The global piezoelectric materials market is anticipated to gain impetus from the increasing research and development activities to create lead-free piezoceramics.
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(TM) 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.
The emergence of the COVID-19 pandemic has brought the world to a standstill. Several companies have halted their manufacturing processes. Until and unless a vaccine is discovered, disruptions in supply chain and heavy financial losses of a wide range of industries are inevitable. Our reports would provide accurate information about the best strategies that you can follow to regain your business confidence and generate more shares.
Drivers & Restraints-
Rising Automation in Automotive & Electronic Industries to Boost Growth
Several end-use industries such as electronics and automotive are looking forward to bringing in automation in their manufacturing processes. This has further surged the demand for devices, such as motors, actuators, transducers, and sensors. These devices help in the smooth operation of production lines. They utilize piezoelectric materials to measure various quantities, namely, acoustic intensity, strain, pressure, and acceleration. Therefore, the demand for these materials is expected to grow in the coming years backed by the high dependence of industries on automation.
However, these materials are mainly used in energy conversion and sensing devices. But, when they are subjected to harsh environments, such as heavy stress and high temperature, the results can be severely affected. This factor may hamper the piezoelectric materials market growth in the near future.
Segment-
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.
Gain More Insights into the Piezoelectric Materials Industry Research Report:
https://www.fortunebusinessinsights.com/piezoelectric-materials-market-102938
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