Liquid Crystal Polymers (LCP) Market SIZE & SHARE ANALYSIS - GROWTH TRENDS & FORECASTS UP TO 2029


Liquid Crystal Polymers (LCP) Market Analysis:

Liquid crystal polymers (LCP) possess a wide range of versatile properties, including resistance to creep, chemicals, impact, and abrasion. Additionally, LCPs exhibit high dielectric and mechanical strength, making them highly sought after in various industries such as electronics, aerospace, and industrial machinery. In fact, the LCP market accounted for 0.65% of global engineering plastics revenue in 2022.

The electrical and electronics industry emerged as the largest consumer of LCP resins in 2022. This can be attributed to the increasing trend of utilizing high-strength and lightweight materials in consumer electronics, which is expected to drive the demand for LCP resin. Furthermore, the global consumer electronics industry is projected to reach a revenue of USD 1,103 billion by the end of 2023, with an annual growth rate of 2.17% until 2027.

The industrial machinery industry ranked as the second-largest consumer of LCP resin globally in 2022. The surge in the consumption of LCP resins can be attributed to the growing trends of rapid urbanization and the restoration of offshore exports for machine tools and structural equipment post-pandemic. As a result, the production of industrial machinery witnessed a significant boost in 2022, leading to a 19.20% growth in the industrial machinery segment of the global LCP market compared to the previous year.

The aerospace industry stands out as the fastest-growing end-user segment in terms of revenue. It is expected to witness a compound annual growth rate (CAGR) of 9.11% during the forecast period (2023–2029). This growth can be attributed to the increased production of aircraft components to meet the rising demand for lighter and more fuel-efficient aircraft, which will subsequently drive the consumption of LCP in the future. By 2029, aerospace production revenue is projected to reach USD 723 billion, compared to USD 466 billion in 2022.

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