What is the global market size of Piezoelectric Materials Market?

Piezoelectric Materials Market size was valued at USD 29.23 billion in 2019 and is poised to grow from USD 30.9 billion in 2023 to USD 48.14 billion by 2031, growing at a CAGR of 5.7% in the forecast period (2024-2031).

Piezoelectric Materials Market Size

Piezoelectric Materials Market Insights

Piezoelectric Materials Market size was valued at USD 30.9 Billion in 2023 and is poised to grow from USD 32.66 Billion in 2024 to USD 50.88 Billion by 2032, growing at a CAGR of 5.7% during the forecast period (2025-2032).

Piezoelectricity is a property unveiled by some materials which triggers an electric field by giving force to it. Piezoelectric materials can change shapes and possess high degree of stiffness during exposure to mechanical stress. These are commonly used in the formulation of a variety of electronic goods including sensors, actuators, transducers, SONAR, motors, and generators, which in turn will propel the global piezoelectric materials market growth over the forecast period. The materials possess a low thermal expansion which is good for electronics applications and can be used as an insulator because this prevents damage because of changes in temperature being carried out in tough conditions.

The developed countries like the United States and Germany are growing since there is an increasing demand for photovoltaic and it is expected to increase the usage of the product.

But due to the growing demand for substitutes such as dielectric and inherently conductive polymers in manufacturing actuators due to product innovation by Parker and Solvay is expected to hinder the industry growth.

US Piezoelectric Materials Market is poised to grow at a sustainable CAGR for the next forecast year.

FAQs

Global piezoelectric materials market is highly competitive and somewhat fragmented. To maintain a competitive edge, the major industry participants are continually implementing various growth strategies. Innovations, mergers, and acquisitions, collaborations and partnerships are adopted by these players to thrive in the competitive market. In order to provide industries with the most effective and economical solutions, the major market players are also continually concentrating on R&D. 'CTS Corporation (U.S.) ', 'CeramTec GmbH (Germany) ', 'Physik Instrumente (PI) GmbH & Co. KG (Germany) ', 'Kistler Group (Switzerland) ', 'TDK Corporation (Japan) ', 'Murata Manufacturing Co., Ltd. (Japan) ', 'Piezo Systems Inc. (U.S.) ', 'Meggitt PLC (UK) ', 'Aerotech Inc. (U.S.) ', 'Piezosystem Jena GmbH (Germany) ', 'APC International, Ltd. (U.S.) ', 'Kyocera Corporation (Japan) ', 'Parker Hannifin Corporation (U.S.) ', 'Advanced Cerametrics Inc. (U.S.) ', 'Sparkler Ceramics Pvt. Ltd. (India) ', 'NGK Insulators Ltd. (Japan) ', 'Piezo Kinetics Inc. (U.S.) ', 'Sensor Technology Ltd. (UK) ', 'Morgan Advanced Materials (UK) ', 'Sony Corporation (Japan)'

Increasing demand for devices such as transducers, sensors, actuators, and motors due to the automation in end-use industries including automotive and electronic manufacturing for running the production line smoothly. Because the devices use piezoelectric materials properties for measuring various quantities- pressure, acceleration, strain, and acoustic intensity, which will drive the growth of piezoelectric materials.

The usage of piezoelectric materials is constrained because there is lead in the compound which subjects PZT to the regulations- Restrictions of Hazardous Substances (RoHS) Directive 2002/95/EC by EU. Polymers having piezoelectric properties such as polyvinylidene fluoride (PVDF) and polysulfone are under examination for providing compliant piezoelectric materials. The leads are injurious to human health, so, the research on the alternative of lead-based ceramics is observed to gain speed in the upcoming years and turn on the market growth.

Asia Pacific (APAC) region is expected to register good profitability due to the establishment of electronic manufacturing units in South Korea, China, Japan, and Taiwan. The increasing production capacities of key companies may expand the piezoelectric materials market in the region. The governments are giving tax rebates, and incentives to the manufacturers of electronics establishing new plants in the region after the sluggish rate from the pandemic. The automotive sector will grow more in China and India after the latest investments by Ford and Volkswagen on a domestic level and is further expected to increase the demand for electronic accessories like motors. All of these are anticipated to increase the usage of piezoelectric materials in the formulation of actuators, sensors, and other electronic accessories.