The global piezoelectricmaterials market size was USD 1.45 billion in 2023 and is projected to growfrom USD 1.52 billion in 2024 to USD 2.19 billion by 2032, exhibiting a CAGR of
4.7% during the forecast period 2024-2032. The growing development of lead-free piezoelectric materials due to strictregulations will subsequently foster the healthy growth of the market, states
Fortune Business Insights, in a report, titled “Piezoelectric Materials Market, 2024-2032.”
Source:
Market Segments:
Based on material, the market isdivided into piezoceramics, piezopolymers, piezo composites, and others. Piezoceramics
are further bifurcated into lead zirconate titanate (PZT) and lead-free
ceramics.
In terms of application, themarket is classified into actuators, motors, transducers, sensors, SONAR,
generators & transformers, acoustic devices, resonators, and others.
Based on the end-use industry,the market is separated into automotive, healthcare, IT & telecom, consumer
goods, aerospace & defense, and others.
Geographically, the market isclassified into North America, Asia Pacific, Europe, Latin America, and the
Middle East and Africa.
What doesthe report Include?
The report incorporates an important understanding of the market, all-inclusive data aboutprominent 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.
Driving Factor:
High Aerospace & DefenseExpenditure 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.
Piezoelectricmaterials 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 piezoelectric materials market growth in the forthcomingyears.
Regional Insights:
Surging Production Capacities to Aid Expansion in Asia Pacific
The market size in Asia Pacific accounted for USD 0.89 billion in2020 and is expected to hold the largest piezoelectric materials marketshare 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 companieswill enable expansion in the region. North America is expected to rise
excellently during the forecast period due to the region's extensive space
exploration programs. Europe is expected to hold a significant share owing to
the booming automotive industry in the region.
