Pune, India, Sept. 29, 2022 (GLOBE NEWSWIRE) -- According to Fortune Business Insights™, 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. In a report, titled “Piezoelectric Materials Market, 2021-2028.” The market size stood at USD 1.31 billion in 2020.
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Report Scope & Segmentation:
| Report Coverage | Details |
| Forecast Period | 2021-2028 |
| Forecast CAGR | 4.4 % |
| 2028 Value Projection | USD 1.82 Billion |
| Base Year | 2020 |
| Piezoelectric Materials Market Size in 2021 | USD 1.35 Billion |
| Historical Data | 2017-2019 |
| No. of Pages | 250 |
| Segments Covered | By Material, Application, End-user, and Regional Insights |
| Piezoelectric Materials Industry Growth Drivers | High Aerospace & Defense Expenditure to Augment Growth |
| Surging Production Capacities to Aid Expansion in Asia Pacific |
Competitive Landscape:
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.
The Report Lists the Main Companies in the Market:
- 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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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.
Major Driving Factor:
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.
Market Segments:
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.
Regional Insights:
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.
COVID-19 Impact:
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.
Browse Detailed Summary of Research Report with TOC:
https://www.fortunebusinessinsights.com/piezoelectric-materials-market-102938
Detailed Table of Content:
- Introduction
- Research Scope
- Market Segmentation
- Research Methodology
- Definitions and Assumptions
- Executive Summary
- Market Dynamics
- Market Drivers
- Market Restraints
- Market Opportunities
- Key Insights
- Key Emerging Trends – For Major Countries
- Key Developments: Mergers, Acquisition, Partnership, etc.
- Latest Technological Advancement
- Insights on Regulatory Scenario
- Porters Five Forces Analysis
- Qualitative Insights on Impact of COVID-19 on Global Piezoelectric Materials Market
- Supply Chain Analysis & Challenges due to COVID-19
- Steps taken by Government / Companies to Overcome this Impact
- Potential Challenges and Opportunities due to COVID-19 Outbreak
- Global Piezoelectric Materials Market Analysis, Insights and Forecast, 2017-2028
- Key Findings / Summary
- Market Analysis, Insights and Forecast – By Material
- Piezoceramics
- PZT
- Lead-free Ceramics
- Piezopolymers
- Piezocomposites
- Others
- Piezoceramics
- Market Analysis, Insights and Forecast – By Application
- Actuators
- Motors
- Transducers
- Sensors
- SONAR
- Generators & Transformers
- Acoustic Devices
- Resonators
- Others
TOC Continued…!
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