid crystalline polymers polymerization capacity to 25,000 tons per year.
List of Key Market Players-
- Celanese (U.S.)
- Polyplastics Co. Ltd (Japan)
- Sumitomo Chemical Company (Japan)
- ENEOS LC Co., Ltd. (Japan)
- Solvay (Belgium)
- Shenzhen Wote Advanced Materials Co. Ltd (China)
- Kingfa Sci. & Tec. Co., Ltd. (China)
- Ueno Fine Chemicals Industry (Japan)
- Shanghai PRET (China)
- TORAY (Japan)
visit: https://www.fortunebusinessinsights.com/liquid-crystalline-polymers-market-106581
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