Chemicals

Liquid Crystal Polymers Market Growth Trajectory Through 2024-2033

The Liquid Crystal Polymers Global Market Report 2024 by The Business Research Company provides market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).

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According to The Business Research Company’s Liquid Crystal Polymers Global Market Report 2024, The liquid crystal polymers market size has grown strongly in recent years. It will grow from $1.75 billion in 2023 to $1.89 billion in 2024 at a compound annual growth rate (CAGR) of 7.8%. The growth in the historic period can be attributed to data center expansion, energy efficiency, cost-effective scaling, web hosting requirements, low power consumption, parallel processing needs.

The liquid crystal polymers market size is expected to see strong growth in the next few years. It will grow to $2.62 billion in 2028 at a compound annual growth rate (CAGR) of 8.5%. The growth in the forecast period can be attributed to smart cities development, autonomous vehicles, telemedicine growth, evolving security requirements, security concerns and hardware-based solutions. Major trends in the forecast period include ai and machine learning workloads, customized and application-specific solutions, open compute project (ocp) , heterogeneous computing architectures, blockchain technology.

The development of lightweight materials for automobile components is driving the liquid crystal polymer market going forward. Lightweight automotive components refer to parts and materials used in vehicles that are designed to be lighter in weight compared to traditional automotive components. These components are in demand due to their added benefits. Liquid crystal polymers are used for making lightweight automotive components that are used in electric vehicles and combustion vehicles. For instance, according to the US Office of Energy Efficiency and Renewable Energy, a US-based government organization working to build a clean energy economy, a 10% reduction in the weight of automobiles can increase fuel efficiency by 6%-8% and use of lightweight materials in one-quarter of the U.S. fleet could save about 5 billion gallons of fuel annually by 2030. Therefore, the growth of lightweight automotive components is propelling the liquid crystal polymer market.

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The liquid crystal polymers market covered in this report is segmented –

1) By Product Type: Lyotropic LC Polymers, Thermotropic LC polymers

2) By Category: Main Chain LC Polymers, Side Chain LC Polymers

3) By Form: LCP Resins And Compounds, Liquid Crystal Polymer Films, Liquid Crystal Polymer Fibers

4) By Application: Electrical And Electronics, Industrial Machinery, Consumer Goods, Lighting, Medical, Others Applications

Product innovations are a key trend gaining popularity in the liquid crystal polymer market. Major companies in the market are introducing innovative products such as SUMIKASUPER liquid crystal polymers to sustain their position in the market. For instance, in July 2022, Sumitomo Chemical Advanced Technologies, a US-based manufacturer of industrial chemicals and materials, launched the SUMIKASUPER long-fiber thermoplastic (LFT) compound family. The new product has high-performance liquid crystal polymer (LCP) matrices reinforced with 13-mm chopped carbon fiber or fiberglass that provides high structural stability to the material. The uniqueness of the product is that it has a 30-50% fiber-weight fraction of E-glass and high-modulus carbon fiber that significantly improvises thermal and mechanical performance of the material.

The liquid crystal polymers market report table of contents includes: