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The global piezoelectric materials market size is expected to reach USD 1.82 billion by 2028. The growing utilization of piezoelectric in a vast variety of materials such as quartz crystal, Rochelle salt, ceramics, polymers, micro-fiber composites, ferroelectrets, and flexoelectric materials will bolster the healthy growth of the market. Fortune Business Insights mentioned 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, 2021-2028.” The market size stood at USD 1.31 billion in 2020 and is expected to exhibit a CAGR of 4.4% between 2021 and 2028.
Expansion of CTS’s Portfolio to Accelerate Market Growth
CTS Corporation, a leading designer and manufacturer of sensors, actuators, and electronic components for original equipment manufacturers, announced its product portfolio's expansion with the introduction of four crystal families for application in automotive-grade crystal resonators. The newly developed products will have applications in a wide range of industries such as automotive, industrial, medical, and aerospace & defense. The expansion projects coupled with mergers and acquisitions of major companies can have an excellent effect on the market. For instance, in June 2019, L3 Technologies, Inc. and Harris Corporation announced that it had signed a partnership agreement with L3Harris Technologies, Inc. for its operations and the formation of a new company. The new development will help the companies to establish a newly founded company as an agile aerospace & defense technology innovator and deliver value-laden services to its customers.
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Increasing Automation in Industries to Promote Growth
The advancements in the automotive and electronics manufacturing industries will subsequently encourage the healthy growth of the market. Moreover, the growing demand for devices such as sensors, transducers, actuators, and motors can spur lucrative opportunities for the market. These devices use properties endowed by the piezoelectric materials to measure various quantities such as acceleration, pressure, strain, and acoustic intensity. Hence, the growing demand for these materials will consequently enable the speedy expansion of the market. However, harsh environments such as high temperature and heavy stress can affect its consistency, which, in turn, will restrict the adoption and dampen the piezoelectric materials market growth.
Product Development by Key Players to Establish Strong Market Presence
The market is dominated by major companies accounting for a significant share in the industry. Key players in the market are investing heavily in research and development activities to develop advanced materials to cater to the demand from industries. Moreover, the key players are adopting strategies such as capacity expansion, acquisition, partnerships, collaborations, and mergers to remain at the forefront. In addition, the growing concentration on product development by prominent companies will further enable speedy expansion of the market.
Notable Development:
The Report Lists the Key Players in the Market:
Further Report Findings:
Table of Segmentation-
ATTRIBUTE | DETAILS |
Study Period | 2017-2028 |
Base Year | 2020 |
Estimated Year | 2021 |
Forecast Period | 2021-2028 |
Historical Period | 2017-2019 |
Unit | Volume (Million Cubic Centimetres) and Value (USD Billion) |
Segmentation | By Material, By Application, By End-use Industry, and By Geography |
By Material |
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By Application |
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By End-Use Industry |
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By Geography
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