The global piezoelectric materials market size was USD 1.45 billion in 2023 and is projected to grow from 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 strict regulations will subsequently foster the healthy growth of the market, states Fortune Business Insights, in a report, titled “Piezoelectric Materials Market, 2024-2032.”

Source:

https://www.fortunebusinessinsights.com/piezoelectric-materials-market-102938

Market Segments:

Based on material, the market is divided into piezoceramics, 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 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 is classified into North America, Asia Pacific, Europe, Latin America, and the Middle East and Africa.

What does the report Include?

The report incorporates an important understanding of 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 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 piezoelectric materials market growth in the forthcoming years.

Regional Insights:

Surging Production Capacities to Aid Expansion in Asia Pacific

The market 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.