LONDON--(BUSINESS WIRE)--The global liquid crystal polymers (LCP) market is expected to grow at a CAGR of close to 6% during the forecast period, according to Technavio’s latest market research.
In this market research report, Technavio covers the market outlook and growth prospects of the global liquid crystal polymers market for 2017-2021. The market is further categorized into five major end-user segments, comprising of electrical and electronics, consumer goods, lighting, automotive, and medical applications.
“The economic growth in developing countries, such as India, China, Mexico, Brazil, and Russia, is driving the market, especially in the electrical and electronics sector. This is due to the increase in expansion activities and disposable income of customers in developing nations, which has propelled the use of electrical and electronics products,” says Hitesh Bhatia, a lead plastics, polymers, and elastomers research expert from Technavio.
Technavio’s research analysts segment the global liquid crystal polymers market into the following regions:
- APAC
- Americas
- EMEA
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LCP market in APAC
APAC is the fastest growing market for LCP, owing to growing economies such as China and India. Technavio estimates that the LCP market in APAC will be driven by the rapidly growing electrical and electronics sector in the region. Japan is one of the major markets for liquid polymers owing to an increasing demand from the automotive and electronics industries.
A majority of the LCP produced in the region is consumed for the manufacture of electrical and electronics products that are then exported to other parts of the world. APAC is a hub for consumer electronic device manufacturers. The majority of monitors, notebook, tablet, and TV vendors have manufacturing sites located in South Korea, Taiwan, Japan, and China.
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LCP market in Americas
The Americas is expected to witness moderate growth in the global LCP market. In the US, North America has the largest consumption, followed by Canada. Most of the manufacturers of LCP are based out of APAC owing to the electrical and electronics hub rooted there. This has contributed to low market share of the Americas. Additionally, the region also has fewer OEMs and ODMs in comparison with APAC. Apple's flagship products and iPad series are using thin-film-transistor (TFT) liquid crystal display (LCD)s.
Major growth in the region is expected to be driven by Argentina, Brazil, Canada, Colombia, Mexico, and the US due to the growth in 4k ultra-high-definition (UHD) TVs, in the electronics and electrical segment.
LCP market in EMEA
The electronics and automotive industries in Europe is expected to witness high demand for LCP owing to the increase in deployment of lightweight materials in the automotive sector. The advantages of LCP can be efficiently utilized to meet the demanding nature and weight reduction targets set by the European Union (EU). Germany and France are expected to be the largest markets in Europe.
“The electronics industry in Germany is expected to observe growth from the automotive and industrial electronics sector. This is due to the shift towards renewable energy and trends such as e-mobility and formation of smart factories. Stringent emission norms have forced automobile manufacturers to make vehicles lighter and improve efficiency,” says Hitesh.
The top vendors in the global liquid crystal polymers market as highlighted in this market research analysis are:
- Celanese Corporation
- Solvay
- Sumitomo Chemical
- TORAY INDUSTRIES
- UENO FINE CHEMICALS INDUSTRY
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