(MENAFN - GetNews) According to report published by Grand View Research,Rapid miniaturization of electronic components such as connectors and surface mount devices is expected to remain a key driving factor for global liquid crystal polymers market over the forecast period. Denser component packaging coupled with higher fabrication temperature offered by LCP is also expected to have a positive influence on the market growth.
According to a report, ' Liquid Crystal Polymers (LCP) Market Size, Share & Trends Analysis Report, By Application (Electrical & Electronics, Industrial Machinery, Automotive) And Segment Forecasts To 2020 , published by Grand View Research, Inc., Global Liquid Crystal Polymers (LCP) Market is expected to reach USD 1.23 billion by 2020, according to a new study by Grand View Research, Inc. Shift in trend towards miniaturization of electrical components such as surface mount device and connectors is expected to drive global LCP market. Growing demand for lightweight, high performance materials from automotive industry in order to improve fuel efficiency is also expected to have a positive influence on the market growth. Lower welding strength and warpage associated with LCP is expected to remain a key challenge for market participants.
Electrical & electronics emerged as the leading application segment and accounted for 81.5% of total market volume in 2013. Growing engineering resins demand for manufacturing ultra-thin electrical components is expected to remain a key driving factor for this segment. LCP is favored over other engineering resins such as polyphenylene sulfide (PPS), nylon 46 and polyphthalamide (PPA) which has further propelled market growth. Electrical & electronics is also expected to witness the highest growth rate of 8.9% over the forecast period. LCP demand from automotive industry is expected to grow at an estimated CAGR of 7.3% from 2014 to 2020. Shift in trend towards adoption of lightweight, high performance materials from automotive industry particularly in the U.S. and Europe is expected to drive this segment.
Further key findings from the study suggest:
Global LCP demand was 46.1 kilo tons in 2013 and is expected to reach 81.7 kilo tons by 2020, growing at a CAGR of 8.6% from 2014 to 2020.
China was the leading regional market and accounted for 46.1% of total market volume in 2013. China is expected to continue its dominance over the forecast period owing to rapid expansion of electronics & electrical industry in the nation. Other Asian countries such as India, Japan, South Korea and Taiwan are also expected to witness steady growth over the forecast period.
Industrial machinery applications include ceramic material substitutes and mass transfer packaging in chemical industries. Increasing industrial machinery demand particularly in China and other Asian countries is expected to complement regional market growth.
North American LCP market is expected to reach USD 241.4 million by 2020, growing at an estimated CAGR of 7.3% from 2014 to 2020.
Global LCP market is highly consolidated with top four companies accounting for over three-fourth of total market. Some major companies operating in the global LCP market include Celanese Corporation, Polyplastics Co., Ltd, Solvay S.A and Sumitomo Chemical. Other companies include Toray International, Inc, Samsung Fine Chemicals and Ueno Fine Chemicals Industry Ltd.
Electronics & electrical was the major application over the past few years accounting for half of global LCP market demand. Electronics and electrical applications are expected to continue their dominance over the forecast period. Components such as connectors with pin high density are expected to drive LCP market in electronics and electrical application. Other major applications for manufacturing electronics and electrical components include computers, NASA satellite electronic components, high-density circuit boards for weaponry & missiles, light emitting diodes (LEDs), chip carriers, coil bobbins sensors, switches, and high-speed digital circuit board packaging. Increasing demand for micro injection molding coupled with high-temperature resistance & flow properties is expected to drive LCP market growth for electronics and electrical applications.
Industrial machinery was followed by electronics and electrical applications. Industrial machinery applications include chemical mass transfer tower packaging materials and brittle ceramic material replacement owing to their toughness and chemical inertness. Automotive was followed by industrial machinery application. Major LCP automotive applications include in the manufacturing of ignition components, lamp sockets, bezels, lighting reflectors and transmission powertrain. Other major LCP applications include in the manufacturing of medical and aerospace components.
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China was the leading regional market regarding consumption and accounts for just below half of total LCP market volume. China is expected to continue its dominance over the forecast period on account of the rapid growth of domestic electrical and electronics industry. Rapid industrialization is another factor contributing towards LCP market growth in machinery. Other Asian countries such as India and Indonesia are also expected to witness significant growth owing to the growth of major end-use industries. Other major demand is expected from key regions of North America and Europe. Countries in these regions such as U.S. and UK are expected to witness steady growth rates.
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Grand View Research has segmented the LCP market on the basis of application and region:
Global Liquid Crystal Polymer (LCP) Application Outlook (Volume, Kilo Tons; Revenue, USD Million, 2012 - 2020)
Electrical & Electronics
Global Liquid Crystal Polymer (LCP) Regional Outlook (Volume, Kilo Tons; Revenue, USD Million, 2012 - 2020)
Rest of Asia Pacific
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About Grand View Research
Grand View Research provides syndicated as well as customized research reports and consulting services on 46 industries across 25 major countries worldwide. This U.S.-based market research and consulting company is registered in California and headquartered in San Francisco. Comprising over 425 analysts and consultants, the company adds 1200+ market research reports to its extensive database each year. Supported by an interactive market intelligence platform, the team at Grand View Research guides Fortune 500 companies and prominent academic institutes in comprehending the global and regional business environment and carefully identifying future opportunities.
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