The market for liquid crystal polymer is expected to grow at a CAGR of more than 5% globally. Major factor driving the market studied is the increasing demand for lightweight and miniaturized electronic devices, along with increased demand for polymer and plastic based products. On the flip side, low weld properties of LCP and unfavorable conditions arising due to the COVID-19 outbreak is hindering the growth of the market.
– The electronics segment is expected to dominate the application segment of the global liquid crystal polymer films laminates market as it offers excellent mechanical and electrical properties such as low dielectric constant, high moisture barriers, and high frequency, among others.
– Asia-Pacific region represents the largest market and is also expected to be the fastest-growing market over the forecast period owing to the consumption from countries such as China, South Korea, India, and Japan.
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Key Market Trends
Increasing Demand for Lightweight and Miniaturized Electronic Devices
– LCP films and laminates have widened application scope across electronics industry. LCP films offer excellent electrical and mechanical properties such as low dielectric constant, high moisture barriers, controllable thermal coefficient of expansion, high-frequency properties, and non-halogen flame-retardant characteristics.
– LCP films are used to manufacture flexible circuits, whereas LCP laminates are used to manufacture rigid Printed Circuit Boards (PCB). LCP laminates can be made either by layering LCP films over one above and integrating them using alternate high-temperature films or by inserting LCP films between copper clads and joining them using adhesives.
– LCP films have exceptionally low moisture absorption and water vapor transmission rates, which minimizes many moisture related problems encountered while using polyimide film as a circuit substrate.
– Apart from this, an LCP film has a low coefficient of hydroscopic expansion (CHE), which helps it to stay stable and flat when the moisture level changes.
– LCP offers superior thermal stability and can retain temperatures of up to 250°C, it is also inherently flame-retardant, which protects the electronic circuit in high temperature applications. Owing to its excellent combination of electronic, thermal, mechanical, and chemical properties of LCP, it is used widely as a promising substitute to polyimide for electronic packaging.
Asia Pacific Region to Dominate the Market
– Asia-Pacific is anticipated to witness the highest CAGR during the period on account of rapid expansion and consumption of electronics and automotive industry from countries like China, South Korea, Japan, and India.
– China is the largest electronics production base globally and offers a tough competition to the existing upstream producers, such as South Korea, Singapore, and Taiwan. Electronic products, such as smartphones, OLED TVs, and tablets, among others, witness the highest growth rates in the consumer electronics segment of the market, in terms of demand.
– With the increase in the disposable incomes of the middle-class population, the demand for electronic products is projected to increase steadily in the future, thereby, driving the market growth.
– The Chinese automotive manufacturing industry is the largest in the world. The “Made in China 2025” initiative is anticipated to support the upgrade of the existing low-cost mass production to higher value-added advanced manufacturing.
– Due to the aforementioned factors, the demand for LCP films and laminates is expected to increase in the region during the forecast period.
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