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 2024–2033
Report Snapshot
| Study Period: | 2024-2033 |
| Fastest Growing Market: | Asia-Pacific |
| Largest Market: | Europe |
Major Players
- BASF SE
- Celanese Corporation,
- Polyplastics Co Ltd.
- Sumitomo Chemical Co. Ltd.
- Others
Reports Description
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 reach USD 1.50 billion in 2022 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 crystals polymer is a crystalline mesosphere called. Lyotropic is formed by dissolving an amphiphilic mesogen in a suitable solvent under appropriate temperature, pressure, and concentration conditions. It possesses properties such as resistance to heat, chemicals, and temperature, which holds potential applications in various end-use industries such as automotive, electronics, industrial, biotechnology, nuclear energy, and many others. In addition, it is widely used in high-tech engineering applications.
The global lyotropic liquid crystal polymer market is evolving, and companies are now focusing more on strengthening and consolidating R&D activities, thereby increasing the production capacity of the intelligent polymer thus, driving the market growth by catering to the need for bright polymer in various end-use industries.
Growth Factors.
The growing use of intelligent polymers in electronics and medicine 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. Moreover, it is also extensively used to generate high-strength fibers such as Kevlar.
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 industry. These factors collectively witnessed high potential growth for smart polymers, thus, offering remunerative opportunities for the market.
Lyotropic liquid crystal polymer market Segmentation.
Lyotropic liquid crystal polymer market, segmented by Type
Depending upon the type, the lyotropic liquid crystal polymer market is 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.
Lyotropic liquid crystal polymer market, a segment on the basis of Application
Based on application, the global lyotropic liquid crystal polymer market is studied across the automotive, aerospace & defense, electrical & electronics industries. It is expected that the international 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.
Furthermore, the automotive and biomedical sectors have shown significant growth for lyotropic liquid crystal polymers during the forecast period. Lyotropic liquid crystal polymers are extensively used in the automotive industry and are employed predominantly on interior and exterior auto components. In addition, their biocompatibility, stability, and flexibility attributes make them ideal features in the biomedical sector, where it is used in drug delivery systems. This factor will drive the overall demand for intelligent polymers in the upcoming years.
In addition, an increase in the usage of lyotropic liquid crystal polymers in the sensors and actuators, such as artificial muscles, and to a great extent in biomedical engineering purposes has boosted the overall potential sales of intelligent polymers in upcoming years, offering the most lucrative opportunities for the market.
Report Scope
| Feature of the Report | Details |
| Market Size in 2021 | USD 1.38 Billion |
| Projected Market Size in 2030 | USD 2.48 Billion |
| Market Size in 2022 | USD 1.50 Billion |
| CAGR Growth Rate | 5.53 % CAGR (2022-2030) |
| Base Year | 2023 |
| Forecast Period | 2024-2033 |
| Prominent 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., and Others |
| Key Segment | By Form, Application, and Region |
| Report Coverage | Revenue Estimation and Forecast, Company Profile, Competitive Landscape, Growth Factors and Recent Trends |
| Regional Scope | North America, Europe, Asia Pacific, Middle East & Africa, and South & Central America |
| Buying Options | Request tailored purchasing options to fulfil your requirements for research. |
Regional Analysis
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. In addition, countries such as the 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.
Moreover, North America and Europe are expected to show positive growth for the lyotropic liquid crystal polymer market during the forecast period. This is attributed to the rising population, growing demand for electric vehicles and electronic components, and another end-use industry that has surged the demand for lyotropic liquid crystal polymers.
In addition, countries such as Japan and Taiwan are constantly engaged in expanding their electrical & automation manufacturing output, where different types of intelligent polymers are widely employed as a protecting material in various electrical & electronic products. 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 intelligent polymers in the Asia-Pacific region.
RecentDevelopment:
In July 2019: Sumitomo Chemical launched three new LCPs, named as SumikaSuper E6205L, SumikaSuper SR1205L, and SumikaSuper SZ6911EM. These new LCPs are designed explicitly for high-speed connectors such as backplanes and automotive connectors for infotainment. SumikaSuper SZ6911EM is designed to provide high-speed digital and wireless devices where electromagnetic interference (EMI) is considered. This strategic product launch has increased Sumitomo’s LCP’s business in the Asia-Pacific region
In January 2021: Celanese Corporation expanded its LCP business by opening a Multiphase LCP plant in China. This strategic business expansion has increased the overall market growth in China.
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.
Key Insights:
- The liquid crystal films type segment dominated the market in 2021 and is expected to grow over the forecast period with a total market share of 28.79%.
- The electrical and electronics application segment will hold the dominant position from 2022 -2031 and grow at a CAGR of 14.78% during the forecast period.
- Asia-Pacific is the dominant region in the nano-metal oxide market and growing at a CAGR of 42.78%.
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
- U.S.
- Canada
- Mexico
- Rest of North America
Europe
- Germany
- France
- U.K.
- Italy
- Spain
- Rest of Europe
Asia Pacific
- China
- Japan
- India
- New Zealand
- 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
Table of Contents
- Chapter 1. Preface
- 1.1 Report Description and Scope
- 1.2 Research scope
- 1.3 Research methodology
- 1.3.1 Market Research Type
- 1.3.2 Market research methodology
- Chapter 2. Executive Summary
- 2.1 Global Lyotropic Liquid Crystal Polymer Market, (2022 – 2030) (USD Billion)
- 2.2 Global Lyotropic Liquid Crystal Polymer Market : snapshot
- Chapter 3. Global Lyotropic Liquid Crystal Polymer Market – Industry Analysis
- 3.1 Lyotropic Liquid Crystal Polymer Market: Market Dynamics
- 3.2 Market Drivers
- 3.2.1 The growing use of intelligent polymers in electronics
- 3.2.2 Medicine will aid market growth.
- 3.3 Market Restraints
- 3.4 Market Opportunities
- 3.5 Market Challenges
- 3.6 Porter’s Five Forces Analysis
- 3.7 Market Attractiveness Analysis
- 3.7.1 Market attractiveness analysis By Form
- 3.7.2 Market attractiveness analysis By Application
- Chapter 4. Global Lyotropic Liquid Crystal Polymer Market- Competitive Landscape
- 4.1 Company market share analysis
- 4.1.1 Global Lyotropic Liquid Crystal Polymer Market: company market share, 2021
- 4.2 Strategic development
- 4.2.1 Acquisitions & mergers
- 4.2.2 New Product launches
- 4.2.3 Agreements, partnerships, cullaborations, and joint ventures
- 4.2.4 Research and development and Regional expansion
- 4.3 Price trend analysis
- 4.1 Company market share analysis
- Chapter 5. Global Lyotropic Liquid Crystal Polymer Market – Form Analysis
- 5.1 Global Lyotropic Liquid Crystal Polymer Market overview: By Form
- 5.1.1 Global Lyotropic Liquid Crystal Polymer Market share, By Form, 2021 and 2030
- 5.2 LCP Resins & Compounds
- 5.2.1 Global Lyotropic Liquid Crystal Polymer Market by LCP Resins & Compounds, 2022 – 2030 (USD Billion)
- 5.3 Liquid Crystal Polymer Films
- 5.3.1 Global Lyotropic Liquid Crystal Polymer Market by Liquid Crystal Polymer Films, 2022 – 2030 (USD Billion)
- 5.4 Liquid Crystal Polymer Fibers
- 5.4.1 Global Lyotropic Liquid Crystal Polymer Market by Liquid Crystal Polymer Fibers, 2022 – 2030 (USD Billion)
- 5.1 Global Lyotropic Liquid Crystal Polymer Market overview: By Form
- Chapter 6. Global Lyotropic Liquid Crystal Polymer Market – Application Analysis
- 6.1 Global Lyotropic Liquid Crystal Polymer Market overview: By Application
- 6.1.1 Global Lyotropic Liquid Crystal Polymer Market share, By Application, 2021 and 2030
- 6.2 Automotive
- 6.2.1 Global Lyotropic Liquid Crystal Polymer Market by Automotive, 2022 – 2030 (USD Billion)
- 6.3 Aerospace & Defence
- 6.3.1 Global Lyotropic Liquid Crystal Polymer Market by Aerospace & Defence, 2022 – 2030 (USD Billion)
- 6.4 Electrical & Electronics
- 6.4.1 Global Lyotropic Liquid Crystal Polymer Market by Electrical & Electronics, 2022 – 2030 (USD Billion)
- 6.5 Industrial
- 6.5.1 Global Lyotropic Liquid Crystal Polymer Market by Industrial, 2022 – 2030 (USD Billion)
- 6.1 Global Lyotropic Liquid Crystal Polymer Market overview: By Application
- Chapter 7. Lyotropic Liquid Crystal Polymer Market – Regional Analysis
- 7.1 Global Lyotropic Liquid Crystal Polymer Market Regional Overview
- 7.2 Global Lyotropic Liquid Crystal Polymer Market Share, by Region, 2021 & 2030 (USD Billion)
- 7.3. North America
- 7.3.1 North America Lyotropic Liquid Crystal Polymer Market, 2022 – 2030 (USD Billion)
- 7.3.1.1 North America Lyotropic Liquid Crystal Polymer Market, by Country, 2022 – 2030 (USD Billion)
- 7.3.1 North America Lyotropic Liquid Crystal Polymer Market, 2022 – 2030 (USD Billion)
- 7.4 North America Lyotropic Liquid Crystal Polymer Market, by Form, 2022 – 2030
- 7.4.1 North America Lyotropic Liquid Crystal Polymer Market, by Form, 2022 – 2030 (USD Billion)
- 7.5 North America Lyotropic Liquid Crystal Polymer Market, by Application, 2022 – 2030
- 7.5.1 North America Lyotropic Liquid Crystal Polymer Market, by Application, 2022 – 2030 (USD Billion)
- 7.6. Europe
- 7.6.1 Europe Lyotropic Liquid Crystal Polymer Market, 2022 – 2030 (USD Billion)
- 7.6.1.1 Europe Lyotropic Liquid Crystal Polymer Market, by Country, 2022 – 2030 (USD Billion)
- 7.6.1 Europe Lyotropic Liquid Crystal Polymer Market, 2022 – 2030 (USD Billion)
- 7.7 Europe Lyotropic Liquid Crystal Polymer Market, by Form, 2022 – 2030
- 7.7.1 Europe Lyotropic Liquid Crystal Polymer Market, by Form, 2022 – 2030 (USD Billion)
- 7.8 Europe Lyotropic Liquid Crystal Polymer Market, by Application, 2022 – 2030
- 7.8.1 Europe Lyotropic Liquid Crystal Polymer Market, by Application, 2022 – 2030 (USD Billion)
- 7.9. Asia Pacific
- 7.9.1 Asia Pacific Lyotropic Liquid Crystal Polymer Market, 2022 – 2030 (USD Billion)
- 7.9.1.1 Asia Pacific Lyotropic Liquid Crystal Polymer Market, by Country, 2022 – 2030 (USD Billion)
- 7.9.1 Asia Pacific Lyotropic Liquid Crystal Polymer Market, 2022 – 2030 (USD Billion)
- 7.10 Asia Pacific Lyotropic Liquid Crystal Polymer Market, by Form, 2022 – 2030
- 7.10.1 Asia Pacific Lyotropic Liquid Crystal Polymer Market, by Form, 2022 – 2030 (USD Billion)
- 7.11 Asia Pacific Lyotropic Liquid Crystal Polymer Market, by Application, 2022 – 2030
- 7.11.1 Asia Pacific Lyotropic Liquid Crystal Polymer Market, by Application, 2022 – 2030 (USD Billion)
- 7.12. Latin America
- 7.12.1 Latin America Lyotropic Liquid Crystal Polymer Market, 2022 – 2030 (USD Billion)
- 7.12.1.1 Latin America Lyotropic Liquid Crystal Polymer Market, by Country, 2022 – 2030 (USD Billion)
- 7.12.1 Latin America Lyotropic Liquid Crystal Polymer Market, 2022 – 2030 (USD Billion)
- 7.13 Latin America Lyotropic Liquid Crystal Polymer Market, by Form, 2022 – 2030
- 7.13.1 Latin America Lyotropic Liquid Crystal Polymer Market, by Form, 2022 – 2030 (USD Billion)
- 7.14 Latin America Lyotropic Liquid Crystal Polymer Market, by Application, 2022 – 2030
- 7.14.1 Latin America Lyotropic Liquid Crystal Polymer Market, by Application, 2022 – 2030 (USD Billion)
- 7.15. The Middle-East and Africa
- 7.15.1 The Middle-East and Africa Lyotropic Liquid Crystal Polymer Market, 2022 – 2030 (USD Billion)
- 7.15.1.1 The Middle-East and Africa Lyotropic Liquid Crystal Polymer Market, by Country, 2022 – 2030 (USD Billion)
- 7.15.1 The Middle-East and Africa Lyotropic Liquid Crystal Polymer Market, 2022 – 2030 (USD Billion)
- 7.16 The Middle-East and Africa Lyotropic Liquid Crystal Polymer Market, by Form, 2022 – 2030
- 7.16.1 The Middle-East and Africa Lyotropic Liquid Crystal Polymer Market, by Form, 2022 – 2030 (USD Billion)
- 7.17 The Middle-East and Africa Lyotropic Liquid Crystal Polymer Market, by Application, 2022 – 2030
- 7.17.1 The Middle-East and Africa Lyotropic Liquid Crystal Polymer Market, by Application, 2022 – 2030 (USD Billion)
- Chapter 8. Company Profiles
- 8.1 BASF SE
- 8.1.1 Overview
- 8.1.2 Financials
- 8.1.3 Product Portfolio
- 8.1.4 Business Strategy
- 8.1.5 Recent Developments
- 8.2 Celanese Corporation
- 8.2.1 Overview
- 8.2.2 Financials
- 8.2.3 Product Portfolio
- 8.2.4 Business Strategy
- 8.2.5 Recent Developments
- 8.3 Polyplastics Co Ltd.
- 8.3.1 Overview
- 8.3.2 Financials
- 8.3.3 Product Portfolio
- 8.3.4 Business Strategy
- 8.3.5 Recent Developments
- 8.4 Sumitomo Chemical Co. Ltd.
- 8.4.1 Overview
- 8.4.2 Financials
- 8.4.3 Product Portfolio
- 8.4.4 Business Strategy
- 8.4.5 Recent Developments
- 8.5 Toray Industries Inc.
- 8.5.1 Overview
- 8.5.2 Financials
- 8.5.3 Product Portfolio
- 8.5.4 Business Strategy
- 8.5.5 Recent Developments
- 8.6 Solvay S.A.
- 8.6.1 Overview
- 8.6.2 Financials
- 8.6.3 Product Portfolio
- 8.6.4 Business Strategy
- 8.6.5 Recent Developments
- 8.7 Ueno Fine Chemicals Industry Ltd.
- 8.7.1 Overview
- 8.7.2 Financials
- 8.7.3 Product Portfolio
- 8.7.4 Business Strategy
- 8.7.5 Recent Developments
- 8.8 Shanghai PRET Composites Co.
- 8.8.1 Overview
- 8.8.2 Financials
- 8.8.3 Product Portfolio
- 8.8.4 Business Strategy
- 8.8.5 Recent Developments
- 8.1 BASF SE
List Of Figures
Figures No 1 to 21
List Of Tables
Tables No 1 to 52
Report Methodology
In order to get the most precise estimates and forecasts possible, Custom Market Insights applies a detailed and adaptive research methodology centered on reducing deviations. For segregating and assessing quantitative aspects of the market, the company uses a combination of top-down and bottom-up approaches. Furthermore, data triangulation, which examines the market from three different aspects, is a recurring theme in all of our research reports. The following are critical components of the methodology used in all of our studies:
Preliminary Data Mining
On a broad scale, raw market information is retrieved and compiled. Data is constantly screened to make sure that only substantiated and verified sources are taken into account. Furthermore, data is mined from a plethora of reports in our archive and also a number of reputed & reliable paid databases. To gain a detailed understanding of the business, it is necessary to know the entire product life cycle and to facilitate this, we gather data from different suppliers, distributors, and buyers.
Surveys, technological conferences, and trade magazines are used to identify technical issues and trends. Technical data is also gathered from the standpoint of intellectual property, with a focus on freedom of movement and white space. The dynamics of the industry in terms of drivers, restraints, and valuation trends are also gathered. As a result, the content created contains a diverse range of original data, which is then cross-validated and verified with published sources.
Statistical Model
Simulation models are used to generate our business estimates and forecasts. For each study, a one-of-a-kind model is created. Data gathered for market dynamics, the digital landscape, development services, and valuation patterns are fed into the prototype and analyzed concurrently. These factors are compared, and their effect over the projected timeline is quantified using correlation, regression, and statistical modeling. Market forecasting is accomplished through the use of a combination of economic techniques, technical analysis, industry experience, and domain knowledge.
Short-term forecasting is typically done with econometric models, while long-term forecasting is done with technological market models. These are based on a synthesis of the technological environment, legal frameworks, economic outlook, and business regulations. Bottom-up market evaluation is favored, with crucial regional markets reviewed as distinct entities and data integration to acquire worldwide estimates. This is essential for gaining a thorough knowledge of the industry and ensuring that errors are kept to a minimum.
Some of the variables taken into account for forecasting are as follows:
• Industry drivers and constraints, as well as their current and projected impact
• The raw material case, as well as supply-versus-price trends
• Current volume and projected volume growth through 2030
We allocate weights to these variables and use weighted average analysis to determine the estimated market growth rate.
Primary Validation
This is the final step in our report’s estimating and forecasting process. Extensive primary interviews are carried out, both in-person and over the phone, to validate our findings and the assumptions that led to them.
Leading companies from across the supply chain, including suppliers, technology companies, subject matter experts, and buyers, use techniques like interviewing to ensure a comprehensive and non-biased overview of the business. These interviews are conducted all over the world, with the help of local staff and translators, to overcome language barriers.
Primary interviews not only aid with data validation, but also offer additional important insight into the industry, existing business scenario, and future projections, thereby improving the quality of our reports.
All of our estimates and forecasts are validated through extensive research work with key industry participants (KIPs), which typically include:
• Market leaders
• Suppliers of raw materials
• Suppliers of raw materials
• Buyers.
The following are the primary research objectives:
• To ensure the accuracy and acceptability of our data.
• Gaining an understanding of the current market and future projections.
Data Collection Matrix
| Perspective | Primary research | Secondary research |
| Supply-side |
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| Demand-side |
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Market Analysis Matrix
| Qualitative analysis | Quantitative analysis |
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FAQs
Asia-Pacific” region will lead the global Lyotropic Liquid Crystal Polymer market during the forecast period 2022 to 2030.
The key factors driving the market are the growing use of intelligent polymers in electronics and medicine will aid market growth.
The key players operating in the Lyotropic Liquid Crystal Polymer market are 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.
The global Lyotropic Liquid Crystal Polymer market is expanding growth with a CAGR of approximately 5.53 % during the forecast period (2022 to 2030).
The global Lyotropic Liquid Crystal Polymer market size was valued at USD 1.38 Billion in 2021 and it is projected to reach around USD 2.48 Billion by 2030.