Covid-19 Outbreak Impact on LCP Connectors Market – Global Market Insights, Size, Share, Trends, Outlook, and Opportunity Analysis, 2020–2023
Primary Drivers and Key Barriers
Market Research Future (MRFR) mentions in its latest insightful report that the global LCP connectors market can note tremendous growth in the years to come. MRFR says that the market has the potential to record a growth rate of 8.1% during the forecast period (2018-2023).
LCP connectors are in high demand, given its use in a variety of applications as they offer a number of advantages, including inertness, high resistance to fire as well as non-reactivity. These features have made LCP connectors quite appealing and augmented its use in several traditional electric applications. The booming electronics industry is quickly adopting the latest trend of miniaturization of electric appliances, boosting the demand for LCP connectors since they help in the development of high-precision injection-molded parts.
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Worldwide surge in demand for consumer electronics devices, like tablets, cell phones, and laptops is also believed to uplift the position of the global liquid crystal polymer (LCP) connectors market. Elevated demand for miniaturized electronic components, like connectors as well as surface mounting devices, is projected to trigger the growth of the LCP connectors market in the forthcoming years. Miniaturization of devices leads to incorporation of higher number of features into tinier packages for streamlining systems by the manufacturers.
Soaring demand for lightweight as well as high-performance materials in a bid to enhance the automobile fuel efficiency can stimulate the demand for the LCP connectors market during the review period. Weight reduction is considered to be one of the top priorities in the automobile industry, since it helps bring down the carbon footprint of the vehicle. Strict environment-related regulations in Europe and North America has led to a decline in the CO2 emissions, which is bound to induce market growth in the near future.
Top Players
MRFR outlines the top players that form the competitive landscape of the worldwide LCP connectors market, which include Japan Aviation Electronics Industry, Ltd., HARTING Technology Group, Sumitomo Chemical Company, Wurth Group (Wurth Elektronik), RTP Company, Solvay SA, Asia International Enterprise (HK) Limited, Axon' Cable, Celanese Corporation, 3M Company, Molex Inc., Cinch Connectivity Solutions, Amphenol Corporation, TE Connectivity Ltd., Hirose Electric Co. Ltd, OMRON Corporation, Polyplastics Co. Ltd., to name a few.
Market Segmentation
The report givens a thorough segmental analysis of the LCP connectors market on the basis of connector.
The connector types mentioned in the MRFR report are D-shaped connectors, heavy duty power connectors, fiber optic connectors, power connectors, DVI, USB, solid-state lighting connectors, HDMI connectors, card edge connectors, rectangular connectors, coaxial connectors, modular connectors, FPC connectors, FFC, circular connectors, blade-type power connectors, memory connectors, backplane connectors and pluggable connectors.
The rectangular connectors segment forms over one-third of the total market and can capture a CAGR of 8.5% during the forecast period (2018-20230. Rectangular connectors are enjoying immense demand in the market, on account of their high durability, which has also boosted its use in heavy-duty electronic products. The second position in the market has been seized by the circular connectors segment, whose current value stands at more than USD 1,300 Mn. Coaxial connectors are touted to be the fastest gaining segment in the market during the projection period.
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Regional Insight
Primary regions that are part of the LCP Connectors market are Europe, the Middle East, Africa, Asia Pacific (APAC), North America as well as Latin America.
The APAC market for LCP connectors, along with North America, seems to be on the way to becoming a highly attractive investment destination for the market vendors. Revenue-wise, APAC holds the largest share in the global LCP connector market, with China identified as the leading country in the region. The country’s strong foothold in electronics manufacturing is believed to be one of the prime reasons for the region’s high position in the global market. In recent years, numerous economic reforms have occurred in China, which has brought the country under the spotlight. Meanwhile, India has also become a proactive member of the race, in a bid to expedite its economic trajectory, which has worked in favor of the LCP market in the region. In addition, the region is inundated with a large pool of renowned electronic manufacturers, which also stimulates the market’s prospects in the region. The LCP connector market in North America is expected to attain a better growth rate during the estimation period, and its valuation as of now is more than USD 1,300 Mn.
The latest trend of developing miniaturized connectors is most likely to induce the growth of the LCP connectors market in Europe in the upcoming years. Creating lightweight materials for automobile components in an attempt to boost fuel efficiency and bring down carbon emissions can also help the Liquid Crystal Polymer (LCP) market to expand significantly in the region during the conjectured period.
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