Piezoelectricity refers to the electric charge that is accumulated in certain solid materials when mechanical stress is applied. When dimensional change is imposed on dielectric, a voltage is created, which called as direct effect. Also, the application of an electric field to a dielectric results in dimensional change, which is called as inverse effect. The materials that exhibit this property are called as piezoelectric materials. Some of the examples of piezoelectric materials are quartz, apatite, and aluminum nitride. These materials are used as sensors to measure strain, force, or acceleration and convert them into electric signal. Another application of piezoelectric materials is as ultrasonic transducers for medical applications.
The global piezoelectric materials market is expected to expand at a healthy CAGR during the forecast period of 2016 to 2024. This report is a comprehensive analysis of the market which presents a figurative estimation of the future based on several factors that are primed to influence the growth rate. To present a clear picture, this report divides the global piezoelectric materials market into segments on the basis of product, application, end-users, and geography. The report also includes a dedicated section on company profile wherein their strategies and market share has been provided.
In a bid to reduce the operational cost during production, several manufacturing companies have increased their spending towards the implementation of automation systems. This rising importance of automated manufacturing processes with increased efficiency and reduced production time is one of the primary factors that are expected to positively influence the growth rate over the forecast period. Since piezoelectric materials possess a high degree of stiffness when exposed to mechanical stress and have the ability to change shape, these materials are now frequently used in the formulation of several electronic goods such as actuators, transducers, sensors, SONAR, generators, and motors. This is another factor that will augment the market growth rate in near future.
Moreover, the rising demand for photovoltaic cells in developed countries such as the U.S. and Germany due to regulatory support pertaining to Feed-in-Tariff (FiT) is expected to fuel the demand over the forecast period. Conversely, the growing demand for substitutes such as dielectric and inherently conductive polymers in manufacturing actuators is expected to hinder the growth rate.
On the basis of product, the global market for piezoelectric materials can be segmented into ceramics, polymers, composites, and others. By application, the market can be divided into actuators, sensors, motors, acoustic devices, generators, SONAR, transducers, and others. By end-use, the market can be segmented into automotive, healthcare, information and telecommunication, consumer goods, aerospace and defense, and others.
The report segments the market into the regions of North America, Europe, Asia Pacific, and rest of the world. Currently, Asia Pacific serves the maximum demand in the piezoelectric materials market and is expected to further gain from the presence of electronic manufacturing units in China, Japan, South Korea, and Taiwan. The regional market in Europe is dominated by the countries of Germany, the U.K., and Russia.
Some of the prominent manufacturers of piezoelectric materials are PI Ceramic, CeramTec, Harris Corporation, Morgan Technical Ceramics, APC International, and Mad City Labs. Collaboration and partnerships with research institutes is among the most common strategy adopted by these players to maintain their market share.