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-freepiezoelectric materials due to strict regulations will subsequently foster the
healthy growth of the market, states Fortune Business Insights, in a report,
titled “Piezoelectric Materials Market, 2021-2028.” The market sizestood at USD 1.31 billion in 2020.
Source:
Market Segments:
Based on material, the market is divided intopiezoceramics, piezopolymers, piezo composites, and others. Piezoceramics are
further bifurcated into lead zirconate titanate (PZT) and lead-free ceramics.
In terms of application, the market is classifiedinto actuators, motors, transducers, sensors, SONAR, generators &
transformers, acoustic devices, resonators, and others.
Based on the end-use industry, the market isseparated into automotive, healthcare, IT & telecom, consumer goods,
aerospace & defense, and others.
Geographically, the market is classified into NorthAmerica, Asia Pacific, Europe, Latin America, and the Middle East and Africa.
What does the report Include?
The report incorporates an important understandingof the market, all-inclusive data about prominent 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 & Defense Expenditure to AugmentGrowth
Various governments of emerging countries such asIndia, 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. Piezoelectric
Regional Insights:
Surging Production Capacities to Aid Expansion inAsia Pacific
Themarket size in Asia Pacific accounted for USD 0.89 billion in 2020 and is
expected to hold the largest piezoelectric materials market share during the
forecast period owing to the well-established manufacturing hub for electronics
and consumer goods in China, Japan, Taiwan, India, and South Korea.
