Piezoelectric Materials Market to Experience Significant Growth during the Forecast Period 2022-2028
The global piezoelectric materials market size is expected to reach USD 1.82 billion by 2028, exhibiting a CAGR of 4.4% during the forecast period. The growing development of lead-free piezoelectric materials due to strict regulations will subsequently foster the healthy growth of the market, states Fortune Business Insights, in a report, titled “Piezoelectric Materials Market, 2021-2028.” The market size stood at USD 1.31 billion in 2020.
Scarcity of Raw Materials to Restrict Market Growth Amid COVID-19
Covid-19 has critically impacted the value chain of piezoelectric materials manufacturers. The lockdown restrictions announced by key countries, including China, India, and Brazil, have resulted in the closure of production processes. The scarcity of raw materials and restricted operations has dwindled the expansion of the market during coronavirus. Nevertheless, the high demand for equipment such as pyrometers, oximeter, automated ventilators, and electronic thermometers can have an excellent effect on the global market in the time of the pandemic. These devices utilize piezo materials to convert one form of energy into another. In addition, the ongoing research and development for the introduction of novel products to study coronavirus and its traits will boost the piezoelectric materials market growth. For instance, PI Ceramics developed piezoceramics that allow precise liquid handling for in-vitro diagnostics in early diagnosis and disease detection.
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Based on material, the market is divided into piezoceramics, piezopolymers, piezo composites, and others. Piezoceramics are further bifurcated into lead zirconate titanate (PZT) and lead-free ceramics.
In terms of application, the market is classified into actuators, motors, transducers, sensors, SONAR, generators & transformers, acoustic devices, resonators, and others.
Based on the end-use industry, the market is separated into automotive, healthcare, IT & telecom, consumer goods, aerospace & defense, and others.
Geographically, the market is classified into North America, Asia Pacific, Europe, Latin America, and the Middle East and Africa.
What does the report Include?
The report incorporates an important understanding of the market, all-inclusive data about prominent players, distinguished facts and figures, latest developments, key drivers, and restraints, along with imperative information about dominant regions. Moreover, the report also provides a brief study on the COVID-19’s impact on the market.
High Aerospace & Defense Expenditure to Augment Growth
Various governments of emerging countries such as India, China, the U.S., Israel, and Japan are spending heavily on defense activities owing to growing security concerns. Countries are significantly investing in military devices such as missile guidance systems, drones, and radars to consolidate their armed capabilities, which, in turn, will spur opportunities for the market. Moreover, the growing space exploration activities have resulted in the high utilization of devices such as sensors, acoustic devices, and SONARs for research on space objects and related environments. Piezoelectric materials play an important role in these devices because of their ability to detect the slightest of change in their range, sustain in harsh conditions, and provide accurate & consistent results. In addition, the surging space exploration activities by private space agencies such as SpaceX can have a tremendous impact on the piezoelectric materials market growth in the forthcoming years.
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Surging Production Capacities to Aid Expansion in Asia Pacific
The market size in Asia Pacific accounted for USD 0.89 billion in 2020 and is expected to hold the largest piezoelectric materials market share during the forecast period owing to the well-established manufacturing hub for electronics and consumer goods in China, Japan, Taiwan, India, and South Korea. Moreover, the increasing production capacities of key companies will enable expansion in the region. North America is expected to rise excellently during the forecast period due to the region’s extensive space exploration programs. Europe is expected to hold a significant share owing to the booming automotive industry in the region.
This industry’s competitive landscape portrays a very concentrated market, with a few numbers of businesses controlling the bulk of market share. To gain market share, key industry players are investing significant resources in the research and development of innovative materials and their applications.
June 2019: L3 Technologies, Inc. and Harris Corporation signed a merger for L3Harris Technologies, Inc. This collaboration will establish the newly founded company as an agile aerospace & defense technology innovator and deliver value-laden services to its customers.
The Report Lists the Main Companies in the Market:
- PI Ceramics GmbH (Germany)
- APC International, Ltd. (U.S.)
- CTS Corporation (U.S.)
- L3Harris Technologies, Inc. (U.S.)
- CeramTec (Germany)
- Arkema (France)
- Solvay (Belgium)
- Mad City Labs, Inc. (U.S.)
- Piezosystem jena GmbH (Germany)
- Sparkler Ceramics (India)
- Piezomechanik GmbH (Germany)
- TDK Corporation (Japan)
- Murata Manufacturing Co., Ltd. (Japan)
- Kinetic Ceramics (U.S.)
- Hong Kong Piezo Co. Ltd. (China)
- Mide Technology (U.S.)
- Meggit PLC (U.K.)
- Johnson Matthey (U.K.)
- Piezo Kinetics Inc. (U.S.)
- TRS Technologies, Inc. (U.S.)
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