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The global piezoelectric materials market size was USD 1,352.2 million in 2019 and is projected to reach USD 1,841.3 million by 2027, exhibiting a CAGR of 5.0% during the forecast period.
Piezoelectricity is a property displayed by some materials wherein the material generates an electric field when a force is applied to it. On the other hand, when an electric field is applied across the material, it shows deformation in its dimensions. In other words, these materials convert mechanical energy to electrical energy and vice versa. Due to this property, these materials are commonly referred to as transducers. These materials use piezoelectricity to measure changes in speed, stress, strain, heat, or force by converting the differential in energy into electrical charge. Based on this effect, these materials find application in the production and detection of sound and frequency, ignition devices, SONAR, and pressure & displacement measurement systems.
Nowadays, piezoelectric devices employ a vast variety of materials such as quartz crystal, Rochelle salt, ceramics, polymers, macro-fiber composites, ferroelectrets, and flexoelectric materials. The selection of material for different applications is based on piezoelectric materials properties such as consistency, stability, high input-to-output ratio, malleability, and heat & humidity resistance. Primarily quartz crystals were employed in piezoelectric devices, but its inability to react at low voltages and function at temperatures above 300ᵒ C obligated its replacement by modern materials such as piezoceramics and piezo composites.
Increasing Demand from Healthcare Industry to Balance the Impact of COVID-19
Covid-19 has severely affected the value chain of the piezoelectric materials manufacturers. The raw material supply was affected as the mining industry faced lockdown restrictions announced by key countries including China, India, and Brazil. Furthermore, crucial end-use industries such as electronics and automotive industries faced restricted operations and shutdowns which critically impacted the demand for these materials. However, COVID-19 presented a spike in demand for equipment such as pyrometer, oximeter, automated ventilators, and electronic thermometers. These devices utilize piezo materials to convert one form of energy to another and thus provisioned risen demand for these materials during the time of crisis.
Furthermore, companies operating in the market have modified their production plants to accommodate the growing demand from the healthcare industry. They also have developed novel products in combination with healthcare electronics manufacturers for the study of coronavirus and its traits. For instance, PI Ceramics developed piezoceramics that enable precise liquid handling for in-vitro diagnostics for early diagnosis and detection of disease.
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Development of Lead-Free Piezoelectric Materials to Stimulate Development
While lead zirconate titanate (PZT) is the largest used piezoceramic material, its usage is constrained due to the presence of lead in the compound which subjects PZT to the regulations such as Restrictions of Hazardous Substances (RoHS) Directive 2002/95/EC adopted by EU. Therefore, the development of lead-free piezoceramics is a large, ongoing research area. Lead-free piezoceramics consist of three main compositional families, titanate-based ceramics, alkaline niobate perovskite-based ceramics, and bismuth perovskite-based ceramics. Furthermore, to provide compliant materials, polymers showing piezoelectric properties are under study, including polyvinylidene fluoride (PVDF) and polysulfone. As lead is considered to be poisonous to humans, such research on the replacement of lead-based ceramics is expected to further gain momentum in the near future and alter the course of the market towards further growth.
Increasing Automation in End-Use Industries to Boost Market Growth
End-use industries such as automotive and electronics manufacturing have pushed for automation in their manufacturing lines. This push has increased the demand for devices such as sensors, transducers, actuators, and motors to smoothly run the production line. As these devices use properties endowed by the piezoelectric materials for measurement of various quantities such as acceleration, pressure, strain, and acoustic intensity, the demand for such materials is projected to expand considerably with the increasing dependence of industries on automation.
Increasing Spending on Aerospace & Defense to Spur Demand
Governments of countries such as India, China, the U.S., Israel, and Japan have significantly increased their budget on defense activities in recent years. These governments are investing heavily in building devices such as missile guidance systems, drones, and radars to strengthen their armed forces’ capabilities. Furthermore, an increase in space exploration activities has led to an increase in the usage of devices such as sensors, acoustic devices, and SONARs to study space objects and related environments. These devices require special materials that can detect the slightest of change in their range, sustain in harsh conditions, and provide accurate & consistent results. With private space agencies such as SpaceX taking a jump into providing space exploration services, the demand for such materials is further expected to inflate during the forecast period.
Lack of Differentiation between Signals and Noise to Diminish the Adoption of Piezoelectric Materials
While piezoelectric materials for energy harvesting and conversion devices, common materials such as PZT and natural piezo crystals are unable to differentiate between actual signals and noise present in the system which may result in an inaccurate outcome, affecting the performance of the device wherein the piezoelectric material is employed. Furthermore, when subjected to harsh environments such as high temperature and heavy stress, the consistency of results provided by the material is severely affected, further restricting its adoption for application in such conditions.
Piezoceramics Material Segment to Hold Dominant Share in the Market
Based on material, the market is classified into piezoceramics, piezopolymers, piezo composites, and others. Piezoceramics are further bifurcated into lead zirconate titanate (PZT) and lead-free ceramics. Piezoceramics are expected to hold the dominant share in the market on account of the large consumption of PZT for the manufacturing of transducers and actuators as the performance of PZT can be easily modified based on the usage of doping materials. While doping with niobium produces soft-PZT which increases its response capabilities, doping with iron forms hard-PZT which shows smaller hysteresis in the piezoelectric response. Such adaptability of piezoceramic materials has resulted in its large-scale consumption from the electronics and automotive industry.
On the other hand, piezo composites are swiftly gaining market share as they are preferable for application in ultrasonic equipment, non-destructive testing, and underwater acoustics. Composites offer smaller acoustic impedance than piezoceramics, are more plastic, and can better adapt to the mechanical loads. They possess better piezoelectric sensitivity and electromechanical activity and thus are considered to be effective alternatives to the piezoceramics.
Sensors Segment to Grow with Highest CAGR during the Forecast Period
In terms of application, the market is segmented into actuators, motors, transducers, sensors, SONAR, generators & transformers, acoustic devices, resonators, and others. The sensors segment is expected to grow at a considerable CAGR owing to its application in various fields including automatic vehicles, manufacturing lines, and consumer electronics. Sensors detect the change in energy and convert the difference into electrical signals which are used to make necessary changes in the system. For instance, the remote control of the TV has a pressure sensor, which detects the pressure on a button and converts it into an electrical signal which activates the IR blaster present on the remote. Inside the television unit, the IR sensor detects the change in energy and converts it into a digital signal, provisioning control of the unit.
On the other hand, an actuator is used to convert electrical signals sent by the system or user into mechanical energy to control the designated part to perform a certain action in the manufacturing line. Thus, the actuators segment is expected to account for the largest share in the global market with its application ranging from precision control of industrial machining tools, vehicle acceleration & braking systems, and robotic arms used in various end-use industries. Piezoelectric materials for biomedical applications is also one of the key trend in the market.
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Consumer Goods to Account for Largest Share in the Global Market
Based on the end-use industry, the market of piezoelectric materials is segmented into automotive, healthcare, IT & telecom, consumer goods, aerospace & defense, and others. Consumer goods such as TVs, washing machines, remote-controlled toys, and microwaves utilize these materials to provide control and working of these products. With large scale consumption of such consumer goods expected with improving consumer spending capacity in emerging economies, the segment is expected to maintain its lead in the market.
Trailing the consumer goods industry is the automotive industry, which shall grow at a stable CAGR during the forecast period owing to the requisition of these materials for actuators, fuel injectors, sensors, and braking systems present in the automobile. Furthermore, fuel atomizer, seat belt buzzers, airbag sensors, and tire pressure sensors are few major automotive parts wherein these materials find application, thus resulting in the automotive industry holding considerable share in the global market.
Asia Pacific Piezoelectric Materials Market Size, 2019 (USD Million)
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The piezoelectric materials market size in Asia Pacific stood at USD 905.9 million in 2019. Asia Pacific has emerged as a manufacturing hub for electronics and consumer goods with China, Japan, Taiwan, India, and South Korea focusing on the expansion of their production capabilities. Governments of countries in Asia Pacific are providing tax rebates and incentives to the electronics manufacturers setting up newer production plants in the region after the slowdown caused by COVID-19 and thus shall further expand the market size during the forecast period. North America shall provide growth opportunities for the market with U.S. planning extensive space exploration programs, wherein these materials will be utilized in sensing objects in space and remote access of the spacecraft components. The automotive sector in Europe is expected to rejuvenate after the slowdown caused by the corona pandemic and studies regarding driverless, automated cars shall also expand in the region, providing a boost to the market.
While the market in Latin America is still in infancy, the growing presence of end-use industries, especially IT & telecom, in the region shall result in the expansion of the market. On the other hand, Middle East & Africa have observed an increasing demand for these materials owing to the expanding healthcare and electronics industry in the region.
Focus on Product Development by Key Players to Maintain Strong Stance in the Global Industry
The competitive landscape of the market depicts a fairly consolidated market with a handful of companies accounting for a majority share in the market. Key players in the market are investing a large number of resources in the research and development of novel piezoelectric materials applications as a course-way to gain market share.
Furthermore, key players operating in the market have adopted the strategy of capacity expansion and acquisition of smaller enterprises to improve their offering portfolio and services. This trend is projected to positively impact the global market during the forecast period.
An Infographic Representation of Piezoelectric Materials Market
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The piezoelectric materials market report provides a detailed analysis of the market and focuses on key aspects such as leading companies, end-use industries, and leading applications of the piezoelectric type of materials. Besides this, the report offers insights into the market trends and highlights key industry developments. In addition to the aforementioned factors, the report encompasses several factors that have contributed to the growth rate of the market over recent years.
Volume (Million Cubic Centimeters); Value (USD Million)
Material; Application; End-Use Industry and Geography
By End-Use Industry
Fortune Business Insights says that the global market size was USD 1,352.2 million in 2019 and is projected to reach USD 1,841.3 million by 2027.
In 2019, the market value stood at USD 1,352.2 million.
Growing at a CAGR of 5.0%, the market will exhibit steady growth in the forecast period (2020-2027).
The consumer goods segment is expected to be the leading segment in this market during the forecast period.
Considerable investments by countries such as India, China, and the U.S. in space exploration activities to improve the strength of their military is a key factor boosting growth of this market.
Asia Pacific held the highest market share in 2019.
The focus of automotive and electronics manufacturing companies on automation of manufacturing plants to reduce the occurrence of product failures coupled with high demand for consumer electronics are factors expected to enhance the adoption.
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