The global piezoelectric materials market size is expected to reach USD 1,841.3 Million by 2027, exhibiting a CAGR of 5.0% during the forecast period. The growing development of lead-free piezoelectric materials owing to the strict regulations will subsequently foster the healthy growth of the market, states Fortune Business Insights, The market size stood at USD 1,352.2 Million in 2019.
The Report Lists the Main Companies in the Piezoelectric Materials Market:
High Aerospace & Defense Expenditure 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. Piezoelectric materials 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 market in the forthcoming years.
Scarcity of Raw Materials to Restrict Market Growth Amid COVID-19
Covid-19 has critically impacted the value chain of piezoelectric materials manufacturers. The lockdown restrictions announced by key countries including China, India, and Brazil have resulted in the closure of production processes. The scarcity of raw materials and restricted operations has dwindled the expansion of the market during coronavirus. Nevertheless, the high demand for equipment such as pyrometer, oximeter, automated ventilators, and electronic thermometers can have an excellent effect on the global market in the time of the pandemic. These devices utilize piezo materials to convert one form of energy into another. In addition, the ongoing research and development for the introduction of novel products to study coronavirus and its traits will boost the market. For instance, PI Ceramics developed piezoceramics that allow precise liquid handling for in-vitro diagnostics in early diagnosis and detection of disease.
Surging Production Capacities to Aid Expansion in Asia Pacific
The market in Asia Pacific is expected to hold the largest share in the global market 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 companies will enable expansion in the region. North America is expected to rise excellently during the forecast period owing to the extensive space exploration programs in the region. Europe is expected to hold a significant share owing to the booming automotive industry in the region.
February 2020: Fukui Murata Manufacturing Co., Ltd., a subsidiary of Murata Manufacturing Co., Ltd. announced the expansion of its existing manufacturing facility with the construction of a new production building in Fukui Prefecture, Japan.
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