The global liquid crystal polymer (LCP) films & laminates market expected to reach USD 166.9 million by 2024, according to a new report by Grand View Research, Inc. Growing demand for lightweight & miniaturized components on account of expanding transportation, electronics and automotive industries in emerging markets is expected to remain a crucial determinant for the global industry growth.
Rising consumer awareness regarding energy & resource savings, owing to the global energy crisis and rising pollution levels, has also fostered several innovations in the LCP field. This, in turn, has led to the introduction of ‘smart windows’ in residential & commercial buildings to control light, privacy, sound and insulation. However, these materials have been able to serve only niche applications, owing to highly specialized and expensive production processes & raw materials.
Laminates accounted for nearly 35% of the overall volume share in 2015 and are expected to gain further share as a result of its increasing demand in high-frequency electronics and printed circuit boards with a gauge of less than a millimeter.
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Further key findings from the study suggest:
- Global LCP films & laminates market demand was5.38 kilotons in 2015 and is expected to reach 9.34 kilotons by 2024, growing at a CAGR of 6.1% from 2016 to 2024
- Electrical & electronics has traditionally been the largest application for films & laminates alike. The segment accounted for nearly 65% of the global volume share in 2015. Films are mainly utilized in electronic applications requiring ion concentrations of less than 5 ppm. Their dielectric nature and favorable conductive properties have led to LCP substituting other polymer compounds.
- Asia Pacific was the largest consumer and accounted for nearly half of the global volume in 2015. The region is characterized by high electronics production in Korea and Southeast Asian markets.
- Automotive & medical devices collectively accounted for over 20% of the China’s film demand in 2015. A combination of various factors such as easy availability of LCP increased R&D in medical devices manufacturing, and production of premium cars are expected to drive these applications’ growth.
- South Korea and Taiwan accounted collectively accounted for one-third of the Asia Pacific market volume in 2015. These two countries are considered as electronic manufacturing hubs in the region and together consumed over 590 tons of films & laminates in electronics application.
- Major industry participants include Kuraray, PolyOne Corporation, Solvay Inc., Celanese Corporation, Toray International, Sumitomo Chemicals, Rogers Corporation among others such as Shanghai PRET Composites, Samsung Fine Chemicals, RTP Company and PolyPlastics Co. Ltd.
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About Grand View Research:
Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. To help clients make informed business decisions, we offer market intelligence studies ensuring relevant and fact-based research across a range of industries, from technology to chemicals, materials and healthcare.