Chicago, January 03, 2024 (GLOBE NEWSWIRE) -- The Piezoelectric Ceramics Market size is estimated to be USD 1.4 billion in 2023 and projected to reach USD 1.8 billion by 2028, at a CAGR of 4.9%, between 2023 and 2028, as per the recent study by MarketsandMarkets™. The growth of the global piezoelectric ceramics market can be attributed to the rising demand form medical sector and growing need for high performance sensor for various end-use industries such as consumer electronics, industry & manufacturing, automotive, medical and others.
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List of Key Players in Piezoelectric Ceramics Market:
- KYOCERA Corporation (Japan)
- CeramTec GmbH (Germany)
- CTS Corporation (US)
- Murata Manufacturing Co., Ltd (Japan)
- TDK Corporation (Japan)
- Physik Instrumente (PI) GmbH & Co. (Germany)
- APC International, Ltd (US)
- L3Harris Technologies, Inc (US)
- HOERBIGER Motion Control GmbH (Germany)
- Piezo Technologies (US).
Drivers, Opportunities and Challenges in Piezoelectric Ceramics Market:
- Drivers: Growing need for high-performance sensors
- Restraint: High cost of piezoelectric ceramics material
- Challenges: Limited raw material options
- Opportunity: Emergence of Internet of Things (IoT) technology
Key Findings of the Study:
- Barium titanate segment is projected to be second fastest CAGR by type, in terms of value, during the forecast period
- Industry & manufacturing segment is projected to be second fastest CAGR by end use industry, in terms of value, during the forecast period
- North America is expected to be the third largest growing market for piezoelectric ceramics during the forecast period, in terms of value
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Lead zirconate titanate is the largest segment in the piezoelectric ceramic market in 2023. Lead zirconate titanate (PZT) is widely regarded as one of the most prominent and fastest-growing piezoelectric materials in the industry. PZT belongs to the family of perovskite-structured ceramics and is composed of lead, zirconium, and titanium oxides. It exhibits exceptional piezoelectric properties, making it highly desirable for a wide range of applications. PZT materials have some of the highest piezoelectric coefficients among ceramic materials, enabling efficient conversion between mechanical energy and electrical energy. This high sensitivity and responsiveness make PZT ideal for various applications that require precise sensing, actuation, and control.
The end use segment will be dominated by the consumer electronics segment. Consumer electronics is experiencing significant growth in the utilization of piezoelectric ceramics due to their unique properties and diverse applications within the industry. Piezoelectric ceramics find wide application in consumer electronic devices, contributing to their enhanced functionality, improved user experience, and miniaturization trends. Piezoelectric ceramics offer exceptional energy conversion efficiency in a small form factor, making them ideal for applications where space is limited, such as smartphones, tablets, wearables, and smart home devices. These ceramics enable the miniaturization of components like speakers, microphones, haptic feedback systems, and sensors, while maintaining high performance.
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Asia Pacific is the largest piezoelectric ceramics market in 2022. The Asia Pacific region is witnessing significant growth in the piezoelectric ceramics market, emerging as the largest market for these materials. The Asia Pacific region is a global hub for electronics and automotive industries, which are major consumers of piezoelectric ceramics. The region is home to many prominent consumer electronics companies and automotive manufacturers. The increasing demand for consumer electronic devices, including smartphones, wearables, and IoT devices, as well as the growing automotive sector, is driving the need for piezoelectric ceramics. The region's strong presence in these industries fuels the growth of the piezoelectric ceramics market.