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Global Piezoelectric Materials Revenue Will Have A CAGR Of 7.32% In 2018
Friday, 14 Aug, 2020
Piezoelectric materials are materials that produce an electric current when they are placed under mechanical stress. The piezoelectric process is also reversible, so if you apply an electric current to these materials, they will actually change shape slightly (a maximum of 4%).

Piezoelectricity is the ability of certain materials to generate an electric charge in response to mechanical stress. Piezoelectric materials have a unique characteristic of reversibility which allows them to exhibit direct as well as converse piezoelectric effect. While exhibiting direct piezoelectric these materials generate electricity when stress is applied, whereas during converse piezoelectric effect these materials generate stress when electric field is applied. Piezoelectric Devices Market are useful within many applications which involve production and detection of sound, generation of high voltages and electronic frequency and microbalances. These devices are also used in scientific techniques which involve atomic resolution, scanning tunnelling microscopes, and atomic force microscopy.

In 2018, Piezoelectric Materials market managed to increase sales in worldwide, with the revenue 943.15 million USD. In the next six years, the global revenue of Piezoelectric Materials will have a CAGR of 7.32%, revenue is expected in 2024 to reach 1440.69 million USD.

Many industries such as Oil and Gas, Automotive, Aerospace & Defence, Medical & Healthcare, and Energy & Utilities are adopting piezoelectric devices to save costs and meet the requirements of specific applications. Piezoelectric actuators provide with benefits in terms of speed, size, reliability, resolution and vacuum compatibility. Various other applications of piezoelectric actuators include in healthcare industry for micro-actuator medical tools for invasive surgery, and in automobile sector as micro-gripper to manufacture high-temperature diesel injector valves. These are the key factors driving the growth of Piezoelectric Materials market.

Ceramics was the most widely used product accounting for 57.80% of the global industry size in 2018. Increasing demand for ceramic-based lead zirconate titanate (PZT) as a result of the product’s ability to exhibit significant displacement and induce high voltage is expected to remain a major growth factor over the next nine years.

Piezocomposites are projected to foresee growth at a CAGR of 9.91% from 2018 to 2024. Growing usage of the composite as a filler owing to its excellent electro acoustic efficiency and wide-range of bandwidth is expected to have a significant impact on the market.

Consumer goods were the largest end-use of the market in 2018. Significant gains in the electronics sector in China, Japan, and South Korea owing to product innovation such as the introduction of 4K technology along with increasing demand for LED on a domestic level is expected to promote the industry development.