The global piezoelectric materials market is expected to reach USD 1.68 billion by 2025, according to a new report by Grand View Research, Inc. Rising sales of consumer electronics including LED televisions in developing countries including China, Thailand, and India as a result of product innovation is expected to play a significant role in increasing the requirement of sensors, which in turn will augment industry growth.
Piezopolymers are projected to witness growth at a CAGR of 4% from 2016 to 2025. Rising importance of polyvinylidene fluoride (PVDF) as an electroactive polymer material with low piezoelectric coefficient as compared to ceramic counterparts is expected to increase its demand in hydrophones, clamp-on transducers and pressure-based sensors for diesel injection lines.
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Further key findings from the study suggest:
- The market for acoustic devices was valued at USD 83.4 million in 2015 and is expected to foresee significant gains on account of technological advancement regarding smart electric guitars in developed countries including Germany and UK
- Aerospace & defense sector is projected to grow at a CAGR of 5.3% from 2016 to 2025. Over the past few years, aerospace OEMs including Boeing, GE Aerospace, and Lockheed Martin have launched new aircraft as a result of increasing commercial fleets on a global level, which is expected to promote the usage of piezoelectric materials over the next nine years.
- Asia Pacific is projected to witness growth at a CAGR of 4.5% from 2016 to 2025. Supporting government policies in China and India to promote investments within the domestic healthcare sector is expected to improve the production of pharmaceutical drugs and devices and thus likely to fuel demand over the forecast period.
- Major manufacturers include PI Ceramic, Harris Corporation, and APC International, which are concentrating on product innovation where research institutes are developing products that can be commercially utilized. For instance, in July 2014, the researchers of Delft University, Netherlands, announced the development of PZT Composite Touch Sensors for integration with Flexible OLED Technology.