Piezoelectric Smart Materials Market size is forecast to reach $9.6 billion by 2026, after growing at a CAGR of 5.3% during 2021-2026. Globally, the increasing R&D investments by research universities & companies for advanced Piezo solutions for piezoelectric smart materials in aerospace & defense applications, energy harvesting, and other major applications, is driving the market development. As piezoelectric smart materials undergoes mechanical stress, it produces an electric charge through its surface due to the asymmetry of its crystalline structure, thus, due to which it is increasingly used in the electromechanical transducers, actuators, and sensor applications. Furthermore, the rise in demand for piezoelectric sensors for the measurement of fluid compositions, fluid density, fluid viscosity, or the force of an impact is projected to bring new opportunities to the piezoelectric smart materials industry to expand during the predicted period.
Impact of Covid-19
The COVID-19 pandemic situation affected the supply of piezoelectric smart materials and has subsequently interrupted the industrial operations. Moreover the supply of piezoelectric smart materials in import-dependent countries had a significant effect on the trade disruptions which declined the market growth in the year 2020.
Piezoelectric Smart Materials Market Segment Analysis – By Type
Polymers held the largest share in the piezoelectric smart materials market in 2020. Due to various characteristics such as low production costs, lightweight, fast processing, and their adoption for biological applications such as the acquisition of biosignals and the support for tissue regeneration/repair, the high growth of polymers in the piezoelectric smart materials market is seen. Polyvinylidene fluoride (PVDF) and pure thermoplastic fluoropolymers are generally the selected materials among piezoelectric polymers because of their low cost, highly non-reactive properties, pressure super-sensitivity, and compliance with government regulations such as hazardous substance restriction for materials. Thus, with the growing market demand the rise of polymers in the piezoelectric smart materials market is estimated to increase in the forecast period.
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Piezoelectric Smart Materials Market Segment Analysis – By Application
Sensors held the largest share in the piezoelectric smart materials market in 2020 and is projected to grow at a CAGR of 3.4% during the forecast period 2021-2026. A piezoelectric sensor is a device that converts changes in strain, pressure, acceleration, temperature, or force into an electric charge using the piezoelectric effect. Piezoelectric sensor offers various advantages such as good frequency response, availability in desired shape, negligible phase shift, and small size.
Owing to such properties sensors are used for process control, quality assurance, and for research and development in many industries. Also, the increasing use of piezoelectric sensors in various applications, such as in medical, aerospace and defence, automotive, as a pressure sensor in the touch pads of mobile phones and as a tilt sensor in consumer electronics, is estimated to drive the piezoelectric smart materials market growth.
Piezoelectric Smart Materials Market Segment Analysis – By End Use Industry
Aerospace and Defense held the largest share with 25% in the piezoelectric smart materials market in 2020. In the aerospace sector, piezoelectric smart materials help to guide and maintain air flow across aircraft wings during take-off and landing. In addition, they are widely used as smart sensors, smart combat suits, smart nano-robotics, and smart skins in the military and defense sectors. These materials are also known to resolve common aircraft complications, such as engine vibration, wing ice formation, high cabin noise levels, turbulence separation and control surfaces in cold conditions. Therefore, due to the reasons set out above, the aerospace & defense industry is likely to experience the highest growth rate during the forecast period.
Piezoelectric Smart Materials Market Segment Analysis – By Geography
Asia Pacific held the largest share with 38.5% in the piezoelectric smart materials market in 2020. Growth in the applications such as sports, automotive and aerospace & defense and expansion in the medical and healthcare sector shall further aid to the market growth throughout the forecast period in this region. Furthermore, the rising investments in the aerospace and defense industry has resulted in a surge in the demand for piezoelectric smart materials which is anticipated to propel the market growth during the assessment period.
Growing demand from the automotive and aerospace & defense industry in the emerging economies, such as China, Japan, India, and South Korea is anticipated to drive the market in the upcoming years. According to the India Brand Equity Foundation (IBEF), the domestic Indian automobile market is dominated by two wheelers and passenger vehicles. Small and mid-sized cars dominate passenger car sales. Two wheelers and passenger cars accounted for 80.8 percent and 12.9 percent of the market share, respectively, representing over 20.1 million vehicles sold together in FY20. Hence, the demand for piezoelectric smart materials is expected to increase in the forecast period due to these properties.
Piezoelectric Smart Materials Market Drivers
Increasing Demand for Piezoelectric Smart Materials in Building and Construction Industry
Piezoelectric smart materials can convert mechanical strain and vibration energy into electrical energy. This property provides opportunities for the implementation of renewable and sustainable energy through energy harvesting and self-sustaining smart sensing in buildings. Understanding the mechanism of piezoelectric properties of different components of the building, as well as the latest implementations and innovations in the building and construction industry, are important for the effective use of piezoelectric smart materials for sustainable building production.
Furthermore, with advanced methods for improving the cementitious piezoelectricity and applying the material piezoelectricity for different building functions, more renewable and sustainable building systems are anticipated. Thus, owing to such benefits, an increase in the demand for piezoelectric smart materials in the building and construction sector is being witnessed.
Growth from Healthcare Sector
Smart piezoelectric materials are attracting a lot of attention in the healthcare industry owing to their alluring properties. Due to the bio-compatibility and biodegradability of piezoelectric smart materials, progress in the application of piezoelectric materials in biomedical devices is seen. The increasing use of piezoelectric smart materials to design medical devices and provide a greater understanding of the piezoelectric effect in the medical industry is driving the growth of the market. Actuators and sensors, energy harvesters, and active neural tissue engineering scaffolds are all examples of medical devices that are constantly being researched. Piezoelectric smart materials such as sensors and actuators used in the medical devices can transform the flow rate, and pressure to generate or consume energy.
Also, the rising investments for medical devices are another major factors driving the growth of the market. According to the India Brand Equity Foundation (IBEF), the government of India has commenced various initiatives to strengthen the medical devices sector, with emphasis on research and development (R&D) and 100% FDI for medical devices. In May 2020, the government announced incentivization plans of at least Rs. 3,420 crore (US$ 4.9 billion) over a five-year period to further facilitate investments in manufacturing medical devices. Thus, all the aforementioned factors are therefore expected to drive the piezoelectric smart materials market growth during the forecast timeline.
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Piezoelectric Smart Materials Market Challenges
High Cost of Piezoelectric Smart Materials
Piezoelectric smart materials are very efficient materials. Their performance, however, comes with high costs linked to the high level of R&D involved. End-users look for great efficiency with more affordable and low-cost products. As a result, the construction sector is cost-intensive and manufacturers are still searching for both effective and low-cost alternatives of piezoelectric smart materials while deciding on building materials. In the automotive industry, active piezoelectric smart materials are gaining demand; however, the rise in demand is hampered by the cost and availability. Even the manufacturers are expecting more developments with a view to the widespread use of piezoelectric smart materials technology. Hence, the rising cost of piezoelectric smart materials will further create hurdles for the piezoelectric smart materials in the forecast period.
Piezoelectric Smart Materials Market Landscape
Technology launches, acquisitions and R&D activities are key strategies adopted by players in the piezoelectric smart materials market. Major players in the piezoelectric smart materials market are APC International Ltd., Exelis, Inc., Morgan Advanced Materials, Piezosystem Jena GmbH, Ceramtec GmbH, Piezo Solutions, Piezo Systems, Inc., Piezomechanik GmbH, Us Eurotek, Inc , and MAD City Labs, Inc. among others.
APAC dominates the piezoelectric smart material market due to the increasing use of piezoelectric automotive sensor technology for smarter and safer cars in automotive industry.
The applications of piezoelectric smart material across different end-use industries such as consumer electronics and healthcare industry have increased continuous development in manufacturing processes and the adoption of enhanced materials, which has lead to the market growth.
The implementation of many government initiatives and programs to enable industries to invest in and use piezoelectric smart materials is estimated to have a positive impact in the piezoelectric smart materials market growth during the forecast period.
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