Piezoelectric Materials Market Expected to Reach $2.5 Billion by 2031—Allied Market Research

According to a new report published by Allied Market Research, titled, “Piezoelectric Materials Market," The piezoelectric materials market was valued at $1.4 billion in 2021, and is estimated to reach $2.5 billion by 2031, growing at a CAGR of 6.2% from 2022 to 2031.

Piezoelectric materials have the potential to convert mechanical effect into electrical signal or vice versa. These are employed in manufacturing a wide range of components including actuators, sensors, motors, acoustic devices, and others. Increase in investments in sustainable infrastructure in countries, such as the U.S., China, Japan, Mexico, and India, has led the building & construction sector to witness a significant growth where piezoelectric materials are used for energy storage purposes.

In addition, increase in spending on building advanced submarines have surged the potential application of composite piezoelectric materials used for measuring and describing targets in water. This factor is projected to augment the growth of the piezoelectric market.

However, ineffectiveness of piezoelectric materials while differentiating between noise and vibrations and thus, producing wrong results during monitoring activities is expected to hamper the growth of the market during the forecast period. On the contrary, increase in acceptance of piezoelectric materials for producing piezoelectric energy harvests that is used for generating power level from nano watts to microwatts in various aircrafts and fighter jets may enhance the demand for piezoelectric materials; thus, creating lucrative opportunities for the market.

The piezoelectric materials market is segmented on the basis of material type, application, end use, and region. By material type, the market is segregated into composite, ceramic, and polymeric. The ceramic segment dominated the global market in terms of revenue in 2021, with 60.51% of the total share. This is attributed to rise in demand for consumer goods which in turn led the industrial manufacturing sector to witness a significant growth where piezoelectric ceramics are used are used to for producing detection devices, ultrasonic devices, and other industrial devices.

By application, the market is divided into actuators, sensors, motors, acoustic devices, SONAR, and others. The actuators segment dominated the global market in terms of revenue in 2021, with 34.88% of the total share. This is attributed to the fact that piezoelectric materials are used in actuators to finally adjust machining tools, lenses, mirrors, and other equipment. Furthermore, piezo actuator is used to control hydraulic valve that act as I special purpose pump or motor in various and use sectors.

By end use, the market is divided into automotive, information technology, healthcare, consumer goods, and others. The consumer goods segment dominated the global market in terms of revenue in 2021, with 42.20% of the total share. This is attributed to the rise in disposable income coupled with increase in demand for consumer goods which in turn has led the piezoelectric materials market to witness a significant growth owing to the fact that piezoelectric materials are used for monitoring changes in various parameters such as temperatures, pressure, and others and then converting them into electrical signals.

Region-wise, the piezoelectric materials market is analyzed across North America, Europe, Asia-Pacific, and LAMEA. The Asia-Pacific piezoelectric materials market is projected to grow at the highest CAGR during the forecast period, and accounted for a major piezoelectric materials market share in 2021, owing to developments in automotive, healthcare, and other sectors that have enhanced the performance of the piezoelectric materials market in the Asia-Pacific region. Furthermore, China's industrial sector is increasing rapidly which in turn has enhanced the performance of the piezoelectric materials used for producing a wide range of industrial devices such as motion sensors, generators, motors, and others.

Key players operating in the global piezoelectric materials market include, Arkema S.A., CeramTec GmbH, Johnson Matthey, PI Ceramic GmbH, Piezo Kinetics, Inc, Piezomechanik Dr. Lutz Pickelmann GmbH, Solvay, Sparkler Ceramics Pvt. Ltd., TDK Electronics AG, and TRS Technologies, Inc.

COVID-19 analysis

The piezoelectric materials market has been negatively impacted due to the wake of the COVID-19 pandemic, owing to its dependence on automotive, building & construction, consumer goods, and other end-use sectors. The increasing risk of infection among the workforce has resulted in delayed construction projects amid the COVID-19 scenario. For instance, according to an article published by CNA in May 2021, the construction Industry Joint Committee (CIJC) has said that the shortage of manpower may lead to delay in construction projects attributed to workplace safety, and other factors.

Key findings of the study

• By material type, the ceramic segment is anticipated to register the highest CAGR of 6.0% during the forecast period.
• By application, the actuators segment is estimated to display the highest growth rate, in terms of revenue, registering a CAGR of 6.2% from 2022 to 2031.
• By end use, the consumer goods segment is estimated to display the highest growth rate, in terms of revenue, registering a CAGR of 6.6% from 2022 to 2031.
• By region, Asia-Pacific garnered the highest share of 49.7% in 2021, in terms of revenue, growing at a CAGR of 6.6%.