LCP Connectors Market To Observe Exponential Growth By 2023

Overview:

A recent study conducted by Market Research Future (MRFR) reveals the global LCP connectors market is set to increase at 8.1% CAGR between 2018 and 2023. Relentless technological advancements in industries such as electronics, medical and telecom has helped broaden the application spectrum of LCP connectors.

Demand for small and thin connectors has significantly increased in recent years owing to device miniaturization. This can be linked with the rising preference for LCP connectors. Over the years, several types of LCP connectors have come up, offering a wide range of circuit wiring solutions. Materials that are currently used for making connectors include Polyethyleneimine (PEI), Polybutylene terephthalate (PBT), Crystal Polymer (LCP), Polyphenylene sulfide (PPS), and Nylon 66. LCP is one of most common materials used for making connectors as it has high inertness and durability.

Growth of sectors such as automobile, aerospace and consumer electronics is also providing an impetus to the global LCP connectors market. LCP connectors find tremendous application in modern electronic components. Portability and miniaturization are key area of focus for electronic manufacturers, which is paving the way for LCP connectors. Nonetheless, arrival of superior alternatives is viewed as a major threat to the LCP connectors market.

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Global LCP Connector Market: Segmental Analysis

MRFR’s report also includes an exhaustive segmental analysis of the market based on connector and region. On the basis of connector type, the market has been segmented into heavy duty power connectors, D-shaped connectors, power connectors, fiber optic connectors, USB, DVI, HDMI connectors, solid-state lighting connectors, rectangular connectors, card edge connectors, modular connectors, coaxial connectors, FFC, FPC connectors, blade-type power connectors, circular connectors, pluggable connectors, memory connectors and backplane connectors. The rectangular connectors segment accounts for more than one-third share of the market. The segment is projected to soar at a CAGR of 8.5% from 2018 to 2023. Rectangular connectors are witnessing widespread popularity owing to their high durability. They are use in heavy-duty electronic products. These connectors also have different locking mechanism option such as bayonet/screw/double/single latches. The circular connectors segment holds the second position and is currently valued at over USD 1,300 Mn. The coaxial connectors segment is expected to post the strongest CAGR during the projection period.

Global LCP Connector Market: Regional Outlook

Key regions covered in the report include Europe, Asia Pacific (APAC), the Middle East, Africa, North America and Latin America. Asia Pacific and North America are expected to remain highly attractive investment destinations for market players operating on a global level. In terms of revenue, APAC currently makes the largest contribution to the global LCP connector market. The Chinese dominance in electronics manufacturing to some extent characterizes the region’s position in the global market. Over the years, several economic reforms have taken place in the country, bringing China under the spotlight. Meanwhile, its neighboring country India has also joined the race in an attempt to expedite it economic growth. This has augured well for the LCP market in APAC. Moreover, a number of prominent electronic manufacturers are based in APAC, which also favors the market’s prospects in the region. North America LCP connector market is projected to witness a restively higher CAGR during the review period. The market is North America is currently valued at over USD 1,300 Mn.

Global LCP Connector Market: Competitive Landscape

MRFR’s report includes a detailed analysis on competitive landscape of the market, which covers Wurth Group (Wurth Elektronik), TE Connectivity Ltd., Japan Aviation Electronics Industry, Ltd., Sumitomo Chemical Company, Amphenol Corporation, RTP Company, Molex Inc., Asia International Enterprise (HK) Limited, Axon’ Cable, Celanese Corporation, 3M Company, Polyplastics Co. Ltd., Cinch Connectivity Solutions, OMRON Corporation, Solvay SA, HARTING Technology Group, and Hirose Electric Co. Ltd.

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