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Liquid Crystal Polymers (LCP) Market Size

The Liquid Crystal Polymers (LCP) market is experiencing significant growth, driven by its versatile properties that make it suitable for various applications in industries such as electronics, aerospace, and industrial machinery. The market's expansion is particularly notable in the aerospace sector, which is the fastest-growing end-user segment, due to the increasing demand for lightweight and fuel-efficient aircraft. The electrical and electronics industry remains the largest consumer of LCP, with a substantial share of the market's revenue. Regional growth is prominent in Asia-Pacific and North America, supported by the demand from automotive and electronics sectors. Africa is also emerging as a rapidly growing region, fueled by the electrical and electronics industry.

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Market Size of liquid crystal polymers (lcp) Industry

Liquid Crystal Polymers (LCP) Market Summary
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svg icon Study Period 2017 - 2029
svg icon Market Size (2024) USD 0.84 Billion
svg icon Market Size (2029) USD 1.24 Billion
svg icon Largest Share by End User Industry Electrical and Electronics
svg icon CAGR (2024 - 2029) 8.19 %
svg icon Largest Share by Region Asia-Pacific
svg icon Market Concentration High

Major Players
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*Disclaimer: Major Players sorted in no particular order

Key Players

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Liquid Crystal Polymers (LCP) Market Analysis

The Liquid Crystal Polymers (LCP) Market size is estimated at 0.84 billion USD in 2024, and is expected to reach 1.24 billion USD by 2029, growing at a CAGR of 8.19% during the forecast period (2024-2029).

0.84 Billion

Market Size in 2024 (USD)

1.24 Billion

Market Size in 2029 (USD)

7.53 %

CAGR (2017-2023)

8.19 %

CAGR (2024-2029)

Largest Market by End-user Industry

78.43 %

value share, Electrical and Electronics, 2023

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Composites of LCP are majorly used in the electronics industry due to rapid innovation, their dielectric properties, and their chemical resistance. Thus, the industry occupied the highest share.

Fastest Growing Market by End-user Industry

8.85 %

Projected CAGR, Aerospace, 2024-2029

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LCP is adopted in microelectronics in the aerospace industry. Thus, the segment is anticipated to witness the fastest growth in the market.

Largest Market by Region

69.18 %

value share, Asia-Pacific, 2023

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Asia-Pacific is majorly driven by emerging economies such as China, India, Japan, and South Korea. Its electronics industry is expected to witness a CAGR of 6.63%, making Asia-Pacific the largest region in the market.

Fastest Growing Market by Region

12.56 %

Projected CAGR, Africa, 2024-2029

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With electronics production expected to register a faster CAGR of around 9% during the forecast period, the Africa is projected to be the fastest-growing region.

Leading Market Player

25.28 %

market share, Celanese Corporation, 2022

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Celanese is the largest producer of LCP resin, with a production capacity of 18 kilotons. It also has a major expansion plan in China, expected to be completed in 2024.

Rapid pace of technological innovations in the electronics industry to boost market demand

  • Liquid crystal polymers (LCP) exhibit versatile properties like resistance to creep, chemicals, impact, and abrasion. LCPs also have high dielectric and mechanical strength, due to which they are used widely in the electronics, aerospace, and industrial machinery industries. The LCP market accounted for 0.65% of the revenue of global engineering plastics in 2022.
  • The electrical and electronics industry was the largest consumer of LCP resins in 2022. The rising trend of using high-strength and lightweight materials in consumer electronics is expected to drive the demand for LCP resin. Revenue of the global consumer electronics industry is projected to reach USD 1,103 billion by the end of 2023 and grow annually by 2.17% till 2027.
  • The industrial machinery industry was the second-largest consumer of LCP resin globally in 2022. The growing trends of rapid urbanization and restoration of offshore exports for machine tools and structural equipment post-pandemic boosted the production of industrial machinery in 2022, resulting in a surge in the consumption of LCP resins. The industrial machinery segment of the global LCP market witnessed a growth of 19.20% by value in 2022 compared to the previous year.
  • The aerospace industry is the fastest-growing end-user segment in terms of revenue. It is expected to witness a CAGR of 9.11% by value during the forecast period (2023-2029), which can be attributed to the increased production of aircraft components to cater to the growing demand for lighter and more fuel-efficient aircraft that will increase the consumption of LCP in the future. Aerospace production revenue is expected to reach USD 723 billion by 2029 compared to USD 466 billion in 2022.
Global Liquid Crystal Polymers (LCP) Market

Asia-Pacific region to dominate the global LCP market over the coming years

  • Liquid crystal polymers are extensively used for various applications, such as in thin-walled high-precision parts exposed to high heat, in regions such as Asia-Pacific, North America, and South America. Some of LCP's key applications are in the automotive, electrical and electronic, and industrial machinery end-user industries. Liquid crystal polymers accounted for a 0.65% share of the global engineering plastics market in 2022 by revenue.
  • Asia-Pacific witnessed a 3.70% growth in value in 2022 over the previous year. This could be attributed to the electrical and electronics and automotive industries, which accounted for value shares of 75.96% and 69.59%, respectively, of the global demand for LCP from these end-user industries. With an increase in the demand for technology, gaming consoles, and electronic devices due to companies adopting work-from-home models and people setting up home offices, the global LCP market is likely to increase.
  • In 2022, North America was the second-largest regional consumer of LCP, with a share of 14.27% by revenue. The region holds a predominant share in the global consumption of LCP as it accounts for the highest number of end-user applications in industry segments such as automotive and electronics. For example, the region accounted for a 10.09% share of global vehicle production and a 9.92% share of global electronic component production in 2022.
  • Africa is the second fastest-growing region, and it is expected to grow by 9.82% by value in 2023 compared to 2022, led by the electrical and electronics industry. The major South Korean electrical and electronics brands have a strong foothold in Africa, with Samsung accounting for 35% of the smartphone market. Samsung is the leading investor in the manufacturing and assembly of electronic machinery goods in Ethiopia and Sudan.

Liquid Crystal Polymers (LCP) Industry Segmentation

Aerospace, Automotive, Electrical and Electronics, Industrial and Machinery are covered as segments by End User Industry. Africa, Asia-Pacific, Europe, Middle East, North America, South America are covered as segments by Region.

  • Liquid crystal polymers (LCP) exhibit versatile properties like resistance to creep, chemicals, impact, and abrasion. LCPs also have high dielectric and mechanical strength, due to which they are used widely in the electronics, aerospace, and industrial machinery industries. The LCP market accounted for 0.65% of the revenue of global engineering plastics in 2022.
  • The electrical and electronics industry was the largest consumer of LCP resins in 2022. The rising trend of using high-strength and lightweight materials in consumer electronics is expected to drive the demand for LCP resin. Revenue of the global consumer electronics industry is projected to reach USD 1,103 billion by the end of 2023 and grow annually by 2.17% till 2027.
  • The industrial machinery industry was the second-largest consumer of LCP resin globally in 2022. The growing trends of rapid urbanization and restoration of offshore exports for machine tools and structural equipment post-pandemic boosted the production of industrial machinery in 2022, resulting in a surge in the consumption of LCP resins. The industrial machinery segment of the global LCP market witnessed a growth of 19.20% by value in 2022 compared to the previous year.
  • The aerospace industry is the fastest-growing end-user segment in terms of revenue. It is expected to witness a CAGR of 9.11% by value during the forecast period (2023-2029), which can be attributed to the increased production of aircraft components to cater to the growing demand for lighter and more fuel-efficient aircraft that will increase the consumption of LCP in the future. Aerospace production revenue is expected to reach USD 723 billion by 2029 compared to USD 466 billion in 2022.
End User Industry
Aerospace
Automotive
Electrical and Electronics
Industrial and Machinery
Other End-user Industries
Region
Africa
By Country
Nigeria
South Africa
Rest of Africa
Asia-Pacific
By Country
Australia
China
India
Japan
Malaysia
South Korea
Rest of Asia-Pacific
Europe
By Country
France
Germany
Italy
Russia
United Kingdom
Rest of Europe
Middle East
By Country
Saudi Arabia
United Arab Emirates
Rest of Middle East
North America
By Country
Canada
Mexico
United States
South America
By Country
Argentina
Brazil
Rest of South America
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Liquid Crystal Polymers (LCP) Market Size Summary

The Liquid Crystal Polymers (LCP) market is poised for significant growth, driven by its versatile properties such as resistance to creep, chemicals, impact, and abrasion, along with high dielectric and mechanical strength. These characteristics make LCPs highly sought after in industries like electronics, aerospace, and industrial machinery. The electronics sector emerged as the largest consumer of LCP resins, fueled by the increasing demand for high-strength and lightweight materials in consumer electronics. The industrial machinery industry also saw substantial consumption of LCP resins, spurred by trends in urbanization and post-pandemic recovery in machine tool production. Meanwhile, the aerospace industry is the fastest-growing segment, with rising demand for lighter and more fuel-efficient aircraft components boosting LCP consumption.

Regionally, Asia-Pacific leads in LCP demand, driven by its robust electrical and electronics and automotive industries. North America follows as a significant consumer, with a strong presence in automotive and electronics applications. Africa is emerging as a rapidly growing market, particularly in the electrical and electronics sector, supported by major South Korean brands like Samsung. The market is fairly consolidated, with key players such as Celanese Corporation, Daicel Corporation, and Solvay dominating the landscape. Recent expansions and production capacity increases by companies like Kingfa SCI. & TECH. Co. Ltd and Sumitomo Chemical Co., Ltd. highlight the ongoing investment and strategic developments within the LCP market.

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Liquid Crystal Polymers (LCP) Market Size - Table of Contents

  1. 1. MARKET SEGMENTATION (includes market size in Value in USD and Volume, Forecasts up to 2029 and analysis of growth prospects)

    1. 1.1 End User Industry

      1. 1.1.1 Aerospace

      2. 1.1.2 Automotive

      3. 1.1.3 Electrical and Electronics

      4. 1.1.4 Industrial and Machinery

      5. 1.1.5 Other End-user Industries

    2. 1.2 Region

      1. 1.2.1 Africa

        1. 1.2.1.1 By Country

          1. 1.2.1.1.1 Nigeria

          2. 1.2.1.1.2 South Africa

          3. 1.2.1.1.3 Rest of Africa

      2. 1.2.2 Asia-Pacific

        1. 1.2.2.1 By Country

          1. 1.2.2.1.1 Australia

          2. 1.2.2.1.2 China

          3. 1.2.2.1.3 India

          4. 1.2.2.1.4 Japan

          5. 1.2.2.1.5 Malaysia

          6. 1.2.2.1.6 South Korea

          7. 1.2.2.1.7 Rest of Asia-Pacific

      3. 1.2.3 Europe

        1. 1.2.3.1 By Country

          1. 1.2.3.1.1 France

          2. 1.2.3.1.2 Germany

          3. 1.2.3.1.3 Italy

          4. 1.2.3.1.4 Russia

          5. 1.2.3.1.5 United Kingdom

          6. 1.2.3.1.6 Rest of Europe

      4. 1.2.4 Middle East

        1. 1.2.4.1 By Country

          1. 1.2.4.1.1 Saudi Arabia

          2. 1.2.4.1.2 United Arab Emirates

          3. 1.2.4.1.3 Rest of Middle East

      5. 1.2.5 North America

        1. 1.2.5.1 By Country

          1. 1.2.5.1.1 Canada

          2. 1.2.5.1.2 Mexico

          3. 1.2.5.1.3 United States

      6. 1.2.6 South America

        1. 1.2.6.1 By Country

          1. 1.2.6.1.1 Argentina

          2. 1.2.6.1.2 Brazil

          3. 1.2.6.1.3 Rest of South America

Liquid Crystal Polymers (LCP) Market Size FAQs

The Global Liquid Crystal Polymers (LCP) Market size is expected to reach USD 836.65 million in 2024 and grow at a CAGR of 8.19% to reach USD 1.24 billion by 2029.

In 2024, the Global Liquid Crystal Polymers (LCP) Market size is expected to reach USD 836.65 million.

Liquid Crystal Polymers Market Report Snapshots

Liquid Crystal Polymers (LCP) Market SIZE & SHARE ANALYSIS - GROWTH TRENDS & FORECASTS UP TO 2029