Pune, India, Dec. 07, 2020 (GLOBE NEWSWIRE) -- The global piezoelectric materials market size is expected to reach USD 1,841.3 Million by 2027, exhibiting a CAGR of 5.0% during the forecast period. The growing development of lead-free piezoelectric materials owing to the strict regulations will subsequently foster the healthy growth of the market, states Fortune Business Insights, in a report, titled “Piezoelectric Materials Market Size, Share & COVID-19 Impact Analysis, By Material (Piezoceramics [Lead Zirconate Titanate {PZT} and Lead-free Ceramics], Piezopolymers, Piezocomposites, and Others), By Application (Actuators, Motors, Transducers, Sensors, SONAR, Generators & Transformers, Acoustic Devices, Resonators, and Others), By End-Use Industry (Automotive, Healthcare, IT & Telecom, Consumer Goods, Aerospace & Defense, and Others), and Regional Forecast, 2020-2027.” The market size stood at USD 1,352.2 Million in 2019.
The coronavirus incident has caused colossal loss to several industries across the globe. The governments of several countries have instigated lockdown to thwart the spread of this deadly virus. Such plans have caused disturbances in the production and supply chain. But, with time and resolution, we will be able to combat this stern time and get back to normality. Our well-revised reports will help companies to receive in-depth information about the present scenario of every market so that you can adopt the necessary strategies accordingly.
The report on the piezoelectric materials market incorporates, important understandings 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.
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Market Driver:
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 market in the forthcoming years.
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 pyrometer, 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 market. For instance, PI Ceramics developed piezoceramics that allow precise liquid handling for in-vitro diagnostics in early diagnosis and detection of disease.
Regional Analysis:
Surging Production Capacities to Aid Expansion in Asia Pacific
The market in Asia Pacific is expected to hold the largest share in the global market 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 owing to the extensive space exploration programs in the region. Europe is expected to hold a significant share owing to the booming automotive industry in the region.
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Key Development:
February 2020: Fukui Murata Manufacturing Co., Ltd., a subsidiary of Murata Manufacturing Co., Ltd. announced the expansion of its existing manufacturing facility with the construction of a new production building in Fukui Prefecture, Japan.
The Report Lists the Main Companies in the Piezoelectric Materials 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 (UK)
- Johnson Matthey (UK)
- Piezo Kinetics Inc. (U.S.)
- TRS Technologies, Inc. (U.S.)
- Other Key Players.
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
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- Supply Chain Analysis & Challenges due to COVID-19
- Steps were 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, 2016-2027
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- 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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