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The global piezoelectric materials market is anticipated to gain impetus from the increasing research and development activities to create lead-free piezoceramics. They include three vital compositional families, namely, bismuth perovskite-based ceramics, alkaline niobate perovskite-based ceramics, and titanate-based ceramics. This information is given by Fortune Business Insights™ in a recent report, titled, “Piezoelectric Materials Market Size, Share & Industry Analysis, By Type (Piezoceramics [Lead Zirconate Titanate 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 report further states that this market size was USD 1,352.2 million in 2019. It is projected to reach USD 1,839.4 million by 2027, thereby exhibiting a CAGR of 4.0% during the forecast period.
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Automotive Segment to Grow Steadily Owing to High Usage of Piezoelectric Materials
Based on end-use industry, the market is segregated into aerospace & defense, consumer goods, IT & telecom, healthcare, automotive, and others. Out of these, the automotive segment held 18.4% piezoelectric materials market share in 2019. This growth is attributable to the usage of these type of materials in braking systems, sensors, fuel injectors, and actuators. Also, tire pressure sensors, airbag sensors, seat belt buzzers, and fuel atomizer require these materials extensively. Such factors would contribute to the steady growth of this segment in the coming years.
Regional Analysis-
Government’s Support to Manufacturers during COVID-19 will Favor Growth in Asia Pacific
In terms of geography, in 2019, Asia Pacific generated USD 905.9 million revenue. This growth is attributable to the expansion of production capacities by companies located in South Korea, India, China, Taiwan, and Japan. These countries are considered to be the major manufacturing hubs for consumer goods and electronics. Besides, the COVID-19 pandemic has caused losses for the electronics manufacturers. Thus, the governments of these countries are offering them incentives and tax rebates to set up new production plants.
North America, on the other hand, is anticipated to showcase good growth on account of the major contribution of the U.S. The country is planning to conduct several space exploration programs. Hence, the sensing objects used in such activities would require piezoelectric materials to achieve remote access to the components of the spacecraft. Europe is set to revive after the severe effects of the coronavirus pandemic. This would mainly occur because of the research and development of automated and driverless cars.