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The global piezoelectric materials market size was USD 1,352.2 million in 2019 and is projected to reach USD 1,839.4 million by 2027, exhibiting a CAGR of 4.0% during the forecast period.
Piezoelectricity is a property shown by some materials where 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, piezoelectric materials convert mechanical energy to electrical energy and vice versa. Due to this property, these are commonly referred to as transducers. These materials use piezoelectricity to measure changes in speed, mechanical 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 the 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 piezocomposites.
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Development of Lead-free Piezoelectric Materials to Keep up with Regulations against Usage of Lead in Electronic Appliances is a Trend
Lead zirconate titanate (PZT) is the largest used piezoceramic material but its usage is constrained due to the presence of lead in the compound. This subjects PZT to the regulations such as Restrictions of Hazardous Substances (RoHS) Directive 2002/95/EC adopted by Europe. 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, in order to provide compliant materials of piezoelectric, polymers showing piezoelectric properties are under study, including polyvinylidene fluoride (PVDF) and polysulfone. As lead is poisonous to humans, such research on the replacement of lead-based ceramics is expected to gain momentum in the near future. It is one of the piezoelectric materials market trends.
Increasing Instances of Automation in End-Use Industries yto Boost Market Growth
The end-use industries such as automotive and electronics have pushed for automation in their manufacturing lines. This has increased the demand for devices such as sensors, transducers, actuators, and motors to smoothly run the production lines. These devices use properties endowed by the these materials for the measurement of various quantities such as acceleration, pressure, strain, and acoustic intensity. Hence, the demand for such materials is projected to expand considerably with the increasing dependence of industries on automation.
Increasing Spending on Aerospace & Defense to Provide Acceleration to Demand for Piezoelectric Materials
The 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 a heavy amount of resources in building devices such as missile guidance systems, drones, and radars to strengthen their armed forces’ capabilities. Furthermore, an increase in the space exploration activities has led to an increase in the usage of devices such as sensors, acoustic devices, and SONARs in order to study space objects and other related environments. These devices require special piezoelectric type of 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. It would augment the piezoelectric materials market growth.
Inability to Differentiate between Signals and Noise Affects Adoption of Piezoelectric Materials
Piezoelectric materials find extensive application in sensing and energy conversion devices. However, the materials such as PZT and natural piezocrystals are unable to differentiate between the actual signals and the noise present in the system which may result in an inaccurate outcome, thereby affecting the performance of the device. Additionally, 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 Segment to Remain Dominant Owing to Rising Usage in Actuator & Transducer Manufacturing
Based on type, the piezoelectric market is classified into piezoceramics, piezopolymers, piezocomposites, and others. The piezoceramics segment is further bifurcated into lead zirconate titanate and lead-free ceramics. This segment is expected to hold the dominant share in the market on account of the large consumption of PZT for the manufacturing of transducers and actuators. This is because the performance of PZT can be easily modified based on the usage of doping materials. For instance, doping with niobium produces soft-PZT which increases its response capabilities and 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 industries.
On the other hand, the piezocomposites segment is swiftly gaining the 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 piezoceramics.
Sensors Segment to Grow With Highest CAGR Backed by Their Wide Range of Applications
In terms of application, the market for piezoelectric 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 a 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, thereby 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 industry with its application ranging from precision control of industrial machining tools, vehicle acceleration & braking systems, and robotic arms used in various end-use industries.
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Consumer Goods Segment to Lead Fueled by Their Increasing Usage Worldwide
Based on end-use industry, the market 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 piezoelectric materials to provide control and working of these products. With large scale consumption of such consumer goods stoked by improving consumer spending capacity in emerging economies, the segment is expected to maintain its leading position 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 automobiles. Furthermore, fuel atomizer, seat belt buzzers, airbag sensors, and tire pressure sensors are few of the major automotive parts where in these materials of Piezoelectric find application, thus resulting in the automotive industry to hold considerable share in the global market.
Asia Pacific Piezoelectric Materials Market Size, 2019 (USD Million)
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The 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. The governments of these countries 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 the U.S. planning extensive space exploration programs, wherein piezoelectric materials will be utilized in the sensing objects in space and to gain remote access of the spacecraft components. The automotive sector in Europe is expected to rejuvenate after the slowdown caused by the coronavirus pandemic and studies regarding driverless, automated cars shall also expand in the region, thereby providing a boost to the market.
While the market in south 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, the Middle East & Africa have observed an rising demand for piezoelectric materials owing to the expanding healthcare and electronics industry in the region.
Key Players Aiming for More Share with Acquisition of Smaller Companies and Profound Product Development
The competitive landscape of this market depicts a fairly consolidated market with a handful of companies accounting for the majority share. Key players in the market are investing a large number of resources in the research and development of novel piezoelectric materials and their applications as a course-way to gain market share.
Furthermore, key players operating in the market have adopted the strategy of capacity expansion, new product development, and acquisition of the smaller enterprises to improve their product portfolio and services. This trend is projected to positively impact the global market during the forecast period.
The piezoelectric materials market research report provides a detailed analysis of the market and focuses on key aspects such as leading company profiles, end-use industries, and leading applications of such 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 of the market over recent years.
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Value (USD Million)
By End-Use Industry
Fortune Business Insights says that the global piezoelectric materials market size was USD 1,352.2 million in 2019 and is projected to reach USD 1,839.4 million by 2027.
In 2019, the market value stood at USD 1,352.2 million.
Registering a CAGR of 4.0%, 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. on developing their space exploration capabilities and improving the strength of their military is the key factor driving the growth of this market.
Asia Pacific held the highest market share in 2018.
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