Global Lyotropic Liquid Crystal Polymer Market Share Likely to Grow At a CAGR of 5.53 % By 2033

According to Custom Market Insights (CMI), The Global Lyotropic Liquid Crystal Polymer Market size was estimated at USD 1.38 Billion in 2021 and is expected to hit around USD 2.48 Billion by 2030, poised to grow at a compound annual growth rate (CAGR) of 5.53 % from 2022 to 2030.

Lyotropic liquid crystal polymers are also functional polymers, and stimuli-response polymers are high-performance polymers that undergo changes according to external environmental factors. For instance, Ista and Lopez employed poly(N-isopropylacryl-amide) (PNIPAAM), which undergoes rapid and reversible changes in response to external environmental factors such as PH, temperature, climate, light, and among others. Furthermore, the properties of lyotropic liquid crystal polymers are rigid, easy to process, resilient, flexible, and biocompatible. Therefore, it finds various applications in end-use industries such as automotive, electronics, textile, biotechnology, nuclear energy, and many others.

Browse the full “Lyotropic Liquid Crystal Polymer Market Size, Trends, and Insights By Form (LCP Resins & Compounds, Liquid Crystal Polymer Films, Liquid Crystal Polymer Fibers), By Application (Automotive, Aerospace & Defence, Electrical & Electronics, Industrial), and By Region – Global Industry Overview, Statistical Data, Competitive Analysis, Share, Outlook, and Forecast 2023–2032” report at https://www.custommarketinsights.com/report/lyotropic-liquid-crystal-polymer-market/

Market Dynamics.

Drivers.

The growing use of lyotropic liquid crystal polymer in the automotive sector will aid market growth.

Technological advancement, upgradation in new product developments, and spurring auto components and the OEM manufacturing industry have enhanced the performance of lyotropic liquid crystal polymer. It has a wide range of applications in automotive engineering, where it is used to manufacture sensors, spatial light modulators, and other auto components. This factor is expected to drive the market during the forecast period.

Lyotropic liquid crystal polymers are widely employed on interior and exterior auto components, mainly involving actuating valves, fiber composites, automated wipers, self-heating bumpers, and others. In addition, an increase in the production rate of OEM manufacturing devices has also contributed to the growth of intelligent polymers. For instance, according to a report published, by India Brand Equity Foundation, in January 2021, from FY16 to FY20, the automotive components industry registered a CAGR of 6%, reaching US $ 49.3 billion in FY20, with exports growing at a CAGR of 7.6% during FY16 -FY20 to reach US$ 14.5 billion in FY20. This factor is anticipated to enhance the overall demand for smart polymers in the growing automotive industry.

Restraints.

Side effects associated with lyotropic liquid crystal polymers

However, there is a lack of high-tech technology and chemical compatibility requirements for the formulation of polymers, one of the restraining factors for the lyotropic liquid crystal polymer market. Furthermore, chronic exposure to lyotropic liquid crystal polymers may have adverse effects on humans, such as skin infection, nausea, headache, and others.

Opportunities.

Robust demand from the biomedical sector 

Moreover, the biocompatibility and stability attributes of smart polymers have gained popularity in the biomedical field, where it is used in drug delivery system, therapeutic agents, tissue engineering scaffolds, bioseparation devices, sensors or actuator systems, and others. These factors are expected to increase lyotropic liquid crystal polymer sales in the upcoming years. 

Furthermore, several key companies are actively engaged in manufacturing cost-effective 

lyotropic liquid crystal polymers where biological and physical stimuli response-based smart polymers are widely employed in the various end-use industries. These factors collectively witnessed high potential growth for smart polymers, thus, offering remunerative opportunities for the market.

Challenges.

High-cost technology

The fluctuation in the prices of lyotropic liquid crystal polymer may be a challenging factor during the forecast period. In addition, installing high-tech nanotechnology for lyotropic liquid crystal polymers is challenging the manufacturer and, thus, the market. 

Report Highlights.

Based on type, they segmented into LCP resins & compounds, liquid crystal polymer films, and liquid crystal polymer fibers. 

The liquid crystal polymer films segment dominated the market in 2021 and is expected to grow over the forecast period with a total market share of 28.59%. Vector is the world’s first liquid crystal polymer (LCP) film launched by Kuraray Company. Its excellent electrical properties make it an ideal component for high-speed circuits and high-frequency electronic devices. It is widely used as a circuit board substrate material susceptible to external physical factors such as PH, temperature, radiation, lights, etc. This factor is expected to enhance the overall growth of the lyotropic liquid crystal polymer-based market during the forecast period.

Based on application, the segment includes automotive, aerospace & defense, electrical & electronics, and industrial. It is expected that the global electrical and electronics segment to hold a dominant position during 2022 -2031 with a total share of 14.78%.

Factors such as growing demand for electronic devices, government support for launching electric vehicles, and the well-established semiconductor manufacturing industry have enhanced the performance of lyotropic liquid crystals. LCPs have outstanding mechanical properties at high temperatures, excellent chemical resistance, inherent flame retardancy, and good weather ability. It is mainly used in electro-optical applications to manufacture sensors, circuit boards, and other electronic devices. These factors are projected to grow bright polymer during the forecast period.

Regional Snapshots. 

Region-wise, the market is studied across North America, Europe, Asia-Pacific, and LAMEA. 

Asia-Pacific is the dominant region in the Lyotropic liquid crystal polymer market. This region is also anticipated to maintain its dominance throughout the forecast period, with a total market share of 42.78%. Countries such as China, Japan, India, South Korea, and others have enhanced the performance of the lyotropic liquid crystal polymer market.

Countries such as China, India, Japan, South Korea, and others have a good presence in the electrical & electronics industry which will create the need for lyotropic liquid crystal polymers in electronics for the manufacturing of fiber optic cables, chip carriers, printed circuit boards, and surface mount parts and PCB components. Furthermore, India has received FDI inflows of $ 88.94 bn in Computer Software and Hardware from April 2000 to June 2022. Government support for the electronics industry is expected to foster the market in the upcoming years.

In addition, countries such as Japan and Taiwan are constantly engaged in expanding their electrical & automation manufacturing output, where different types of lyotropic liquid crystal polymers are used in the electronics and automotive industries. For instance, according to a report published by Hennessy Funds, Japan accounts for around 30% market for supplying factory automation products in the world. These factors are escalating the demand for PUR Adhesive in Electronics in the Asia-Pacific region. 

Additionally, the growing medical sector across the region has spurred the demand for lyotropic liquid crystal polymers, which produce dental tools, stabilizer trays, surgical instruments, and others. These factors are positively driving the market in the upcoming years.

Report Scope

Key Players

• BASF SE
• Celanese Corporation,
• Polyplastics Co Ltd.
• Sumitomo Chemical Co. Ltd.
• Toray Industries Inc.
• Solvay S.A.
• Ueno Fine Chemicals Industry Ltd.
• Shanghai PRET Composites Co.

Segments covered in the report

By Form

• LCP Resins & Compounds
• Liquid Crystal Polymer Films
• Liquid Crystal Polymer Fibers

By Application

• Automotive
• Aerospace & Defence,
• Electrical & Electronics
• Industrial

On the basis of Geography

North America

• The U.S.
• Canada
• Mexico

Europe

• France
• The UK
• Spain
• Germany
• Italy
• Rest of Europe

Asia Pacific

• China
• Japan
• India
• Australia
• South Korea
• Rest of Asia Pacific

The Middle East & Africa

• Saudi Arabia
• UAE
• Egypt
• Kuwait
• South Africa
• Rest of the Middle East & Africa

Latin America

• Brazil
• Argentina
• Rest of Latin America