Piezoelectric Smart Materials Market

COVID-19 Impact Analysis

• The COVID-19 pandemic ceased the production of various products in the piezoelectric smart materials industry, which is attributed to the global lockdown. This has hampered the growth of piezoelectric smart materials market in the years and a similar trend is expected to be seen in the first half of 2022.
• The major demand for piezoelectric smart materials was previously noticed from giant developed and developing countries, including the U.S., Germany, Italy, UK, and China, which are negatively affected by the spread of the coronavirus, thereby declining the demand for piezoelectric smart materials.
• Further, the long-term impact of the lockdown is currently vague and financial recovery of companies is totally based on their cash reserves. Piezoelectric smart materials manufacturers can afford a lockdown only for a few months, after which the players have to modify their investment plans. For instance, various players in the market halted their production activities for several weeks to reduce their expenses. On the contrary, few players adopted employee lay-offs to sustain themselves during the COVID-19 health crisis.
• Piezoelectric smart materials manufacturers are expected to focus on protecting their workforce, operations, and supply chains to respond to immediate crises and find new ways of working after COVID-19. For instance, provision of sanitizers, maintaining social distancing, as well as ensuring the vaccination of every employee in the company can assist in promoting the health & safety of the workforce. 

Top Impacting Factors

The electronics industry is one of the major industries that uses piezoelectric smart materials, and due to the rise in the electronics industry, the demand for piezoelectric smart materials is expected to increase. Further, aerospace is among the industries that uses piezoelectric smart materials in their airplanes and other related offerings, and due to the rise in the aerospace industry, the demand for piezoelectric smart materials is further increasing. Furthermore, as the disposable income of the public in general is rising, the demand for smart-homes is witnessing a boost. This is anticipated to increase the demand for piezoelectric smart materials. However, the high cost of piezoelectric smart materials is one of the restraining factors hindering the growth of the piezoelectric smart materials market. Contrarily, technological developments in piezoelectric smart materials, such as the ability to work effectively at higher temperatures boost the efficiency of the materials, as well as result in widening the scope of their usage. This is expected to create lucrative opportunities for the growth of the piezoelectric smart materials market during the forecast period.

Market Trends

• New products that contain improved capabilities are launched by leading market players. They take necessary steps to improve overall functionality of the products. For instance, in February 2019, the U.S.-based piezoelectric smart materials manufacturer, CTS Corporation, expanded its piezoelectric product line to include the ability to design, engineer, and manufacture complex shapes such as hemispheres, spheres, and curved plates. These shapes are used for ultrasonic underwater devices and ultrasonic medical transducers. The product launch has enhanced the product offerings of the company to sustain the competition in the piezoelectric smart materials market.
• Moreover, key players are adopting business expansion strategies to enhance their product offerings. For instance, in April 2019, Piezo Kinetics Inc. a manufacturer of small and specialty piezoelectric ceramic elements and assemblies, announced the expansion of its manufacturing operation at its Bellefonte, Pa. headquarters facility. The facility is expected to increase capacity by 25% for the production of piezoelectric ceramic parts. 
• Further, in July 2019, PI Ceramic, a subsidiary of global precision motion and piezo technology solutions leader PI (Physik Instrumente), expanded its manufacturing facility to increase its manufacturing capability. PI Ceramics is expanding its existing facilities in Lederhosen, Germany, increasing their current footprint by half.

Key Benefits of the Report

• This study presents the analytical depiction of the piezoelectric smart materials industry along with the current trends and future estimations to determine the future investment pockets.
• The report presents information related to key drivers, restraints, and opportunities, along with detailed analysis of the piezoelectric smart materials market share.
• The current market is quantitatively analyzed to highlight the piezoelectric smart materials market growth scenario.
• Porter’s five forces analysis illustrates the potency of buyers & suppliers in the market. 
• The report provides a detailed piezoelectric smart materials market analysis based on competitive intensity and how the competition will take shape in coming years.